Markets Dubai stocks sink again, wiping out 2022 gains The Saudi stock market extended losses for a third session on Tuesday amid mixed responses from Middle East stock markets to rising investor concerns of a possible global recession. Saudi Arabia’s benchmark index eased 0.1 percent, hit by a 4.6 percent slide in Sahara International Petrochemical. The kingdom and the United Arab Emirates are boosting […] July 6, 2022
Banking & Finance Qatar First Bank acquires office tower in the US Qatar First Bank has acquired a building in Richmond, Virginia, the lender’s eleventh real estate investment deal in the United States. The Gateway Plaza building is described as a Class AA trophy asset with an area of 330,000 square feet, the bank said in a press statement. Build in 2015, the building is a multi-tenant […] July 4, 2022
Banking & Finance One in five IMF staff say they were ‘unduly influenced’ Nearly 20 percent of International Monetary Fund staff say their work has been “unduly influenced” by supervisors, according to an internal survey released on Thursday as part of a review of data integrity standards that generally found “robust mechanisms” for institutional governance. The review was launched last year by the IMF’s Executive Board following allegations […] July 1, 2022
Energy Biden won’t push Saudi crown prince on oil U.S. President Joe Biden on Thursday said he would see Saudi Arabia’s king and crown prince during a visit to the country next month but that the purpose of his trip was not to press them to increase oil output. Asked at a press conference in Spain if he would ask the Saudi leaders to […] July 1, 2022
Biden administration supports potential F-16 jet sale to Turkey The Biden administration threw its support on Wednesday behind the potential sale of US F-16 fighter jets to Turkey, a day after Ankara lifted a veto of NATO membership for Finland and Sweden. Celeste Wallander, Assistant Secretary for Defense for International Security Affairs at Pentagon, told reporters on a call that strong Turkish defense capabilities […] June 30, 2022
Retail Unilever sells Ben & Jerry’s business in Israel Unilever on Wednesday sold its Ben & Jerry’s ice cream business in Israel to its local licensee for an undisclosed sum, aiming to smooth over a potentially damaging diplomatic row over the company’s political stance. The deal comes after the US ice cream brand announced last year it would stop marketing products in the Israeli-occupied […] June 30, 2022
Media & Advertising Snapchat paid version launches in Saudi Arabia, UAE Snap Inc on Wednesday launched a paid version of the Snapchat app in the US, priced at $3.99 a month, and a few other markets, in a major step away from a revenue model dependent mostly on advertising. Snap, which had teased the subscription version, Snapchat+, earlier this month, said it would be available in […] June 30, 2022
Food & Drink Saudi prince backs $40m funding for dairy replacement producer KBW Ventures, the venture capital firm founded by Saudi Arabia’s Prince Khaled bin Alwaleed, was one of the prime investors in a $40 million fundraising round by a Californian company that is aiming to become the world’s first true plant-based dairy replacement producer. Oakland-based Eclipse Foods was founded in 2019 by chef Thomas Bowman and […] June 30, 2022
Manufacturing Tesla closes office as layoff hits Autopilot jobs Tesla has shuttered its office in San Mateo, California and laid off roughly 200 employees working on its Autopilot driver-assistant system there, one of the people told Reuters, in a move seen as accelerating cost-cutting. Most of the laid-off people had been hourly workers, that person said. Early this month, Tesla Chief Executive Elon Musk […] June 29, 2022
Development Turkey lifts veto on Finland, Sweden joining NATO NATO ally Turkey lifted its veto over Finland and Sweden’s bid to join the Western alliance on Tuesday after the three nations agreed to protect each other’s security, ending a weeks-long drama that tested allied unity against Russia’s invasion of Ukraine. The breakthrough came after four hours of talks just before a NATO summit began […] June 29, 2022
Uber ex-security chief accused of hacking coverup faces charges A federal judge on Tuesday said a former Uber Technologies Inc security chief must face wire fraud charges over his alleged role in trying to cover up a 2016 hacking that exposed personal information of 57 million passengers and drivers. The US Department of Justice had in December added the three charges against Joseph Sullivan […] June 29, 2022
Banking & Finance US mass shooting insurance rates jump as incidents rise The cost of buying insurance protection against mass shootings has spiked more than 10 percent in the United States this year following a string of deadly events, insurers said. The United States witnessed 293 mass shootings so far this year, according to a report by the Gun Violence Archive that defines them as any event […] June 29, 2022
Energy Iran, US hold nuclear talks with EU in separate Doha hotel rooms Indirect nuclear talks between Tehran and Washington started on Tuesday in Doha, Iranian state media reported, as Iran’s chief nuclear negotiator met with European Union envoy Enrique Mora, who will shuttle between the American and Iranian sides. Based in separate rooms in a hotel in Qatar’s capital, Iran’s Ali Bagheri Kani and US Iran special […] June 29, 2022
Retail Nike Q1 forecasts downbeat, despite higher Middle East sales Nike Inc forecast first-quarter revenue below estimates as it expects to discount more and wrestles with pandemic-related disruptions in China, its most profitable market. The company’s shares fell 3 percent to $107 after the bell. Analysts are mixed about Nike’s prospects in China this year even as strict COVID-19 lockdowns have been lifted in several […] June 28, 2022
Banking & Finance Qatar pledges $100m to recover distressed assets The Qatar Financial Center (QFC) said on Monday that it has pledged $100 million to fund a new platform aimed at recovering distressed assets. Atlas Merchant Capital, the private equity firm co-founded by former Barclays Plc chief Bob Diamond, will advise the new platform on strategy and the new vehicle will seek to coordinate with […] June 28, 2022
Opinion Gulf currencies would prosper if decoupled from the US dollar Countries pegged to the dollar have to follow the Federal Reserve's lead on interest rates, even if it doesn't suit them. For the GCC, it might be time to break free June 27, 2022
Abu Dhabi part of $10.2bn deal to take US software giant private Zendesk Inc on Friday agreed to be taken private by investment firms led by Hellman & Friedman and Permira in a $10.2 billion deal, a turn of events that comes just weeks after the company concluded it would remain public. The San Francisco-based software company said shareholders will receive $77.50 per share in cash, representing […] June 27, 2022
Tourism Sanctioned Russian’s superyacht docked in Dubai A luxurious superyacht belonging to a sanctioned Russian billionaire parliamentarian featuring six suites, an elevator, its own beach club and a helicopter pad is anchored in Dubai where Russians have sheltered wealth since the invasion of Ukraine. Andrei Skoch’s blue and white “Madame Gu” was docked at Port Rashid on Friday, where Dubai’s Ruler Sheikh […] June 25, 2022
Media & Advertising How stars can impact a business Prior to basketball legend Michael Jordan’s Nike association, which started in the mid-1980s, rival Adidas was 50 percent larger revenue-wise. With about $100 million in sales from the first year working with Jordan, Nike now stands above competitors in basketball sneaker sales with player endorsements continuing to support the brand’s growth. Jordan remains synonymous with […] June 25, 2022
Manufacturing 25 years of Harry Potter: From rejection to 500m global sales When Bloomsbury Publishing founder Nigel Newton brought home a manuscript for “Harry Potter and the Philosopher’s Stone” by a then unknown J.K. Rowling, his daughter Alice described it as “possibly one of the best books an 8/9 year old could read”. Twenty-five years later, it is one of the biggest selling novels of all time […] June 24, 2022
Life after the smartphone? BlackBerry revenue tops estimates Canada’s BlackBerry Ltd topped Wall Street estimates for first-quarter revenue on Thursday, powered by growth in its auto products and cybersecurity services segments. Soaring demand for electric vehicles and connected-car technologies boosted sales of BlackBerry’s auto software, used in cars made by General Motors, Mercedes-Benz and Toyota, among others. BlackBerry said that revenue from its […] June 24, 2022
Bahrain in advanced talks for cloud computing deals Bahrain is in advanced talks for investment deals with cloud computing companies from the United States, China and the United Arab Emirates, an Economic Development Board executive said, as the country seeks to diversify its oil-based economy. Cloud computing and foreign direct investment are key planks of Bahrain’s economic recovery programme that aims to grow […] June 24, 2022
