Business

Amazon confirms it is raising pay for warehouse staff and delivery drivers by $1 per hour

The average starting wage for Amazon warehouse workers and delivery drivers will go from $18 to $19, Amazon announced.

Danube Home launches its all-new My Garden 2023 E-Catalogue

Danube Home, the leading home improvement and furniture retailer in the region launched its latest Garden collection at its showroom in Al Barsha on the September 29. The grand unveiling of the My Garden 2023 e-catalogue was done by none other than one of the world’s finest tennis sensations, Sania Mirza, in the presence of members of the press and top management of Danube Home. ‘’The theme of the Danube Home My Garden 2023 e-catalogue this year...

Dubai’s Salik soars in trading debut after huge IPO order book

Salik advanced 20 per cent to Dhs2.40

U.S. asks court to halt sugar deal closing pending appeal

WASHINGTON (Reuters) - The U.S. Justice Department asked an appeals court on Thursday to prevent the closing of U.S. Sugar's plan to buy Imperial Sugar Co after a lower court ruled that the $315 million deal could go forward. The department asked the court to order the companies to delay closing until an appeal could be heard. It argued that the ...

US economy drops at 0.6% annual rate from April through June

It marked the second consecutive quarter of economic contraction, one informal rule of thumb for a recession

Lululemon Wins Dismissal of Peloton Lawsuit Over Athletic Wear

Lululemon Athletica Inc. won dismissal of a lawsuit filed by Peloton Interactive Inc. seeking to protect a new athletic wear line from a trademark complaint by its former partner.

Oil fluctuates after strong rally amid recession fears as Opec+ meeting looms

Oil prices slumped on Thursday evening after rallying earlier in the day, nearly touching $90 a barrel, as investors continue to weigh the impact of a potential recession on global demand ahead of the Opec+ meeting next week. Brent, the benchmark for two thirds of the world's oil, was down 0.57 per cent at $88.81 a barrel at 10.08pm UAE time. West ...

Salt reactor is secret ingredient for power plant developed in Britain

A molten salt reactor has been unveiled, developed by a British company which says it can offer a low-cost alternative to nuclear technology. Energy company Moltex said its plans to have its first reactors operational by 2029 and that its 500 megawatt plants can be built in only two years. Moltex, in Warrington, north-west England, said its salt re...

Apple senior exec leaves iPhone maker after remark in viral video

(Reuters) - Apple Inc's Tony Blevins, a key player in the company's supply chain operations, is leaving the iPhone maker, the company confirmed on Thursday, without providing a reason. The move comes after a TikTok video of the executive making a crude remark about women went viral. Bloomberg first reported Blevins' departure. In a video on TikTo...

Harley-Davidson Defends LiveWire Spinoff After Stock Decline

(Bloomberg) -- Jochen Zeitz, the chief executive officer of Harley-Davidson Inc., shrugged off the lackluster debut of the company’s electric motorcycle division via a blank-check merger, arguing it’s the right strategy for the 119-year-old manufacturer.

Salik shares surge 21% on Dubai Financial Market debut

Shares of Salik, Dubai's toll operator, surged as much as 21 per cent as the company made its debut on the Dubai Financial Market on Thursday. The company, which started trading under the ticker symbol “SALIK”, saw its shares jump to Dh2.41 in early trading on the DFM, giving it a market value of about Dh17.3 billion ($4.7bn). Shares of the company...

Saudi oil driller plans $710m IPO to expand operations

Arabian Drilling plans to use the IPO proceeds to scale up its onshore and offshore fleet and expand operations in the GCC region

EFG Hermes serves as joint bookrunner on Salik IPO

The issuance offers investors access to a capital efficient, world class toll-gate operator, with a robust track record, in one of the fastest growing cities in the world

Victims of Highland Park mass shooting sue Smith & Wesson. Lawsuit accuses gunmaker of encouraging criminal behavior through marketing and advertising campaigns.

One lawsuit accuses Smith & Wesson of developing marketing campaigns that "target impulsive young men with military complexes."

Next Warning, H&M Cuts Add to European Retail Woe as Prices Soar

Next Plc and Hennes & Mauritz AB reports added to gloom from European retailers as inflation simultaneously makes clothing more expensive and reduces consumer purchasing power.

Need a gold-encased Blackberry? Pharrell Williams cleaned out his 11 storage units and is auctioning off all his stuff

Pharrell is cleaning out his closet of collectibles on an auction site he created with his team. Buyers can score items designed or worn by Williams himself.

Amazon, major publishers win dismissal of antitrust lawsuits over book pricing

By Jonathan Stempel NEW YORK (Reuters) - A federal judge on Thursday dismissed two antitrust lawsuits accusing Amazon.com Inc and five large publishers of illegally conspiring to fix U.S. prices of electronic and traditional books, causing consumers and bookstores to pay more. U.S. District Judge Gregory Woods in Manhattan accepted a magistrate j...

Germany agrees €200b package to shield against surging energy prices

Europe’s biggest economy is trying to cope with surging gas and electricity costs caused largely by a collapse in Russian gas supplies to Europe

Saudi Arabia's Savvy Games Group launches $38bn investment strategy

Saudi Arabia's Savvy Games Group, owned by the country's sovereign wealth fund, the Public Investment Fund, has unveiled its new investment strategy, as the kingdom seeks to become one of the world's major gaming hubs. The group plans to invest 142 billion riyals ($38bn) across four programmes, each with specific objectives, the Saudi Press Agency ...

Porsche debuts with $72bn price tag in Germany's biggest IPO in 25 years

Porsche made its debut on the stock market on Thursday, with a price tag of about €75 billion ($72.39bn) after Volkswagen priced shares at the top end of the range, braving turbulent market conditions. The bumper flotation, expected to generate about €19.5bn, comes as instability in European markets has deterred other share sales by car makers, inc...

Europe makes sharp U-turn from green energy

Analysts estimate Europe will need to import around 200 million tonnes of LNG over the next decade to phase out Russian gas

Dubai Metaverse Assembly hears of a brave new virtual world that needs regulating

The hype and excitement that surrounds the potential of the metaverse was felt within the corridors of Dubai's Museum of the Future on Wednesday and Thursday. But there was also a strong message from the 500 or so experts attending the inaugural Dubai Metaverse Assembly on the brave new world of Web 3.0 — and that was the need for regulation and pr...

ECB policymakers back jumbo rate hike, differ on balance sheet cut

75bps rate hike in October in focus; Running down bond portfolio could be discussed soon; Inflation in Sept to hit new record high

Avaya to highlight the capabilities of its OneCloud platform at Gitex Global

The company will show how organisations can harness cloud innovation to improve business resilience amidst today’s challenges

China certifies C919 jet to compete with Airbus and Boeing -photos

CHINA-AVIATION-C919:China certifies C919 jet to compete with Airbus and Boeing -photos

Meta reportedly announced a hiring freeze and warned employees of restructuring

Meta CEO Mark Zuckerberg had previously said that many teams would "shrink" this year in effort to reduce headcount.

ManageEngine to launch CloudSpend for Azure at Gitex Global

The company will demonstrate the strength of its comprehensive IT management and security solutions at the tech event

Meta Platforms pauses hiring, warns of restructuring - Bloomberg News

(Reuters) -Facebook-parent Meta Platforms will freeze hiring and further restructure amid an uncertain macroeconomic situation, Bloomberg News reported on Thursday, quoting Chief Executive Mark Zuckerberg's communication with employees. Several tech companies have been forced to slash headcount in recent months as advertisers trim spending to prepa...

Abu Dhabi power transmission project signs $3.2b financing

The financing is to build and operate a high-voltage direct current offshore power transmission system linking two offshore production facilities owned by Adnoc to Abu Dhabi’s onshore grid

Crypto Oasis to host three Web3 related sessions at Dubai Metaverse Assembly

Crypto Oasis will discuss the potential of the exhilarating virtual environment with the global metaverse community

Abu Dhabi's Mugharraq Port receives first international shipment

AD Ports Group, the operator of industrial cities and free zones in the emirate, said it has received the first international shipment at Mugharraq Port in the Al Dhafra Region. Last year, Mugharraq Port was certified as an international port facility under the International Code for the Security of Ships and of Port Facilities (ISPS Code) by the U...

CEO of Saudi Arabia’s Sabic, Yousef Abdullah Al-Benyan, resigns

By virtue of a royal decree, Al-Benyan was appointed as the kingdom's new education minister

How Truist is betting on 5G to help it experiment with cutting-edge tech and cut costs

Truist is using 5G to help modernize its brand, as well as to reach the bank's goal of saving $1.6 billion in net costs.

Now might be 'as good a time as you've had in a decade' to build a company from scratch, says famed investor Bill Gurley

In the past five years, venture capitalist Bill Gurley said the environment for starting a company "was really crazy," but now might be a good time.

Nike is getting ready to discount products across North America, but the company expects to finish before the holidays

The sportswear giant on Thursday reported a 44% increase in inventory and said it expects to start cutting prices across North America.

Scopernia launches Imagin3 Studio to address the region’s demand for Web3 and the metaverse

The Imagin3 Studio will streamline and ease the way that firms can access, engage with, and experience Web3 technologies such as the metaverse

Foxconn Starts EV Production in US With First Lordstown Pickups

(Bloomberg) -- Taiwan’s Foxconn Technology Group has started building electric vehicles for Lordstown Motors Corp., a milestone as the company better known for making iPhones diversifies its operations.

Oman seeks to deepen capital markets with eye on Gulf IPO boom

Oman and Bahrain are the only countries in the GCC not classified as emerging markets by MSCI

Toyota president calls meeting California zero-emissions requirements 'difficult'

IATA, Etihad Cargo to trial CO2 emission calculator for air cargo

IATA will be working with Etihad Cargo to track the necessary data for cargo shipments over a three-month period

European Central Bank eyes jumbo rate hike to fight inflation as debtors suffer

Policymaker Gediminas Simkus suggests another 75 basis point increase

Dubai plans to invest Dh80 billion in renewable energy projects

The key factor that will ensure effective clean energy security and supply, is a transition from conventional sources of energy to renewables, says Ahmed Buti Al Muhairbi, Secretary-General of the Dubai Supreme Council of Energy

Nike skids after warning on squeeze from higher discounts, stronger dollar

By Mehr Bedi (Reuters) -Nike Inc cautioned on Thursday that gross margins would remain under pressure through the year as the world's largest sportswear maker joined peers in warning of a blow from ramped up discounts and a rapidly strengthening dollar. The company's shares, already one of the worst performing Dow components for the year, fell 10% ...

Fertiglobe shareholders approve $750 million dividend for first half of 2022

The dividend will be paid in October 2022 to shareholders of record as at October 10, 2022; Fertiglobe maintains potential for attractive future dividends, supported by strong cash flow performance and its competitive position on the global cost curve

UK watchdog dismisses criticisms over crypto authorisations

By Huw Jones and Elizabeth Howcroft LONDON (Reuters) - Crypto companies were undeterred by initial failure to obtain licences to operate in Britain and were submitting new applications, the Financial Conduct Authority said on Thursday. The FCA has been criticised by lawmakers and the crypto sector for being slow in processing licence applications...

MedTech sector boom worth billions is coming to the Middle East

One of the world's most influential medical technology advisory companies is looking to expand its reach to the Middle East in light of the booming diagnostic and device market, worth an estimated $600 billion and growing fast. Life Science Intelligence (LSI) brings together investors and entrepreneurs as well as industry leaders in the MedTech sec...

Michael Barclay, prominent British expatriate, passes away

Barclay, an army veteran and key adviser, died in the UAE

Peloton to sell bikes, treadmills at Dick's Sporting Goods stores

(Reuters) - Peloton Interactive Inc said on Thursday it will start selling its bikes, treadmills and other products in Dick's Sporting Goods Inc stores, as the exercise bike maker looks to expand its customer base to lift sagging sales. Peloton's shares rose 2% to $8.40 in premarket trading. Following the partnership, Peloton's products will be a...

Axel Springer CEO Mathias Döpfner texted Elon Musk urging him to buy Twitter days before Musk's stake in the company became public. 'Will be fun,' Döpfner wrote.

A trove of private texts between Elon Musk and notable figures in business and media is part of Twitter's ongoing lawsuit against the billionaire.

France's Atos rejects bid interest valued at $4.1 billion for Evidian arm

By Sudip Kar-Gupta and Tassilo Hummel PARIS (Reuters) - French technology consultancy company Atos, whose shares have slumped on scepticism over its restructuring plan, said on Thursday it had rejected expressions of interest in its Evidian unit from rival onepoint and UK private equity fund ICG. Atos said onepoint and ICG had sent an unsolicited...