Money

UAE consumer spending increased by 22% in H1-2022, Majid Al Futtaim report

In the first half of 2022, the retail general category was up by 15 per cent from the same period in 2021

Carlsberg lifts 2022 growth outlook

COPENHAGEN (Reuters) -Danish brewer Carlsberg lifted its operating profit growth outlook for this year as it has been able to resume operation in Ukraine and on the back of strong performance in Europe and Asia, it said on Monday. "The Group has delivered better-than-expected business performance, particularly as a consequence of strong on-trade re...

Boeing Gets Green Light to Deliver 787s After FAA Approval

(Bloomberg) -- Boeing Co. is poised to resume deliveries of its 787 Dreamliner jets as soon as Aug. 10, almost two years after they were disrupted by manufacturing flaws.

‘NAFIS..Your Way’ campaign launched to support Emirati talent in private sector

The campaign will highlight Emiratis across the UAE working in technology, engineering, consulting, financial services and healthcare

The disgraced founder of Papa Johns says the company is making worse pizzas without his 'conservative values' of 'truth and God'

"We built the whole company on conservative values," Schnatter said, suggesting that without those values, Papa Johns is "losing customers."

Car rental platform Udrive expands to Saudi Arabia

Licensed by the Transport General Authority, Udrive also plans to roll out fleets in Jeddah and other cities in 2023, boosting its fleet to 1,500 cars in a year

Oil stays near multi-month lows on demand worries

Erasing earlier gains, Brent crude futures were down $1.54, or 1.6 per cent, at $93.38 a barrel by 1128GMT. US West Texas Intermediate crude was at $87.63 a barrel, down 41.38, or 1.6 per cent

Qualcomm to spend $4.2 billion more on chips from GlobalFoundries

(Reuters) -Qualcomm agreed to buy an additional $4.2 billion in semiconductor chips from GlobalFoundries's New York factory, bringing its total commitment to $7.4 billion in purchases through 2028, according to a filing released Monday. The announcement expands on a prior $3.2 billion purchasing agreement between the two companies and will produce ...

Driverless-car goal by 2030 gains momentum amid Smart Dubai initiatives

The emirate has a self-driving transport strategy that aims to convert 25% of all vehicular traffic movements into driverless initiatives by 2030

Nvidia expects second-quarter revenue to drop on gaming weakness

(Reuters) -Nvidia Corp said on Monday it expects second-quarter revenue to drop 19% from the prior quarter on weakness in its gaming business, sending the chip designer's shares down about 7% in premarket trading. Concerns over inflation are spreading through the U.S. economy, as consumers weigh purchases of items such as laptops and video game con...

Axios is being sold to Cox Enterprises for $525 million

The sale comes after a bevy of blockbuster media mergers, including Complex and BuzzFeed, and Vox and Group Nine.

SoftBank Pledges Sweeping Cost Cuts After $23.4 Billion Loss

SoftBank Group Corp.’s Masayoshi Son said he plans widespread cost cutting at his Japanese conglomerate and its Vision Fund investment arm after a record $23.4 billion loss on plunging portfolio valuations and foreign currency losses. Shares dropped.

India: Tata Motors to buy Ford's manufacturing plant for $91 million

The acquisition of the Sanand plant will unlock a manufacturing capacity of 300,000 units per year, the company said

Adnoc Distribution reports Dh1.56 billion net profit in H1

The company’s non-fuel business also continued to see momentum with customer-centric initiatives, increased traffic at stations, and higher food and beverage sales

UAE foreign ministry and Etihad Credit Insurance to jointly promote trade and investment

The UAE's foreign ministry and its federal export agency Etihad Credit Insurance have signed an agreement to promote increased trade and investment globally. The two government entities will work together to attract investments and trading partners, highlighting the country's stable environment, investor-friendly legislation and advanced trade fina...

Gold ETFs record $4.5bn outflows in July on a strong dollar and softer inflation outlook

Global gold-backed exchange-traded funds (ETFs) recorded net outflows of $4.5 billion in July as continued US dollar strength and softer inflation expectations weighed on investment activity, the World Gold Council has said. North American and European funds accounted for major share of the outflows while gold holdings in China increased, the trade...

International Holding Company’s H1 2022 net profit rises 137 percent to Dhs10.35bn

The holding company's revenue grew by 121 percent to Dhs21.93bn in the first six months of 2022

Investment bankers worried about lower bonuses are scouring Wall Street for new jobs

Investment bankers hunt for new gigs to navigate rocky markets, Jack Dorsey's Block hit hard by crypto winter, and Facebook parent Meta makes its debut in the capital markets.

Colombia performed public debt swaps worth $461.1 million in June and July

BOGOTA (Reuters) - Colombia carried out internal public debt swaps for 2 trillion pesos ($461.1 million) in a series of operations during June and July to extend maturities, the country's ministry of finance reported on Monday. The finance ministry collected TES UVR bonds due to mature in 2023 in the transactions, in exchange for others maturing ...

United Steelworkers chief vows to organize clean energy, electric cars and retail industries

By Erwin Seba LAS VEGAS (Reuters) - The head of the United Steelworkers union on Monday vowed to pursue employees in clean energy, electric cars and retail industries as it seeks to adapt to a changing economy and rebuild membership in old-line industries. Thomas Conway, the leader of the USW, told an audience of about 3,500 union members and ret...

Tesla robotaxi will offer services similar to Uber and Airbnb, Elon Musk says

Tesla's robotaxi will be used as a service similar to Uber and Airbnb, according to the electric car company's chief executive Elon Musk. The robotaxi, which hasn't been seen as Tesla has yet to release any images, is expected to begin volume production in 2024. Mr Musk has described it as an self-driving vehicle without a steering wheel or pedals....

SoftBank Reports Record $23.4 Billion Loss as Holdings Fall

SoftBank Group Corp. reported a record 3.16 trillion yen ($23.4 billion) net loss as a selloff in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.

Qatar Central Bank’s foreign currency reserves rise to QAR211.325bn in July

The official reserves stood at QAR153.890bn by the end of July, a considerable rise over last year's reserves of QAR4.775bn

Oman posts $2bn surplus in first half on high oil, gas

Oman has implemented a series of reforms to balance its budget and lower its debt, including the introduction of value-added tax last year

SoftBank posts record $23.4bn loss as value of investments fall amid recession fears

(Bloomberg) -- SoftBank Group Corp. reported a record 3.16 trillion yen ($23.4 billion) net loss as a selloff in global tech stocks continued to hammer its Vision Fund’s portfolio of investments.

Carlyle chief executive steps down in surprise exit

Carlyle Group chief executive Kewsong Lee has stepped down, a setback to the private equity company’s bid to manage a generational transition during a period of market turbulence. The sudden exit, announced late Sunday, reverses a changing of the guard set in motion only five years ago when Carlyle’s founders ceded leadership duties to a new pair o...

Larry Ellison Is Subpoenaed by Twitter in Musk Buyout Battle

Twitter Inc. subpoenaed Oracle Corp. founder Larry Ellison in its legal battle to make Elon Musk complete his proposed $44 billion purchase of the social media company.

Berkshire Hathaway boosts Occidental Petroleum stake above 20%

By Jonathan Stempel August 8 (Reuters) - Warren Buffett's Berkshire Hathaway Inc bought more shares of Occidental Petroleum Corp, surpassing the 20% stake where it could record some of the oil company's earnings with its own and potentially add billions of dollars of profit. In a regulatory filing on Monday night, Berkshire said it paid about $39...

US nears two months of declining petrol prices

New guilty plea in BitMEX crypto exchange laundering case

By Jonathan Stempel NEW YORK (Reuters) - The first employee of BitMEX pleaded guilty on Monday to violating U.S. bank secrecy laws by failing to establish an anti-money laundering program, following guilty pleas to the same charge by the cryptocurrency exchange's three co-founders. Gregory Dwyer, 39, of Australia and Bermuda, entered his plea bef...

Abu Dhabi's IHC reports surge in Q2 net profit on aggressive business growth

Abu Dhabi’s International Holding Company more than doubled its net profit in the second quarter of 2022, as the company continued its aggressive investment strategy through local and international business acquisitions. Net profit attributable to the owners of the company for the three months ending in June reached Dh2.8 billion ($762.4 million), ...

DIFC launches first global family business and private wealth centre

DIFC is creating a hub for global and regional family-owned businesses, UHNWIs and private wealth

Oman poised to post first yearly fiscal surplus in a decade in 2022, Fitch says

Oman, which recorded a budget surplus of 784 million Omani rials ($2 billion) in the first half of the year, is poised to post its first yearly fiscal surplus in a decade in 2022, according to Fitch Solutions. The sultanate's 12-month fiscal surplus is expected to amount to 6.5 per cent of its total gross domestic product this year, Fitch estimates...

Avalara to go private in $8.4 billion deal with Vista with direct lenders' help

By Niket Nishant and Krystal Hu (Reuters) -Avalara Inc said on Monday it has agreed to be acquired by private equity firm Vista Equity Partners in a deal that values the tax automation software platform at $8.4 billion including debt, one of the largest take-private deals this year as the M&A market slows down. Vista managed to secure a $2.5 billio...

IHC posts record Dh10.3 billion net profit for first half

Strong result driven primarily by subsidiary's solid performance and profitable business acquisitions in first half 2022; H1 total revenue climbs 121% to Dh21.93 billion

Saudi wealth fund starts company for Egypt investments

The company will invest in swathes of Egypt’s economy from infrastructure and real estate to pharmaceuticals

Bed Bath & Beyond jumps as retail investors chase highly shorted stocks

By Medha Singh (Reuters) - Shares of Bed Bath & Beyond Inc jumped 39.0% on Monday as retail investors flocked to the highly shorted stock of the home goods maker, likely piling pressure on those with bearish bets on it. "We do believe there is currently a short squeeze playing out in BBBY," said Evan Niu, analyst at Ortex, adding that 45% of the ...

Mubadala Capital to acquire Canada Cartage

The transaction is subject to customary closing conditions, including receipt of Canadian regulatory approvals, and is expected to close in the next 60 days

Investors are optimistic but vigilant amid inflation, recession fears

An investor sentiment survey of over 2,800 investors and 1,100 business owners across 14 markets by UBS found that investors worldwide are focused on their retirement savings, with some holding off on making big purchases

UAE issues new reporting rules for real estate transactions to combat money laundering

The UAE has introduced new reporting requirements for “certain real estate transactions” conducted in the country to fight money laundering and terrorism financing. As part of the latest directive, all real estate agents, brokers and law firms are required to file reports to the Financial Intelligence Unit on the purchase and sale transactions of f...

UAE’s public spending in Q1 2022 amounts to Dhs87.4bn

The UAE's public spending included Dhs28.7bn for employee compensation payments compared to Dhs24.6bn in the same reporting period in 2021

"I hereby challenge Parag Agrawal": Elon Musk calls fraud on Twitter bot count and challenges CEO to public debate

After backpedaling on his $44 billion deal to acquire Twitter, Musk challenged CEO Parag Agrawal to a "public debate" about "fake" or "spam" bots on the platform.

Chip and carmaker CEOs meet ahead of Biden signing

By David Shepardson WASHINGTON (Reuters) - The heads of chipmakers GlobalFoundries and Applied Materials and carmakers Ford Motor and General Motors Co were to meet at a closed-door summit with U.S. government officials on Monday to discuss administration plans to invest in semiconductors. On Tuesday, President Joe Biden will sign legislation to ...

Oil Extends 10% weekly drop as demand concerns spur caution

Investors have backed away from commodities in recent months as slowing growth feeds concern that energy usage will drop

Cox Enterprises acquires digital media firm Axios

(Reuters) - Cox Enterprises said on Monday it has acquired digital media firm Axios as part of its ongoing efforts to further diversify the conglomerate. The financial terms of the deal were not disclosed. However, the New York Times earlier reported the deal valued Axios at $525 million, according to two people familiar with the matter. Axios co...

Mexican corporate card Clara lands $150 million debt facility from Goldman Sachs

By Kylie Madry MEXICO CITY (Reuters) - Mexican "unicorn" Clara, a startup with a valuation over $1 billion that offers corporate credit cards and expense management resources, said on Monday it has secured $150 million in debt financing from Goldman Sachs. The funds will be used to flesh out Clara's technological infrastructure and on increasingl...

UAE government’s operating surplus doubles thanks to oil price surge

High oil prices and increased production have been a boon for the UAE’s economy this year, along with a continued recovery from the pandemic’s impact

Whirlpool to Buy Insinkerator Waste-Disposal Business in $3 Billion Deal

Whirlpool Corp. agreed to buy Insinkerator, Emerson Electric Co.’s garbage-disposal business, in a $3 billion transaction.

UAE first-quarter net operating surplus more than doubles on revenue boost

The UAE government's net operating surplus more than doubled in the first quarter of this year, as higher oil prices boosted revenue of the Arab world’s second-largest economy. Operating surplus for the three-month period to the end of March rose to Dh36.4 billion ($9.9bn), up from Dh15.9bn posted in the same period in 2021, according to the latest...

Global gold-backed ETFs record net outflow of $4.5bn in July: WGC

According to the World Gold Council, an analysis of gold futures positioning also suggests that gold could rebound in the near term