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GB Equipment Solutions focuses on sustainability and clean energy

GB Equipment Solutions is among the first to show new and latest products related to sustainable and clean energy


Pakistan's new finance minister vows to tame inflation, cut interest rates

Ishaq Dar says no one will be ‘allowed to play’ with currency market; Sees Pakistan’s rupee currency is undervalued; Currency and stock markets respond positively


Taiwan says chip companies in talks about Europe investment

TAIPEI (Reuters) - Some Taiwanese chip companies are in talks with European countries about investments there, a government minister said on Wednesday, adding the administration was "pleased" to see efforts by local companies to work with democratic allies. The European Union has been courting Taiwan, a major semiconductor producer, as one of the...


UAE’s e-commerce market is world’s fastest growing

With its 1,448,471,400-strong online population, the UAE is expected to increase e-commerce spend by an additional 22.32 per cent in 2022, well on track to surpass $8 billion in online sales value by 2025 from $5 billion recorded in 2021


McDonald's is launching Happy Meals for adults, featuring an unnerving set of toys with 2 pairs of eyes

As well as a Big Mac or box of McNuggets, the limited-edition Happy Meals come with a collectible toy like a Hamburglar or Grimace figurine.


Cybersecurity firm Swimlane expands into META, appoints Ashraf Sheet to head regional operations

The company's expansion comes following a recently announced $70m growth funding round led by Activate Capital


Bank of England to start unlimited bond purchases to stabilise market

The purchases were designed to restore orderly market conditions and will be carried out on whatever scale is necessary to effect this outcome, says British central bank


Katerina Giannouka named new CEO of Jumeirah Group

Giannouka joins Jumeirah Group with 20 years of experience in business leadership, operations, hotel development, asset management and strategic advisory


Lilium aims to build 400 air taxis a year, seek grants

PARIS (Reuters) - German air taxi developer Lilium Air Mobility plans to set up industrial capacity to make some 400 of its electrically powered Lilium Jet flying shuttles a year, while tapping schemes that provide public research support, its new chief executive said. Lilium is competing in a crowded market for electric Vertical Take-Off and Lan...


Solar mini grids could power half a billion people by 2030, World Bank says

Solar mini grids have the potential to meet the electricity needs of nearly half a billion people in unpowered or underserved areas of the world and become a cost-effective solution to close the energy access gap by 2030. However, governments and industry have to work together to realise the full potential by identifying mini grid opportunities, dr...


Las Vegas Gets Ready for Its Next Act

At a summit for California tech executives and entrepreneurs, Vegas officials and evangelists pitched the dream of transforming the desert city into a tech hub.


Dubai Metaverse Assembly: day one as it happened

The Dubai Metaverse Assembly will have technology experts and people from the metaverse community as well as major companies convene to discuss opportunities and ways that its potential can be unlocked. Dubai has already announced its metaverse strategy, which aims to create 40,000 jobs and add $4 billion to the emirate's economy. This is the first...


Amazon plans to close several U.S. call centers - Bloomberg News

(Reuters) - Amazon.com Inc is planning to close several call centers in the United States in a move toward remote working, Bloomberg News reported on Wednesday citing people familiar with the matter. The shift to remote working across most industries was accelerated by the COVID-19 pandemic with cloud call center companies such as Five9 Inc seein...


Cartier Plans US Store Expansion on Strong Demand for Luxury

(Bloomberg) -- Cartier, the French maker of upscale watches and jewelry, plans to open as many as 10 stores in the US in the coming years -- another sign that European luxury brands are betting American demand will remain robust.


Philip Morris not planning to drop $16 billion Swedish Match bid - CEO

By Marie Mannes and Richa Naidu GDANSK/LONDON (Reuters) -Philip Morris International is not considering withdrawing its offer for Swedish Match despite deteriorating global economic conditions and has "options on the table" including holding a majority stake, its CEO told Reuters. Marlboro-maker Philip Morris in May offered to buy the Stockholm-bas...


After 14 years, Lehman Brothers' brokerage ends liquidation

By Jonathan Stempel NEW YORK (Reuters) - The liquidation of Lehman Brothers' brokerage unit has ended, 14 years and 13 days after its parent's bankruptcy helped trigger a market freefall and global financial crisis. U.S. Bankruptcy Judge Shelley Chapman in Manhattan closed the brokerage's estate on Wednesday and awarded final payments to the trus...


The 8th World Green Economy Summit opens in Dubai

The two-day summit, being held at DWTC, is focused on four key pillars of the green economy, namely energy, finance, food security and youth


ADX signs agreement with Muscat Securities Exchange for dual listings

The Abu Dhabi Securities Exchange has signed preliminary agreements with Muscat bourse and the sultanate’s Clearing and Depository Company that allow dual listing of Muscat-traded companies in Abu Dhabi. The agreement between Muscat Securities Exchange and the ADX, the Arab world’s second-largest exchange by market value, sets out the legal foundat...


French enterprise AI platform Alteia closes its latest funding round led by Wa’ed Ventures

The company will increase its presence in Saudi Arabia by opening an office in Dhahran to develop industrial vision-based solutions


IMF and Moody’s censure UK policy that sparked market turmoil

IMF does ‘not recommend’ policies like UK growth plan; Moody’s says economic plan is ‘growth negative’; Pound trading down 0.5% to $1.0681; Bond strategists warn market almost untradeable


UAE’s ADQ, Oman Investment Authority identify investment opportunities worth Dhs30bn

ADQ and OIA recently entered into a Dhs10bn partnership agreement to facilitate investments between the UAE and Oman across sectors of common interest


Emirates NBD raises UAE growth forecast to 7% in 2022 on oil output and 'robust' rebound

Emirates NBD has raised its economic growth forecast for the UAE to 7 per cent for 2022, due to a higher estimate for the energy industry's output and the "robust growth" of its non-oil sector, setting up the country for its fastest annual expansion in over a decade. The latest revision from Dubai's biggest lender compares with an earlier 5.7 per c...


UAE Ministry of Economy opens its 'third address' in the metaverse

The UAE Ministry of Economy unveiled its new headquarters in the metaverse, where it will provide its full portfolio of services to more users in the virtual world. The ministry's “third address” will complement its physical offices in Abu Dhabi and Dubai, allowing governments, corporates and individuals to interact with the ministry from anywhere,...


Verizon to Add Home Broadband in Pay-as-You-Go Expansion

(Bloomberg) -- Verizon Communications Inc. is preparing to launch a pay-as-you-go home wireless internet service next month aimed at bargain hunters, doubling efforts to find growth in the prepaid market as regular subscriber gains prove challenging.


U.S. consumer bureau orders Regions to pay $191 million for surprise overdraft fees

By Pete Schroeder WASHINGTON (Reuters) -The U.S. Consumer Financial Protection Bureau has ordered Regions Financial Corp to pay $191 million in fines and refunds, after the regulator said the Birmingham, Alabama-based bank charged customers illegal overdraft fees for years. From 2018 to 2021 Regions charged roughly $141 million in illegal fees, whi...


J&J names consumer health business Kenvue ahead of spin-off

(Reuters) -Johnson & Johnson named its consumer business Kenvue on Wednesday, moving ahead with its plans to spin-off the unit in what would be the biggest shake-up in the healthcare conglomerate's 135-year history. The unit has faced nearly 40,000 lawsuits alleging its baby powder and other talc products contained asbestos later linked to mesot...


Sanctioned Russian billionaire's superyacht sells at auction for $37.5 million, far less than its $75 million value, reports say

A five-deck superyacht seized from Russian steel tycoon Dmitry Pumpyansky has been sold at auction to an unidentified buyer.


Texas AG Paxton joins probe into S&P Global's use of ESG in credit ratings

(Reuters) - Texas Attorney General Ken Paxton has joined a multi-state investigation into whether S&P Global Inc violated consumer protection laws over its use of environmental, social and governance (ESG) factors in credit ratings. The ESG credit indicators, ESG scores, and ESG evaluations that S&P publishes "appear to politicize what should be ...


UAE’s ADX, Muscat Securities Market sign MoU to enhance cooperation

The agreement aims to enhance bilateral cooperation and information sharing in a number of areas, including advisory services, and training and development of systems


Tata Motors launches $10,000 electric car in India to further its lead

By Aditi Shah NEW DELHI (Reuters) -Tata Motors launched India's lowest priced electric car at a little over $10,000 on Wednesday as the country's only electric vehicle (EV) maker looks to draw in more buyers. Tata leads India's EV market, helped by government subsidies and high tariffs on imports. Its move comes as domestic rival Mahindra & Mahindr...


Apple drops plan to boost iPhone production as demand falters

Suppliers asked to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as six million units in the second half of this year, Bloomberg reports


Elon Musk makes court appeal to end the need for a ‘Twitter sitter’

Elon Musk asked a federal appeals court to throw out the deal he made with the US Securities and Exchange Commission in 2018 requiring a Tesla lawyer to screen all his company-related tweets, calling it an illegal effort to muzzle him. Mr Musk, Tesla’s chief executive, has claimed without success that the SEC is harassing him and that the agreement...


GM delays return-to-office plan to 2023, just days after it said staff would be required to come back this year

Recently, GM told staff to return to the office later this year but five days later, executives postponed the plan after further discussion.


Abu Dhabi-based IHC acquires majority stake in Emircom for Dhs250m to expand digital portfolio

Headquartered in Abu Dhabi, Emircom has a wide customer base that includes government organisations, educational institutes, finance houses and healthcare organisations


Vectra AI to showcase power of attack-signal intelligence at Gitex Global

The company has set aside space for three demo screens that will show different security operations centre capabilities


Ford Unveils Gas-Fueled Pickup That’s Funding Its EV Future

Ford Motor Co.’s redesigned F-Series Super Duty pickup may lack the sex appeal of the Mustang introduced earlier this month, but this hulking warhorse is critical to funding the automaker’s electric future.


Nike sales likely to suffer as inflation hits sneakerheads

By Mehr Bedi (Reuters) - Sneakerheads are thinking twice before splurging on the newest set of kicks as the rising cost of living takes a toll on consumer spending, setting the stage for a potential slowdown in sales for Nike Inc in coming months. At least eight brokerages have cut their price targets on Nike in the two weeks ahead of the company...


Dubai Holding appoints new chief executive for Jumeirah Group

Dubai Holding, a diversified global investment company, has appointed Katerina Giannouka as the new chief executive of Jumeirah Group, its flagship hospitality company. Ms Giannouka will take on the new position in December and replaces Jose Silva, who served in the role from March 2018. She joins Jumeirah Group from Radisson Hotel Group, where, as...


Amazon rolls out broad-based pay raises for warehouse workers across its fulfillment network

Amazon employees have been agitating for higher pay for years, putting the company under pressure to respond.


Global alliance on green economy launched at Dubai summit

A global alliance to build a coalition of countries with climate action and sustainable development as priorities was launched at the World Green Economy Summit in Dubai on Wednesday. The alliance, launched during a high-level meeting with about 25 ministers and officials, aims to enhance the capacity of developing countries, provide support for th...


Ferrari Is as ‘Recession Proof as It Gets,’ Morgan Stanley Says

Investors looking for a safer place to put their money as a downturn threatens markets could do worse than buy shares in Ferrari NV.


Ministry of Economy announces metaverse HQ at Dubai Metaverse Assembly

The Dubai Metaverse Assembly is the first event of its kind since Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum launched the Dubai Metaverse Strategy in July


Amazon is reportedly encouraging their US call center employees to work from home indefinitely — so they can eventually close their offices

Amazon is reportedly telling call center employees in the US to keep working from home to ultimately reduce real estate costs.


ADIB expands Interactive Teller Machines network in Abu Dhabi and Al Ain

The recent addition brings the total number of operational ADIB ITMs to 22 deployed across the UAE


Etihad Rail, Oman Rail partner to build $3bn line, connecting Sohar Port to UAE National Rail Network

The newly created Oman-Etihad Rail Company will handle the design, development, and operation of the rail network


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...


Amazon Raises Hourly Wages at Cost of Almost $1 Billion a Year

(Bloomberg) -- Amazon.com Inc. announced a pay increase for hourly workers in the US that it says will take average starting wage for most front-line employees in warehousing and transportation to more than $19 an hour.


UAE, Georgia start talks on Comprehensive Economic Partnership Agreement

The three-day talks, which initiated on Monday, discussed ways to stimulate trade, investment and economic cooperation between the two nations in line with the UAE’s foreign trade agenda launched in September 2021


Abu Dhabi’s IHC acquires majority stake in tech solutions provider Emircom for $68m

International Holding Company (IHC), the Abu Dhabi-based conglomerate, has acquired a 54 per cent stake in information and communications technology provider Emircom for Dh250 million ($68m). The acquisition, made through its subsidiary IHC Digital, is part of the group's strategy to grow its digital assets portfolio and expand into new growth area...


Gap Seen Choosing Outsider CEO With Fresh Brand Vision to Lead Revival

Gap Inc.’s next chapter is resting on the appointment of a new chief executive officer to revive the iconic retailer and bring about a turnaround plan that may finally stick.