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Phoenix starts trading on Abu Dhabi bourse after $370m IPO

Abu Dhabi-based blockchain and crypto solutions company Phoenix Group has begun trading on the Abu Dhabi Securities Exchange following a $370 million initial public offering that was 33 times oversubscribed. Shares of the company rose as much as 18 per cent to hit Dh2.03 on Tuesday. Founded in 2017, Phoenix’s initial public offering concluded last ...

2023-12-05T15:40:31Z

Argentina's Milei taps Bausili as new central bank chief - sources

By Jorgelina do Rosario BUENOS AIRES (Reuters) -Argentine economist Santiago Bausili is set to become the governor of the country's central bank after President-elect Javier Milei takes office on Dec. 10, according to three people with direct knowledge. Bausili - a close ally of the incoming Economy Minister Luis Caputo - was undersecretary of finance under Mauricio Macri's administration

2023-12-06T03:11:29Z

EU should join Africa on WTO reform to counter China -IW study

By Sarah Marsh BERLIN (Reuters) - The EU should join forces with African countries to reform the World Trade Organization's (WTO) subsidy rules as a way to counter Chinese market distortions and diplomatic influence, the German Economic Institute (IW) argued in a paper on Wednesday. The IW, which is financed by prominent German business associations and carries weight among Berlin policymakers,

2023-12-06T07:07:30Z

CVS to Launch Reimbursement Model to Simplify Drug Pricing

CVS Health Corp. plans to change how its more than 9,000 pharmacies get paid with a new reimbursement model designed to simplify drug pricing.

2023-12-05T15:44:12Z

South Carolina Treasurer Bars State from Disney Holdings

A GOP state official in South Carolina is joining Florida Governor Ron DeSantis’ stand against Walt Disney Co.

2023-12-05T23:39:42Z

It seems White Claw doesn't want to be just White Claw anymore

The hard seltzer brand is tapping into the growing market for booze-free options with four 0% varieties that go on sale in January.

2023-12-06T07:35:30Z

How Cop28 is setting the stage for the global hydrogen trade

Live updates: Follow the latest news on Cop28 A series of hydrogen initiatives were announced at the Cop28 climate conference on Tuesday, aimed at boosting the production and trade of the low-carbon fuel. More than 30 countries, representing about 80 per cent of the future global market in hydrogen, signed a declaration of intent, under which state...

2023-12-05T16:10:26Z

Evercore’s Weinberg Sees M&A Rebound Next Year

Evercore Inc.’s Chief Executive Officer John Weinberg said companies are ready to resume deal-making activity that’s been mired in a prolonged slump — but they’re just waiting for the right moment to strike.

2023-12-05T18:49:28Z

Oil prices rise on uncertainty over Opec+ cuts and Middle East tensions

Kremlin says the cuts agreed by the group will take time to kick in

2023-12-05T12:57:07Z

AI looms large at Cop28 in Dubai

AI is front and centre at Cop28 in Dubai

2023-12-06T04:11:09Z

Elon Musk called Tesla's Sweden strike 'insane' — now it's spreading to Denmark

Danish dockworkers are refusing to unload the US electric car giant's vehicles in solidarity with Swedish Tesla workers.

2023-12-05T10:19:10Z

A conductor of your smart-home symphony

Amazon’s 5th generation Alexa Echo Dot smart speaker system is an improvement in the sonic and functionality departments for the popular voice-assistant enabled speaker

2023-12-05T12:12:06Z

Mena shoppers spent 40% more during White Friday week

Importance of White Friday itself for Mena users is gradually decreasing, data shows

2023-12-06T02:12:44Z

EasyLease enhances green mobility portfolio with 60% stake in Fully Charged

EasyLease commits to investing in advanced technology, strengthening infrastructure

2023-12-05T18:27:28Z

Elon Musk’s xAI Startup Seeks to Raise $1 Billion in Equity

Elon Musk’s artificial intelligence company xAI is seeking to raise $1 billion in funding from equity investors, according to a new filing.

2023-12-05T20:29:31Z

Masdar and Spain’s Iberdrola sign $16bn partnership for wind and hydrogen projects

Live updates: Follow the latest news on Cop28 Abu Dhabi’s clean energy company Masdar and Spain’s Iberdrola have signed a €15 billion ($16.25 billion) partnership to evaluate the development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US. The companies will also look to further invest in the 1,400-m...

2023-12-05T10:09:58Z

Egyptian billionaire Nassef Sawiris to move family office to Abu Dhabi

Nassef Sawiris, Egypt's wealthiest person, is moving his family office to Abu Dhabi, joining a wave of prominent investors who have set up operations in the emirate. The Egyptian billionaire, the younger brother of Naguib Sawiris, intends to redomicile his NNS Group in the Abu Dhabi Global Market, subject to regulatory approval. From there, NNS Gro...

2023-12-05T11:55:09Z

EU chief warns China on trade gap ahead of summit

European Union chief Ursula von der Leyen warned Tuesday, ahead of an annual EU-China summit, that Europe won't tolerate its soaring trade imbalance with China forever. Von der Leyen, top EU diplomat Josep Borrell and Charles Michel, the president of the European Council, will be in Beijing on Thursday for the EU-China summit.

2023-12-05T15:00:12Z

Spotify ditches popular podcasts 'Heavyweight' and 'Stolen' as CEO doubles down on cost-cutting

Daniel Ek appears determined to make the company "relentlessly resourceful," following announcement of of further layoffs on Monday.

2023-12-05T13:59:24Z

BOJ must carefully time, design exit from low rates -deputy gov Himino

By Leika Kihara TOKYO (Reuters) - Bank of Japan (BOJ) Deputy Governor Ryozo Himino said the central bank must determine the timing and appropriate design of an exit from ultra-loose monetary policy with a careful eye on developments in wages and prices. He also said Japan was making progress in moving away from a prolonged period in which wage and price growth remained stagnant. "Solid progress

2023-12-06T02:41:26Z

Ooredoo, Zain and TASC create Mena's largest telecom tower company worth $2.2bn

Three major players in the GCC telecoms sector have teamed up to create the Middle East and North Africa's biggest tower company with a combined estimated enterprise value of $2.2 billion, as they seek to boost the region's standing on the global telecommunications stage. Qatar's Ooredoo, Kuwait's Zain Group and UAE-based TASC Towers signed definit...

2023-12-05T10:40:04Z

Washington Post staff to strike on Thursday

Hundreds of staff at The Washington Post, one of America's most storied newspapers, will walk off the job for 24 hours Thursday, their union announced, slamming the company for refusing to negotiate a contract "in good faith." The labor action at the Post follows a strike earlier this year at America's largest newspaper publisher, Gannett, and a 24-hour action by New York Times staff a year ago.

2023-12-05T20:36:19Z

US antitrust regulators probe ExxonMobil's Pioneer deal

US antitrust officials are seeking additional information related to ExxonMobil's megadeal to acquire Pioneer Natural Resources for about $60 billion, according to a securities filing Tuesday. The Federal Trade Commission (FTC) lodged a second request for "additional information and documentary materials" with both companies on Monday, Pioneer said in the filing.

2023-12-05T19:28:23Z

JetBlue-Spirit Deal Judge Weighs Impact on Low-Fare Passengers

No-frills travelers who rely on cheap air fares to cities like Fort Lauderdale, Florida, or Las Vegas will be the key focus of a federal judge deciding the fate of JetBlue Airways Corp.’s $3.8 billion acquisition of Spirit Airlines Inc., after a five-week US antitrust trial.

2023-12-05T19:09:30Z

Saudi Arabia offers 30-year tax break for companies moving regional HQs to Riyadh

The programme has so far attracted 200 foreign companies

2023-12-05T17:27:29Z

J&J Sees 2024 Sales Growth Slowing as Top Drug Faces Rivals

Johnson & Johnson expects operational sales growth to slow in 2024 as its top-selling psoriasis drug starts to face generic competition outside the US.

2023-12-05T12:33:57Z

Disputed landmark AI rules face crunch EU talks

By Foo Yun Chee, Supantha Mukherjee and Martin Coulter BRUSSELS/STOCKHOLM/LONDON (Reuters) - European Union ambitions to take a lead in landmark rules for artificial intelligence hang in the balance as member states and lawmakers meet on Wednesday to try to hammer out a deal on biometric surveillance and how to regulate systems like ChatGPT. If agreed, the EU's first-of-a-kind AI Act, which was

2023-12-06T06:42:13Z

AT&T Taps Ericsson for $14 Billion Network Revamp, Ousting Nokia

Ericsson AB won a $14 billion contract to modernize AT&T Inc.’s wireless network, agreeing to build an open network that can be supplied by a number of vendors and beating out its longtime rival Nokia Oyj.

2023-12-04T22:23:07Z

25% fee reduction announced for commercial licensing in Ras Al Khaimah

Step is expected to boost real estate, trade, and investment activity, capitalising on the notable economic growth in the emirate

2023-12-05T13:12:09Z

Thanks to AI, junior employees at major firms are spending less time prepping paperwork and more time pitching clients

Consulting and law firms are reportedly turning to AI to handle monotonous tasks. This frees up time for junior workers and allows them to get ahead.

2023-12-05T22:10:01Z

Islamic banks stripping away 'sustaina-babble' to fund science-backed green projects

The Islamic finance industry has a “big role” to play in providing capital to emerging economies to fight climate change, as its Sharia-based principles support the goals of environmental protection, experts said at a panel at the Cop28 conference in Dubai. The higher intent of Shariah – which advocates social and economic justice as well as commun...

2023-12-06T05:11:11Z

Tom Ford Fashion House Is Driving Zegna’s Luxury Expansion

Deal could be just the engine Zegna needs to keep growing, CEO says

2023-12-05T11:59:06Z

Toyota to sell entire stake in Japan's Harmonic Drive Systems - filing

TOKYO (Reuters) -Harmonic Drive Systems, a Japanese maker of speed reducers, said on Wednesday that Toyota Motor will sell its entire stake in the company in the open market overseas. The move could fan hopes among investors that Toyota will accelerate sales of shareholdings in affiliates and partners following last week's announcement it would divest a stake in supplier Denso, a pillar of the

2023-12-06T07:36:10Z

COP28: UAE’s biggest bank FAB to provide half a trillion dirhams in green finance in 7 years

New target is an 80% increase over the bank’s 2021 commitment

2023-12-05T12:12:03Z

How Mark Cuban forced the biggest US pharmacy to upend its business

CVS is changing how it sells prescription drugs — and the result looks a lot like billionaire Mark Cuban's online pharmacy.

2023-12-05T16:59:42Z

Spotify's former podcast boss calls out the company for setting 'money on fire' with costly celeb deals

Lydia Polgreen, a former Gimlet Media exec, slammed Spotify's Heavyweight and Stolen cancellations.

2023-12-05T22:15:02Z

J&J CEO Says Weight-Loss Drug Market Is Too Crowded to Enter

Johnson & Johnson has no plans to start making weight-loss drugs because there’s already too much competition, according to Chief Executive Officer Joaquin Duato.

2023-12-05T23:29:44Z

Oil prices hit lowest since July on demand concerns despite Opec+ cuts

Oil prices steadied on Wednesday after touching a near five-month low on Tuesday over concerns of slow demand growth in China and a stronger US dollar despite the Opec+ cuts announced last week. Brent, the global benchmark for two thirds of the world's oil, was trading 0.25 per cent higher at $77.39 a barrel at 11.41am UAE time on Wednesday. West T...

2023-12-06T07:56:17Z

Saudi Arabia offers 30-year tax relief for companies moving headquarters to the kingdom

Saudi Arabia will offer a 30-year tax break as an incentive for global companies that move their regional headquarters to the kingdom as it seeks to attract more multinationals amid a diversification push. The package includes a zero per cent rate for both corporate income tax as well as withholding tax related to the “approved regional headquarter...

2023-12-06T05:41:10Z

Australian fund manager Perpetual rejects $2 billion bid from top investor

By Scott Murdoch and Lewis Jackson (Reuters) -Australian fund manager Perpetual on Wednesday rejected a A$3.1 billion ($2 billion) takeover offer from its largest shareholder, diversified investor Washington H Soul Pattinson (WHSP), saying the proposal undervalued its business. WHSP has a 9.9% stake in Perpetual. Its proposal came hours after Perpetual announced that it was looking at splitting

2023-12-06T08:26:14Z

DP World sets target to decarbonise short-sea shipping

The company currently manages 9% of the world’s handling capacity

2023-12-05T16:42:24Z

Washington Post staff to strike on Thursday

Hundreds of staff at The Washington Post, one of America's most storied newspapers, will walk off the job for 24 hours Thursday, their union announced, slamming the company for refusing to negotiate a contract "in good faith." The labor action at the Post follows a strike earlier this year at America's largest newspaper publisher, Gannett, and a 24-hour action by New York Times staff a year ago.

2023-12-05T20:33:23Z

The aviation industry wants to reach net zero by 2050, but major players disagree on how to get there

As the aviation industry tries to decarbonize, people disagree on how to advance SAF production and whether hydrogen is a viable fuel source.

2023-12-05T16:59:55Z

Tesla Shipments to Sweden Are Under Threat Across the Nordics

Tesla Inc.’s deliveries to Sweden are at risk of being blocked from across the Nordic region after unions asked their neighboring peers to bolster their weeks-long strike.

2023-12-05T10:43:52Z

World Bank's Banga calls for record replenishment of fund for poorest countries

By David Lawder (Reuters) - World Bank President Ajay Banga on Wednesday called on member countries to make the next replenishment of the lender's fund for the world's poorest countries the largest ever, warning that the International Development Association (IDA) was being pushed to its limits by increasing demands. Opening a mid-term review of the IDA 20th replenishment totaling $93 billion,

2023-12-06T07:26:47Z

A Chick-fil-A HR executive shares the red flags he spots when interviewing candidates and his hiring best practices

A Chick-fil-A recruiter shared his best hiring tips and said friendliness isn't a requirement for every job candidate, but it can be important.

2023-12-05T16:29:45Z

Thai business group keeps 2023 growth forecast at 2.5%-3.0%

BANGKOK (Reuters) - Thailand's economy is expected to grow 2.5% to 3.0% this year, unchanged from a previous forecast, a leading joint business group said on Wednesday. Tourism revenue will be lower than expected because Thailand is expected to receive only 28 million foreign arrivals this year, down from an earlier forecast of 30 million, said the Joint Standing Committee on Commerce, Industry

2023-12-06T05:51:39Z

EU chief warns China on trade gap ahead of summit

European Union chief Ursula von der Leyen warned Tuesday, ahead of an annual EU-China summit, that Europe won't tolerate its soaring trade imbalance with China forever. Von der Leyen, top EU diplomat Josep Borrell and Charles Michel, the president of the European Council, will be in Beijing on Thursday for the EU-China summit.

2023-12-05T15:00:42Z

Nvidia to develop new chips that comply with US export regulations

SINGAPORE (Reuters) - Nvidia will continue to develop a new set of products that comply with U.S. government regulations involving exports of high-end chips to China, CEO Jensen Huang said on Wednesday. He made the remarks to reporters in Singapore at a news conference where he also said the U.S. chipmaker is discussing with the city state about potential big investments. (Reporting by Fanny

2023-12-06T02:35:54Z

Libya’s NOC to boost oil output by 100,000 bpd next year, chairman says

Libya’s National Oil Corporation (NOC) plans to step up its output by 100,000 barrels per day in 2024, its chairman has said. Higher production gives the company a chance to replace reduced crude supplies from other parts of the world, Farhat Bengdara told The National when asked about volatility in the oil market. The state oil company plans to bo...

2023-12-05T14:40:28Z