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Airbus and Qatar settle A350 jetliner row

PARIS (Reuters) - Airbus and Qatar Airways have settled a dispute over surface damage on grounded A350 jets, the companies said on Wednesday, averting a potentially damaging UK court trial. The "amicable settlement" ends a $2 billion row over the safety of Europe's premier long-haul jet - an unprecedented public rift that had led Airbus to revoke dozens of other jet orders from Qatar ahead of a

2023-02-01T17:41:13Z

Airbus and Qatar may settle A350 row as early as today -sources

PARIS (Reuters) -Hopes are rising of a deal between Airbus and Qatar Airways as early as Wednesday to avert an unprecedented trial over the safety of the A350 jetliner and billions of dollars of cancelled orders, two people familiar with the matter said. The two companies have narrowed differences over damage to more than two dozen grounded jets after political intervention and technical talks,

2023-02-01T15:21:07Z

Oil prices steady amid supply concerns and China recovery hopes

Oil prices were steady on Wednesday after falling for two days amid expectations of tighter crude supply and signs that China’s economic recovery is gathering pace. Brent, the benchmark for two thirds of the world’s oil, was 0.29 per cent higher at $85.71 a barrel at 5.20pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, wa...

2023-02-01T06:16:00Z

Adani loses Asia's richest crown as stock wipeout reaches $86 billion

Adani stocks suffer new setback on Indian bourses

2023-02-01T13:14:31Z

J&J’s Court Loss Weakens Controversial Legal Tactic Used by Big Companies

A courtroom loss by Johnson & Johnson is threatening a legal maneuver developed by a handful of the most profitable companies in the world to fight lawsuits.

2023-01-31T15:10:09Z

Geely’s Lotus Going Public via SPAC at $5.4 Billion Valuation

Lotus Technology, the electric-car maker owned by China’s Zhejiang Geely Holding Group Co., agreed to merge with a blank-check company in a transaction that values the combined entity at about $5.4 billion.

2023-01-31T17:35:28Z

FedEx to Cut Top Management Jobs as CEO Seeks Cost Savings

FedEx Corp. is cutting global officer and director jobs by more than 10%, the courier’s latest cost-saving step as economic concerns and waning e-commerce weigh on demand for package delivery.

2023-02-01T16:57:16Z

UPS CEO addresses dangerous heat inside trucks and contentious weekend deliveries as a driver strike threatens to upend millions of deliveries

The Teamsters Union could seize on the company's profitability and a dividend increase as proof there's money for raises and other demands.

2023-02-01T12:17:24Z

CommonSpirit acquires equity stake in Arabian Healthcare Group

Strategic alliance through equity investment to support group’s ambitious addition of tertiary services and expansion of RAK Hospital

2023-02-01T15:29:35Z

Exclusive-Indian market regulator examining Adani share rout, source says

By Jayshree P Upadhyay MUMBAI (Reuters) -India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday. The Securities and Exchange Board of India's (SEBI) examination comes on a day when Adani Group shares plunged, extending

2023-02-01T15:21:03Z

Wamda Capital's Fares Ghandour on VC sentiment in 2023: Business Extra

It was a record-setting year for venture capital investments in the Middle East in 2022. But a market correction and layoffs in the technology sector, as well as recession fears, are spelling a different kind of future for 2023. Fares Ghandour, partner at Wamda Capital and co-founder of mental healthcare start-up Tuhoon, joins co-hosts Mustafa Alra...

2023-02-01T09:16:14Z

Adani calls off $2.5 billion share sale in major blow to Indian tycoon

By Aditya Kalra NEW DELHI (Reuters) -India's Adani Enterprises called off its $2.5 billion share sale on Wednesday, citing market conditions, amid an ongoing rout in the wider Adani Group's stocks which was sparked by a U.S. short-seller's critical report. "Given the unprecedented situation and the current market volatility the Company aims to protect the interest of its investing community by

2023-02-01T17:41:15Z

Saudi fund signs agreement with Oman to develop $320m infrastructure project

The Saudi Fund for Development has signed a preliminary agreement to back an infrastructure development project worth 1.2 billion Saudi riyals ($320 million) in Oman. Under the agreement, the Saudi fund will finance the project for Al-Dhahirah Special Economic Zone in Oman, which the two sides will develop, the Saudi Press Agency reported on Wednes...

2023-02-01T15:46:23Z

Abu Dhabi’s IHC acquires 55% stake in Reach Employment Services

International Holding Company, the UAE's most valuable listed company, has acquired a 55 per cent stake in recruitment company Reach Employment Services, to increase its market share in the employment sector. The acquisition is valued at Dh315 million ($85.8 million), IHC said in a statement to the Abu Dhabi Securities Exchange, where its shares ar...

2023-02-01T13:16:18Z

Citigroup technicals indicate rally may extend even as Wall Street remains wary

By Mehnaz Yasmin (Reuters) - Citigroup Inc's shares are approaching a potential bullish technical signal which indicates that this year's 14% rally could continue, even as some analysts remain critical of the bank's fundamentals. The technical signal, called a "golden cross", forms if the stock's 50-day moving average goes above its 200-day moving average. On Jan. 23, Citi shares touched their

2023-02-01T18:51:15Z

FedEx to cut senior jobs as part of larger staff reduction

By Lisa Baertlein LOS ANGELES (Reuters) -FedEx Corp on Wednesday said it would cut its officer and director ranks by 10% as part of a broad cost-reduction effort that has reduced staffing at the delivery giant by 12,000 workers since June, a spokeswoman said. Shares in FedEx rose 2.4% to $198.47 as investors applauded the move, which signals progress on the company's plan to slash expenses by

2023-02-01T18:56:19Z

Oil prices stable as Opec+ sticks to policy ahead of Fed meeting

The shortfall was bigger than the 780,000 bpd deficit in December

2023-02-01T15:59:32Z

Exclusive-Indian market regulator examining Adani share rout, source says

By Jayshree P Upadhyay MUMBAI (Reuters) - India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday. The Securities and Exchange Board of India's (SEBI) examination comes on a day when Adani Group shares plunged,

2023-02-01T17:41:14Z

India's growth budget seeks to boost capex; offers tax relief

Tax benefits have been tweaked to encourage individuals to move towards the new tax regime and to provide relief to the middle class

2023-02-01T13:14:31Z

James Dolan’s Empire Is Beset by Challenges. AMC Networks Tops the List.

As cord-cutting accelerates, the leader of Madison Square Garden and the Knicks has rejected suitors for his cable channels and cycled through CEOs.

2023-02-01T14:21:43Z

No more cheating? ChatGPT launches tool to distinguish between AI and human input

OpenAI, the creator of the popular new program ChatGPT, has introduced a new tool that can detect whether a piece of writing has been created by artificial intelligence or a human being. ChatGPT’s ability to instantly write on just about any subject has caused controversy, particularly in the education sector, where students could potentially use i...

2023-02-01T10:01:56Z

A Chick-fil-A restaurant's traffic got so bad that city officials ordered it to be demolished and plan to build a new drive-thru-only location

A Chick-fil-A in North Carolina will be torn down, and rebuilt as a double drive-thru restaurant with no dining room after complaints by locals.

2023-02-01T10:02:24Z

Intel's CEO will take a 25% pay cut, as the company attempts to compete with global chip manufacturers and prevent further layoffs

Intel CEO will Pat Gelsinger will take a salary reduction alongside other higher-ups, as the tech giant attempts to recover from an economic downfall.

2023-02-01T16:52:57Z

Oil prices stable as Opec+ sticks to policy ahead of Fed meeting

Brent crude futures were down 14 cents, or 0.1 per cent, at $85.33 a barrel by 1419 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 13 cents, or 0.2 per cent, to $79.00

2023-02-01T16:14:32Z

Airbus, Qatar Air Agree to Settle Bitter A350 Paint Dispute

Airbus SE and Qatar Airways have agreed to end their long-running battle over flaking paint on the A350 flagship jetliner, averting an open showdown in court between the European plane manufacturer and one of its most important customers.

2023-02-01T18:01:58Z

Pakistan January CPI rises 27.5% year-on-year

Foreign currency reserves have fallen to cover just three weeks of imports

2023-02-01T14:14:30Z

DFM posts 42% rise in 2022 net profit on revenue boost

The Dubai Financial Market has reported a nearly 42 per cent increase in its 2022 net profit after revenue rose in a year characterised by strong market activity, with five initial public offerings. Net profit for the 12-month period ended December stood at Dh147.1 million ($40 million), compared with Dh103.8 million in 2021, the DFM said in a bour...

2023-02-01T10:01:39Z

US Fed announces rate hike of 25 basis points

The dollar weakened slightly against the euro ahead of the eagerly awaited central bank's policy decision

2023-02-01T19:14:44Z

Rivian orders placed after 20% price hike appear to jump the line, angering early order-holders

Long-time Rivian order-holders are upset again after delivery dates get pushed back. Meanwhile, orders after the price hike get a bump.

2023-02-01T18:32:46Z

Etihad Cargo flies high in 2022

The airline maintains a strong belly-to-freighter load factor, recording a 58 per cent belly and 42 per cent freighter load mix at the end of 2022

2023-02-01T15:14:37Z

Stocks waver as Federal Reserve slows interest rate hikes

Stocks fluctuated on Wednesday after the US Federal Reserve delivered a smaller interest rate increase in its historic fight against inflation. The Fed raised interest rates by 25 basis points while signalling more increases are to come. This is its eighth increase since last year. The latest announcement brings the Fed's target range to between 4....

2023-01-31T20:00:54Z

CBD net profit surges 25.8T to Dh1.825 billion in 2022

Stronger revenue across net interest and other operating income generated a significant increase in net profit

2023-02-01T15:44:28Z

Adani Enterprises calls off $2.5bn share sale due to 'current market volatility'

India's Adani Enterprises called off its $2.5 billion share sale on Wednesday, blaming “volatile market conditions”, as its shares continued to plummet on claims of accounting fraud by US short-seller Hindenburg Research. “Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing ...

2023-02-01T17:31:25Z

FedEx to cut senior jobs as part of larger staff reduction

By Lisa Baertlein LOS ANGELES (Reuters) -FedEx Corp on Wednesday said it would cut its officer and director ranks by more than 10% as part of a broad cost-reduction effort that has reduced staffing at the delivery giant by 12,000 workers since June, a spokeswoman said. Shares in FedEx rose 3.4% to $200.52 as investors applauded the move, which signals progress on the company's plan to slash

2023-02-01T20:06:15Z

Gautam Adani's statement on withdrawing $2.5 billion share sale

NEW DELHI (Reuters) - India's Adani Enterprises called off its $2.5 billion share sale on Wednesday, citing market conditions, amid an ongoing rout in the wider Adani Group's stocks sparked by a U.S. short-seller's critical report. Here is what billionaire chairman Gautam Adani said: "The Board takes this opportunity to thank all the investors for your support and commitment to our FPO. The

2023-02-01T19:05:21Z

FedEx is laying off more than 10% of managers in a cost-cutting crusade. Read the full memo from the CEO.

The company has more than half a million employees, but exact the number of layoffs was not specified.

2023-02-01T17:22:47Z

Indian Tycoons Bought Adani Shares During Short Seller Fight

At least two of India’s biggest business families participated in Adani Enterprises Ltd.’s $2.5 billion share sale, according to people familiar with the matter, in a sign of solidarity with Gautam Adani as the tycoon fights short seller allegations that sent the value of his empire plummeting.

2023-02-01T07:11:14Z

Saudi Arabia's economy expands 8.7% in 2022 on oil sector boost

Saudi Arabia's economy grew by 8.7 per cent in 2022, boosted by a sharp increase in the kingdom's oil and non-oil sectors, initial government estimates have shown. A 15.4 per cent rise in oil sector activities — which include the production of crude, natural gas and refining operations — drove the sharp increase in gross domestic product, said the ...

2023-02-01T07:00:59Z

Exclusive-Indian market regulator examining Adani share rout, source says

By Jayshree P Upadhyay MUMBAI (Reuters) -India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday. The Securities and Exchange Board of India's (SEBI) examination comes on a day when Adani Group shares plunged, extending

2023-02-01T20:06:19Z

T-Mobile Tops Profit Estimates, Sees 75% Free Cash Flow Gain

T-Mobile US Inc. exceeded Wall Street profit estimates and forecast 75% growth in free cash flow for 2023, sending a clear signal that its Sprint Corp. merger integration and 5G network lead are paying off.

2023-02-01T12:37:01Z

IHC acquires 55% stake in Reach Employment Services for Dh315 million

The diversified Abu Dhabi-based conglomerate's first business acquisition of the year comes as the company continues to scale and diversify its investments locally and internationally, including the sector of employment services

2023-02-01T15:14:36Z

UAE and Saudi Arabia to lead $234bn ICT spending in Middle East, Turkey and Africa in 2023

Spending on information and communications technology (ICT) in the Middle East, Turkey and Africa region is projected to grow almost 4 per cent annually to surpass $234 billion this year, the International Data Corporation (IDC) said. Saudi Arabia and the UAE, the Arab world's two biggest economies, will likely spend $34.6 billion and $20 billion —...

2023-02-01T13:16:34Z

An EV pricing war could be just what electric car-makers — and buyers — need right now

Today's pricing war, coupled with new federal EV tax credits, could boost EV demand, helping automakers to boost volume, further helping with cost.

2023-02-01T09:32:11Z

Tesla Discounts Threaten to Drag Rivals Into EV Price War

A price war is brewing in the electric vehicle market, but General Motors Co. and Volkswagen AG both said they plan to avoid joining the fray — for now.

2023-02-01T16:06:50Z

EU sets out green industry plan to counter US, China subsidies

The International Energy Agency estimates the global market for mass-produced clean energy will triple to around $650 billion a year by 2030

2023-02-01T13:29:28Z

Intel Slashing CEO, Managers’ Pay in a Bid to Preserve Cash

Intel Corp., struggling with a rapid drop in revenue and earnings, is cutting management pay across the company to cope with a shaky economy and to preserve cash for an ambitious turnaround plan.

2023-02-01T02:46:04Z

Egypt to list at least 20 state-owned companies this year, government says

Egypt plans to list at least 20 state-owned companies on the stock market this year, Prime Minister Mostafa Madbouly said on Wednesday, as the government seeks to attract foreign investors and revive the economy. The companies will be privatised to varying degrees, Mr Madbouly said. Details about the initial public offerings will be disclosed after...

2023-02-01T16:17:05Z

India's Adani calls off $2.5 billion share sale

NEW DELHI (Reuters) - India's Adani Enterprises on Wednesday called off its $2.5 billion share sale, citing market conditions, a week after a U.S. short-seller's critical report unleashed a rout in the wider Adani Group's stocks. COMMENTARY DEVEN CHOKSEY, MANAGING DIRECTOR, KR CHOKSEY SHARES AND SECURITIES "In the given situation, when the entire environment has become negative, it is good that

2023-02-01T18:51:17Z

Indian market regulator examining Adani share rout, source says

Sebi is undertaking a full-scale examination of the fall in shares

2023-02-01T15:44:27Z

World’s first self-driving, hydrogen-powered lorry: $8.3m funding awarded

A self-driving zero-emission heavy goods vehicle, said to be the world's first, has moved a step closer after $8.3 million (£6.6 million) worth of funding for the project was awarded. Hydrogen Vehicle Systems (HVS), a UK-based hydrogen-powered commercial vehicle innovator, is developing the HGV for the UK market through the the consortium it leads,...

2023-02-01T06:46:34Z