The 65-year-old billionaire Mukesh Ambani has begun the early phases of succession planning at his energy-to-technology giant Reliance Industries Ltd, designating two of his children as the chiefs of major companies in his $217 billion empire. Akash Ambani, the 30-year-old son of Reliance Industries Ltd (RIL) chairman Mukesh Ambani, was chosen chairman of Reliance Jio […]
The Saudi Arabian Oil Company (“Aramco”) opened the Aramco Research Center at KAUST (ARC KAUST), which intends to speed the development of low-carbon solutions for the energy market via the use of sophisticated analytics. This comes after Saudi Aramco pledged to reach net-zero emissions by 2050, a decade sooner than a government timetable for the […]
Credit Suisse has been found guilty and penalised for its role in money laundering in connection with a Bulgarian narcotics network. The bank did not do enough to prevent members of the crime syndicate from benefitting from the trafficking of cocaine into Europe, according to Switzerland’s criminal court. Credit Suisse is the first big Swiss […]
According to a worldwide index produced by the World Bank and S&P Global Market Intelligence, four out of five of the world’s most efficient ports are located in the Middle East. The area dominates the top five in a ranking of 370 ports. These included Saudi Arabia’s King Abdullah Port (first), Oman’s Port Salalah (second), […]
After a grace period on two international bond payments expired on Sunday night, Russia may be facing its first big foreign debt default in almost a century. A total of $100 million in interest payments were due on May 27 and were subject to a grace period that ended on Sunday night. Several media sites […]
Cybersecurity attacks are a persistent issue, particularly for Middle Eastern businesses and organizations. These threats can halt operations, damage a company’s reputation, and result in costly legal action. The more technology a company relies upon, the more vulnerable it is to cyberattacks and challenges. Hackers are increasingly focusing on Middle Eastern firms that are converting […]
On Thursday, Australia’s competition authority said that a court-ordered Samsung Electronics’ local business to pay a A$14 million ($9.65 million) penalty. The company made false claims that seven of its Galaxy phones were water-resistant, despite the fact that the handsets might cease operating after being submerged in swimming pools or ocean water. In the long-running […]
The ruble reaffirmed its unusual standing as the world’s best-performing currency this week, surging to multi-year highs. The ruble has roared back after plummeting in the weeks following Russia’s invasion of Ukraine, which provoked broad international sanctions aimed at damaging the Russian economy. On Wednesday, the Russian ruble reached 52.3 per dollar, a 1.3% rise […]
Meta, previously Facebook, promises to spend at least $10 billion this year on virtual reality and augmented reality research and development. On Monday, CEO Mark Zuckerberg demonstrated the company’s development by unveiling many of the incomplete headgear prototypes it has produced in its laboratories. Zuckerberg has staked his company’s future on virtual reality, which immerses […]
Vistara, an India-based joint venture airline between the Tata Group and Singapore Airlines, is planning to introduce several more routes to the Middle East in the coming weeks. Singapore, Male, and Dubai are among the international destinations covered from Mumbai, while service to Jeddah will begin on August 2. Vistara now operates 53 aircrafts, including […]
In reaction to alleged abuses of the primarily Muslim Uyghur minority population, the US Senate has enacted legislation prohibiting imports from China’s Xinjiang province. Unless proven otherwise, the legislation will assume that commodities created in Xinjiang are made with forced labor. With the Uyghur Forced Labor Prevention Act (UFLPA) passed by unanimous consent, which is […]
Oil prices slid early on Monday as investors refocused on tight supply, although the mood remained shaky following a 6% drop the previous day due to fears about slowing global economic growth and fuel consumption. Due to Western sanctions, most nations are still unable to obtain Russian oil. The damage has been offset in part […]
DP World and the Saudi Ports Authority (Mawani) announced the signing of a 30-year deal for more than SAR 500 million ($133.33 million) to construct a state-of-the-art, port-centric Logistics Park at the Jeddah Islamic Port. The 415,000 square meter purpose-built facility will expand DP World’s regional presence and deliver cutting-edge multi-modal logistics solutions to the […]
In a complaint, an investor accused Tesla Inc’s executives and directors of enabling a “toxic working culture” to develop in the business. The company was previously been accused of racial discrimination and sexual harassment at its facilities. According to a complaint filed on Thursday in federal court in Austin, Texas, by stockholder Solomon Chau, Elon […]
Revlon Inc declared Chapter 11 bankruptcy after being unable to handle its massive debt burden in the face of a supply chain crisis and rising inflation. The cosmetics conglomerate requested judicial protection in the Southern District of New York in late April, with assets reaching $2.3 billion. According to court documents dated June 15, the […]
