The largest cryptocurrency exchange in the world, Binance, has bailed out one of its biggest competitors, FTX, in a move that is being hailed as a huge upheaval in the cryptocurrency industry. A wave of withdrawals has decimated FTX, and Changpeng Zhao, CEO of Binance, is taking action to prevent a collapse of the cryptocurrency […]
Al Yah Satellite Communications, more often referred to as Yahsat, and Hub71, Abu Dhabi’s global technology ecosystem, have partnered to advance the advancement of new technology in the satellite communications sector. Together, the two organisations will search for start-ups that could boost satellite communication technology and advance the UAE’s space economy. According to Hub71, Yahsat […]
Top officials urged affluent nations to finally fulfil their broken $100 billion promise as the U.N.’s premier climate summit got underway, and the contentious topic of reparations was added for the first time to the official agenda. Delegates from around 200 nations have gathered in Egypt’s Red Sea resort town of Sharm el-Sheikh for the […]
Without giving specific figures, Twitter and Tesla CEO Elon Musk stated on Friday that the social media network has experienced a “huge loss in revenue” as a result of advertisers stopping their expenditure there. Despite Musk’s assertions of the revenue dip, MediaRadar, an ad analytics tool, found that Twitter’s ad spending had been declining before […]
According to a land-concession agreement issued by Saudi Arabia’s State Properties General Administration, Kuwaiti supply chain services and infrastructure business Agility plans to construct a sizable logistics park for storage and distribution close to Jeddah (SPGA). Beginning in the first quarter of 2023, the Jeddah-Al Mahjar project will witness the construction of a contemporary warehouse […]
The so-called Uber Files’ leaker, Mark MacGann, claimed on Wednesday that although the ride-hailing company appeared to be making progress in improving its workplace culture, its business model was still “clearly” unsustainable. In an aggressive effort to enter new markets from 2013 to 2017, Uber Technologies Inc. breached the law and secretly influenced lawmakers, according […]
Penguin Random House’s owner, the German media conglomerate Bertelsmann SE & Co, announced on Tuesday that it would appeal a decision by an American court that barred the combination of Penguin and rival Simon & Schuster. In a statement, Thomas Rabe, chief executive officer of Bertelsmann, stated that “a merger would be good for competition” […]
UAE increases fuel prices as OPEC cuts oil production The Emirates General Petroleum Corporation reported on Monday that after falling for three straight months, gas prices in the UAE are expected to increase by almost 10% in November 2022. Costing is as follows – Special 95 – AED 3.20 a litre; Super 98 – AED […]
In order to create a worldwide digital supply chain for its clients, COSCO Shipping Holdings Co Ltd announced on Monday that it had reached an agreement to purchase port assets from its parent for a total of 19.7 billion yuan ($2.7 billion). The Chinese shipping company announced that it would pay 18.9 billion yuan to […]
After six months of public and legal battling over the purchase, Elon Musk finally completed his $44 billion acquisition of Twitter, according to sources familiar with the situation, placing the world’s richest man in charge of the faltering social network. Twitter will now be a private corporation and shareholders will receive $54.20 per share. The […]
“I will unite our country, not with words, but with action”, Rishi Sunak swears in as the new Prime Minister of the United Kingdom, after his predecessor Liz Truss resigned. Rishi Sunak, who was selected as prime minister at the age of 42, has surpassed his former boss David Cameron, who held the record at […]
Mastercard and BitOasis, the region’s top cryptocurrency platform for the Middle East and North Africa (MENA), have teamed up to introduce a number of crypto card programmes that will make it easier for people to use cryptocurrencies on a daily basis at retail locations and on e-commerce sites. Customers of BitOasis will be able to […]
Mubadala Capital, a global asset management firm and a subsidiary of Abu Dhabi’s Mubadala Investment Company, has acquired TruFood Manufacturing, a snack food contract manufacturer. Trufood, based in Pennsylvania, is being acquired by funds affiliated with AUA Private Equity Partners. Mubadala Capital’s legal counsel was Akin Gump Strauss Hauer & Feld LLP, and its financial […]
Jeffry Azmi Mohd Shah has been named the new Chief Executive Officer of Sun Life Malaysia Takaful Berhad (SLMT) with immediate effect, according to a statement released by Sun Life Malaysia, a life insurance and family takaful company. In his role as CEO, Jeffry will be in charge of creating and implementing strategic initiatives to […]
The bond market will provide its opinion on Jeremy Hunt’s weekend revision of Prime Minister Liz Truss’ economic plan on Monday, providing an early test of his efforts to stop the crisis of confidence in her. On Friday, Truss fired Kwasi Kwarteng and appointed Hunt as her new chancellor of the exchequer in an effort […]
