Business News

Switzerland awoke to a new era on Monday after UBS swept up Credit Suisse in a government-brokered rescue that dented the country's long-held pride in its banking expertise.

Bitcoin, the largest and most popular cryptocurrency, increased by 5.19 per cent to $28,380 at on Sunday, adding $1,400 to its previous close. 

Top ministers from the UAE and China have discussed enhancing joint investment opportunities in new economic sectors, trade, logistical transportation, real estate, financial services, technology, and insurance activities.

Talks over rescuing Credit Suisse rolled into Sunday as UBS AG sought $6 billion from the Swiss government to cover costs if it were to buy its struggling rival, a person with knowledge of the talks said.

AD Ports Group has signed a concession agreement to develop and operate a multi-purpose port in Safaga in Egypt.

The UAE and Georgia have signed a joint statement confirming the successful conclusion of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA).

Microsoft has announced its latest productivity tool called Microsoft 365 Copilot, combining the power of large language models (LLMs) with Microsoft Graph and Microsoft 365 apps. 

Sharjah and Indian officials have reviewed the prospects of business collaboration, on a tour of the sub-continent by senior officials from the emirate.

The livery of the world’s largest international airline has undergone a refresh.

As Facebook announced a fresh round of layoffs, under its "Year of efficiency" plan, former Meta employees are speaking out on social media, accusing the tech giant of being uncaring and claiming the process isn't performance-based.

A bipartisan majority of Americans oppose US taxpayers footing the bill when bad management causes a bank to fail, though Republican opposition to bank bailouts has softened over the last decade, a Reuters/Ipsos poll completed on Wednesday found.

A trade delegation from South Korea visited the UAE as both sides look at expanding diplomatic and business ties.

Top Japanese companies agreed to their largest pay increases in a quarter century at annual labour talks that wrapped up on Wednesday, heeding, at least for now, Prime Minister Fumio Kishida's call for higher wages to offset rising living costs.

Indian Minister for New, Renewable Energy and Power, R K Singh, has praised the country's ongoing cooperation with the UAE in the field of renewable energy.

Google Workspace is taking its AI capabilities to the next level with a new set of generative features that will make the writing process easier than ever before. 

Amazon will showcase the products of 100,000 small and medium enterprises on its UAE store Amazon.ae by 2026. The move supports the D33 agenda, to transform Dubai into one of the world's top ten digital economies.

Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs.

Expo City Dubai has launched the first phase of residential developments as part of its journey to become a smart, sustainable, people-centric city of the future.

Microsoft is set to announce a major upgrade to their popular AI ChatGPT, which is expected to be launched on March 16.

Shockwaves from the collapse of Silicon Valley Bank pounded global bank stocks further on Tuesday as assurances from President Joe Biden and other policymakers did little to calm markets and prompted a rethink on the US interest rate outlook.

Dubai World Trade Centre (DWTC) welcomed nearly 2 million visitors last year as it recorded strong performances across its businesses.

ADNOC Gas debuted trading of its shares on the Abu Dhabi Securities Exchange (ADX) on Monday.

Meta Platforms, the parent company of Facebook, is reportedly considering the launch of a decentralised social network similar to Twitter, according to media reports quoting sources familiar with the matter. 

Silicon Valley Bank (SVB) customers will have access to their deposits starting on Monday, U.S. officials said on Sunday, as the federal government announced actions to shore up deposits and stem any broader financial fallout from the sudden collapse of the tech startup-focused lender.

Saudi Arabia's new national airline, unveiled by the Kingdom's Crown Prince Mohammad bin Salman bin Abdulaziz, is expected to add $20 billion to the non-oil GDP growth.

British finance minister Jeremy Hunt said he would use this week's budget plan to remove barriers, including high childcare costs, that are stopping people from working and causing a major problem for employers after the COVID-19 pandemic and Brexit.

Etisalat by e& today announced the implementation of the EUTELSAT QUANTUM satellite solution, becoming the first telco in the country to expand 5G network capabilities over a software-defined satellite.

China maintained its position as the world's largest logistics market for the seventh consecutive year in 2022, the Chinese news agency, Xinhua, reported today.

Dubai-based private school operator GEMS Education has announced a pay hike for teachers.

Americans most want to delete Instagram from their phones, according to a recent analysis of internet search trends by cybersecurity website VPNOverview. 

A Forum promoting investment opportunities between the UAE and Indonesia has convened in Dubai.

Al Ansari Financial Services has announced its intention to float on the Dubai Financial Market (DFM).

The Supreme Council for Financial and Economic Affairs has issued resolutions reconstituting the Board of Directors of Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company.

Blacklane, the chauffeur hailing service, has picked Dubai to launch the region’s first all-electric fleet of vehicles.

The city of Khorfakkan has won the award for the 'Best Arab Tourist City'. The announcement was made at a ceremony for the Arab Union for Tourist Media as part of the world's largest travel trade show, ITB Berlin in Germany.

Tesla is once again facing scrutiny after reports of steering wheels falling off its 2023 model vehicles while in motion. 

Meta Platform's Instagram was back up for most users after a global outage, the photo-sharing platform said on Thursday, adding that an hours-long technical issue has been resolved.

Hong Kong, one of the world's top luxury shopping destinations, is losing its lustre as high-end retail properties go vacant and famous foreign brands reduce exposure to the city in favour of opening new outlets in mainland China.

The UAE's Ministry of Industry and Advanced Technology (MoIAT) has launched the Make it in the Emirates Awards to recognise excellence and innovation in the industrial sector.

Tech giant Apple has announced that it will invest an additional €1 billion in German engineering over the next six years, as part of the expansion of its Silicon Design Centre in central Munich. 

Abu Dhabi-based G24 company Presight Al Holding has announced its plans to offer 1.35 billion shares through IPO (initial public offering).

Apple's biggest supplier Foxconn says its revenue last month fell by 11.65 per cent compared to the same period in 2022 due to weaker demand for electronics.

Alibaba Cloud has announced its collaboration with its long-standing partner Dubai Holding in its Dubai-based data centre to upgrade the facility with state-of-the-art infrastructure and a wider range of products and services.

Dubai’s Department of Economy and Tourism (DET) has announced the relaunch of the pioneering Carbon Calculator tool that measures the carbon footprint within Dubai’s hospitality sector.

Dubai Electricity and Water Authority (DEWA) received 4,056 requests for electricity connection through its Al Namoos service in 2022, an increase of 6.1 per cent compared to 2021.

Italian oil and gas group Eni has announced it will cooperate with Abu Dhabi National Oil Co (ADNOC) on energy transition projects.

Japan pledged financial and technological support on Saturday to help ASEAN countries accelerate their efforts to decarbonise their economies and combat climate change.

The new customs duty, which was to be levied on goods bought internationally with a value of more than AED 300 will no longer apply in Dubai as of March 1, 2023.

Saving deposits in the UAE banking system, excluding interbank deposits, increased to AED 245.867 billion by the end of December 2022, a YoY growth of approximately 1.7 per cent from 2021.

The UAE and Turkey have signed a Comprehensive Economic Partnership Agreement (CEPA).

The Final Offer Price for ADNOC Gas' IPO has been set at AED 2.37 per share.

The world's largest cryptocurrency, Bitcoin, experienced a sharp decline of as much as 6 per cent in Asian markets on Friday, falling to its lowest level in nearly two weeks.

Ferrari said on Thursday that online gaming company Virtual Gaming Worlds (VGW) would become a premium partner of its Formula 1 racing team under a multi-year partnership deal signed by the luxury carmaker's eponymous unit.

U.S. boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies.

Tesla Inc. faced a 5 per cent decline in its shares during extended trading on Wednesday after a highly anticipated investor event in Texas that teased a "next generation" electric-vehicle platform. 

His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Media Council, opened the Dubai Boat Show on Wednesday.

The UAE's Ministry of Finance (MoF) has issued guidelines clarifying the rules on determining tax residency.

Flydubai has reported historic profit of AED 1.2 billion for 2022, an increase of 43 per cent compared to 2021, reflecting the airline's strong business model built on cost efficiency and agility.

Etihad Airways has announced that its "website, reservation systems and mobile apps will go offline" on March 8 and 9 due to a "systems switch".

China's factory activity for February has surpassed expectations, with data from the National Bureau of Statistics showing that the official manufacturing purchasing managers' index (PMI) rose to 52.6. 

Tesla will build a new assembly plant in northern Mexico, the country's president announced marking a push by the electric vehicle maker to broaden operations outside the US in a deal an official said was worth over $5 billion.

Microsoft on Tuesday started adding its recently upgraded Bing search engine to its Windows computer software, aiming to put artificial intelligence (AI) at the fingertips of hundreds of millions of people.

Expo City Dubai is gearing up to reveal exciting plans for residential developments, heralding the next phase on its journey to become a smart, sustainable, people-centric city of the future.

All aboard the AI hype train! The latest one to hop onto the ChatGPT bandwagon is popular social media app Snapchat, which launched its own chatbot called "My AI" on Monday.

The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange after they found "serious regulatory misconduct" during checks.

Elon Musk has approached AI researchers in recent weeks about forming a new research lab to develop an alternative to OpenAI's ChatGPT, the Information reported on Monday, citing people with direct knowledge of the effort.

The White House on Monday gave government agencies 30 days to ensure they do not have Chinese-owned app TikTok on federal devices and systems.

The Government of Ras Al Khaimah has announced plans to launch the world’s first free zone dedicated to digital and virtual asset companies.

The UAE Central Bank (CBUAE) has revoked the licence of an exchange house for regulatory misconduct and weak compliance framework.

Dubai Holding, a diversified global investment company with operations in 13 countries, has acquired full ownership of The Westin Paris – Vendome after acquiring Henderson Park’s stake in the property.

Expo 2020 Dubai has reaffirmed its commitment to gender equality and women’s empowerment.

Expo 2020 Dubai and the United Nations Global Compact are joining forces to hold a Sustainable Development Goals Business Forum.

More than 2,500 online travel agents, tour operators, hotel groups and airlines have signed on as Authorised Ticket Resellers (ATRs) for Expo 2020 Dubai.

A spectacular line-up of sights, sounds and tastes await visitors at Expo 2020 Dubai, through a series of specially curated itineraries.

Apple on Tuesday launched the iPhone 12 with faster 5G connectivity, which the company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.