Busting the Faang Oligarchy Is Stimulus Active Funds Could Savor

Frenzied retail buying catapults equity benchmarks to records. A handful of mega-companies dominate, drawing daily warnings about nosebleed valuations. Suddenly a rotation takes hold, reviving left-behind industries while ...

Warner Bros. Guarantees Filmmakers a Payday for HBO Max Movies

Warner Bros. has come up with a new plan to compensate filmmakers during the pandemic: treat every movie like a box-office smash. After shocking Hollywood with its decision to release all its new movies this year on HBO Max, the studio has adjusted terms of its deals with partners to gua...

Shuaa Capital buys out Dubai-based Stanford Marine Group's Dh1.13 billion debt

Shuaa Capital on Sunday announced that it has successfully completed a debt buyout of Stanford Marine Group's (SMG) Dh1.13 billion ($308 million) facility, resulting in a successful outcome for all parties involved, including the participating banks. SMG is one of the most prominent and diversified offshore services companies in the Middle East,...

Fiat and PSA's against-all-odds merger nears the finish line

Fiat Chrysler Automobiles NV and PSA Group are poised to get shareholders' sign-off on a combination that's endured two years of extraordinary drama, marked by on-again off-again talks, the transformation of their industry and a global pandemic. At two separate meetings Monday, investors will be asked to approve a merger that will form Stellanti...

eXtra posts 36% profit rise to $74.8m in FY2020

United Electronics Company (eXtra) reported an estimated net profit after Zakat and tax of SR280.3 million ($74.75 million) for fiscal year 2020, up by 36 percent year-on-year (YoY) due to higher sales across stores and e-commerce. The company also cited increase in gross profit and rise in revenues from consumer finance services. The Q4 2020 ne...

UAE’s ADNOC Distribution plans $10m deal for 15 Saudi service stations

Abu Dhabi’s ADNOC Distribution announced on Thursday that it plans to acquire 15 service stations in the eastern region of Saudi Arabia. The deal is valued at 36.7 million dirhams ($10 million) and is subject to regulatory approval, WAM, the UAE state news agency, said. “Expanding our presence in Saudi Arabia is an important milestone for ou...

Samsung says profits are rising, but smartphone competition is fierce

Samsung predicts its profits rose nearly 26% last quarter. That suggests demand for many of its products has kept up during the coronavirus pandemic even as it faces tough competition in the smartphone market. The South Korean conglomerate said Friday that it...

Bezos, Musk Smash Records as World’s Richest Added $1.8 Trillion

Billionaires have always traveled in a different orbit than the rest of us. Nicer things, more power, rocket-launching stations. But 2020 threw that gulf into stark relief. While much of the world grappled with soaring unemployment and plunging growth, the 0.001% benefited from unprecedented wealth creation. The world’s 500 richest people adde...

Motorhomes 'missing' after rental firm collapsed

People who lent a motorhome rental business money are facing big losses after it collapsed owing more than £7m. Unbeatable Hire Limited used the loans to buy more motorhomes, promising to give lenders all of their money back and returns of up to 10% a year. But many lenders are out of pocket after the company went into administration and numero...

Bitcoin soars past $33,000, its highest ever

Bitcoin has been flirting with the $30,000 mark for weeks, and finally passed that record-setting level Saturday. The virtual currency is now valued at above $33,000, an all-time high. Bitcoin (XBT) has tripled in value during 2020, growing steadily even ...

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