Western Union Buys $200 Million Stake in Saudi Telecom Unit

Western Union Co. acquired a 15% stake in stc pay, a unit of Saudi Telecom Co. that’s focused on digital payments and financial technology services, for $200 million. Saudi Telecom will inject 400 million riyals ($107 million) as additional capital stc pay and a further 802 million riyals if it manages to obtain a digital banking license, acco...

Tesla Shatters Records in Climb to Nasdaq’s Top Performing Spot

Tesla Inc. is wrapping up its biggest week in three months as news that Elon Musk’s electric-vehicle maker will enter the S&P 500 Index next month sparked a global buying frenzy throughout the electric vehicle sector. The rally propelled Tesla shares to a new intraday high of $508.61 on Thursday, and made it the best performing stock this ...

Israel’s Bank Hapoalim signs agreement with DIFC, AGDM

The agreement enables Bank Hapoalim to access banking and innovation opportunities in the Middle East, Africa and South Asia through the DIFC platform Israel’s Bank Hapoalim has signed an agreement with Dubai International Financial Centre (DIFC) to cooperate across financial service activities. As a global partner of the DIFC, Bank Hapoalim w...

Pizza Express cuts 1,300 more jobs amid Corvid crisis

Pizza Express will cut 1,300 more jobs across its 370 UK restaurants after sales dipped amid more coronavirus cases and restrictions. The losses come weeks after the firm said it would cut 1,100 jobs and close 73 restaurants. No further restaurants will close, it says, with this volley of losses split across the remaining sites. City centres are...

Dubai based tech incubator AstroLabs expands into tech recruiting

Tech incubator AstroLabs has launched a recruiting service, seeking to match the pool of tech professionals it has trained with regional digital companies. With the introduction of AstroLabs Talent, AstroLabs now offers its 4,000-strong Academy alumni recruiting support, thereby enhancing the value of its digital training courses. AstroLabs Tale...

How Indian giant Tata aims to shake up the UAE jewellery market

Tata firm Tanishq plans to launch an exclusive 'UAE-inspired' design collection to woo Emirati customers. The $8.4 billion gems and gold jewellery market in the UAE, already bursting with Indian retail chains, is about to see the entry of Tanishq, a retail unit of Indian conglomerate Tata Group. Tanishq, making its foray into the international m...

Apple to pay $113 million over deliberately slowing down iPhones

Apple has agreed to pay millions of dollars to 34 states over its controversial previous practice of deliberately slowing down older iPhones to extend their battery life. The company will pay $113 million to settle an investigation by states including California and Arizona over how Apple wasn't transparent about its iPhone battery problems ...

Einhorn Makes 7.7% in October After Adding to ‘Bubble’ Basket

David Einkorn’s Greenlight Capital hedge funds rose 7.7% in October -- his best monthly performance all year -- after the value investor added to his short wagers. Greenlight’s October return pared this year’s losses to 9.6%, according to an investor update viewed by Bloomberg. It was Einhorn’s fourth straight positive month. “We are n...

Luxury carmaker Maybach has high ambitions for China

Carmaker Daimler plans to double sales of its luxury Maybach vehicles, buoyed by strong demand in China. Daimler, which also owns Mercedes-Benz, sold a record 12,000 luxury Maybachs last year. They are used widely as limousines in China, the car's most popular market. Prices start at $173,000 (£130,000) for the latest model. However, this can r...

UAE’s ADCB posts Q3 2020 net profit of Dhs 1.3bn; down 3% y- on- y

Abu Dhabi Commercial Bank (ADCB) reported Q3 2020 net profits of Dhs1.366bn, which were 3 per cent lower year-on-year, although it was up 11 per cent quarter-on-quarter. It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year. Operating income in...

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