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...

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 ...

From Exxon to Charles Schwab, white-collar job cuts are mounting

The pandemic has wiped out millions of mostly low-income jobs in hotels, restaurants, retail and other hard-hit corners of the economy. Now, the pink slips are spreading to higher-paid office workers. In the last few days, ExxonMobil, Chevron (CVX), Charles Schwab and Raytheon have announced plans to cut thousands of white-collar jobs. That's on...

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...

UAE’s Etisalat recognized as world’s fastest mobile network

The UAE’s largest telco Etisalat has been recognized as the world’s fastest mobile network operator in Q2-Q3 2020 in a new ranking from Speed test by Ookla. The ranking is based on analysis by Ookla of millions of tests actively initiated by customers across every network to check internet speeds using various web and mobile platforms. The S...

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...

UAE merges Insurance Authority with the Central Bank of UAE

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai tweeted on Saturday that the UAE had merged the Insurance Authority with the Central Bank of UAE. He added that the new economic organization in the country aims at raising the efficiency of the insurance sector and raising the efficie...

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...

Ant Group IPO pricing ‘history’s largest’, says Alibaba’s Jack Ma

The mammoth dual listing for Chinese biotech giant Ant Group will be the world’s biggest, according to a pricing determined on Friday night, Alibaba founder Jack Ma said on Saturday. “It’s the first time that the pricing of such a big listing — the largest in human history — has been determined outside New York City” he told the Bund...

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