News

  Bloomberg Tesla Inc has been going through “supply chain hell,” but Elon Musk believes the electric-car maker stands a chance of emerging from it in the second half of the year. The chief executive officer tempered his optimism while discussing Tesla’s better-than-expected earnings, emphasising how challenging it’s been to secure parts and materials. Tesla sold roughly 75% of its ...

  Bloomberg Twitter Inc reported disappointing second-quarter sales on Friday, another blow to a company that is already fighting a high-profile legal battle with Elon Musk over the fate of the social network. Revenue falls 1% in the quarter from a year earlier, its first annual decline since the middle of the pandemic in 2020. Sales totaled $1.18 billion in ...

  Bloomberg AutoNation Inc shrugged off a sales decline to post record profit in the second quarter as US prices for new vehicles soar. The nation’s largest auto dealer chain said earnings were $6.48 a share during the period, up 34% from a year earlier and beating analyst estimates. Revenue fell 2% to $6.9 billion and just missed the consensus ...

Bloomberg Oil declined as investors assessed signs of lackluster US gasoline demand and the return of supplies from Libya. West Texas Intermediate futures fall towards $95 a barrel. The slump came after a US report showed gasoline inventories rose more than expected last week, while stalling demand sent the motor fuel’s premium over crude plummeting. Further bearish signs emerged from ...

  Geneva / WAM International Telecommunication Union (ITU) has announced that the next World Radiocommunication Conference (WRC-23) will take place at the Dubai World Trade Centre, between November 20 and December 15, 2023. Held every four years for a period of four weeks, the conference is mandated to update the Radio Regulations, the sole international treaty governing the use of ...

  Dubai / WAM Arada has reported a 30 percent growth in the value of the property sold in the first six months of 2022, as buyer interest in the Sharjah and wider UAE property markets continues to grow. The developer sold homes valued at AED1.49 billion at its two Sharjah megaprojects, Aljada and Masaar, thanks to ongoing demand for ...

  Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (Enec) has successfully completed the Hot Functional Testing (HFT) on Unit 4, the last of its four units of the Barakah Nuclear Energy Plant. This significant pre-operational test represents an important step forward in the testing phase of Unit 4 of the Plant, located in the Al Dhafra region of ...

  Dubai / Gulf Time Emirates Integrated Telecommunications Company (EITC) published its financial results for quarter-ended June 30. While revenues of the company increased by 9.9% to AED3.14 billion on sustained demand for broadband and mobile services, Ebitda improved by 12.1% to AED1.27 billion thanks to a sharp increase in service revenues and gross margin expansion. EITC’s net profit increased ...

  Abu Dhabi / WAM Etihad Airways on Thursday announced the extension of its flights between Abu Dhabi and Zanzibar to January 14, 2023. The service will continue to be operated at the current schedule of three times weekly until 26th November, when a fourth weekly flight will be introduced for the end of year holidays. The flights will be ...

  Dubai / Gulf Time Emirates Integrated Telecommunications Company (EITC) published its financial results for the quarter-ended June 30. While revenues of the company increased by 9.9% to AED 3.14 billion on sustained demand for broadband and mobile services, Ebitda improved by 12.1% to AED1.27 billion thanks to a sharp increase in service revenues and gross margin expansion. EITC’s net ...