BLOOMBERG Sea Ltd has made the changes it needs to deliver profits over the long haul, billionaire founder Forrest Li said in a memo to staff, assuring workers who had survived months of steep job cuts that the worst is over. The Asian internet giant’s first-ever quarterly net profit marks a turning point for the company, the chief executive officer ...

BLOOMBERG European stocks decline and US equity futures retreated as the emergency weekend sale of Credit Suisse Group AG to UBS Group AG failed to soothe market jitters over the health of the banking system. Investors turned to the safest assets, spurring gains in Treasuries, while gold rose on haven demand. The Stoxx Europe 600 index dropped 0.7%, with a ...

BLOOMBERG Turmoil in the banking sector, hotter-than expected inflation data, and renewed hopes for a dovish Federal Reserve has Bitcoin reaching levels not seen in about nine months. The largest digital coin topped $28,000 for the first time since June 2022, trading at around $28,200 on Monday. Bitcoin is now up more than 70% since the start of the year. ...

DUBAI / GULF TIME Zen Film Productions, a Dubai-based boutique film production company with a premier focus on content that transcends international barriers, is now prepared to debut their original content on popular Mena OTT platform Starzplay Arabia. Starzplay, along with Netflix, is said to control two thirds of the Middle East and North Africa’s OTT services, a report by ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has launched the “1 Billion Meals Endowment” campaign, which will establish a food endowment fund as a means to achieve sustainable food aid. Coinciding with the holy month of Ramadan, the campaign aims to mobilise local, regional ...

DUBAI / WAM Abdullah Ahmad Al Saleh, Under-Secretary of the Ministry of Economy, held a bilateral meeting with Zhang Xiangchen, Deputy International Trade Representative for the People’s Republic of China, on the sidelines of the recently held UAE-China Economic Forum in Dubai. During their meeting, the two sides discussed enhancing joint investment opportunities in new economic sectors, trade, logistical transportation, ...

ABU DHABI / WAM A delegation of the Abu Dhabi Fund for Development (ADFD) and the Abu Dhabi Exports Office (Adex) visited the headquarters of Mark Cables as part of a series of field visits to national institutions in the country. The purpose of the visit was to expand strategic cooperation with Emirati companies operating in vital sectors, in line ...

BELGRADE / WAM Sarah Al Amiri, Minister of State for Public Education and Advanced Technology, discussed during an official visit to the Republic of Serbia ways to enhance cooperation between the two nations. During her visit, Al Amiri discussed cooperation in areas such as research and development (R&D), advanced technology, sustainability, food technology, developing tools to finance research, innovation, energy ...

DUBAI / GULF TIME Emirates Central Cooling Systems Corporation PJSC (Empower), the world’s largest district cooling services provider, signed an agreement with Sobha Realty, one of UAE’s leading premium real estate developers, to provide environmentally district cooling services to the developer’s mixed-use projects, most notably the Sobha Hartland master community with a capacity of 17,000 refrigeration tons (RT). As part ...

ABU DHABI / WAM Shamma bint Suhail Faris Al Mazrui, Minister of Community Development, Vice Chairman of the Arab Youth Centre, and COP28 Youth Climate Champion, reaffirmed the UAE’s leadership’s belief in the pivotal role of youth in global climate action. In an interview on the sidelines of “Road to COP28” activities held in Expo Dubai, Al Mazrui said that ...