January, 2023

• 29 January

  AmEx surges most in over two years on profit, revenue forecast

  

  Bloomberg American Express Co. (AmEx) jumped the most in more than two years after the credit-card giant predicted that revenue and earnings for this year will surge well above what analysts estimated. While total volume on AmEx’s network increased less than expected in the final three months of last year, the record number of new cardholders AmEx added in 2022 should ...

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• 29 January

  Goldman Sachs’s Solomon joins CEOs taking pay cuts

    Bloomberg As layoffs at technology and finance firms in the US have piled up, their executives have talked at length about the need to cut costs in a challenging economic environment. At some of the biggest firms, the same austerity measures are also being applied in the C-suite. David Solomon, the chief executive officer of Goldman Sachs Group Inc., ...

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• 29 January

  Automakers eye market for small electric pickups

  

    Bloomberg Having zipped from six-figure sedans to Costco-crushing SUVs, electrification is finally zeroing in on the auto industry’s most esoteric form: the tiny pickup truck. At least two major carmakers are considering adding small, battery-powered pickups to their growing parade of EVs. At General Motors Co., spokesman Stuart Fowle says a pint-sized pickup is one of several electric options ...

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• 29 January

  Global smartphone shipments drop most ever as consumers spend less

  

    Bloomberg Global smartphone shipments suffered their worst quarterly drop on record in a clear sign of cooling consumer demand that signals more pain for manufacturing hubs like South Korea and Vietnam. Shipments declined 18.3% in the December 2022 quarter compared to a year earlier, to a little over 300 million units, Needham, Massachusetts-based IDC said. For the year, shipments ...

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• 29 January

  Hyundai unveils $8.5bn spending plan amid EV push

  

    Bloomberg Hyundai Motor Co. will invest 10.5 trillion won ($8.5 billion) over the course of 2023, according to an exchange filing, as it moves to electrify more of its fleet to sate rising consumer demand for cleaner cars. The money will be spent primarily on research and development and on building a new plant in Georgia, the Seoul-based automaker ...

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• 29 January

  Microsoft bets on AI as the ‘next wave’

    Bloomberg Microsoft Corp is investing heavily in artificial intelligence (AI), but don’t expect the magic of OpenAI’s ChatGPT to show up in its signature Word program quite yet. The software giant announced a $10 billion investment in OpenAI, whose AI tool ChatGPT is trained on troves of data to generate human-like responses to prompts in seconds. Microsoft plans to ...

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• 28 January

  Oil buoyed for a third week on optimism over China demand

  

  Bloomberg Oil rose along with many other commodities as optimism over Chinese demand countered concerns over a global economic slowdown. West Texas Intermediate increased as much as 1.5% on Friday, and were heading for a third straight weekly gain. Trafigura group sees “a lot of upside” for oil markets as pent-up demand is unleashed, esp cially as Chinese consumption rebounds. ...

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• 28 January

  ‘Extreme Weekends’ begins at Sheikh Zayed Festival

    Abu Dhabi / WAM “Extreme Weekends” has started at the Sheikh Zayed Festival in Al Wathba area. Attended by an intense crowd, the annual event is set to become another hit for visitors this year. The first day of the show welcomed motor cross and car drifting sports fans with impressive stunts and routines performed by international motorcyclists and ...

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• 28 January

  Dubai’s weeklong realty deals exceed AED8.4bn

  

    Dubai / WAM A total of 2,786 real estate transactions worth over AED8.4 billion were conducted during the week ending January 27, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 285 plots were sold for AED1.7 billion, while 2,043 apartments and villas were purchased for AED4.43 billion. The top three transactions were ...

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• 28 January

  UAE’s EGA supplies 203,000 tonnes of waste to other industries as feedstock

  

    Abu Dhabi / WAM Emirates Global Aluminium (EGA) has announced that it supplied 203,000 tonnes of waste to other industries as feedstock in 2022. The amount was almost double the volume EGA generated during 2022, reducing stockpiles from previous years, and a 40 percent increase on 2021 as industries recovered from Covid-19. EGA has worked for more than a ...

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