August, 2022

• 3 August

  Ghitha Q2 profit up 471% to AED80.65m

    ABU DHABI / WAM Ghitha Holding, a subsidiary of International Holding Company (IHC), announced its second quarter results for 2022 with a profit of AED80.65 million, surging by more than 471% for same period last year. Ghitha reported record-breaking numbers, led by its revenue reaching AED576 million, which shows immense growth of 276%, soaring up from AED153 million in ...

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• 3 August

  Krush Brands to create 700 jobs in UAE in two years

    Abu Dhabi / WAM The Ministry of Economy announced one of the first businesses to join the landmark NextGenFDI initiative – Krush Brands, a full stack food technology, multi-kitchen food service company. The announcement comes three weeks after the launch of the global initiative in collaboration with seven strategic partners and representatives of key national entities in the UAE. ...

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• 3 August

  Sheraa equips Emirati youth with 21st century career skillsets

  

    Sharjah / WAM More than 20 high school students expanded their learning and knowledge about careers that go beyond the conventional path during a 10-day interactive programme held at the Sheraa Hub at the University of Sharjah, in partnership with Sajaya Young Ladies of Sharjah and School of Humanity, a Sheraa alumni. The ‘Jobs of the Future’ programme highlighted ...

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• 3 August

  Italy’s Eni plans second LNG platform off Mozambique

  

    Bloomberg Eni SpA is planning a second liquefied natural gas production vessel offshore Mozambique that could be built in less than four years to help Europe diversify supplies of the fuel, according to a company executive. The Italian oil and gas producer’s potential project would complement its $7-billion Coral-Sul FLNG platform moored off Mozambique’s northern coast that’s scheduled to ...

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• 3 August

  Vitol posts record profit of $4.2bn

  

    Bloomberg Vitol Group, the world’s largest independent oil trading company, posted a record profit of $4.2 billion last year as it benefited from soaring energy prices. Those earnings allowed it to hand a record $3 billion to its executives and senior staff through share buybacks during the course of the year, according to the company’s audited annual accounts, seen ...

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• 3 August

  Ukraine’s coming attack may win or lose the war

  

  The Ukraine war is entering its third phase, and this one could well be decisive. Phase one was Russia’s failed blitzkrieg, meant to destroy the Ukrainian state. Phase two, which continues in desultory fashion, was Moscow’s push to seize all the Donbas area along the Ukraine-Russia border. Phase three will feature a Ukrainian counteroffensive in the south. If Ukraine can ...

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• 3 August

  Is demand for advertising waning?

  

  The economy is weakening, and so is demand for advertising — at least, that’s how Facebook parent Meta Platforms Inc justified its first-ever quarterly decline in revenue last week. Social-media rivals Snap Inc and Twitter Inc echoed the gloom, worsening this year’s share-price slump in the sector. Strange, then, that some of advertising’s more old-school players in Europe, from “Mad ...

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• 3 August

  The food crisis of 2022 appears to be receding

    As quickly as it blew up, the food crisis of 2022 appears to be receding. Indonesia halted exports of palm oil in April in the face of a price spike. Prices are now down more than 40% from the peak. Corn prices fell by nearly a quarter since the start of May. Sugar and coffee beans have hit respective ...

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• 3 August

  HSBC’s promises may not satisfy Ping An

    HSBC Holdings Plc is hoping to buy off dissenting investors with a boost to dividends and a forecast for higher returns. The promises made at the half-year results sent the bank’s stock sharply higher, but the shareholders agitating for big changes are likely to want more — and soon. The London- and Hong Kong-based bank is facing breakup calls ...

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• 3 August

  Bangladesh’s garment industry faces falling orders over power

  

    Bloomberg Bangladesh’s garment industry, the world’s No. 2 exporter after China, is facing a double whammy from slowing global demand and an energy crisis at home that’s threatening to thwart the nation’s pandemic recovery. Plummy Fashions Ltd, a supplier to PVH Corp, the parent company of fashion brand Tommy Hilfiger, and Inditex SA’s Zara, saw new orders in July ...

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