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  Bloomberg Micron Technology Inc, the largest US maker of memory chips, said the worst industry glut in more than a decade will make it difficult to return to profitability in 2023. The company announced a host of cost-cutting measures, including a 10% workforce reduction, aimed at helping it weather a rapid drop in revenue. Micron also projected a steep ...

Bloomberg The Kremlin criticised the outcome of Ukrainian President Volodymyr Zelenskiy’s visit to Washington and warned that Russia would continue to target weaponry supplied to Ukraine by the US and its allies. Moscow followed Zelenskiy’s meeting with President Joe Biden and speech to the US Congress and saw no sign of a “willingness to listen to Russia’s concerns,” Kremlin spokesman ...

  Dubai / WAM DP World and the Saudi Arabia-based Hassana Investment Company (Hassana), the investment manager for the General Organisation for Social Insurance (Gosi), which owns one of the world’s largest pension funds, announced on Wednesday an investment of approximately $2.4 billion (AED8.82 billion) in three of DP World’s flagship UAE assets. This sale of a strategic minority stake ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) and Mubadala Investment Company (Mubadala) on Wednesday announced a transaction involving OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria. Under the agreement, Adnoc will acquire a 24.9% shareholding in OMV from Mubadala. Financial details of the transaction are not being disclosed. Upon ...

Abu Dhabi / WAM The Mother of the Nation Festival (Motn) will return with more action, shopping and mouth-watering cuisine from December 23 to January 1. The Motn festival is returning by popular demand, to kick off the festive season in style on the Abu Dhabi Corniche. The region’s ultimate entertainment event will reopen following its wildly popular 10-day run ...

  Dubai / WAM Moro Hub, a subsidiary of Digital Dewa, the digital arm of Dubai Electricity and Water Authority (PJSC), has signed a Managed Service Provider Agreement (MSP) with F5 – a multi-cloud application security and delivery company committed to bringing a better digital world to life. The new partnership entails ensuring that Moro Hub’s customers across the region ...

Bloomberg Africa has the potential to produce $1.06 trillion worth of green hydrogen a year by 2035, allowing it to export the fuel and boost local industry, according to a study backed by the European Investment Bank (EIB). By harnessing the world’s best solar energy resource a number of countries on the continent could produce the fuel, which is made ...

  Bloomberg The tsunami of Covid-19 that’s taking hold across China is spurring concern that a dangerous new variant could emerge for the first time in more than a year, just as genetic sequencing to catch such a threat is dwindling. The situation in China is unique because of the path it’s followed throughout the pandemic. While almost every other ...

  Bloomberg Tata Group’s Bigbasket may list its shares within three years after the latest capital raising valued India’s largest online grocer at $3.2 billion. The Bengaluru-based e-commerce firm, which is focussing on expanding its pan-India reach, may choose to launch an initial public offering in 24 to 36 months but was open to raising more private capital before that, ...

  Bloomberg Thailand, the world’s biggest rice exporter after India, is on track to ship the highest volume in four years as importing countries boost purchases to replenish stockpiles and keep a lid on food inflation. Exports will probably climb to 8 million tons this year as a weak currency boosts competitiveness and countries such as China look to rebuild ...