Browsing Category
Business
NMDC showcases impressive AED1.513 billion net profits in nine months of 2023
The National Marine Dredging Company (NMDC) is riding high on financial success. The prominent player in the dredging sector recorded a significant uptick in its net profits for the third quarter of 2023, amassing a staggering AED1.513…
Merck and Daiichi Sankyo forge $5.5 billion cancer drug alliance
Merck, a global pharmaceutical giant, has inked a partnership with Japanese firm Daiichi Sankyo, valuing at $5.5 billion, to co-develop three advanced cancer therapies. Depending on the success of these pioneering cell-targeted…
Solaredge’s warning sends solar stocks spiraling downward
Solar stocks took a significant hit on Friday as Solaredge, a prominent solar product manufacturer, indicated a sharp decline in European demand. This warning further dampened the sentiment surrounding the renewable energy sector, which has…
Tesla stock faces setback after Elon Musk’s contentious conference call
After releasing its Q3 financial results, Tesla’s stock took a significant hit, plummeting by nearly 10%. While the Q3 results did not meet market expectations, the stock remained stable initially, possibly buoyed by the much-anticipated …
LVMH experiences a sharp sales slowdown as shares plummet
Luxury giant LVMH witnessed a dramatic plunge in its shares, falling by as much as 8% on Wednesday. This substantial dip came in the wake of the company’s announcement that its third-quarter revenue growth had decelerated significantly…
Economic headwinds push Samsung’s Q3 profits down by 78 percent
Amidst a challenging global economic environment, Samsung, the South Korean tech juggernaut, anticipates a sharp 78% decline in its operating profit for the third quarter, reflecting the prolonged dampening demand for consumer electronics.…
China’s slowdown prominent as global economy loses $3.7 trillion, notes IMF chief
Amid concerns about the state of the world economy, Kristalina Georgieva, the head of the International Monetary Fund (IMF), painted a picture of weak yet enduring growth. Speaking from Abidjan, Côte d’Ivoire, she emphasized the global…
Sandoz’s stock market entry sees high hopes meet sobering reality
Sandoz’s entrance into the stock market on Wednesday faced a chillier reception than expected. The biosimilar and generic drugmaker, which recently parted ways from Swiss healthcare behemoth Novartis, began trading at a valuation of 10.3…
Post-holiday blues hit Hong Kong’s Chinese equities as economic concerns rise
Chinese stocks in Hong Kong faced a significant downturn as trading restarted after the holiday. This decline was influenced by an overarching risk-averse sentiment throughout the region and escalating concerns about China’s economic…
World Bank’s revised outlook for East Asia reflects China’s economic hurdles
Amid concerns about China’s economic stability and diminished global demand, the World Bank has revised its growth projections for developing East Asia and the Pacific. The bank’s most recent assessment, unveiled in its Monday report from…