Author: admin
China’s new energy sector – which has been embroiled in a vicious price war – is set for a brutal “three-year elimination contest” that more than three-quarters of firms are unlikely to survive, industry insiders said.The statement came as China’s top leadership vowed to stamp out the cutthroat competition plaguing swathes of the economy during the “two sessions” – the annual meeting of the country’s top legislative and consultative bodies in Beijing.China’s electric car market is already rapidly consolidating. In the late 2010s, there were more than 400 car makers in China, according to domestic media reports. Now, that figure…
The total net profit of Saudi banks rose to SAR80 billion in 2024 from SAR70 billion in 2023Net income at banks in Saudi Arabia improved to SAR21.5 billion ($5.73 billion) in the fourth quarter of 2o24, compared to SAR20 billion in the third quarter, as interest rate cuts helped boost net interest margins, said Fitch Ratings in its latest report. Lending growth also remained strong and Fitch expects the Kingdom to continue outpacing other Gulf nations this year.The report estimates that the average net interest margins for Saudi banks rose to 3.2 percent in Q4 of 2024 as the cost…
Indian nationals topped passenger numbers at Muscat International Airport with 90,081 arrivals The total number of passengers traveling through the airports of the Sultanate of Oman by the conclusion of January 2025 reached 1,331,619. The total number of flights arriving and departing from Oman’s airports by the end of January 2025 amounted to 8,983 flights, as per preliminary statistics released by the National Centre for Statistics and Information (NCSI).The number of passengers passing through Muscat International Airport by the end of January 2025 reached 1,200,339, reflecting a decrease of 7 percent. This figure includes 1,109,650 international passengers and 90,689 domestic…
Agreements create a unified platform for approving infrastructure projects and managing public road activities Dubai’s Roads and Transport Authority (RTA) has entered into nine cooperation agreements with several prominent property developers and free zones within the emirate. The agreements aim to establish a unified platform for the approval of infrastructure project requests and to manage activities occurring within the right-of-way and public roads. Additionally, they aim to enhance road safety, improve service levels, and ensure that development projects comply with the highest standards and regulations established by the relevant authorities.RTA’s commitment to world-class infrastructureRTA remains dedicated to upholding world-class infrastructure…
L’Oreal could avoid the worst of the tariff war with the U.S., the beauty giant’s CEO Nicolas Hieronimus, told CNBC, warning that the price impact could still hit consumers Hieronimus said he is “not overly concerned” over the impact of White House tariffs on L’Oreal, as the group produces most of its goods sold in the U.S. in the North American country. Some of the cosmetics titan’s luxury products, such as fragrances, are nevertheless exported from Europe.”Right now, there’s no tariff on this category,” he said. “Should there be one? Well, we will work around it. There’s pricing power. There’s also…
The two sides welcomed the upcoming reestablishment of the Saudi-Ukrainian Business Council in 2025Saudi Arabia and Ukraine issued today a joint statement, outlining their plans to enhance economic cooperation and trade ties. The two sides also welcomed the upcoming reestablishment of the Saudi-Ukrainian Business Council in 2025. This came following President of Ukraine Volodymyr Zelenskyy’s official visit to Saudi Arabia yesterday.His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, received President Zelenskyy at Al-Salam Palace in Jeddah where they held an official discussion session.During the meeting, the two sides reviewed the aspects of the…
Beijing is poised to add more detailed measures to its draft private economy promotion law, after last month’s second review of the proposed legislation by lawmakers sparked wider discussions on market entry and enforcement issues, analysts said.The drafting of the law began last year as the Chinese authorities made the revitalisation of domestic dynamism a priority. However, it was not deliberated over or passed at the annual session of the National People’s Congress (NPC) – the country’s top legislature – which concluded on Tuesday.That may be due to the complex nature of the new law, which is designed to augment…
Bitcoin rose over 4% on Monday on track for the first profit in five days away from a week low at $80,000 after marking the worst weekly performance this year as traders were disappointed by US reserve plans. Current gains are underpinned by Wall Street’s rebound from recent five-month lows amid hopes for a Fed rate cut in the first half of the year. The Price Bitcoin rose 4% at Bitstamp today to $84,007, with a session-low at $80077. On Sunday, bitcoin dropped 6.4% at Bitstamp, the fourth loss in a row, plumbing a week trough…
Espinosa has been serving as the company’s chief planning officer since April 2024Nissan announced on Tuesday that Ivan Espinosa, its current chief planning officer, would take the company’s lead from April 1, succeeding Makoto Uchida as CEO of the distressed Japanese car manufacturer. Nissan has also announced significant changes to its executive committee, which will report to Espinosa effective April 1.Uchida faced mounting pressures to step down following the company’s declining earnings performance and the collapse of merger talks with Honda. The $60 billion merger would have created the world’s fourth-biggest auto group by vehicle sales after Toyota, Volkswagen and…
Webinar date and time: Thursday, March 13, 2025 | 8pm HKTThe webinar will be available on March 13, 2025, on this page and will be accessible to all logged-in readers. Please bookmark this page or add the event to your calendar to access it.The meetings of China’s top legislature and advisory body opened on March 5 with the country facing economic uncertainty at home and heightened geopolitical tensions abroad. The annual gathering – collectively referred to as the “two sessions” – provides an opportunity to gain critical insight into the nation’s direction for the coming year and beyond.To give readers…