PT Aneka Tambang (Antam) has reported a remarkable increase in its net income for the first nine months of the year, more than doubling its earnings compared to the previous period. This surge is largely attributed to a 20% rise in gold sales, which reached 1.1 million troy ounces. The company’s performance reflects broader trends…
Amazon is set to reduce its workforce by approximately 30,000 office positions as part of a broader strategy to cut costs and enhance investments in artificial intelligence (AI). This decision comes as the company aims to streamline operations and improve efficiency in a competitive market. Job Cuts Overview The planned layoffs will affect nearly 10%…
The Bangko Sentral ng Pilipinas (BSP) is contemplating the sale of some of its gold reserves, as a central bank official suggests that current holdings may be excessive. With gold prices experiencing volatility, the timing appears favorable for the BSP to consider profit-taking on its investments in the precious metal. Current Gold Holdings and Market…
As the UAE prepares to announce fuel prices for November, motorists are left wondering if they will see a decrease following the recent rise in October. The global oil market is experiencing fluctuations, influenced by geopolitical factors and supply dynamics, which will ultimately determine the prices at the pump. Recent Price Trends In October, fuel…
A new collaboration between MultiBank Group and former UFC champion Khabib Nurmagomedov is set to revolutionize the sports industry. This partnership aims to create the first regulated tokenized sports ecosystem, combining finance, sports, and blockchain technology in an innovative way. Overview of the Joint Venture The newly formed entity, MultiBank Khabib LLC, will be headquartered…
Gulf News has unveiled a new daily business newsletter designed to keep readers informed about the latest developments in the UAE and beyond. Titled “Cheques & Balances,” this newsletter aims to provide a concise yet comprehensive overview of significant market trends and corporate news. Overview of Cheques & Balances The newsletter is published from Monday…
Dubai is making strides in aerial logistics with the launch of a new drone delivery route in the Nad Al Sheba area. This initiative, a collaboration between the Dubai Civil Aviation Authority (DCAA), the Islamic Affairs and Charitable Activities Department (IACAD), and Keeta Drone, aims to enhance urban mobility and sustainability in the city. New…
In a significant development for Saudi Arabia’s healthcare sector, Pfizer Saudi Arabia has entered into a Memorandum of Understanding (MoU) with Lifera, a company backed by the Public Investment Fund (PIF). This partnership, announced during the Global Health Exhibition 2025 in Riyadh, aims to explore opportunities for local pharmaceutical manufacturing in the Kingdom. Objectives of…
Abu Dhabi is taking a significant step towards sustainable transportation with the introduction of its first battery-swapping station for electric motorbikes. This initiative, a collaboration between ADNOC Distribution and Terra Tech Ltd., aims to enhance the efficiency of electric delivery services in the emirate while supporting its clean mobility goals. The New Battery-Swapping Facility Located…
The International Monetary Fund (IMF) has emphasized the critical need for Syria to strengthen its institutions and financial systems before embarking on reconstruction efforts. According to Jihad Azour, the IMF’s Director for the Middle East and Central Asia, the rebuilding of these frameworks is essential for effectively absorbing international aid and investment. The Importance of…