Browsing: Business

A recall of engine-related services forced Kia Corp, South Korea’s second-largest automaker, to cut its third-quarter net profit by 60 percent from a year ago. South Korea News Agency (Yonhap) reported that the company’s net profit for the three months ended September fell to 458.89 billion won (US$319 million) from 1.13 trillion won last year. In the third quarter, Kia set aside 1.54 trillion won to cover recall costs and offer other customer services related to the Theta II gasoline direct injection (GDi) engine. The maker of the K5 sedan and Telluride SUV has reflected massive recall costs in its…

Amazon Inc has announced that its warehouse and transportation workers will receive an average starting wage of more than $19 per hour, a significant increase in pay from the previous hourly rate of $18. A wage hike would help the company retain workers in a tightening U.S. labor market as gifting season approaches. It is estimated that Amazon will lose nearly $1 billion over the next year as a result of the pay rise. In the United States, employees will now earn between $16 and $26 per hour depending on their position and location. According to Reuters, Amazon’s minimum wage…

Over the past eight years, Egypt’s natural gas export revenues have increased 13-fold, according to a report released by the Cabinet’s Information and Decision Support Centre (IDSC). According to the report, Egypt’s natural gas and liquefied natural gas (LNG) export revenues reached $8 billion in fiscal year 2021/2022, up from $0.6 billion in 2013/2014. Since 2008, Egypt has quadrupled its LNG and natural gas exports from 1.9 million tonnes to 7.2 million tonnes. Egypt signed 108 agreements with international companies for the excavation of gas and petrol with a minimum investment value of $22 billion during the same period. According…

In the three months following the implementation of a bilateral Comprehensive Economic Partnership Agreement (CEPA), India’s non-oil exports to the UAE increased five-fold compared with India’s non-petroleum exports worldwide. Last night, the Indian Ministry of Commerce and Industry released the findings of a comprehensive study on UAE-India trade since the CEPA came into effect on May 1. “The UAE-India CEPA is already having a significant positive effect on bilateral trade.” According to the Ministry, Indian exports to the UAE, excluding petroleum products, increased by 14 percent from $5.17 billion during June-August last year to $5.92 billion during June-August 2022. “During…

MENA Newswire: True Global Ventures 4 Plus (TGV 4 Plus) Fund and TGV 4 Plus Follow On Fund (TGV 4 Plus FoF) today announce a US$17.2m convertible note investment into Animoca Brands out of a total raise of US$110m. Other investors included Boyu Capital, Singapore’s Sovereign Wealth Fund Temasek and GGV Capital. The investment comes after Animoca Brands’ second closing at a valuation of US$5.9 billion (based on Australian dollar exchange rates at the time), announced on July 12, 2022. The current investment is to further support Animoca Brands’ mission to deliver digital property rights to the world’s gamers and…

The share price of Volkswagen hovered around breakeven on Monday, reflecting a mixed response from investors to the automaker’s plans to list sports car brand Porsche AG in what could be Europe’s third biggest IPO. According to Reuters, Volkswagen wants to value Porsche AG at 70 billion-75 billion euros ($70-75 billion), a little below some estimates of up to 85 billion euros, but well above rival BMW’s 49 billion euros and Mercedes-Benz’s 61 billion euros. Even as shares of other luxury carmakers like Ferrari and Aston Martin have struggled this year on European stock markets, Porsche AG hopes its track…

There was a notable rise in oil prices on Monday. This was due to a weaker dollar and supply concerns ahead of the European Union’s embargo on Russian oil in December. This offset fears of a global recession that could dampen fuel demand. As of 0330 GMT, Brent crude futures were up 60 cents, or 0.7%, to $91.95 per barrel. U.S. West Texas Intermediate crude rose 39 cents, or 0.5% to $85.50 a barrel on Tuesday. Tuesday is the last day to renew the front-month contract. A weaker dollar, which came off multi-year highs last week, supported both contracts, which…

Annual inflation in the euro area increased from 8.9% in July to 9.1% in August 2022. The rate was 3.0% a year earlier. In August 2022, the annual inflation rate in the European Union was 10.1%, up from 9.8% in July. According to Eurostat, the European Union’s statistical office, the rate was 3.2% a year earlier. In terms of annual rates, France recorded the lowest rate of 6.6%, Malta posted 7.0%, and Finland had a rate of 7.9%. Estonia recorded the highest annual rate of 25.2%, Latvia recorded 21.4%, and Lithuania recorded 21.1%. There was a decrease in annual inflation…

There was a drop in Chinese trade in August due to a decline in global consumer demand and a drop in domestic demand, as a result of high energy prices, inflation, and anti-virus measures. The growth rate of exports decreased from 18% in July to 7% in August. The Associated Press (AP) reported that demand for Chinese exports has cooled as Western economies cool and the Federal Reserve raises interest rates to contain surging inflation. China’s continued closure of cities because of virus outbreaks has affected consumer spending. Chinese domestic demand continues to be weak, as evidenced by the lack…

In the southwestern province of Sichuan, where a 6.8 magnitude earthquake struck on Monday, Chinese state media reported that the roads leading to the epicenter have reopened. Traffic has resumed. However, the death toll has risen to 74. The People’s Daily reported Tuesday night that 259 people were injured in the disaster, and 26 remained missing. According to Reuters, the strongest earthquake to hit the province since 2017 destroyed numerous buildings and severely damaged power and water infrastructure. 11,000 people were evacuated from Luding county, where the quake was centered, as rescuers rushed to reach stranded people, restore utilities, and…