Economy



SAP cuts full-year forecast as cloud shift weighs on profit

FRANKFURT: SAP cut its full-year earnings forecast as software customers move to applications delivered through the Internet, a trend that’s brought sweeping changes in the technology industry.



IBM reports quarterly earnings plunge on disposal of chip unit

NEW YORK: IBM reported a collapse of its third-quarter profits Monday because of the $4.7 billion cost of offloading its micro-chip business to GlobalFoundries.






Saudi stocks buck trend with healthy gains

Saudi Arabia’s benchmark Tadawul All-Share Index bucked the three-day prevailing downward trend and logged a sharp gain of 2.39 percent on Sunday.






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