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Uber reports $892m Q4 profit, topping expectations

  • NEW YORK: Uber announced $892 million in quarterly profits Wednesday on surging revenues as the ride-hailing firm pointed to a strong demand recovery following the latest COVID-19 wave. The San Francisco-based company notched increases across its operations, including its signature ride servic...

Xiaomi’s Redmi 10 series caters to digitally savvy Saudis

  • Smartphone company Xiaomi has responded to the digital transformation of the Kingdom by launching its most technologically advanced line of phones to date.  The Xiaomi Redmi 10 series — featuring the Redmi 10 2022, Redmi 10A, and Redmi 10C smartphones — has been specifically designed to ...

Saudi Arabia’s annual papaya production exceeds 4k tons amid self-sufficiency efforts

  • RIYADH: Saudi Arabia is on course to becoming self-sufficient in papaya, with the production of the tropical fruit increasing to 4,717 tons annually, as the Kingdom pushes to raise the rate of cultivation as part of achieving food security under Vision 2030.  With 95 percent se...

India lifts support price for rice

  • NEW DELHI: India hiked the base price it will pay farmers for rice this year well above current domestic levels, raising the prospects for a bumper harvest and exports from the world’s second-biggest producer. At the same time, it increased the floor price for soybeans to help the world’s top...

Russia tightens budget to reduce oil price risk

  • MOSCOW: Russia will keep a tight grip on budget spending to reduce an excessive reliance on oil and gas revenues, according to a draft three-year budget plan reviewed by the new government yesterday....

Xiamen Airlines orders 40 Boeing 737-800s for $3.5 bn

  • NEW YORK: US planemaker Boeing said Friday that Xiamen Airlines, a unit of China Southern Airlines, had agreed to purchase 40 next-generation 737-800s — an order valued at $3.5 billion at list prices.The deal requires Chinese regulatory approval, Boeing said in a statement, adding that it would...

Commodity investors should demand benchmark change

  • LONDON: For the last two decades, the diversified approach to commodity investing encapsulated by the Dow Jones-UBS Commodity Index has outperformed the more production-weighted system employed by the Standard and Poor’s Goldman Sachs Commodity Index. While the GSCI remains popular with asset...

Samsung sells 500 handsets a minute

  • SEOUL: Samsung Electronics, the world leader in mobiles and memory chips, said it likely earned a quarterly profit of $ 8.3 billion, as it sold close to 500 handsets a minute and as demand picked up for the flat screens it makes for mobile devices, including those for rival Apple Inc. products....

India auto industry cuts sales growth forecast

  • MUMBAI: India's auto industry yesterday lowered its annual growth forecast for car sales for the third time this fiscal year, as a slowing economy and costlier loans keep buyers away from showrooms.The Society of Indian Automobile Manufacturers (SIAM) now predicts sales of between zero and 1...

Kingdom booming market for executive jet makers

  • The Kingdom is a very specialized market, which offers great potential for corporate jet manufacturers, says a top Embraer official....