Tue, 21-Oct-2025

Revlon takes out a $375 million bankruptcy loan to help shore up its supply

Revlon

The company is down to $6 million in cash and struggling to fulfill retail customer orders. Without access to raw materials, Revlon cannot meet sales demands, leaving the company with dwindling cash. Revlon will retain about $300 million of the initial bankruptcy loan for day-to-day business. Revlon Inc got to chapter 11 court endorsement to … Read more

World’s largest Reverse Osmosis plant’s production capacity hits 50pc

The Taweelah RO facility’s production of desalinated water using low-carbon reverse osmosis (RO) technology has reached 50% capacity. The facility was connected to the Abu Dhabi network in December 2021 .EWEC is continuing to invest heavily in the development of RO projects. The Emirates Water and Electricity Company (EWEC) has reported that the Taweelah RO … Read more

Meta is investigating Sheryl Sandberg’s use of company resources

Meta

Sheryl Sandberg’s use of company resources is under investigation by Facebook-parent Meta Platforms, WSJ reports. Several employees have been interviewed in connection with the probe, sources say. The probe has been underway since at least last fall, sources tell the Wall Street Journal. Attorneys are examining Meta Platforms Inc’s cordial activities boss Sheryl Sandberg’s utilization … Read more

Saudi Aramco says Q1 profits jump 82% as oil prices surge

Saudi Aramco

Saudi Aramco on Sunday posted an 82-percentage soar in first area earnings, buoyed by way of a worldwide surge in oil prices that has made it the sector’s most valuable corporation. The declaration endured a string of new wonderful monetary information for Saudi Arabia, where a booming oil region is fuelling the quickest increase in price … Read more

Fast-food chain in Japan fires official

On Tuesday, one of Japan’s most prominent fast-food companies announced the dismissal of a top executive who allegedly proposed a marketing plan of becoming “virgins hooked” to the company’s goods. Yoshinoya, which owns a network of eateries in Japan and overseas that serve inexpensive beef bowls, would not immediately corroborate the precise statements made by … Read more

K-Electric profits down 33.8% in second quarter of FY22

k electric

KARACHI: The net profit of K-Electric Limited (KEL) declined 33.8 per cent to Rs9.4 billion, translating into the earnings per share (EPS) of one paisa during the quarter ended December 31, 2021, a bourse filing said on Thursday. The company posted a profit of Rs14.2 billion, translating into the EPS of 21 paisas in the … Read more

Engro Polymer posts Rs4.69 billion profits during 4QCY21

Engro

KARACHI: The profit after tax of Engro Polymer & Chemicals Limited (EPCL) witnessed an increase of 29 per cent to Rs4.689 billion, translating into the earnings per share of Rs5.16 during the fourth quarter of 2021. The company recorded a profit of Rs3.627 billion, translating into the earning per share (EPS) of Rs3.99 during the … Read more

Another company responds to PM Khan’s salary increment call

Imran Khan Muslim scholars

Prime Minister (PM) Imran Khan on Sunday commended another company for announcing an increment in salaries of employees in response to his call. In a tweet, PM Khan appreciated Gas & Oil Pakistan Ltd for responding to his call of salary increment to offset inflation. He wrote, “I appreciate GO petroleum for responding to my … Read more

Hyundai Motor’s earnings hit record high in 2021

hyundai motor

SEOUL: Hyundai Motor, South Korea’s biggest carmaker, logged its record-high earnings last year due to strong demand for high-priced models, the company said on Tuesday. Hyundai’s revenue gained 13.1 per cent over the year to 117.61 trillion won ($98.1 billion) in 2021, topping the previous high of 105.75 trillion won ($88.2 billion) tallied in 2019. … Read more

Ericsson profits soar despite China trouble

ericsson

STOCKHOLM: Swedish telecoms giant Ericsson on Tuesday said its net profit soared in 2021, with a better-than-expected performance in the fourth quarter despite losing ground in the key Chinese market. The world’s number two telecoms equipment maker is competing with China’s Huawei in the global rollout of ultra-fast 5G mobile phone networks. But Ericsson’s sales … Read more

Third Hong Kong news company shutters as media fears grow

Hong Kong

HONG KONG: Journalists from Hong Kong’s CitizenNews decried plummeting press freedoms as they shut down Monday, saying they no longer felt safe to publish after a rival outlet’s staff were arrested for ‘sedition’. One of the most popular online news outlets in Hong Kong with more than 800,000 social media followers, CitizenNews is the third media outlet to shutter as … Read more

Fatima Fertilizer to acquire 84.51% stakes in Samba Bank

Fatima Fertilizer

KARACHI: The board of directors of Fatima Fertilizer Company has approved the company’s proposed plan to acquire 84.51 per cent stakes in Samba Bank Limited, a bourse filing said on Monday. The board also accorded approval for the company to conduct due diligence on the potential acquisition. It may be mentioned here that the Saudi … Read more

Saudi Arabia, Bahrain study establishment of joint holding company

Saudi Bahrain

RIYADH: A feasibility study to establish a Saudi-Bahraini multidisciplinary holding company is being prepared with the aim of launching joint investment projects, the Saudi-Bahraini Business Forum has announced. The forum was organised by the Council of Saudi Chambers and the Bahrain Chamber of Industry and Commerce in Manama, on the sidelines of Crown Prince Mohammed … Read more

China’s Evergrande: How will a ‘controlled demolition’ impact the economy?

Evergrande

BEIJING: As Chinese real estate behemoth Evergrande reportedly prepares for a government-backed mega-restructure, here is an explainer on what Beijing’s bid to limit a contagion could mean for the wider economy: What happened to Evergrande? The Chinese government sparked a crisis in the property industry when it launched a drive last year to curb excessive debt … Read more

Evergrande looks to restructure, sets up risk committee

Evergrande

BEIJING: Embattled property giant Evergrande plans what could become China’s biggest ever debt restructuring, wrapping in all its offshore obligations, reports said, as it established a risk committee before looming payment deadlines. The company’s struggles to meet its commitments have fanned concerns about China’s property sector, which forms a substantial part of the world’s second-biggest economy. … Read more

GM to invest $35 billion in electric cars

General Motors

RIYADH: US automotive company General Motors plans to invest $35 billion on manufacturing a new portfolio of electric cars using battery platform Ultium, Arab News quoted the company’s president as saying. General Motors will introduce 30 new electric cars by 2025, Steven Kiefer told Al Arabiya, adding that many of the new vehicles aim to cater to the … Read more

SNGPL agrees to wave of 66% ‘Take or Pay’ clause: minister

SNGPL

ISLAMABAD: The board of directors of the Sui Northern Gas Pipelines Limited (SNGPL) has agreed to waive 66 per cent “Take or Pay” clause for the government-owned liquefied natural gas (LNG) plants, a senior government official said. “In the long run, this will help reduce the capacity payments that the government has to pay to … Read more

Saudi govt buys electricity subsidiary

Saudi

RIYADH: The Saudi Electricity Company is transferring its ownership of its subsidiary, Saudi Power Procurement Company, to the government, Arab News quoted the company, as saying on a bourse filing. SPPC is responsible for tendering renewable and conventional energy projects to meet the growth in the kingdom’s power demand. It also manages commercial agreements for the procurement … Read more

Veon Group CEO briefs adviser on company’s operations

Veon Group

ISLAMABAD: Veon Group chief executive officer Kaan Terzioglu called on Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin at the Finance Division and expressed appreciation for supporting investors in Pakistan and briefed him on the operations and service provision of the company. The company is transforming lifestyles through technology-driven services that provide … Read more

Football industry embraces crypto as Messi helps ‘fan tokens’ take off

PSG

PARIS: When Paris Saint-Germain signed Lionel Messi, the salary package included something previously unheard of for a player — a one-off payment, understood to be worth around one million euros ($1.15m), made in PSG ‘fan tokens’. It was the result of a partnership signed by the French giants in 2018 with Socios.com which sees fans … Read more

Egypt to manufacture first electric vehicle in a year

CAIRO: In a bid to switch to clean energy, Egyptian authorities signed an agreement with a private sector company to develop a mechanism to manage the operations of electric vehicles in the country, Arab News reported. The Engineering Automotive Industry Co, a subsidiary of the Holding Company for Metallurgical Industries with Bright Skies. Minister of Public Business … Read more

Poly network, hacker returns all the stolen cryptocurrencies

Poly network

Poly network reveals that it has received all the stolen cryptocurrencies, according to Poly Network, it has received a text on a blockchain from the hacker so-called Mr. White Hat. Which contained the key to the wallet where the cryptocurrencies were stored. Poly Network said it had secured all of the stolen funds after securing 28,953 ethereum and 1,032 Wrapped Bitcoin (about $141 million).

Earlier, Poly Network publicized that hackers were able to steal much more than the $600 million costs of several cryptocurrencies managed on the Binance Smart Chain, Ethereum, and Polygon blockchains.

After the heist the hacker started to return funds back to the Poly Network team, it received $4.7 million so far as the project’s official Twitter account said.

It has offered the hacker the position of chief security adviser.

It wrote: “To extend our thanks and encourage Mr. White Hat to continue contributing to security advancement in the blockchain world together with Poly Network, we cordially invite Mr. White Hat to be the Chief Security Advisor of Poly Network.”

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Whatsapp to allow users to add iPad as linked device

Change WhatsApp wallpaper and modes for specific chats

Whatsapp has again started working on multi-device support with version 2.0. The social media platform, Whatsapp, will soon allow users to add iPad as a linked device, WABetainfo tweeted. NEWS: WhatsApp is finally working on multi-device 2.0, and you can use iPad as new linked device ☄️Android tablets are also planned to support multi-device on … Read more

Coinbase will buy $500M of crypto, Brian Armstrong announced

Coinbase

As per the announcement of Coinbase, it will buy $500M of crypto and Invest 10% of all future revenues in cryptocurrency.

Through tweeter, the announcement was made by CEO Brian Armstrong.

Coinbase is one of the top crypto exchanges and in the businesses, the company has some of the great brand-name gratitude. The company is going all-in on the technology it provides, with a huge one-time expenditure as well as a major recurring investment.

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Mastercard Strives to Take the Lead in Crypto Markets

Mastercard

Mastercard (MA), the world’s largest payments company, wants to make it easier for people to acquire, spend, and hold cryptocurrencies.

Mastercard also wants to be a major player in the Decentralized Finance (DeFi) with cryptocurrencies developer ecosystem.

Mastercard’s Start Path program is now open to startups and entrepreneurs who are focused on crypto and digital assets. The program allows new businesses to use the credit card network’s technology.

Mastercard established a Start Path global engagement program to support fast-growing digital assets, blockchain, and cryptocurrency startups, in order to make crypto holders’ transactional lives easier.

“As a leading technology player, we believe we can play a key role in digital assets, helping to shape the industry and provide consumer protection and security,” Mastercard’s executive vice president of new digital infrastructure and fintech, Jess Turner, said.

The Start Path program will provide cryptocurrency companies access to Mastercard’s most up-to-date tools and solutions, allowing them to scale their innovations and cutting-edge technology.

“These startups use the program to connect with our ecosystem of banks, merchants, partners, and digital players across the globe to deliver new solutions,” Mastercard explained.

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UAE firms not taking best business practices face fine 

Dubai tourism

DUBAI: Dubai Economy (Department of Economic Development, Government of Dubai) started charging the UAE based companies who failed to register their Beneficial Owner data by June 30, 2021 as was required by law. Dubai Economy through its Commercial Compliance and Consumer Protection (CCCP) Sector has taken a move across traditional and digital media to educate … Read more

Bitcoin will be a key part of Twitter’s future, according to Jack Dorsey

Bitcoin

Over the last few years, Twitter CEO Jack Dorsey has been a big supporter of Bitcoin. He and Jay Z just formed a Bitcoin fund. In a recent development, Dorsey stated that Bitcoin, together with decentralization (In blockchain, decentralization refers to the transfer of control and decision-making from a centralized entity) and artificial intelligence, will be the future of the company.

If the internet had a native currency, he claims, products like subscription, Commerce, Tip Jar, and Super Follows will be able to move faster.

“I think this is a big part of our future. I think there is a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentives. So I think it’s hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it” he said.

Dorsey stated on Twitter’s second-quarter earnings call that Bitcoin is the greatest asset to become the internet currency and that once this is established, the company would be able to expand its product line more quickly.

This is the first time Dorsey has openly discussed Bitcoin integration into Twitter’s products, according to a Twitter spokesperson.

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Qualcomm warns about shortage of SoCs in the market

chipset

Qualcomm is known as the largest chipmaker company in the world, now has warned that the company failed to meet the demand for chipsets in the market. “The shortage in the semiconductor industry is across the board,” said incoming Chief Executive Officer Cristiano Amon. It seems difficult for Qualcomm to urgently solve this issue of … Read more