Browsing: Business

In an email sent to Google’s staff on Friday, Sundar Pichai announced the company would lay off 12,000 employees. The move follows the layoff of 28,000 employees by Amazon and Microsoft combined, as well as the announcement of 11,000 job cuts by Meta, the parent company of Facebook. Google will offer its U.S.-based employees 16 weeks of severance pay, plus two weeks for each additional year they have worked at the company, Pichai said. As a result of rising interest rates and inflation, technology companies are currently facing a number of challenges, including a reduction in advertising expenditures. This is…

In the largest locomotive deal in Siemens’ history, the German engineering company reported on Monday that it had signed a contract with the Indian government. The contract is for the supply and maintenance of freight trains. The contract is worth 3 billion euros ($3.25 billion). Under this agreement, Siemens will provide 1,200 electric locomotives and provide service for 35 years. It is also Siemens’ largest ever contract in India. Siemens-designed, 9,000-horsepower trains will be assembled in India over the next 11 years, with deliveries beginning within 24 months. Siemens has won another bumper contract after signing a 900 million euro…

DP World has partnered with A.P. Moller-Maersk (Maersk) to improve operational efficiencies, enhance customer service and reduce carbon emissions. Maersk will benefit from the long-term strategic partnership and will implement enhanced processes to improve quayside productivity, reduce bunker fuel consumption at Jebel Ali Port and speed up gate turnaround times. Maersk’s customers will benefit from DP World’s real-time information relayed by these visibility tools in order to plan their supply chains better and reduce carbon emissions. With Maersk Accelerate, a fast-tracking service through priority cargo handling, and Maersk Flex Hub, a cargo storage solution, Maersk will offer two solutions for…

This week, Goldman Sachs will embark on one of its largest rounds of layoffs since the financial crisis. As part of a restructuring plan, the bank started layoffs on Tuesday that will result in the loss of up to 3,200 jobs. This is approximately 6 percent of its workforce, according to two people familiar with the changes who were not authorized to speak publicly about them. The company plans to notify the majority of affected employees on Wednesday. Layoffs at the bank underscore the economic challenges facing the Wall Street giant, which is also attempting to regain its footing following…

Masdar has signed an agreement with the Kyrgyz Ministry of Energy to develop a pipeline of renewable energy projects in the country. The projects, with a total capacity of up to 1 gigawatt (GW), begin with a 200 megawatt (MW) solar photovoltaic (PV) system. Ibraev Taalaibek Omukeevich, Minister of Energy of the Kyrgyz Republic, and Mohamed Jamel Al Ramahi, CEO of Masdar, signed the implementation agreement. By 2026, the 200 MW plant will be operational. By 2030, Kyrgyzstan plans to reduce its greenhouse gas emissions by 44% and achieve carbon neutrality by 2050. In spite of the fact that the…

The Engineering Export Council (EEC) of Egypt announced that the sector’s exports were up by 10% to $3.32 billion from January through November of 2022, compared with $3 billion in the same period last year. As reported in the EEC’s monthly report, some of the most noteworthy industries with export growth in the first 11 months of 2022 over the same period in 2021 were cables, up 33%, car components, up 15%, home appliances, up 5%, and machinery and equipment, up 128%. Exports of electrical and electronic goods have increased by 2% in the last year, which is a significant…

The UAE-India Comprehensive Economic Partnership Agreement (CEPA) contributed to an increase in Indian gem and jewellery exports of 8.26 percent in the current financial year, according to Vipul Shah, Chairman of the Gem and Jewellery Export Promotion Council (GJEPC). During May 2022, the Ministry of Commerce and Industry in New Delhi implemented the CEPA agreement with the UAE. Shah said at the inauguration of India’s first design-centric jewellery show of the calendar year 2023 that the last quarter of the fiscal year is very crucial as it requires strong growth to achieve this year’s $45.7 billion target. The current fiscal…

Dnata, a global air and travel services provider, has broken ground on its new 20,000 m2 cargo warehouse, which will expand its operations at Erbil International Airport (EBL). Up to 50 additional jobs will be created by the facility, which represents an investment of US$14 million. Dnata’s new cargo facility will be capable of processing 100,000 tonnes of cargo annually, including perishables, pharmaceuticals, and dangerous goods. DNATA will also implement its advanced OneCargo system in the facility, digitizing processes and increasing efficiency throughout its cargo operations in Iraq. The facility will be equipped with the latest technologies, including thermal insulation,…

The International Monetary Fund (IMF) chief Kristalina Georgieva warns that this year will be tougher on the global economy than last year. In a CBS Sunday interview, she said the US, EU, and China are all slowing down simultaneously. “One third of the world economy will be in recession,” she said, adding that even for countries not in recession: “It would feel like recession for hundreds of millions of people.” She said that while the US may avoid a recession, the situation is more bleak in Europe, which has been hard hit by the conflict in Ukraine. “Half of the…

It has been reported by the Arab Monetary Fund (AMF) that the UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion. According to the AMF’s Joint Arab Economic Report, the UAE’s manufacturing industry exports account for 43.9% of all Arab manufacturing exports, due to strong growth in re-exports. There was a 33.2 percent increase in manufacturing exports in Arab countries in 2021, compared to $244 billion in 2020, as a result of the unwinding of COVID-19 restrictions. It was also reported that Saudi Arabia was…