Author: News Desk

China’s cybersecurity regulator on Thursday fined Didi Global Inc $1.2 billion, concluding a probe that forced the ride-hailing leader to delist from New York within a year of its debut and made foreign investors wary about China’s tech sector. Didi ran afoul of the Cyberspace Administration of China (CAC) when it pressed ahead with its U.S. stock listing even though it was urged to wait while a cybersecurity review of its data practices was conducted, sources previously told Reuters. The CAC said its investigation found Didi had illegally collected millions of pieces of user information over a seven-year period starting…

Russia is resuming supplies of gas via a major pipeline to Europe on Thursday, the pipeline operator said, amid concerns Moscow would use its vast energy exports to push back against Western pressure over its invasion of Ukraine. The resumption of the Nord Stream 1 pipeline at reduced capacity following a 10-day maintenance break comes after comments from Russia’s foreign minister showed the Kremlin’s goals had expanded during the five-month war. Sergei Lavrov told state news agency RIA Novosti on Wednesday that Russia’s military “tasks” in Ukraine now go beyond the eastern Donbas region. Lavrov also said Moscow’s objectives will…

Italian Prime Minister Mario Draghi handed in his resignation to President Sergio Mattarella on Thursday after his unity government fell apart, plunging the country into political turmoil and hitting financial markets. Mattarella’s office said in a statement that the head of state had “taken note” of the resignation and asked Draghi to remain in a caretaker capacity. The statement did not say what Mattarella would do next. Political sources said earlier this week that he would likely dissolve parliament and call early elections in October. Mattarella plans to meet the speakers of both houses of parliament on Thursday afternoon. Italy’s…

Finnish telecom equipment maker Nokia reported on Thursday quarterly operating profit ahead of market expectations, boosted by strong demand for 5G gear, and sees signs of a global chip shortage easing. Nokia’s shares rose 4% in early trade. A semiconductor shortage that began around the height of the pandemic in 2020 has affected a range of industries, including telecoms. Nokia said it expects the pressure to ease through the second half of 2022 and the first half of next year. “The overall direction in the semiconductor industry is positive at the moment, but we did continue to have constraints in the…

A Georgia law banning abortion when a fetal heartbeat is detected, typically around six weeks, will take effect after a federal appeals court on Wednesday rejected a challenge to it by abortion providers. Chief Judge William Pryor of the Atlanta-based 11th U.S. Circuit Court of Appeals wrote for a unanimous three-judge panel that the state had a “rational basis” for the law, given its interest in “providing full legal recognition to an unborn child.” Georgia passed the law, which also defines “person” to include an “unborn child,” in 2019. A federal judge blocked it that October before it could take…

Tesla Inc on Wednesday missed Wall Street estimates for quarterly revenue, as it struggled to meet demand for its electric cars due to a shutdown of its Shanghai factory and production challenges at new plants. Total revenue fell to $16.93 billion in the second quarter from $18.76 billion from the first quarter, ending its streak of posting record revenue in recent quarters. Analysts were expecting revenue of $17.10 billion, according to IBES data from Refinitiv.

Royal Humanitarian Foundation (RHF) announced the start of registration for academic scholarships for its sponsored students. The registration will take place from July 17-28, through the RHF’s website. RHF’s Secretary-General Dr. Mustafa Al Sayed confirmed the directives of His Majesty King Hamad bin Isa Al Khalifa, the Honorary President of the Royal Humanitarian Foundation (RHF) to ease registration fees on the less fortunate students, to offer them a proper higher education environment. The secretary-general highlighted the support of His Majesty the King’s Representative for Humanitarian Work and Youth Affairs His Highness Shaikh Nasser bin Hamad Al Khalifa to improve the…

The European Union set out emergency plans on Wednesday for countries to cut their gas use by 15% until March, warning them that without deep cuts now they could struggle for fuel during winter if Russia cuts off supply. Europe is racing to fill its gas storage ahead of winter and build a buffer in case Moscow further restricts supplies in retaliation for European support for Ukraine following Russia’s invasion. A dozen EU countries are already facing reduced Russian deliveries. EU officials say a full Russian gas halt is likely. The European Commission on Wednesday proposed a voluntary target for…

Dubai Electricity and Water Authority (DEWA) announced plans to invest AED40 billion on capital expenditure in the next five years including the expansion of renewable and clean energy projects. DEWA CEO Saeed Mohammed Al Tayer said that DEWA plans to invest about AED16 billion to strengthen and expand electricity and water transmission and distribution networks, and about AED12 billion to complete the Independent Power Producer (IPP) projects in the Mohammed bin Rashid Al Maktoum Solar Park. The Hassyan Power Complex and the Independent Water Producer (IWP) projects at Hassyan, and to complete other ongoing DEWA projects in infrastructure and smart systems.…

Arab Tourism Organization (ATO) President Dr. Bandar Al Fihaid said that the revenues of medical and recovery tourism throughout the world are estimated at nearly $100 billion annually and are expected to double over the next ten years. Al Fihaid said the size of Arab tourists expenditure amounts to nearly $30 billion, indicating the importance of this pattern to get it developed in the Arab region and benefit from its impacts on the economy and investment, SPA reported. He confirmed that said than 60 experts and specialists in the field of medical and recovery tourism representing 20 Arab and world…