Latest News

Ikea net profit surges in 2023 as sales rise
Ikea net profit surges in 2023 as sales rise
Economy
by  AFP

Swedish furniture giant Ikea saw a five-fold increase in net profit for its full-year 2023 which ended in August, boosted by rising sales, Ingka Group which owns most Ikea franchises said Wednesday. Ingka accounts for more than 90 percent of Ikea's sales, which totalled 47.6 billion euros in 2023.

Austrian property tycoon's Signa to file for insolvency
Austrian property tycoon's Signa to file for insolvency
Economy
by  AFP

Rene Benko's real estate giant Signa -- whose vast portfolio includes New York's iconic Chrysler building -- on Wednesday announced it would initiate insolvency proceedings, marking the spectacular downfall of the self-made Austrian tycoon. Signa said it would initiate insolvency proceedings at a Vienna court on Wednesday.

UAE to pump CO2 into rock as carbon capture debate rages
UAE to pump CO2 into rock as carbon capture debate rages
Economy
by  AFP

High in remote mountains in the oil-rich United Arab Emirates, a new plant will soon take atmospheric CO2 and pump it into rock -- part of controversial attempts to target planet-heating emissions without abandoning fossil fuels. Jaber, the COP28 president and head of ADNOC, has said climate diplomacy should focus on phasing out oil and gas emissions -- not necessarily the fossil fuels themselves.