ACWA Power: Rights Issue in Line With Growth Projects
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Yahoo
20 minutes ago
- Yahoo
Egypt sets opening of $1 bn Pyramids museum for Nov 1
Egypt said on Wednesday that its much-anticipated new $1-billion archaeological museum near the Pyramids of Giza will officially open on November 1 after several delays. Authorities hope that the Grand Egyptian Museum (GEM), which boasts the treasures of Tutankhamun among its collection of more than 100,000 ancient Egyptian artefacts, will attract visitors from around the world. Official say that at 50 hectares (124 acres), the museum will be the largest in the world dedicated to a single civilisation. Prime Minister Moustafa Madbouly told a cabinet meeting that President Abdel Fattah al-Sisi had approved the new opening date. He said the opening would "an exceptional event" that would showcase Egypt's cultural heritage and attract visitors from around the world. It had been set for July 3 but was postponed when Israel attacked Iranian nuclear facilities on June 13 sparking a 12-day war that closed airspace across much of the Middle East. The project has faced a series of setbacks, including political unrest and the impact of the Covid-19 pandemic. Authorities anticipate that the museum will draw five million visitors per year in a major boost to the tourism industry, which is a key foreign exchange earner for Egypt. maf/kir
Los Angeles Times
21 minutes ago
- Los Angeles Times
Apple to commit another $100 billion for U.S. manufacturing, White House says
Apple, which was singled out by the Trump administration earlier this year over its production practices, plans to take a further step to highlight its commitment to boosting investment in the U.S. The tech giant will pledge to spend an additional $100 billion on domestic manufacturing, a move that could ease tensions between the tech giant and President Trump who wants iPhones built in the United States. A White House official on Wednesday said Trump will announce a new manufacturing program aimed to bring more of Apple's supply chain to the United States, confirming an earlier report from Bloomberg. Apple's commitment will increase the Cupertino-based company's U.S. investment to $600 billion over four years as it seeks to avoid the cost of tariffs. The company announced a $500-billion U.S. investment commitment in February. Nonetheless, Trump in May criticized Apple for expanding iPhone production in India, threatening to hit the company with a 25% tariff. Apple and other tech companies have touted their U.S. commitments, but analysts and economists have said shifting manufacturing to the United States could take years and result in higher prices for smartphones and other popular electronics. Some analysts have said it would take at least five years for Apple to shift production to the U.S. and the prices of iPhones could reach $3,500 if the smartphone was made in America. The iPhone 16 Pro is made up of roughly 2,700 parts sourced from 187 suppliers in 28 countries, according to an April report from TechInsights. As companies look to keep costs down and consumers watch their budgets, tariffs add another wrinkle to efforts to slash spending. Taylor Rogers, a White House spokesperson, said in a statement, that the Trump and Apple's announcement is 'another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America's economic and national security.' This week, Trump said he was doubling tariffs on India to 50%, stating in an executive order that the country's government 'is currently directly or indirectly importing Russian Federation oil.' Apple didn't respond to a request for comment. The move marks the latest apparent effort by Apple to show its commitment to hiring U.S. workers. Last month, the smartphone leader announced the opening of its Apple Manufacturing Academy in Detroit. The program begins Aug. 19 and offers free workshops on artificial intelligence and advanced manufacturing to small and medium-sized businesses. Apple has more than 450,000 jobs with thousands of suppliers and partners across all 50 states. While Apple designs its products in California, it also relies on a global supply chain involving various countries including China, Vietnam and India. Apple is already spending more because of Trump's tariffs. Last week, Apple Chief Executive Tim Cook said during an earnings call that the company has incurred roughly $800 million in tariff-related costs. Apple expects $1.1 billion in tariff-related costs in the fiscal fourth quarter ending in September.
Bloomberg
22 minutes ago
- Bloomberg
Uber Shares Decline Even As Gross Bookings Top Expectations
Uber Technologies Inc.'s upbeat forecast and better-than-expected quarterly gross bookings failed to boost the rideshare and food-delivery company Wednesday, with shares handing back some of their impressive year-to-date gains. Wolfe Research Managing Director of Global Internet Shweta Khajuria has more on the story. (Source: Bloomberg)
