Daily Business Wrap - Twitter, Etisalat, DIB announce profits - video Dailymotion

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Earning are dominating today’s news, with Twitter, Etisalat and Dubai Islamic Bank all posting results this afternoon. DIB also announce that it is looking at acquiring Noor Bank, which will likely lead to the appointment of financial advisors. Finally, oil jumped to a six month high following the announcement yesterday that the US will removal sanction waivers on the eight countries importing Iranian oil. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos

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00:00Twitter announced today that its revenues had grown by 18% to $787 million for the first

00:09quarter of 2019.

00:11It said, however, that its monthly active users had dropped by around 6 million to 330

00:17million in total.

00:18The company's net profit stood at around $190 million.

00:22Oil has jumped to a six-month high today on the news that the U.S. will be removing any

00:27waivers for the import of Iranian oil.

00:30Brent Crude is approaching $75 a barrel, the highest in 2019, with some analysts believing

00:36it could go up to $80.

00:38The oil cuts come to the market at a challenging time, and the impact of the removal of these

00:42waivers is likely to be felt in India and China, two large importers of Iranian oil.

00:48China criticised the U.S.'s decision, saying that it would add to turmoil in the Middle

00:51East.

00:52Whilst OPEC members have recently made a number of cuts to production, there are some concerns

00:56about how quickly those OPEC and non-OPEC producing countries can fill the void left

01:02in the market by Iran.

01:04The U.S. said in its statement yesterday that the UAE and Saudi Arabia would both support

01:08it in providing additional supplies to fill that void that Iran was leaving.

01:12Dubai Islamic Bank said today that it was considering an acquisition of Norbank.

01:17This will likely lead to the appointment of advisers on the deal.

01:20The DIB also posted its first quarter results today, seeing a 12% increase in net profits.

01:28And lastly, UAE state-owned telco Etisalat released its quarterly results this morning,

01:33seeing a 5% rise in its net profits to 2.2 billion dirhams.

01:38The telco said that it currently has an aggregate subscriber base of 138 million users.

01:44That's all from us today.

01:45You can find the latest headlines on gulfnews.com.

01:47Thanks very much for watching.

01:48We'll be back tomorrow with more news.

Daily Business Wrap - Twitter, Etisalat, DIB announce profits

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