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Times of Oman
2 days ago
- Business
- Times of Oman
Shura Council continues discussion on statement of Commerce Minister
Muscat: For the second consecutive day, the Shura Council continued its discussion on the statement of Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The Council members emphasised the need to intensify efforts and review strategies and policies to enhance the added value of the trade and industry sectors domestically, linking industries to available national resources. They also called for increasing Omanisation rates in the manufacturing sector, given its rapid growth, and stressed the importance of devising a plan to incentivise industrial companies to absorb national talent. During the session, the members of the Council highlighted the necessity of strengthening incentives and facilities to empower the industrial and commercial sectors. They also proposed establishing a national center to support stalled industrial projects. Additionally, the members discussed the significance of foreign investment as a solution to economic and social challenges, such as job creation and industrial expansion. They urged the creation of an attractive and flexible investment environment characterised by integration among relevant entities, while addressing obstacles that may hinder foreign investment efforts. The session also touched on the growing importance of e-commerce in Oman, with a proposal to establish a unified e-commerce portal under the Ministry's supervision to support local sellers and streamline licensing, payment, and delivery services. These discussions took place during the Council's 14th regular session of the second annual convening (2024-2025) of its 10th term (2023-2027). The session was chaired by Khalid Hilal Al Maawali, Chairman of the Shura Council, in the presence of its members and Sheikh Ahmed Mohammed Al Nadabi, Secretary-General of the Shura Council.
Yahoo
2 days ago
- Business
- Yahoo
FedEx Freight operating income drops 6%
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. FedEx Freight noted LTL market weakness persisting, notably in the industrial sector, for quarterly results released Tuesday. 'We have not seen a marked improvement in the industrial economy,' EVP and Chief Customer Officer Brie Carere said on an earnings call. Operating income for the segment fell 6% to $477 million, according to an investor presentation, as the business noted lower fuel surcharges, reduced weight per shipment, higher costs for staff wages and benefits, and one fewer operating day. FedEx Freight LTL shipments were flat year over year in March, down 2% YoY in April and down 1% YoY in May, the presentation reported. Nevertheless, a 'better-than-expected May more than offset a softer than expected April,' Carere said. The improvement for the quarter helped deliver the best operating margin over the past 12 months with a 20.8% operating margin. That was a slight slip from the 21.2% operating margin YoY, though. The segment also posted revenue that beat expected analyst projections, $144 million higher than Bank of America Global Research's forecast. FedEx Freight, aiming for a spinoff in June 2026, also sold a facility that gave the business a $33 million gain, according to the presentation. The property wasn't identified, but parking and freight network Outpost recently acquired a 27-acre FedEx terminal in Dallas. The site features a 154-door cross-dock, a 9-bay drive-thru maintenance shop, 800 marked parking spots and office space, the trucking service startup said in a news release. FedEx Freight has hundreds of terminals but has reconfigured operations throughout parts of the U.S. and also sold off property. That's given competitors, such as Knight-Swift Transportation Holdings's growing LTL network, some opportunities to expand. Recommended Reading LTL carriers see tonnage drop amid low shipper demand Sign in to access your portfolio
Times of Oman
3 days ago
- Business
- Times of Oman
Shura Council hosts Minister of Commerce, Industry and Investment Promotion
Muscat: The Shura Council on Wednesday hosted Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, to discuss the ministry's statement across six key themes: the contribution of the public and private sectors to GDP, the ministry's vision for the future of the industrial sector, its projects during 2020–2023, an evaluation of free trade agreements and the Nazdahir program, foreign direct investment flows and the ministry's future aspirations. This took place during the Council's thirteenth regular session of the second convening of its tenth term. The Minister stated that the trade sector's contribution to GDP at constant prices reached approximately 8.3% in 2024, amounting to OMR3.225 billion, with a cumulative growth rate of 6.6% during the Tenth Five-Year Plan. He added that the manufacturing sector recorded the highest growth rate among economic diversification activities, at 8.6%, reaching OMR3.6 billion at constant prices by the end of 2024—constituting 10% of GDP. He highlighted that industrial exports reached OMR6.2 billion in 2024, reflecting the growing added value of national industries and their ability to penetrate regional and global markets. He noted that over 260 initiatives are currently being implemented in collaboration with partners and stakeholders as part of the Industrial Strategy 2040. The Minister revealed that the number of Omani Standard Specifications issued by the ministry by the end of 2024 totalled 7,523, with 17 technical services streamlined. Additionally, the Invest Oman platform received around 90 investment requests worth OMR5.38 billion between its launch in February 2023 and June 2025, with 43 projects worth OMR2.25 billion localised in strategic sectors such as industry, healthcare, food security, and renewable energy. The minister pointed out that cumulative foreign direct investment (FDI) in Oman rose to nearly OMR30 billion by the end of 2024. The ministry has simplified commercial and industrial procedures through the Oman Business Platform, which processed over 800,000 transactions in 2024 and added 24 digital services. To combat concealed trade and ensure fair competition, the ministry has enforced measures including mandatory electronic payment methods for commercial activities, aligning with global trends in the digital economy. A ministerial decision was also issued to enhance corporate governance standards for closed joint-stock companies, said the minister. He further added that the ministry has bolstered community participation in the local economy through initiatives supporting consumer cooperatives, including regulatory incentives such as streamlined registration and commercial site allocation. In e-commerce, new regulations were introduced, and the Ma'roof Oman platform was launched to certify online stores, boosting consumer trust and increasing licenses by 236.4% within a year. He pointed out that key programmes launched include the Industrial Observatory to monitor sector performance and optimize supply chains, the Automation and AI Program to modernize factories, 'Tasneea' to localize procurement, and 'Ta'meer' to link major urban projects like Sultan Haitham City with local products—fostering economic integration.
Zawya
5 days ago
- Business
- Zawya
Jordan: JCI urges industrial establishments to benefit from transformer subsidy programme
AMMAN — The Jordan Chamber of Industry (JCI) has called on industrial establishments across various sectors to benefit from the programme subsidising the cost of purchasing electrical transformers, supported by the Ministry of Energy and Mineral Resources through the Rural Electrification Directorate. The JCI said that the programme was launched following continuous follow-up by the chamber and with the support of Minister of Energy and Mineral Resources Saleh Kharabsheh, who expressed interest in expediting its implementation in response to the needs of the industrial sector and in support of its expansion plans. The chamber added that the programme aims to enable factories to develop their infrastructure and ease their financial burdens, the Jordan News Agency, Petra, reported. It allows factories located within industrial estates to obtain a subsidy covering 25 per cent of the cost of a transformer, with a maximum of JD60,000 per factory. Factories located outside industrial estates and outside regulated planning boundaries are eligible for a subsidy covering 100 per cent of the transformer's cost, up to a maximum of JD60,000. The programme excludes factories located within planning boundaries but outside industrial estates. JCI President Fathi Jaghbir stressed the importance of the programme as a 'practical' step to support the competitiveness of the industrial sector in the Kingdom, highlighting the chamber's commitment to facilitating access to various support programmes in cooperation with relevant government bodies. He noted that the chamber, through its Centre for Energy and Environmental Sustainability in Industry, is continuously receiving applications from factories and assisting them in completing the application requirements in direct coordination with the Rural Electrification Directorate at the Ministry of Energy and Mineral Resources. Jaghbir noted that since the beginning of this year, 16 factories have benefited from the programme, receiving a total of JD319,000 in subsidies. He stressed that efforts are ongoing to reach more eligible factories, with over 20 applications currently under review. The chamber urged factories wishing to benefit from the programme to contact the Centre for Energy and Environmental Sustainability in Industry at the chamber for guidance and assistance throughout all stages of the application process. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Yahoo
20-06-2025
- Business
- Yahoo
Analog Devices Poised for Breakout as Cantor Sees $270 Upside on Industrial Surge
Analog Devices (ADI, Financials) received a bullish upgrade from Cantor Fitzgerald, which raised its rating to Overweight and hiked the price target to $270 from $250, citing the company's strong positioning in the industrial sector. Shares last traded at $227.44, giving the stock a potential upside of nearly 19%. Warning! GuruFocus has detected 10 Warning Signs with ADI. Cantor called Analog Devices best-in-class within the analog semiconductor group and its top long-term pick in the space. The firm emphasized ADI's outsized industrial exposure as a strategic advantage as the sector enters a cyclical recovery. The new price target reflects 30x projected 2026 earnings per share. The semiconductor giant, valued at $112.87 billion, also recently earned strong credit ratingsMoody's (A2), Fitch (A), and S&P (A-)on its latest senior notes, reflecting solid financials and robust liquidity, with over $2 billion in cash and a $3 billion undrawn credit facility. In addition, ADI launched the OpenGMSL Association to standardize in-vehicle connectivity and reported 15% year-over-year growth in its automotive segment. Stifel analysts reiterated a Buy rating, highlighting momentum in auto demand, while Truist maintained a Hold rating and trimmed its target to $219 due to macro concerns, including tariffs and earnings call ambiguities. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
