Browsing: Business

There will be a Pacific-Rim summit taking place in the capital of Thailand this week that will focus on competition between great powers in Asia, inflation, food and energy shortages. Two closed-door sessions will be held Friday and Saturday between the leaders of the 21 member countries of the Asia-Pacific Economic Cooperation Forum. Some will attend this third face-to-face meeting in two weeks, though Vice President Kamala Harris instead of President Joe Biden is representing the U.S. in Bangkok. APEC promotes regional economic integration as its official mission. During the summit, most business is conducted in side meetings, such as…

In a landmark report released by Masdar and Abu Dhabi Sustainability Week (ADSW) on the sidelines of the UN Climate Change Conference (COP27) in 2022, the continent could capture as much as ten percent of the global green hydrogen market, creating 3.7 million jobs and adding as much as US$120 billion to the continent’s GDP. Using Africa’s abundant solar and wind resources, 30 to 60 million tonnes of green hydrogen (mtpa) can be produced by 2050, approximately 5 to 10% of global demand, according to the report “Africa’s Green Energy Revolution: Hydrogen’s role in unlocking Africa’s untapped renewables,” prepared with…

As forecasters warned of many months of contraction ahead, the British economy shrank in the three months to September, official statistics showed on Friday. Despite a smaller-than-expected contraction, gross domestic product fell by 0.2% between July and September, signaling the beginning of a long recession, according to the Office for National Statistics. According to the statistics office, GDP shrank by 0.6% in September and by 0.1% in August. Among the reasons for the decline were a decline in manufacturing output and an extra holiday to mark Queen Elizabeth II’s death, which contributed to “a notable drop in retail.” As a…

The Clean Energy Business Council (CEBC) has welcomed Aldar Properties as a Partner member and will work closely with the organisation to improve energy efficiency. By connecting the public and private sectors, CEBC accelerates the transition towards clean energy in the MENA region. By reducing construction and operational emissions and working with communities to adopt more sustainable standards of living, the real estate industry can contribute greatly to decarbonisation. The Aldar Group recognizes its responsibility to support clean energy transition initiatives as one of the region’s largest real estate developers and managers. It has AED30 billion in assets under management.…

Binance canceled its acquisition plans for FTX on Wednesday. Binance said in a tweet that it couldn’t help with the problems. FTX, which was valued at $32 billion earlier this year, is now at risk. Sam Bankman-Fried’s crypto empire is on the verge of collapse after Binance backed out of its acquisition plan. FTX reversed course one day after Binance CEO Changpeng Zhao announced the company had reached a non-binding agreement to buy its non-U.S. operations for an undisclosed sum. Private investors valued FTX at $32 billion earlier this year. “In the beginning, our hope was to be able to…

In October, Jordan imported about 405,550 barrels of crude oil from Iraq, an average of 13,000 barrels per day. This is according to Dr. Saleh Kharabsheh, the Minister of Energy and Mineral Resources of Jordan. As he stated in a press release, the Kingdom imported roughly 3 million barrels of Iraqi crude between September 2021 and October 2022. These barrels were transferred via 11,565 Jordanian and Iraqi tanker trucks, he added. In accordance with a signed agreement, Jordan imports 10,000 barrels of crude oil per day from the Kirkuk oil fields in northern Iraq under a signed agreement. This accounts…

In court documents, Twitter, now led by Elon Musk, is accused of violating federal and state laws that require 60 days’ notice of mass layoffs. In a lawsuit filed in San Francisco District Court, five current or former workers are named as plaintiffs, one of whom was terminated effective Tuesday. Twitter is named as a defendant. Although they are no longer working, Twitter will continue to pay and provide benefits to its employees. In an email sent to laid off employees in New York, Twitter said Friday was their last “working day,” but they would be compensated through February. According…

Asian stocks rose mostly on Friday, led by a 5.8% rise in Hong Kong’s Hang Seng Index on speculation Beijing might start easing pandemic restrictions. As a result of Thursday’s holiday, the Nikkei fell, catching up after Japan’s markets were closed. The markets are watching for signs of a recovery in demand in China and weighing the risks of further inflation-fighting interest rate increases. On Thursday, Wall Street’s benchmark S&P 500 lost 1.1% and the tech-heavy Nasdaq composite lost 1.7% after the Federal Reserve raised its benchmark rate for the sixth time this year. A closely watched U.S. jobs report…

To meet the rising global demand for energy, ADNOC Drilling Company has awarded Integrated Drilling Fluids Services (IDFS) a five-year framework agreement valued at up to $1.6 billion. The agreement will help ADNOC expand its lower-cost and lower-carbon production capacity. Oilfield Services (OFS) revenue will increase by $150 million per year based on the award, which covers both onshore and offshore fields. With this contract award, ADNOC Drilling has confirmed $8.85 billion in awards for 2022, of which $1.15 billion was incremental to its previously disclosed revenue guidance. In order to capitalize on market opportunities, ADNOC Drilling is committed to…

Two people familiar with the situation said Thursday night that Elon Musk had taken over Twitter and sacked the company’s chief executive, chief financial officer, and top lawyer. According to the Associated Press, the people would not confirm whether all the paperwork for the deal, originally valued at $44 billion, had been signed or if it had been closed. Nevertheless, they claim Musk is in charge of the social media platform and fired CEO Parag Agrawal, CFO Ned Segal, and Chief Legal Counsel Vijaya Gadde. The departures came just hours before a Delaware judge set a Friday deadline to finalize…