Saudi Arabia’s PIF signs MoU with China’s NAE on renewable energy

Saudi Arabia’s Public Investment Fund signed an MoU with China’s National Energy Administration on renewable energy. (AFP)
Updated 24 February 2019
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Saudi Arabia’s PIF signs MoU with China’s NAE on renewable energy

  • The MoU comes as part of the strengthening of cooperation between the two entities in the field of renewable energy
  • The MoU will contribute to enabling the PIF to support and develop manufacturing, power generation and emerging technologies

Saudi Arabia’s Public Investment Fund (PIF) announced on Friday that it has signed a memorandum of understanding with China’s National Energy Administration (NAE) on renewable energy cooperation.

The MoU comes as part of the strengthening of cooperation between the two entities in the field of renewable energy and strengthening Saudi Arabia’s position as a leading center for the development of renewable energy projects.

The MoU will contribute to enabling the PIF to support and develop manufacturing, power generation and emerging technologies in the Kingdom’s renewable energy sector over the next 10 years.

This agreement reinforces PIF’s efforts to build strategic partnerships aimed at developing local infrastructure and create more jobs, encouraging private sector institutions to engage in investment and commercial partnerships in the renewable energy sector.


UK inflation rises in April by less than Bank of England expected

Updated 22 May 2019
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UK inflation rises in April by less than Bank of England expected

  • Consumer prices rose at an annual rate of 2.1 percent in April after a 1.9 percent increase in March
  • Electricity and gas prices were the biggest driver of inflation last month

LONDON: British inflation rose last month by less than the Bank of England and investors had expected, but still hit its highest level this year, pushed up by a rise in energy bills.
Consumer prices rose at an annual rate of 2.1 percent in April after a 1.9 percent increase in March, the Office for National Statistics said on Wednesday. A Reuters poll of economists had pointed to a rate of 2.2 percent, the same as the BoE’s forecast.
Sterling and government bonds were little changed by the data as core inflation, which excludes energy and food prices, held steady at 1.8 percent for the third month in a row.
“In principle, this is another reason to think the Bank of England will keep rates on hold for the foreseeable future,” ING economist James Smith said.
But he added that a strong labor market meant an interest rate hike in November could not be ruled out.
A recent weakening of inflation, combined with the lowest unemployment rate in 44 years and rising wages, has taken the edge off the uncertainty about Brexit for many households whose spending drives Britain’s economy.
But Britain’s energy regulator raised a price cap on energy providers by 10 percent with effect from April, and all big six suppliers raised their standard prices by the same amount, which the BoE said would push inflation above target briefly.
Electricity and gas prices were the biggest driver of inflation last month, the ONS said.
Computer game and package holiday prices helped to offset the impact of the higher bills.
The ONS figures also suggested less short-term pressure in the pipeline for consumer prices than expected.
Manufacturers’ costs for raw materials — many of them imported — were 3.8 percent higher than in April 2018, much less than the 4.5 percent rise predicted by the Reuters poll.
The ONS said house prices in March rose by an annual 1.4 percent across the United Kingdom as a whole compared with 1.0 percent in February, marking the first increase in house price inflation since September.
Prices in London alone fell by 1.9 percent, a smaller drop than in February.
The ONS also revised down its estimate for Britain’s budget deficit in the last 2018/19 financial year that ended in March.
The headline measure of public sector net borrowing amounted to £23.5 billion ($29.8 billion) that year or 1.1 percent of gross domestic product, compared with the previous estimate of £24.7 billion or 1.2 percent of GDP.
In April, the first year of the 2019/20 financial year, the deficit stood at £5.8 billion, as expected by economists.