Ryanair’s Irish union extends vote on possible strike action

Ryanair’s Irish union extends vote on possible strike action
Europe’s biggest budget airline averted widespread strikes before last Christmas by agreeing to recognize trade unions for the first time in its 32-year history. (Reuters)
Updated 19 June 2018

Ryanair’s Irish union extends vote on possible strike action

Ryanair’s Irish union extends vote on possible strike action

DUBLIN: Ryanair’s Irish union extended a ballot on industrial action by two weeks on Tuesday, saying its members wanted more time to consider the move, which could lead to a strike.
Europe’s biggest budget airline averted widespread strikes before last Christmas by agreeing to recognize trade unions for the first time in its 32-year history.
But the airline, which operates in 37 countries and last year carried some 130 million passengers, has since struggled to reach agreement on terms in some countries.
This has led to minor disruption in Germany and Portugal and the Irish Air Line Pilots’ Association (IALPA) said it would ballot pilots if a new system for dealing with base allocations, promotions, and leave was not introduced.
IALPA began the ballot last week, a letter to members seen by Reuters on Monday showed and the results were due on Tuesday.
However, a memo circulated by IALPA later on Monday said it had extended the vote to July 3, giving pilots more time to consider “such an important matter” and avoiding a clash with a meeting of Ryanair’s unions across Europe organized by the European Cockpit Association.
“It is self-evident that Ryanair and its on-going disputes with pilots across Europe will be a feature on the agenda of the ECA Conference,” it said.
A spokesman for Ryanair, which this month signed its first cabin crew union recognition agreements with staff in Italy and Britain, was not immediately available for comment.


Sawiris creates $1.4 billion fund for gold mining assets, seeks outside investors

Sawiris creates $1.4 billion fund for gold mining assets, seeks outside investors
Updated 22 min 36 sec ago

Sawiris creates $1.4 billion fund for gold mining assets, seeks outside investors

Sawiris creates $1.4 billion fund for gold mining assets, seeks outside investors
  • Fund took $100 million from an unnamed strategic partner
  • Fund will be open to outside investors

LUXEMBOURG: La Mancha Holdings, owned by Egyptian billionaire Naguib Sawiris, has launched a $1.4 billion fund to hold his gold mining assets and pursue new opportunities in precious and electric-vehicle metals.

The fund, La Mancha Fund SCSp, took on $100 million from an unnamed “strategic partner” and will soon be open to outside investors, Luxembourg-based La Mancha said in an emailed statement.

“Creating a fund is the natural consequence of what we have been doing since we vended-in our operational assets into Evolution and Endeavour in 2015,” Sawiris said in the statement. “Transitioning to a fund structure and welcoming new investors is timely when we are seeing opportunities in a gold mining sector which is fragmented and needs further consolidation.”

The fund will mainly be focused on gold and precious metals miners, but may also invest in EV battery metals. It will seek to acquire significant stakes in listed junior mineral resource companies with the goal of creating value over a three-to-five-year horizon.

As part of its mandate, the fund will seek to improve ESG metrics within its portfolio
companies during its investment tenure, it said in the statement.


Saudi Central Bank steps up efforts to increase locals in financial sector

Saudi Central Bank steps up efforts to increase locals in financial sector
Updated 27 July 2021

Saudi Central Bank steps up efforts to increase locals in financial sector

Saudi Central Bank steps up efforts to increase locals in financial sector
  • SAMA working with Ministry of Human Resources and Social Development and Human Resources Development Fund
  • Initiative could create 200,000 jobs - economist

RIYADH: The Saudi Central Bank (SAMA) has signed an agreement with other government entities to increase the number of locals in the financial sector, a move that might lead to the creation of more than 200,000 jobs for nationals.

SAMA signed a memorandum of understanding (MoU) with the Ministry of Human Resources and Social Development (HRSD), in partnership with the Human Resources Development Fund (Hadaf), SPA reported on Monday.

“This MoU aims to increase localization, provide human competencies capable of meeting the requirements of the financial sector, and create more than 203,000 jobs in the sector,” independent economist Fadhel Al Buainain told Arab News.

The measures will establish sustainable strategic steps to ensure the creation of more jobs and prepare young people to fill them, he said.

For decades, the Saudi financial sector was made up only of banks, but since the entry of new financial entities such as investment institutions, financial companies and the insurance sector, localization of jobs has become more important, to achieve sufficiency, strategic security and address unemployment, said Al Buainain.

Supporting specialized financial colleges and creating a college for banking sciences are among the tools that will help achieve the sector’s localization goals, he said.


Global interest in clean hydrogen surges as Mideast works to boost supply

Global interest in clean hydrogen surges as Mideast works to boost supply
Updated 27 July 2021

Global interest in clean hydrogen surges as Mideast works to boost supply

Global interest in clean hydrogen surges as Mideast works to boost supply
  • Hydrogen could account for 25 percent of global energy consumption by 2050

DUBAI: Interest in clean hydrogen is rising across the globe, as countries explore ways to decarbonize, a new World Energy Council report showed.

Hydrogen could account for between 6 percent and 25 percent of global energy consumption by 2050, according to the publication titled Hydrogen on the Horizon: ready, almost set, go?.

Different regions play a role in the current hydrogen energy transition, the report said, with countries in the Middle East and North Africa focusing on the supply side.

Saudi Arabia, in July, unveiled plans for a $5 billion green hydrogen facility – the world’s largest such project at the time. Other Middle East countries, including the UAE, Oman and Egypt have also announced major projects to exploit the expected demand.

An earlier report by Dii Desert Energy and Roland Berger said the Gulf region alone could create a $200 billion green hydrogen industry by 2050.

The region also benefits from its strategic geographic location being between the European and Asian markets, which the World Energy Council report described as demand-focused markets.

Different countries also have different ideas of how to utilize clean hydrogen, the report said.

Asia shows a greater focus on hydrogen as a liquid fuel in the form of ammonia, and as a fuel for shipping and road transport, while Europe wants to use hydrogen to decarbonize hard-to-abate sectors such as heavy industries and mass transportation.

“How countries want to produce and consume clean energy, and their immediate national priorities, will shape large-scale hydrogen development and end-user uptake,” Angela Wilkinson, Secretary General and CEO of the World Energy Council said.

It is important to identify user priorities to “better understand hydrogen’s real potential,” she said.

Jeroen van Hoof, global energy, utilities, and resources leader at PwC said this decade is crucial to develop hydrogen projects – including infrastructure to produce, import, distribute and use hydrogen at a large scale.

“If we do this successfully over the next few years, it can pave the way for hydrogen demand to grow exponentially beyond 2030,” he added.

But the report identified several challenges in this global endeavor, including concerns on the cost of low-carbon hydrogen, which is still more expensive than other energy sources.

The report said countries need to collaborate to create a global value chain and unlock the potential of hydrogen for the global economy.


Global markets regulators team up to keep watch on SPACs

Global markets regulators team up to keep watch on SPACs
Updated 27 July 2021

Global markets regulators team up to keep watch on SPACs

Global markets regulators team up to keep watch on SPACs
  • SPACS may raise regulatory concerns, said the International Organization of Securities Commissions

LONDON: Global securities markets regulators said on Tuesday they have begun monitoring special purpose acquisition companies, or SPACs, due to potential regulatory concerns.
SPACs are shell companies that list themselves on the stock market and use the proceeds to buy other companies.
It is a form of investment that soared last year on Wall Street, gathered steam in Europe this year and is now spreading into emerging markets.
“While SPACs may offer alternative sources of funding and provide opportunities for investors, they may also raise regulatory concerns,” the International Organization of Securities Commissions (IOSCO) said in a statement.
IOSCO, whose members include the US Securities & Exchange Commission (SEC), the Financial Conduct Authority in Britain and regulators in the European Union, Asia, Latin America and Africa, said its new SPAC network met for the first time on Monday to share information.
“I am pleased that so many members of IOSCO have joined the SPACs network to exchange experiences on non-traditional IPOs via SPACs and discuss emerging issues related to investor protection and fair, orderly and efficient markets,” said Jean-Paul Servais, chairman of Belgium’s markets watchdog and Vice-Chair of IOSCO’s board.
The markets watchdogs which are members of IOSCO have the power to take action to protect investors in their jurisdictions.


Saudi Arabia suspends desalination and power plant privatization amid strategy review

Saudi Arabia suspends desalination and power plant privatization amid strategy review
Updated 27 July 2021

Saudi Arabia suspends desalination and power plant privatization amid strategy review

Saudi Arabia suspends desalination and power plant privatization amid strategy review
  • New strategy for Saline Water Conversion Corporation to be announced soon

RIYADH: Saudi Arabia has suspended the privatization of Ras Al Khair Desalination and Power Plant as it reviews its strategy.
This decision was made to capitalize on knowledge and capacity built in the Kingdom as a result of many years of experience in the areas of water desalination, new technologies, R&D and supply chains, the Privatization Supervisory Committee for the Environment, Water and Agriculture said in a statement on Monday.
A new engagement strategy and plan for the Saline Water Conversion Corporation (SWCC) assets such as Ras Al Khair plant will be announced shortly.
“It is either that the outcome was not aligned with the government spending efficiency goals or it’s not a top priority for the time being, as there is price control on water services in the country that doesn’t allow room for enough profits to the private operators, that the government may need to offer significant subsidies to make the PPP project attractive to the private sector, ” Razeen Capital CEO Mohamed Alsuwayed told Arab News.
The Privatization Committee said it will continue to engage investors in future PPP and privatization transactions in the water sector, and new greenfield investment opportunities will be launched in due course.
Saline Water Conversion Corporation (SWCC) invited seven pre-qualified companies and strategic alliances to submit their bids (RFP) to participate in the Ras Al-Khair desalination and power plant’s privatization process, last January.
SWCC said in a statement that the winning consortium will own 60 percent of the project company, and will handle management, operation, and maintenance works. For now, SWCC will continue to manage it, according to the statement.