Abe’s G20 show eclipsed by Trump-China trade talks, tweets

Abe’s G20 show eclipsed by Trump-China trade talks, tweets
boy plays outside of a clothing store at a shopping mall in Beijing on June 29, 2019. US President Donald Trump has agreed to restart trade talks with China. (AP)
Updated 30 June 2019

Abe’s G20 show eclipsed by Trump-China trade talks, tweets

Abe’s G20 show eclipsed by Trump-China trade talks, tweets
  • Despite the focus on Trump, the summit’s host, Japanese Prime Minister Shinzo Abe, declared the gathering a success

OSAKA: The Group of 20 summit in Osaka ended on Saturday with lofty language from powerful world leaders, but it was eclipsed by US President Donald Trump, who agreed to restart trade talks with China and extended a surprise invitation for North Korea’s leader to meet him Sunday.

Despite the focus on Trump, the summit’s host, Japanese Prime Minister Shinzo Abe, declared the gathering a success.

“The G20 nations, as the countries that lead the world economy, have a responsibility to squarely face global problems and to come up with solutions through frank dialogue, Abe said in concluding the meeting.

“Now, with this ‘Osaka Declaration,’ we should try to tenaciously find, not the differences, but common ground among us, and, we hope, to continue our effort to sustain global economic growth,” he said.

In striving for common ground, however, the summit declaration finessed differences and yielded no major new initiatives.

Still, German Chancellor Angela Merkel welcomed the fact that the leaders managed to hold the line on the issue of climate change, with 19 countries committing themselves to the Paris climate accord.

Only the US dissented, reiterating Trump’s decision to withdraw from the Paris Agreement “because it disadvantages American workers and taxpayers.”

FASTFACT

 

The G20 is an international forum for the governments and central bank governors of 19 countries and the EU, established in 1999.

Merkel told reporters that “this process cannot be turned around.” She said some leaders in Osaka indicated they were willing to up commitments to curb greenhouse gases by aiming for “net zero” emissions by 2050.

Merkel also lauded the deal between the EU and the Latin American bloc MERCOSUR — also struck on the G-20 sidelines — to create the world’s largest free trade zone after 20 years of negotiations. The agreement includes a reference to the goals of the Paris accord.

Japan had pushed for the Osaka summit to become a landmark for progress on environmental issues, including tackling the global problem of plastic waste and recommitting to efforts to counter climate change.

Leaders said they’d “look into a wide range of clean technologies and approaches, including smart cities, ecosystem and community based approaches.”

The G20 leaders have long sought to present a united front in promoting open markets and calling for smart policies to fend off threats to global economic growth. But the schisms over such issues as protectionism and migration are straining efforts to forge the usual consensus on a broad array of policy approaches and geopolitical issues.

The summit declaration did not take aim at protectionism but included a call for free, fair, non-discriminatory and open markets.

“Weren’t we originally seeking agreement on these principles? We need to go back to the original point so that we can remember what it was we were initially seeking,” Abe said. “This time, we managed to go back to this original point to come to agreeing on these important principles.”

Much of the spotlight of the two-day meeting focused on Trump.

Using Twitter, he raised a stir by inviting North Korea’s Kim Jong Un to shake hands during a visit the he plans to make to the heavily armed Demilitarized Zone between the Koreas on Sunday. “If Chairman Kim of North Korea sees this, I would meet him at the Border/DMZ just to shake his hand and say Hello(?)!”

North Korea’s First Vice Foreign Minister Choe Son Hui responded by saying it was a “very interesting suggestion,” and the meeting, if realized, would serve as “another meaningful occasion in further deepening the personal relations between the two leaders and advancing the bilateral relations.”

She said North Korea still hadn’t received an official proposal for the meeting from the US.

Trump has at times found himself at odds with other leaders in such international events. China, meanwhile, has sought support for defending global trade agreements against Trump’s “America First” stance in gatherings like the G20.

At the outset of their meeting, Trump told Xi he wants to “even it up in respect to trade,” and that he thought it would be very easy to do.

The two sides have levied billions of dollars’ worth of tariffs on each other’s products, and talks on resolving the longstanding issues had stalled in May.

Afterward, Trump said that the talks were “back on track.” He said he had decided to hold off on imposing more tariffs on Chinese exports, while China planned to buy more American farm products.

China’s official Xinhua News Agency said Xi and Trump had agreed to restart trade talks “on the basis of equality and mutual respect.”

It’s unclear, however, if they have overcome the obstacles that brought the talks to a halt earlier.

“I think that realistically that the two sides, there are substantive issues that remain to be resolved — subsidies, state-owned enterprise, reform, industrial policy in China — that go to the core of China’s economic system,” said Jacob Parker, vice president of US-China Business Council China Operations.

“These are not issues that are going to be resolved quickly or overnight. And I think we have to expect that both sides are going to have to compromise a little bit. They can’t let perfect be the enemy of good,” Parker said.


Bitcoin tests the $40k resistance level

Bitcoin tests the $40k resistance level
Updated 30 July 2021

Bitcoin tests the $40k resistance level

Bitcoin tests the $40k resistance level

RIYADH: Bitcoin traded higher on Thursday, rising by 0.03 percent to $39,670.54 at 4:02 p.m. Riyadh time. Ether, the second-most traded global cryptocurrency, was up 0.44 percent to $2,291.72.05, according to data from CoinDesk.

Below is the latest news from the world of cryptocurrency:

Bitcoin buyers have been profitable, as the cryptocurrency tests the $40,000 resistance level. Sentiment has improved significantly over the past week, although some analysts believe it is time to pause before rallying again.

In a CoinDesk report, Justin Chuh, a senior trader at Wave Financial, said: “Bitcoin easily broke through $35,000, but I think it will probably have a harder time going through $40,000 this time.”

But attitudes could easily shift from bullish to bearish as bitcoin was still in a consolidation phase with strong resistance, the report added.

HIGHLIGHT

Bitcoin buyers have been profitable, as the cryptocurrency tests the $40,000 resistance level. Sentiment has improved significantly over the past week, although some analysts believe it is time to pause before rallying again.

Meanwhile, in a research paper published on Wednesday, Bank of America described central bank digital currencies as a more efficient payment system than cash. The second-largest bank in the US by total assets, said that digital central bank currencies could completely replace cash in the distant future.

A report released in May by blockchain infrastructure platform Bison Trails found that around 80 percent of central banks were exploring using digital currencies, with CoinDesk reporting that 40 percent were already testing proof-of-concept programs.

London-based Fabric Ventures has closed a $130 million fund to invest in early stage blockchain companies. One of its supporters is the European Investment Fund, which provided $30 million, marking the first time a European Commission company had invested in a fund focused on digital assets, said CoinDesk.

Stock and cryptocurrency trading app Robinhood has received a $32 billion valuation with its initial public offering and was set to debut on the Nasdaq on Thursday.

In a press statement on Wednesday, Robinhood priced its offering at $38 per Class A common share. The price is at the lower end of the $38 to $42 share price range that the company had targeted, and it planned to sell 5.5 million shares targeting an increase of $1.89 billion.

The firm is trying to reshape its image and said it was working on a new feature that would help protect users from cryptocurrency price volatility, while hiring a former Google graduate to improve the overall product design, according to CoinDesk.


Arab celebrity message app Yela raises $2.2 million funding

Yela has secured over a hundred A-list celebrities who fans can connect with, including Amr Diab. (Supplied)
Yela has secured over a hundred A-list celebrities who fans can connect with, including Amr Diab. (Supplied)
Updated 30 July 2021

Arab celebrity message app Yela raises $2.2 million funding

Yela has secured over a hundred A-list celebrities who fans can connect with, including Amr Diab. (Supplied)
  • The interactions on the platform can range from direct text messages to video clips

JEDDAH: Yela, a platform allowing users to get personalised video messages from their favorite Arab celebrities, has secured $2.2 million in funding, it was announced on Thursday.

Set to launched in August, Yela secured funding from US and UK investors with offices in London, Cairo, and Dubai. Participating from Silicon Valley is Razmig Hoghavian, a board member of Rakuten and General Partner at Graph Ventures.

The application was founded by Alex Eid, who said in a statement: “It’s incredible to see the support that Yela has already received from all sides, investors, celebrity creators, and fans.”

The first round of funding was also led by US investors Justin Mateen, a co-founder of Tinder and the General Partner of JAM Fund, and Sean Rad, a general partner at RAD Fund and also a co-founder of Tinder.

Yela has secured over a hundred A-list celebrities who fans can connect with including Amr Diab, Haifa Wehbe, Youssra, Mohamed Henedy, and Ahmed AlSakka. The interactions on the platform can range from direct text messages to video clips, with prices starting from $100.

 

 


Saudi Arabia to use 4IR to transform energy sector, fight climate change

Economy and Planning Minister Faisal Al-Ibrahim (L), Saudi Energy Minister Prince Abdul Aziz bin Salman (C) and Finance Minister Mohammed Al-Jadaan at the 4IR forum. (Screenshots)
Economy and Planning Minister Faisal Al-Ibrahim (L), Saudi Energy Minister Prince Abdul Aziz bin Salman (C) and Finance Minister Mohammed Al-Jadaan at the 4IR forum. (Screenshots)
Updated 29 July 2021

Saudi Arabia to use 4IR to transform energy sector, fight climate change

Economy and Planning Minister Faisal Al-Ibrahim (L), Saudi Energy Minister Prince Abdul Aziz bin Salman (C) and Finance Minister Mohammed Al-Jadaan at the 4IR forum. (Screenshots)
  • Ministers laud the technology at forum for Fourth Industrial Revolution in Riyadh
  • 4IR is a way of describing the blurring of boundaries between the physical, digital, and biological worlds

DUBAI/RIYADH/JEDDAH: Saudi Arabia is aiming to use Fourth Industrial Revolution (4IR) technology to fundamentally transform the energy sector, enhance the security of its water and food resources, and fight climate change, senior ministers announced.

“Our vision is to transform the energy sector through the application of data and technology,” Saudi Energy Minister Prince Abdul Aziz bin Salman said during the 4IR forum in Riyadh on Thursday.

“Saudi Arabia has a rich resource of youthful innovators who can be entrusted with the task of seeing this transformation through to fulfillment. The synergy between youth and technological innovation will make Saudi Arabia a dynamo for the digital transformation of the energy sector.”

4IR is a fusion of advances in artificial intelligence, robotics, the Internet of Things (IoT), genetic engineering, quantum computing, and more. It is a way of describing the blurring of boundaries between the physical, digital, and biological worlds.

The application of 4IR technology in energy will enable the Kingdom to lead the way in the battle against climate change, the Saudi energy minister said. 

“Perhaps the most important area where technology and energy can combine to the benefit, not just of the Kingdom, but of all mankind, is in the search for cleaner energy,” Prince Abdul Aziz said. “Here, we can use the technology of the 4IR to accelerate the energy transition, and meet the goals for the reduction in greenhouse gas emissions.”

His view was echoed by Ahmed Al-Zahrani, assistant minister for energy, who highlighted the potential of 4IR technologies like IoT and Blockchain. 

“These will help our endeavors to improve efficiency and reduce emissions,” Al Zahrani said.

The Kingdom is known for its energy security as it has been endowed with huge energy resources, but when it comes to food and water security, the country is facing challenges. Adding 4IR applications can address these challenges, Saudi Minister of Environment, Water and Agriculture Abdul Rahman Al-Fadli told the conference. 

Al-Fadli also said 4IR applications such as the use of remote sensors, artificial intelligence, and robotics will help the farming sector in Saudi Arabia as the technologies will provide better data from the fields. He also mentioned that these applications will assist the Kingdom in its plan to plant billions of trees under its green initiative.

“The challenge we all face is to tackle the great issues of the world today, like post-pandemic economic recovery, energy reliability, and sustainability,” Prince Abdul Aziz said.

In other developments from the forum, Ahmed Al-Saadi, senior vice president for technical service at Saudi Aramco, said the oil company had developed its technology for many years, notably in monitoring conditions in oil reservoirs. He said Aramco had made great strides in technology and was among the “best in class” operators in the global energy peer group.

Mohammed Abunayyan, chairman of ACWA Power, the utility developer backed by Saudi Arabia’s Public Investment Fund, told the forum most of its operations were now digital and that essential maintenance was controlled and managed through digital functions.

Abunayyan also said the involvement of the private sector in the digitization of energy was crucial: “The private sector will always deliver better value than the public utility model.”

Jason Bordoff, Dean of the Columbia Climate School in New York, had a warning about the slow progress towards the Paris Agreement goal of reducing CO2 emissions.

“We are not on track to meet those goals,” he said. “We need emissions to decline faster.”

Melissa Lott, research director at Columbia’s energy policy center, said carbon capture, utilization, and storage — a big element in Saudi Arabia’s Circular Carbon Economy framework — was crucial to efforts in reducing emissions.


New center to lead Saudi role in ‘4th industrial revolution’, economic minister says

New center to lead Saudi role in ‘4th industrial revolution’, economic minister says
Updated 30 July 2021

New center to lead Saudi role in ‘4th industrial revolution’, economic minister says

New center to lead Saudi role in ‘4th industrial revolution’, economic minister says
  • The Saudi minister said the new center will contribute to global discussions on the use of 4IR technology, such as 5G and artificial intelligence

DUBAI: The Saudi Centre for the Fourth Industrial Revolution (4IR) will lead the Kingdom’s role in utilizing advanced technologies and their local and global implications, Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim said.

The Saudi minister said the new center will contribute to global discussions on the use of 4IR technology, such as 5G and artificial intelligence, especially amid the COVID-19 pandemic that has introduced new challengers to countries.

“COVID-19 intensified the need for data and evidence-based iterative policymaking supported by technology-driven and innovation-based solutions,” he said at the first Saudi 4IR forum held in Riyadh.

The Kingdom has become a global role model in deploying digital technology at peak of the health crisis, Al-Ibrahim said, enumerating Saudi efforts to manage the pandemic.

The Kingdom is known for its energy security as it has been endowed with huge energy resources, but when it comes to food and water security, the country is facing challenges.
(Shutterstock)

Saudi Arabia ranks 4th in the world in 5G connectivity, he added, and a robust digital infrastructure helped the Kingdom overcome challenges in the education and finance sectors.

Over 850 thousand daily classes were executed for over 6 million students in 2020, and around 2.8 billion digital payment transactions were made.

“This demonstrates Saudi`s leadership in having the most modern digital platform and world class capabilities to design local and global solutions at the technological frontier,” the minister said.

A recent report by the United Nations Conference on Trade and Development said the technology market could reach the value of 3.2 trillion dollars in 2025, increasing by almost 10 times from 2018 figures.

Al-Ibrahim said the Saudi economy could benefit from this by capturing a slice of the industry over the next five years.

The Kingdom is already in a good position, he explained, saying it “has its work cut out for it to move up the Global Innovation Index rankings where we plan to be among the leading pack of our G20 peers.”

“We are passionate about the objectives and vision of the Center, and look forward to working closely with its team in bringing the public and private sectors as well as the science and technology community together,” he added.


Brent crude back above $75 on US inventory draw, positive Fed outlook

Brent crude back above $75 on US inventory draw, positive Fed outlook
Updated 29 July 2021

Brent crude back above $75 on US inventory draw, positive Fed outlook

Brent crude back above $75 on US inventory draw, positive Fed outlook
  • US report showing falling oil supplies boosts market
  • Oil majors Royal Dutch Shell, Repsol post higher profits on oil gain

LONDON: Oil gained for a second day on Thursday as traders remained buoyed by yesterday’s data showing a bigger-than-expected drop in US inventories, while the Federal Reserve painted an optimistic picture of the American economy.

Brent crude gained 0.7 percent to $75.23 a barrel at 2:44 p.m. in London, set to close above the $75 mark for the first time in two weeks. US Benchmark WTI also added 0.7 percent, to $72.87.

Brent, the global benchmark, passed $75 a barrel in June for the first time in more than two years but has fallen below $69 on July 17 on concerns over the spread of the Delta coronavirus variant and an OPEC+ deal to increase production over the coming months.

Crude in storage fell to the lowest since January 2020, while distillate supplies posted the biggest decline since April, the US Energy Information Agency said in its weekly report on Wednesday. Fuel inventories fell by more than 2 million barrels.

The US economy is continuing to recover even as COVID-19 infections increase, the Federal Reserve said on Wednesday, sparking speculation as to when it will begin to taper its bond purchase program.

In a separate report from the US Commerce Department today, the economy was shown to have grown at a 6.5 percent annual pace in the second quarter, below the 8.5 percent predicted in a Reuters poll of economists, but still enough to bring the economy back to its pre-pandemic size.

“The (oil inventory) falls suggest the rise in cases of COVID-19’s Delta variant is having little impact on mobility,” ANZ analysts said in a note on Thursday.

Oil prices also benefited from a statement from Iran blaming the US for stalled progress in talks over its nuclear ambitions, potentially delaying the return of Persian crude to world markets.

Global oil companies, including Royal Dutch Shell and Spain’s Repsol reported blockbuster earnings today as higher oil prices boosted returns.

Shell boosted its dividend and launched a $2 billion share buyback program on Thursday as it reported the highest second quarter profits in more than two years.

Shell Chief Financial Officer Jessica Uhl said that global fuel demand was at 90 percent to 100 percent of its pre-pandemic levels, but consumption of aviation fuel remained weak.


Spanish energy giant Repsol booked a net profit of 587 million euros ($700 million) foer the second quarter, compared to a loss of 1.9 billion euros in the same period last year.

“Demand has also increased, thanks in large part to vaccination rollout,” it said.

Repsol said revenues at its petrol stations in Spain jumped by 63 percent in the second quarter when compared to the same period last year as travel picked up following the easing of lockdowns.