Tianqi post first profit in two years as Lithium demand rises

Tianqi post first profit in two years as Lithium demand rises
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Updated 29 August 2021

Tianqi post first profit in two years as Lithium demand rises

Tianqi post first profit in two years as Lithium demand rises
  • China's Tianqi Lithium Corp posted its first net profit in two years on Sunday
  • net income was 85.8 million yuan ($13.3 million) for the first half of 2021

China's Tianqi Lithium Corp, one of the world's top lithium producers, posted its first net profit in two years on Sunday as prices for the commodity used in electric-vehicle (EV) batteries rebounded strongly from a protracted slide.
Chengdu-based Tianqi said its net income was 85.8 million yuan ($13.3 million) for the first half of 2021, rebounding from a loss of 696.6 million yuan ($108 million) a year earlier.
That implies a second-quarter profit of 333.7 million yuan, after a 247.9 million yuan loss in January-March, marking Tianqi's best quarterly result since the fourth quarter of 2018.
The news marks a return to positive territory for Tianqi, which had posted seven straight quarterly losses from mid-2019 after a precipitous three-year plunge in lithium prices, driven by oversupply, left the company short of funds and facing default on billions of dollars in loans.
In December it secured a $1.4 billion lifeline investment in its Australian operations from IGO Ltd and has been boosted by a near tripling in lithium carbonate prices over the past 12 months as demand from the EV sector roars back.
First-half revenues were 2.35 billion yuan, Tianqi said in the filing, up 25.13 perent from a year earlier.
Tianqi and IGO this month produced the first batch of another battery chemical, lithium hydroxide, from the Kwinana plant in Western Australia, which had been put on hold early in 2020 as the coronavirus outbreak exacerbated the Chinese company's liquidity struggles.
The company said it expects the commissioning of more battery-making plants in the second half to further boost lithium demand, extending the price rally.

 


Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO
Updated 9 sec ago

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

RIYADH: The efforts of the Saudi Tourism Ministry are a catalyst for the massive transformation of the hospitality sector in the Kingdom, said Sultan Bader Al-Otaibi.

Speaking at the Future Hospitality Summit in Riyadh, the CEO of Dur Hospitality said Saudi Arabia’s tourism and hospitality sector is witnessing a massive transformation and lauded the Tourism Ministry’s efforts in this regard. 

He also said events like Wold Hospitality Summit are very productive gatherings that help in learning and growing together. 

Dur Hospitality is a Saudi hospitality company established in 1976, recognized for its extensive record in managing, developing and operating a wide portfolio of hotels and residential compounds across the Kingdom of Saudi Arabia. 

 


Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official
Updated 4 min 44 sec ago

Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official

RIYADH: Saudi Arabia’s tourism sector will create 1 million jobs by 2030 and the Kingdom will welcome 100 million visitors, said Qusai Al-Fakhri, CEO of the Saudi Tourism Development Fund.

The sector will create one of every three new jobs in Saudi Arabia in the next decade, as the nation focuses more on the growth of non-oil sectors, said Al-Fakhri.

Talking about the progress of the Saudi tourism sector at the Future Hospitality Summit in Riyadh, he said: “Last year, with the support of the tourism ecosystem, and the larger government ecosystem and enablers, Saudi Arabia achieved record levels of domestic tourism that is remarkable globally.”

Al-Fakhri also noted that the tourism sector is expected to contribute 10 percent to the Kingdom’s gross domestic product by the end of this decade.

 

 

 


Submarine cable to link Algeria, Italy

Submarine cable to link Algeria, Italy
Updated 7 min 38 sec ago

Submarine cable to link Algeria, Italy

Submarine cable to link Algeria, Italy
  • EU-funded project will allow exchange of up to 2,000 MW of electricity
  • ‘It will certainly have a positive impact’ on both countries’ energy systems, ministry source tells Arab News

ROME: A submarine cable nearly 200 km long will soon link Italy and Algeria, allowing an exchange of up to 2,000 megawatts of electricity between the two countries.

The electrical interconnection project will link the Algerian region of El-Chafia, on the east coast, and the Italian island of Sardinia.

The project was discussed during a meeting in Rome between Mourad Adjal, CEO of Algerian state-owned natural gas company Sonelgaz, and Italy’s Minister of Ecological Transition Roberto Cingolani, before the start on Thursday of a two-day state visit by Algeria’s president.

A senior source in Italy’s Ministry of Ecological Transition told Arab News: “This project will be funded by the EU. It will certainly have a positive impact on the energy systems of Italy and Algeria, and we really believe it would help in the current situation when every country is working to increase its energy supply.”

Although a precise timeline is not known yet, Italy’s government is confident that “the activation of the electricity interconnection shouldn’t take long,” the source said.


Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO
Updated 53 min 35 sec ago

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

RIYADH: The retail experience has witnessed a massive shift after the outbreak of the pandemic, Majid Al Futtaim Properties CEO Ahmed Ismail told a gathering at the World Economic Forum Annual Meeting in Davos on May 24.

He said that this massive shift has come as people were confined to their homes due to the pandemic. As things have improved, the CEO said that human beings have now that hunger for a social experience — something that has opened up new possibilities. 

Talking about the retail sector, Ismail said that data has been a big challenge for their businesses as their new-age competitors are incredibly data-rich with the implementation of new technologies. 

He revealed that Majid Al Futtaim Properties has invested a lot in recent years in data collection through loyalty programs and partnerships. 

The company has also inked partnership deals with payment processors, telecom companies, and even with the Dubai government through the Dubai smart initiative to bridge this data divide. 

 


China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps
Updated 24 May 2022

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

RIYADH: China unveiled a major tax relief to help lift the world’s second largest economy. The country’s policymakers also pledged to take necessary measures to help the economy recover from the impact of the COVID-19 pandemic.

·      China unveiled a tax relief worth over 140 billion yuan ($21 billion) to help boost its slowing economy, Bloomberg reported. This comes as the extended lockdowns since March have hit the economic growth of the Asian country. The support is mainly targeting companies and firms rather than households. Other measures taken include additional tax rebates to firms as well as cuts of around 60 billion yuan on passenger-car purchase taxes, according to a decision from China’s State Council.

·      Chinese policymakers have vowed to help the world’s second largest economy get back on its feet by implementing the necessary steps, Reuters reported citing the Cabinet. The measures to be taken include broadening tax credit rebates, postponing social security payments as well as loan repayments, introducing new investment projects, among others.

·      Lockdowns in China are predicted to have a greater effect on global supply chains than the Russia-Ukraine war, Reuters reported citing the head of German logistics company DHL Group’s freight business. Global supply chain bottlenecks, as a result of the lockdowns, are expected to linger through Christmas this year and all of the next year as a huge part of the global economy highly depends on China, the head said.