Aramco, Schlumberger lead a financing round for a hydrogen battery company

Aramco, Schlumberger lead a financing round for a hydrogen battery company
The company develops robust, flexible, and secure battery energy storage solutions based on technology proven over decades of use under the most extreme flight conditions. (Supplied)
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Updated 16 September 2021

Aramco, Schlumberger lead a financing round for a hydrogen battery company

Aramco, Schlumberger lead a financing round for a hydrogen battery company
  • EnerVenue has established a framework for a major distribution and manufacturing agreement with Schlumberger

RIYADH: EnerVenue, the first company to offer metallic hydrogen batteries, announced that it has raised $100 million in Series A funding, led by Schlumberger New Energy and Saudi Aramco Energy Ventures (SAEV)- Aramco Ventures' capital programme, the company said in a statement.

EnerVenue has established a framework for a major distribution and manufacturing agreement with Schlumberger, which will contribute to the wider availability of its batteries in global markets.

The company develops robust, flexible, and secure battery energy storage solutions based on technology proven over decades of use under the most extreme flight conditions, including operating the International Space Station and the Hubble Space Telescope.

Enervenue was created in 2020 to bring the proven advantages of the metallic hydrogen battery into the electrical grid and other power applications, after a series of developments to significantly reduce cost and increase the availability of raw materials for the technology created by NASA in this field


No fear of inflation ‘runaway train,’ says IMF chief

No fear of inflation ‘runaway train,’ says IMF chief
Updated 8 sec ago

No fear of inflation ‘runaway train,’ says IMF chief

No fear of inflation ‘runaway train,’ says IMF chief
  • Growing supply chain bottlenecks source of concern for policymakers

WASHINGTON: Global finance officials are worried about rising inflation pressures but there it is little fear that it will become a “runaway train,” IMF chief Kristalina Georgieva said on Sunday.

With supply chain bottlenecks growing in the face of surging demand, policymakers have focused attention on rising prices and whether they will linger or fade away in coming months.

“We are in a more somewhat more uncertain space now,” Georgieva said at the G30 central banking conference.

However, in advanced economies “policymakers have the tools” to deal with inflation, she said, so “there is no significant concern that this would be a runaway train.”

Even so, finance ministers and central bankers gathered last week in Washington for the annual meetings of the IMF and World Bank were more concerned than previously that the prices increases could be more than transitory, she said.

And major emerging markets like Russia and Mexico already have raised interest rates showing that “in these places their policymakers are sufficiently concerned already to take action.”

In the world’s largest economy, US Federal Reserve officials have signaled they will begin to pull back on stimulus by tapering its bond purchases in the last few weeks of the year, but the benchmark interest rate is expected to remain at zero with no increase until late 2022 at the earliest.

The Bank of England so far has left its stimulus unchanged, but there were signs of dissent at its most recent policy meeting, when two of its rate-setting panel voted to stop the bond-buying stimulus as soon as possible to help quell inflation.

BoE Gov. Andrew Bailey said central bankers face a “very difficult balancing act” because they cannot address the underlying supply shocks with monetary policy, but have to respond to what is happening in the economy.

Failure to act to contain inflation risks undermining central banks' inflation-fighting credibility, he said.

“We have ... to preserve the huge progress we’ve made in terms of the credibility of monetary policy regimes. I mean that is absolutely critically important,” Bailey said at the conference.


Square plans to build new bitcoin mining system: Crypto wrap

Square plans to build new bitcoin mining system: Crypto wrap
Updated 40 min 14 sec ago

Square plans to build new bitcoin mining system: Crypto wrap

Square plans to build new bitcoin mining system: Crypto wrap

RIYADH: Following the latest report from the University of Cambridge showing that the US has the largest share of bitcoin mining in the world, the CEO of Twitter and Square, Jack Dorsey has announced that Square is considering building a bitcoin mining system based on custom silicon.

Dorsey has been a supporter of bitcoin for years, and recently made it clear that Square is in the midst of building a bitcoin hardware wallet in order to make bitcoin custody more mainstream, he also said that bitcoin will be a big part of Twitter’s future.

“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

ETF

As the first bitcoin futures ETF could begin trading as early as next week in the US, the owner of the NBA team Dallas Mavericks, Mark Cuban shared his thoughts on bitcoin exchange-traded funds (ETFs).

Cuban said in an interview with CNBC that he has no plans to invest in bitcoin-based exchange-traded funds (ETFs), and sees no reason for him to invest in a bitcoin ETF, asserting that he can buy the cryptocurrency directly.

While futures-based bitcoin ETFs provide investors with some exposure to the crypto market without owning any actual currencies.

Todd Rosenbluth, director of ETF and mutual fund research at CFRA, explained: "The ETF price will not match the price of bitcoin. As such, it is likely better for short-term exposure than for buy and hold long-term investing.

Mexico won’t adopt bitcoin as legal tender

The President of Mexico, Andres Manuel Lopez Obrador, has denied that there is any interest in adopting cryptocurrencies as legal tender in the country.

"No. We are not going to change in this aspect. We see fit to maintain the orthodoxy in managing finances. We are not going to try to innovate a lot in the financial system," he said.

Trading

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Sunday, falling by 0.12 percent to $60,928 at 5 p.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, traded at $3,857, down by 1.51 percent, according to data from Coindesk.

 


US digital asset firm Bakkt plans IPO

US digital asset firm Bakkt plans IPO
Updated 48 min 29 sec ago

US digital asset firm Bakkt plans IPO

US digital asset firm Bakkt plans IPO

RIYADH: US-based digital asset firm Bakkt will go public after completing its merger with global investment firm VPC Impact Acquisition Holdings.

Its shares will be traded on the New York Stock Exchange, and it will be called BKKT.

Approximately 85.1 percent of VPC Impact's shareholders voted to approve the business merger between the two companies at a general meeting held on Oct. 14. 


Petchem, banking shares push up Saudi stock market

Petchem, banking shares push up Saudi stock market
Updated 51 min 41 sec ago

Petchem, banking shares push up Saudi stock market

Petchem, banking shares push up Saudi stock market

RIYADH: The Tadawul All Share Index on Sunday rose by 0.6 percent, after increases in banking, petrochemical and real estate stocks.

The index was up 74 points, closing at 11,773 points. 

Shares of ACWA Power, Petro Rabigh and Kayan traded heavily during the day.
Jabal Omar shares rose by 5.8 percent which jacked up the market. NCB shares followed the lead by moving up 1 percent, which is the highest closing since its listing on the stock market.
However, the major gainers on Sunday were MESC (6.6 percent), Petro Rabigh (6.2 percent), Jabal Omar (5.8 percent), Walaa (5.3 percent), and AlHokair Group (4.6 percent). 

Saudi Arabia’s parallel stock market index, Nomu, also gained 64.97 points, up by 0.27 percent and closed at 24,064.45 points. 


Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline
Updated 17 October 2021

Saudi Arabia, Jordan agree to launch private airline

Saudi Arabia, Jordan agree to launch private airline

RIYADH: Aqaba Special Economic Zone Authority and Fly Aqaba on Sunday signed a joint Saudi-Jordanian investment agreement to establish a privately-owned airline with a capital of $20 million, Reuters reported quoting Petra.

The airline will be have its headquarters in the city of Aqaba.