G20 finance chiefs back deal to revamp corporate taxation: Reuters

G20 finance chiefs back deal to revamp corporate taxation: Reuters
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Updated 13 October 2021

G20 finance chiefs back deal to revamp corporate taxation: Reuters

G20 finance chiefs back deal to revamp corporate taxation: Reuters

WASHINGTON: Finance leaders from the G20 major economies on Wednesday endorsed a global deal to revamp corporate taxation and pledged to avoid premature withdrawal of fiscal support while keeping a close eye on inflationary pressures, according to a final draft communique seen by Reuters.

The G20 finance ministers and central bank governors also called on the International Monetary Fund to establish a new trust fund to channel a $650 billion issuance of IMF monetary reserves to a broader range of vulnerable countries. 

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Apicorp plans another debt issuance in 2022 as it expands renewable portfolio, CEO says 

Apicorp plans another debt issuance in 2022 as it expands renewable portfolio, CEO says 
Updated 14 sec ago

Apicorp plans another debt issuance in 2022 as it expands renewable portfolio, CEO says 

Apicorp plans another debt issuance in 2022 as it expands renewable portfolio, CEO says 

RIYADH: Apicorp, the Arab multilateral energy investment bank, is planning to issue green bonds or sukuk as early as next year to support plans to grow its renewable energy assets by $1 billion by 2023.

The company, which just finished an issuance of $750 million in green bonds, is traditionally known for its financing of oil, natural gas, and downstream projects.

The Saudi Arabia-based bank is now becoming very aggressive in building a sustainable and renewable portfolio after it increased its funding for green projects by a staggering 500 percent over the last five years, Ahmed Ali Attiga, chief executive officer, told Arab News in an interview. 

"Now we have around 15 percent of our total portfolio in green and non-conventional and renewable assets, up by 500 percent over the past five, six years," he added.

In spite of its green plan, Apicorp is still planning to issue sukuk or bonds as early as Spring 2022 to finance its conventional and non-conventional projects, he added.


Footwear maker Allbirds targets over $2bn valuation in U.S. IPO

Footwear maker Allbirds targets over $2bn valuation in U.S. IPO
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Updated 9 min 6 sec ago

Footwear maker Allbirds targets over $2bn valuation in U.S. IPO

Footwear maker Allbirds targets over $2bn valuation in U.S. IPO
  • Allbirds said it expects higher expenses to drive up net losses to about $15 million to $18 million in the three months ended Sept. 30

Sustainable footwear maker Allbirds Inc said on Monday it was targeting a fully diluted valuation of as much as $2.2 billion in its initial public offering in the United States.


The company, backed by asset manager Franklin Templeton, said it is offering 19.2 million shares priced between $12 and $14 each, along with the selling stockholders. At the top end of that range, the IPO would fetch about $269 million.


Allbirds said it expects higher expenses to drive up net losses to about $15 million to $18 million in the three months ended Sept. 30, compared to a loss of nearly $7 million a year earlier.


The wool footwear maker is among several companies that have tapped investor interest in sustainable or environmentally friendly goods. In May, Oprah Winfrey-backed vegan milk maker Oatly Group AB and Jessica Alba's consumer goods company Honest Co listed their shares.


Allbirds, which is also backed by Oscar-winning actor Leonardo DiCaprio, uses a plant-based alternative to leather for its shoes.

It has also partnered with Adidas to create a range of sustainable sneakers.


Morgan Stanley, J.P. Morgan and BofA Securities are the lead underwriters for the offering. 


LNG demand to rise 25-50% by 2030: Morgan Stanley

LNG demand to rise 25-50% by 2030: Morgan Stanley
Updated 11 min 9 sec ago

LNG demand to rise 25-50% by 2030: Morgan Stanley

LNG demand to rise 25-50% by 2030: Morgan Stanley

SINGAPORE: Demand for liquefied natural gas is expected to rise by 25 to 50 percent by 2030, making it the fastest growing hydrocarbon over the next decade, analysts from Morgan Stanley Research said in a note on Monday.

Morgan Stanley has raised its long-term LNG price outlook to $10 per million British thermal units (mmBtu), expecting spot prices of the super-chilled fuel to average 40 percent higher over the next decade, versus the past five years.

Asian spot LNG prices hit a record above $56 mmBtu earlier this month as surging demand ahead of the northern hemisphere winter spurred by an economic rebound from the pandemic outstripped supply.

Morgan Stanley said at least 73 million tons per annum (mtpa) of new projects are needed to meet LNG demand by 2030. This will require an additional $65 billion of new projects, on top of the $200 billion of projects already under construction which were sanctioned since 2019.

“Contrary to investor expectations, the world is going to need more LNG in the initial phase of the energy transition,” the analysts said.

“Competing technologies for natural gas are not being developed fast enough, and there are significant benefits in reducing coal consumption while greener fuels are commercialized.”

Projects with lower emission intensity will be more sought after and are more likely to progress, they said.

While higher gas prices are likely to underpin further investment in LNG, supply will be slower to respond than in previous cycles, the analysts said.


China to investigate energy index providers in bid to tame coal prices

China to investigate energy index providers in bid to tame coal prices
Updated 15 min 56 sec ago

China to investigate energy index providers in bid to tame coal prices

China to investigate energy index providers in bid to tame coal prices
  • Thermal coal futures have risen more than 150 percent this year

China said on Monday it will investigate energy price index providers as it urged coal industry participants to "strictly" meet contractual obligations, in its latest bid to tame prices that have hit record highs.


The most-active thermal coal futures contract on the Zhengzhou Commodity Exchange, for delivery in January, tumbled more than 8 percent - their fourth straight daily decline - but recovered some losses to close down 7 percent at 1,305.6 yuan ($204.51) per tonne.


The contract was down more than 34 percent from Tuesday's record of 1,982 yuan. Thermal coal futures have risen more than 150 percent this year.


The state planner, the National Development and Reform Commission (NDRC), said it would investigate complaints that some energy information providers, including in the coal sector, had used false transaction prices, published "hearsay" information and "fabricated" price data, and had "manipulated price indexes".


"As a result, the coal price has completely deviated from the fundamentals of supply and demand, seriously damaging the national and public interests," it said.


The NDRC said it would check for compliance and would summon index providers, and would punish any irregularities with measures such as suspension of publication or inclusion on a blacklist.


It did not name any of the information providers.


Dozens of organisations provide coal pricing data in China, including the China Electricity Council and the China Coal Transportation and Distribution Association. Local consultancies such as Fenwei Digital Information Technology, and Yimei, a trading platform owned by Helue E-Commerce Corp, also publish coal prices.


In September, authorities banned a coal trading firm from publishing daily prices and market news as part of efforts to regulate commodities markets and tame red-hot prices.

Beijing has in recent months issued new rules for commodity price indexes and has said regulators would suspend the activities of those failing to comply.


The NDRC also urged coal firms to strictly meet contractual obligations and asked them to strengthen the credit supervision of medium- and long-term contracts.


The NDRC said it would urge upstream and downstream coal companies to sign mid- and long-term contracts for power and coal and "give full play to the medium- and long-term coal contracts to stabilize the market".


On Monday, the China Coal Industry Association urged member companies to boost output while ensuring mining safety, to guarantee supplies during winter, to promote "rational" coal prices, to execute medium- and long-term contracts, and to sign 2022 contracts in advance.


Climate campaigners are hoping China, the world's top miner and consumer of coal and the biggest emitter of greenhouse gases, can be persuaded to start cutting coal consumption earlier than its target of 2026, but severe energy shortages have put the government under pressure to step up production of the fuel.


China is pushing miners to ramp up production and is increasing imports so power stations can rebuild stockpiles for the winter, but analysts say shortages are likely to persist for at least a few months.


China's securities regulator last week asked futures exchanges to raise fees, restrict trading quotas and crack down on speculation.


Asian Livspace partners with Alsulaiman Group to enter Middle East market

Asian Livspace partners with Alsulaiman Group to enter Middle East market
Updated 19 min 30 sec ago

Asian Livspace partners with Alsulaiman Group to enter Middle East market

Asian Livspace partners with Alsulaiman Group to enter Middle East market

The Indian home interior platform, Livspace, has announced its expansion into the Middle East through a partnership with Alsulaiman Group, starting with Saudi Arabia. 

The two companies have invested about $50 million to fuel growth and expand in the segment across multiple markets in MENA.

Livspace delivers end-to-end execution of interior design and focuses on new mobile applications, AI, machine learning retail technology and visualization solutions for the home improvement industry. 

“This partnership with Livspace will allow us to expand the scope of the customer experience from the beginning of the design of the home to the end of implementation, in an innovative and unique experience to turn the dreams of homeowners into reality,” said Alsulaiman Group CEO Saud Alsulaiman.