Hertz orders 100,000 Tesla cars: Bloomberg News

Hertz orders 100,000 Tesla cars: Bloomberg News
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Updated 25 October 2021

Hertz orders 100,000 Tesla cars: Bloomberg News

Hertz orders 100,000 Tesla cars: Bloomberg News
  • Hertz filed for bankruptcy protection in May last year after travel demand sank during the height of the pandemic

Car rental firm Hertz has ordered 100,000 Tesla Inc cars, Bloomberg News reported on Monday, citing people with knowledge of the matter.


This marks the single-largest purchase ever for electric vehicles and represents about $4.2 billion of revenue for Tesla, according to the report.


Hertz and Tesla did not immediately respond to Reuters requests for comment.


Hertz filed for bankruptcy protection in May last year after travel demand sank during the height of the pandemic and talks with creditors failed to provide relief.


In May, Hertz said a group of investors including Knighthead Capital Management, Certares Opportunities and Apollo Capital Management would fund the company's exit from Chapter 11 bankruptcy.


NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks
Updated 10 sec ago

NEOM to build Cognitive City security system to defend against cyber attacks

NEOM to build Cognitive City security system to defend against cyber attacks

RIYADH: NEOM signed an initial agreement on Thursday to build and trial the ‘Cognitive City’ quantum security system, a statement revealed.

NEOM has teamed up with Arqit Quantum, known as Arqit, to develop new software capable of defending cognitive cities against cyber attacks.

The new quantum system will be built and tested at NEOM during the first half of 2022, and it can also be exported to other cognitive cities around the world, the statement said.

“NEOM is without doubt leading the world in the development of cognitive communities, and therefore the perfect launch partner for this technology,” Executive Director of Emerging Technologies for NEOM Mansoor Hanif said.


Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
Image: Shutterstock
Updated 47 min 41 sec ago

Tighter state control eases China's producer inflation in November from 26-year high

Tighter state control eases China's producer inflation in November from 26-year high
  • The jump in consumer prices was mainly driven by increasing food prices

Tighter government control triggered a slowdown in Chinese producer prices as they went up by an annual rate of 12.9 percent in November, easing from the previous month’s 26-year high of 13.5 percent, official data showed.

The loss of steam reflects the efficacy of the government’s policies of controlling commodity prices and supply shortfalls in the previous period. 

The world's second-largest economy has tried to adopt policies of supply and price stabilization to curb the rise in prices.

This would improve policymakers’ ability to boost the economy, Bloomberg reported.

On a monthly basis, producer prices didn’t experience any change in November compared to a 2.5 percent increase a month earlier.

Meanwhile, consumer prices went up by a yearly rate of 2.3 percent, up by 0.8 percent from a month earlier, to hit its highest level since August 2020. 

The inflationary pressures were attributable to last year’s low base effects.

The jump in consumer prices was mainly driven by increasing food prices, which went up by 1.6 percent, accelerating from the previous month’s drop. 

In particular, fresh vegetables prices surged by 30.6 percent while that of pork slumped by 32.7 percent.

In addition, annual core inflation rate, which excludes changes in volatile items such as food and energy, hit 1.2 percent in November dropping by 0.1 percent from October’s level.


Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
Updated 57 min 34 sec ago

Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
  • The female-led company will use the funds to expand internationally and further its product development

DUBAI: Dubai-based startup PureBorn, which produces eco-friendly baby products, has raised $2 million in its latest seed funding round. 

The female-led company will use the funds to expand internationally and further its product development, it said in a statement. 

“As a consumer goods, e-commerce business, and a female-owned and run SME (small and medium enterprise), we are thrilled to be paving the way in this exciting category,” PureBorn founder Hannah Curran said.


Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 
Updated 09 December 2021

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

Celebrity shoutout platform Minly acquires Dubai’s Oulo to consolidate reach 

DUBAI: Egyptian startup Minly is acquiring Dubai-based celebrity shoutout platform Oulo to combine services and reach for an undisclosed value. 

The platforms allow fans to connect with athletes, musicians, and other celebrities, and the merged business will combine the pair’s roster of celebrities across the Arab region. 

“Historically, the majority of pan-Arab celebrities were either Egyptian or Lebanese. Therefore, combining forces unlocks immense synergies as, together, we dominate the two most important sources of cultural content,” Kamal Nazha, Oula’s founder, said.

The acquisition follows Minly’s recent seed round where it raised $3.6 million off the back of a year of growth for the platform. It acquired 130,000 users and 1,000 celebrities in just over a year.

“Our mission is to become the number one creator economy platform in the region, and speed to market is critical to achieving this,” Minly chief Mohamed El-Shinnawy told Tech Crunch in an interview. 


Gazprom Neft expects record hydrocarbon output this year, topping 100m tonnes

Gazprom Neft expects record hydrocarbon output this year, topping 100m tonnes
Close-up of Gazprom Neft truck. Translation of a sign in Russian means Gazprom Oil. Shutterstock
Updated 09 December 2021

Gazprom Neft expects record hydrocarbon output this year, topping 100m tonnes

Gazprom Neft expects record hydrocarbon output this year, topping 100m tonnes
  • The company has been actively developing northern regions of Russia, mainly the Yamal region

Gazprom Neft, the oil arm of Russian gas giant Gazprom, expects its hydrocarbon production to exceed 100 million tons of oil equivalent this year, reaching a record high, it said on Thursday.


Gazprom Neft had aimed to reach the 100 million tons target by 2020 but had to delay that due to production restrictions agreed by the OPEC+ group of leading oil producing countries.


The company has been actively developing northern regions of Russia, mainly the Yamal region, as its key oilfields in Western Siberia are beсoming increasingly depleted.


Gazprom Neft said on Thursday that higher production volumes in 2021 have been supported by the commissioning of the Tazovskoye field in the Yamal-Nenets region, as well as the launch of a new integrated gas treatment plant at the Vostochno-Messoyakhskoye field.


The company also said it would increase investment next year.


“In 2022, Gazprom Neft’s total investment is expected to increase by more than 10 percent, with funding for the investment program expected to exceed 500 billion roubles ($6.8 billion),” it said.