Australia backs $5bn Tasmania green energy hub plan

Australia backs $5bn Tasmania green energy hub plan
Top of Mt Amos over looking Wineglass Bay, Tasmania (Shutterstock)
Short Url
Updated 24 November 2021

Australia backs $5bn Tasmania green energy hub plan

Australia backs $5bn Tasmania green energy hub plan

JEDDAH: Tasmania island will be turned into an energy hub capable of powering urban centers in the southeast of the Australian mainland, the country's government has confirmed.

The plan includes building hydro and wind-pumped power generation and transmission of electricity via a 250-kilometers submarine cable known as Marinus Link, according to Bloomberg.

It will cost up to $5.1 billion.

A large battery in Victoria, which connects dozens of Tesla Megapacks, will soon be commissioned while a similar sized unit in Jeeralan will be ready by 2026, Bloomberg reported citing Victoria Energy Policy Centre report. 

“Battery storage capacity will be built and operational in Victoria long before Marinus Link and the ‘Battery of the Nation’ developments in Tasmania are close to operational,” the report said.


Saudi Wafrah appoints Khaled Saleh Al Amoudi as CEO

Saudi Wafrah appoints Khaled Saleh Al Amoudi as CEO
Updated 13 sec ago

Saudi Wafrah appoints Khaled Saleh Al Amoudi as CEO

Saudi Wafrah appoints Khaled Saleh Al Amoudi as CEO

RIYADH: Saudi food firm Wafrah for Industry and Developments has appointed Khaled Saleh Al Amoudi as CEO on Thursday, according to a bourse statement. 

The decision follows recommendation from the Remuneration and Nomination Committee.

With a M.Sc.in Financial Management, Al Amoudi currently holds the chief financial officer position at the firm, with more than 20 years of accumulated experience as CFO and in the governmental and bank sectors.


Tadawul approves $755m government debt listing

Tadawul approves $755m government debt listing
Updated 7 min 9 sec ago

Tadawul approves $755m government debt listing

Tadawul approves $755m government debt listing

RIYADH: Saudi stock exchange Tadawul approved listing of SR2.83 billion ($755 million) worth of government debt instruments, submitted by the Ministry of Finance, according to a bourse filing.

The first issuance dated January 8, amounts to SR1.25 billion, Tadawul said in a statement.

The second issuance dated January 12, is valued at SR1.59 billion.


Profits of Saudi-based SADAFCO drop 28.6% as pandemic hits sales

Profits of Saudi-based SADAFCO drop 28.6% as pandemic hits sales
Updated 10 min 28 sec ago

Profits of Saudi-based SADAFCO drop 28.6% as pandemic hits sales

Profits of Saudi-based SADAFCO drop 28.6% as pandemic hits sales

RIYADH: Saudia Dairy and Foodstuff Co., or SADAFCO, reported a 28.6 percent decline in profit during the nine months ending Dec. 31, 2021. 

Profits dropped to SR146 million ($38.9million), compared to SR205 million in the corresponding period a year earlier, the company announced in a bourse statement.

SADAFCO attributed the lower profit figures to lower sales volumes driven by the pandemic, an increase from 5 percent to 15 percent in VAT, and higher material and logistics costs.

The financial statements of the company indicated a healthy cash flow, with a strong cash position of SR679 million.

SADACFO’s share price edged down by 0.12 percent in today’s session to close at SR167.

Earlier, the company’s board recommended cash dividends at SR3 per share for the first half of the fiscal year ended Mar. 31, 2022.

Jeddah-based SADAFCO operates sales and distribution depots in 24 locations across Saudi Arabia, Bahrain, Qatar, Jordan, and Kuwait. Its products are also exported to several countries in the MENA region.

 


South Korea’s Kakao Pay loses its three most senior executives

South Korea’s Kakao Pay loses its three most senior executives
Updated 16 min 6 sec ago

South Korea’s Kakao Pay loses its three most senior executives

South Korea’s Kakao Pay loses its three most senior executives

South Korean fintech firm Kakao Pay Corp. saw three of its leading executives quit on Thursday amid shareholder rebellion.

According to Bloomberg, the company's CEO, chief financial officer and chief business officer all resigned.

This comes as the CEO, along with other executives, faced criticism from by shareholders for selling down some of their stakes in the stock market after its November debut.

This dragged down investor sentiment in the process, slashing a total of $25 billion off the market value of the firm and its affiliates.

While the resignation of chief executive officer Alex Ryu was anticipated, that of chief financial officer Kijoo Chang and chief business officer Jin Lee came as a surprise.

The IT giant’s listed vehicles saw a 6.3 percent jump — its largest in three weeks — in shares on Thursday, after severe losses experienced a day earlier.

 


Gas Arabian Services to offer 790k shares on Nomu

Gas Arabian Services to offer 790k shares on Nomu
Updated 38 min 24 sec ago

Gas Arabian Services to offer 790k shares on Nomu

Gas Arabian Services to offer 790k shares on Nomu

RIYADH: Dammam-based Gas Arabian Services will start offering 790,000 ordinary shares on the parallel market Nomu on Sunday Jan. 23, according to a bourse filing. 

The number of shares amounts to 5 percent of the company’s capital, priced at SR75 to SR90 ($20 to $24) each. 

The offering duration will take place for four days, till Jan. 27 2022.   

FALCOM Financial Services Co. is the lead manager of the initial public offering.