Saudia records over 500 flights in a day in post-pandemic recovery

Saudia records over 500 flights in a day in post-pandemic recovery
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Updated 07 December 2021

Saudia records over 500 flights in a day in post-pandemic recovery

Saudia records over 500 flights in a day in post-pandemic recovery

RIYADH: Saudi Arabian national airline Saudia has set a new record in the number of daily flights since the beginning of the pandemic.

The airline operated 507 flights on Dec. 4 during the peak of operational movements, Saudi Press Agency reported. 

Flights to Jeddah and Riyadh topped the list of the largest share of trips, with 128 flights each, followed by the Dammam and then Madinah, with 30 and 14 flights respectively. 

The national carrier’s total number of destinations is currently at 76, with 27 domestic routes and 49 international ones, compared to a total of 100 destinations during pre-COVID times.  

Recovery from the effects of the pandemic continues to rise, the CEO of Saudia, Ibrahim bin Salman said, referring to an operational performance report.


EU plan to label gas and nuclear as green could mislead investors, advisers say

EU plan to label gas and nuclear as green could mislead investors, advisers say
Image: Shutterstock
Updated 24 sec ago

EU plan to label gas and nuclear as green could mislead investors, advisers say

EU plan to label gas and nuclear as green could mislead investors, advisers say
  • The EU taxonomy would not ban investments in assets that lack a green label

The European Union's draft plan to label gas and nuclear plants as green investments risks causing confusion and misstated financial disclosures, expert advisers to the bloc said amid criticism of the proposal from some lawmakers and nations.


In feedback due to be published on Monday, the experts urged EU authorities to rewrite the draft rules, which they said would label gas plants with relatively high CO2 emissions as sustainable, as well as new nuclear plants launched too late to help meet the bloc's 2050 climate target.


The specialist advisers, whose views were reported in a leaked draft on Friday, said the proposal would make it hard for investors to assess which investments are truly climate-friendly — the question that the EU's "sustainable finance taxonomy" was designed to provide a clear answer on.


"The implication is the market will not be able to interpret what investments are truly aligned with the climate goals and which ones are not," Nathan Fabian, chair of the expert advisory panel, told Reuters. "It would lead to misstatements in financial disclosures."


"You'd see claims in financial products that your money is being invested in a sustainable way — but it's in a gas plant that's got above the European average emissions level," he added.


If the European Commission went ahead with the draft rules, the advisers said it should require companies and financial product issuers to single out gas and nuclear in their financial disclosures, rather than grouping them together with other green investments like electric cars or wind energy.


Tougher disclosures would be needed to avoid "greenwashing", the feedback said.


The EU taxonomy would not ban investments in assets that lack a green label.

But by badging climate-friendly investments as green, it aims to make them more attractive to investors.


EU countries and lawmakers disagree on whether gas and nuclear deserve a green badge. Germany rejected including nuclear in a letter to the EU, while four other states publicly opposed the Commission proposal last week.


Meanwhile, groups representing more than 200 of the European Parliament's 700 lawmakers sent letters to the Commission raising concerns.

Some are opposed to labelling gas and nuclear as sustainable, some are seeking rules to include more gas plants, and others are calling for a public consultation on the rules.


The Commission must now publish a final proposal for the rules. A majority of European Parliament lawmakers or a super-majority of EU countries — 20 of the 27 member states — could veto them.


Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn
Updated 8 min 30 sec ago

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices drive global upstream M&A deals to hit a 3-year high of $181bn

Higher commodity prices and a healthier market prompted global upstream merger and acquisition deals to reach a three-year high of $181 billion in 2021, according to an independent energy research company.

Value of deals rebounded, returning to pre-pandemic levels, but were slightly below 2017 and 2018 levels of $205 billion and $199 billion respectively, Rystad Energy said.

The value of deals over $1 billion reached $126 billion, or 70 percent of the global total. The share of these almost tripled, with 2021 marking 35 such deals as compared to only 13 in the previous year. Out of these 35 deals, 13 were company acquisitions with a value of around $65 billion.

Two Australia-related mergers made up $22 billion of the total. One was between Santos and Oil Search and the other was between Woodside Petroleum and BHP. The remaining over-$1 billion deals were mainly focused on North American assets.

Gas made up 56 percent of all traded resources, up from 43 percent in 2020, while oil and natural gas liquids had shares of 31 percent and 9 percent, respectively. The shift in deal composition in 2021 was attributed to the North American acquisitions and was also helped by deal activity in other regions.

“With a strong potential deal pipeline, continuous pressure on companies to transform amid a global push to lower carbon emissions while simultaneously delivering profitable oil and gas production, and an average oil price of above $60 per barrel expected for 2022, the upstream M&A market is likely to stay active for the foreseeable future,” Ilka Haarmann, senior analyst at Rystad Energy, said.


Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February
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Updated 18 min 28 sec ago

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

Egypt’s Ghazl El Mahalla first football club to list on MENA stock exchange in early February

RIYADH: Egypt's Ghazl El Mahalla will become the first football club to list on the Egyptian Exchange, known as EGX, in early February 2022, Almal reported citing the company’s head. 

Ghazl El Mahall is currently owned by the Egyptian El Mahalla Spinning and Weaving Co, and Ali Al-Abbasi said the listing of the company would take the burden of football off the firm.

The football club is offering over 60 percent of its capital and will raise around 135 million Egyptian pounds ($8.6 million).

The club will release the prospectus for its initial public offering on the Egyptian stock exchange before the end of January. 

It will become the first club to establish an independent joint stock company in Egypt, in accordance with the new sports law, he noted. 

Egypt’s new sports law was issued as part of the ministry of youth affairs and sports’ efforts to motivate investors, attract investments, and encourage clubs and sports bodies to establish companies.

Ghazl El Mahalla is one of Egypt's biggest clubs, but has not won the country's premier league since 1973.

 


Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts
Updated 20 min 15 sec ago

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

Saudi SABIC Agri-Nutrients completes $320m acquisition amid expansion efforts

RIYADH: Saudi Arabian petrochemical firm SABIC Agri-Nutrients has completed a SR1.2 billion ($320 million) partial acquisition of Dubai-based ETG Inputs Holdco Ltd.

The homegrown fertilizer producer is to takeover 49 percent of ETG Inputs Holdco’s share capital, it said in a bourse statement.

This comes as part of the company’s strategy to strengthen its presence in global markets and move closer to its customers.

SABIC Agri-Nutrients noted that the transaction is subject to regulatory approvals and other terms and conditions.

The financial impact of the acquisition is expected to roll out on the company’s financial statements during the second half of the ongoing fiscal year, it added.

ETG Inputs Holdco specializes in the field of blending and distributing fertilizers and seeds. It directly sells to farmers and end customers across several countries in Africa.

 


JPMorgan merges EU operations into single German business

JPMorgan merges EU operations into single German business
Image: Shutterstock
Updated 25 min 39 sec ago

JPMorgan merges EU operations into single German business

JPMorgan merges EU operations into single German business
  • Channelling most of its EU business through a single entity will make it cheaper for JPMorgan to operate

American banking giant JPMorgan has merged most of its European Union businesses into a single entity in Germany, it said on Monday, seeking to make its business in the bloc more competitive after Britain’s departure.


The bank said it had simplified its European structure by merging its Luxembourg and Irish entities into German business JP Morgan AG.


JPMorgan said the new combined operation “will be among the five largest banking legal entities in Germany” and go into the top 20 of those supervised by the European Central Bank.

It said it would have a total capital base of about 34 billion euros ($38.51 billion).


Major US banks have been reorganizing their European operations since Brexit because they can no longer serve EU clients out of London.

Channelling most of its EU business through a single entity will make it cheaper for JPMorgan to operate by reducing how much capital it needs to hold in total and combining different pools of liquidity.


The reorganization of the group’s EU legal entity structure does not involve any change to its existing office locations, JPMorgan added.