Italy plans energy package; US Sixth Street Partners potential acquisition of Italy’s Eni’s could value it at $1.4bn: NRG Matters

Italy plans energy package; US Sixth Street Partners potential acquisition of Italy’s Eni’s could value it at $1.4bn: NRG Matters
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Updated 16 January 2022

Italy plans energy package; US Sixth Street Partners potential acquisition of Italy’s Eni’s could value it at $1.4bn: NRG Matters

Italy plans energy package; US Sixth Street Partners potential acquisition of Italy’s Eni’s could value it at $1.4bn: NRG Matters

RIYADH: European governments are making efforts to combat the energy crisis regardless of their impacts such as the case with Électricité de France SA, while in the US there is a continued push to pursue investments in the sector.

Looking at the Bigger Picture:

·The Italian government has drafted a plan to ease the pain of surging energy bills on households and businesses, Reuters reported.

The energy package includes boosting local gas output in an attempt to combat the rallying gas prices.

·Germany proceeds with a grid development plan that stretches up to 2035 upon approval from the country’s energy regulator, Bundesnetzagentur, Reuters reported.

As part of the plan, the European country aims to reduce coal consumption and exit nuclear power as it makes way for green sources.

·Global electricity demand is projected to slow down to reach an increase of approximately 2.7 percent by 2024 compared to an accumulated 6 percent rise in 2021 alone, according to Reuters.

Through a micro lens:

·US investment corporation Sixth Street Partners is looking to acquire as much as 49 percent stake in Italian multinational oil and gas firm Eni, Reuters reported.

The potential acquisition is expected to bring the Italian firm’s valuation up to $1.4 billion (1.2 billion euros).

·French nuclear electric power generation firm, Électricité de France SA has been forced by the government to sell power at a high discount, Bloomberg reported.

The move, designed to shield homes and small firms from the surging energy prices that are sweeping the continent, will cost the nuclear giant an estimated $9 billion.

 


SMEs create 80% of jobs in Saudi Arabia, says Amkest chief

SMEs create 80% of jobs in Saudi Arabia, says Amkest chief
Updated 12 sec ago

SMEs create 80% of jobs in Saudi Arabia, says Amkest chief

SMEs create 80% of jobs in Saudi Arabia, says Amkest chief

DUBAI: Small and medium-sized enterprises create 80 percent of jobs in Saudi Arabia, according to Amr Khashoggi, chairman of Amkest Group. 

While speaking at the Top CEO Forum in Dubai on Wednesday, he said the young workforce in Saudi Arabia, especially the millennials, have different tastes when it comes to employment. 

According to Khashoggi, millennials want companies to care about them and they need a quality work environment. 

“If they don’t believe in the purpose, they will go away,” he added. 

He also said every country in the Gulf Cooperation Council is now trying to push for the nationalization of jobs. 

Khashoggi, however, made it clear that a shortage of talent is prevalent not only in Saudi Arabia but also throughout the region. 


India In-Focus — Financial, IT stocks propel Indian shares; Stellantis sees India as profitable auto market

India In-Focus — Financial, IT stocks propel Indian shares; Stellantis sees India as profitable auto market
Updated 12 min 43 sec ago

India In-Focus — Financial, IT stocks propel Indian shares; Stellantis sees India as profitable auto market

India In-Focus — Financial, IT stocks propel Indian shares; Stellantis sees India as profitable auto market
  • Western carmakers for years have struggled to make money in India, a market dominated by Asia’s Suzuki Motor and Hyundai Motor with their small, low-cost cars

MUMBAI:  Indian shares rose for a third straight session on Wednesday, outperforming regional peers as investors continued to scoop up beaten-down financial and information technology stocks after a recent selloff.

The NSE Nifty 50 index was up 0.69 percent at 16,371.25 by 0509 GMT, while the S&P BSE Sensex rose 0.41 percent to 54,539.92.

The indexes have made strong gains this week after posting five straight weekly losses.

Stellantis sees India as profitable market amid challenges in China, Russia

Stellantis chief Carlos Tavares expects India to be a profitable market and a bigger growth opportunity than the carmaker previously expected, as it faces challenges in countries such as China and Russia.

India, where Stellantis sells its Jeep and Citroen brands, makes up a fraction of the carmaker’s global sales but Tavares said he expects revenues in the South Asian nation to more than double by 2030 and operating profit margins to be in double-digits within the next couple of years.

Western carmakers for years have struggled to make money in India, a market dominated by Asia’s Suzuki Motor and Hyundai Motor with their small, low-cost cars.

“Being profitable in India is possible if you do things the India way,” Tavares said at a virtual media roundtable late on Tuesday.

This, according to him, includes sourcing parts locally and vertically integrating the supply chain to keep costs low, and engineering cars locally with features Indian consumers want and are willing to pay for.

(With input from Reuters) 


UAE trading platform NorthLadder secures $10m in convertible note

UAE trading platform NorthLadder secures $10m in convertible note
Updated 17 min 8 sec ago

UAE trading platform NorthLadder secures $10m in convertible note

UAE trading platform NorthLadder secures $10m in convertible note

RIYADH: UAE-based digital trading platform for pre-owned electronics, NorthLadder, has secured a $10 million convertible note led by venture capital firm CE-Ventures with participation from other investors.

The company will use its acquired funds to boosts its technology platform, expand geographically, as well as strengthen current B2B partnership

“With this latest round of funding, we plan to further strengthen our talent base and expand our market reach in multiple countries including the UAE and Saudi Arabia,” Sandeep Shetty, co-founder and CEO of NorthLadder, said in a statement.

NorthLadder has served more than 30,000 customers, has over 500 dealers across three countries, and over 200 trade-in locations, according to MAGNiTT.


Egypt In-Focus: Total US investments in Egypt hit $24bn; Unemployment rate drops

Egypt In-Focus: Total US investments in Egypt hit $24bn; Unemployment rate drops
Updated 19 min 10 sec ago

Egypt In-Focus: Total US investments in Egypt hit $24bn; Unemployment rate drops

Egypt In-Focus: Total US investments in Egypt hit $24bn; Unemployment rate drops

RIYADH: US investments in the North African country have increased drastically and employment rates have also increased significantly in 2021, as compared to 2020. On the other hand, the Ministry of Tourism is working to bolster the tourism sector. Meanwhile, the EU is also backing Egypt as a major hub of energy in the Middle East and North Africa and the Mediterranean regions, according to the EU ambassador to Cairo.

  • US investments in Egypt surged to $24 billion in the financial year 2021-22, up from $9 billion in the financial year 2020-21, local newspaper Daily News Egypt reported, citing Prime Minister Mostafa Madbouly. The majority of the investments are concentrated in the fields of energy, petrochemicals, infrastructure, tourism, agriculture, and industry.
  • The total number of employed Egyptians hit 27.1 million during 2021, reflecting a 3.7 increase when compared to 2020 figures, local newspaper Youm 7 reported, citing a report released by the Ministry of Planning and Economic Development. The unemployment rate among males reached 5.6 percent in 2021, down from 6 percent in 2020 while the unemployment rate among females dropped from 17.7 percent in 2020 to 16 percent in 2021. 
  • The Ministry of Tourism has been reported to have hosted several intensive meetings to stimulate domestic tourism, Youm 7 also reported. Led by Assistant Minister of Tourism and Antiquities Ahmed Youssef, the meetings discussed plans to raise tourism as well as archeological awareness in addition to implementing internal tourism movements in several governorates. 
  • The EU supports Egypt’s decision to become a major hub of energy in the MENA and Mediterranean regions, local newspaper Egypt Today reported, citing European Union Ambassador to Cairo Christian Berger. 

 


PIF-backed Emaar EC narrows losses by 17% on higher sales in Q1

PIF-backed Emaar EC narrows losses by 17% on higher sales in Q1
Updated 38 min 33 sec ago

PIF-backed Emaar EC narrows losses by 17% on higher sales in Q1

PIF-backed Emaar EC narrows losses by 17% on higher sales in Q1

RIYADH: Saudi Arabia’s Emaar the Economic City has managed to narrow down its losses in the first quarter of 2022, after an increase in sales to SR87 million ($23.2 million).

On the back of lower impairment loss, Zakat and financial charges, the PIF-backed firm saw its losses fall by 17 percent to SR160 million in the first quarter from SR194 million a year earlier, a bourse filing showed.

Emaar EC said the decline in losses was mainly attributable to a decrease in a gross loss of 62 percent, down from SR17 million to SR10.6 million on the year. 

The company added that accumulated losses amounted to SR3.6 million or nearly 32 percent of capital by the end of the first quarter of 2022.