UK's Johnson joins final push to convince Arm to list in London: FT

UK's Johnson joins final push to convince Arm to list in London: FT
Johnson has written to SoftBank executives as part of the last-ditch effort, the report said. (Shutterstock)
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Updated 03 May 2022

UK's Johnson joins final push to convince Arm to list in London: FT

UK's Johnson joins final push to convince Arm to list in London: FT
  • However, two people familiar with SoftBank's thinking said there was very little possibility of changing plans and listing in London

UK Prime Minister Boris Johnson has joined a final push to try to convince SoftBank Group Corp-backed chip designer Arm to list in London, the Financial Times reported on Monday, citing people familiar with the matter.

Johnson has written to SoftBank executives as part of the last-ditch effort, the report said, adding ministers and executives from the London Stock Exchange are trying to persuade the Japanese conglomerate to rethink their preference for listing in New York.

Arm declined to comment on the matter, while the LSE and SoftBank did not immediately respond to Reuters' requests for comment.

"Following last year’s record number of tech IPOs in London, we continue to work hard to support and encourage all firms to list here. We hope Arm will continue to build its business here, drawing on the UK’s unrivalled mix of skills and capital," a UK government spokesperson told Reuters by email.

Digital minister Chris Philp and Minister for Investment Gerry Grimstone, who lead the lobbying efforts, are expected to meet SoftBank executives in the coming weeks, according to the report.

However, two people familiar with SoftBank's thinking said there was very little possibility of changing plans and listing in London, the FT added.

SoftBank in February shelved the sale of Arm Ltd to U.S. chipmaker Nvidia Corp in a deal valued at up to $80 billion, citing regulatory hurdles, and instead decided to list the company.


Saudi Arabia’s Dar Al Arkan plans residential project in Abu Dhabi

Saudi Arabia’s Dar Al Arkan plans residential project in Abu Dhabi
Updated 11 sec ago

Saudi Arabia’s Dar Al Arkan plans residential project in Abu Dhabi

Saudi Arabia’s Dar Al Arkan plans residential project in Abu Dhabi

RIYADH: Saudi Arabia’s property developer Dar Al Arkan is planning a new residential project in Abu Dhabi as the property market in the UAE is steadily rebounding after the pandemic, a local newspaper of the UAE reported quoting the firm’s vice chairman Ziad El Chaar. 

El Chaar revealed that the new project will be Dar Al Arkan’s fourth in the UAE and the first in Abu Dhabi. Currently, the property developer has three ongoing projects in Dubai. 

“Abu Dhabi is a promising market. We are in discussions with many parties to acquire some key plots to enter the market soon,” said El Chaar. 

The development work on the new residential project is expected to begin by the first quarter of 2023. 

El Chaar, however, did not reveal the total cost of the Abu Dhabi project but said the company’s projects are “sizeable,” with each project valuing about $262 million. 


India In-Focus — Shares rise; India buys discounted Venezuelan petcoke; Volkswagen, Mahindra deepen EV cooperation 

India In-Focus — Shares rise; India buys discounted Venezuelan petcoke; Volkswagen, Mahindra deepen EV cooperation 
Updated 3 min 51 sec ago

India In-Focus — Shares rise; India buys discounted Venezuelan petcoke; Volkswagen, Mahindra deepen EV cooperation 

India In-Focus — Shares rise; India buys discounted Venezuelan petcoke; Volkswagen, Mahindra deepen EV cooperation 

RIYADH: Indian shares traded higher on Tuesday, with the NSE Nifty 50 index trading above 17,800 for the first time since April 8, helped by softening consumer inflation that eased for a third straight month in July.

The NSE Nifty 50 index was up 0.7 percent at 17,827.25, as of 0500 GMT, while the S&P BSE Sensex was 0.7 percent higher at 59,888.24. Indian markets were closed on Monday for a holiday.

India’s consumer inflation dipped to 6.71 percent in July, aided by a slower increase in food and fuel prices and adding to expectations that the central bank may rein in the pace of its policy rate hikes from next month.

Auto stocks were up, and the Nifty Auto index hit a record high with its 1.8 percent gain.

Shares of Hero MotoCorp. rose as much as 3 percent after strong June-quarter results.

Life Insurance Corporation of India rose 2.5 percent after the country’s biggest insurer posted a 20 percent jump in June-quarter premium income on Friday.

India buys discounted Venezuelan petcoke to replace coal

Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data showed.

India’s growing appetite for Venezuela’s petcoke – a byproduct from oil upgrading and an alternative to coal — is being driven by a scramble for inexpensive fuel to power industries as global coal prices have surged.

This could boost cash flow for the South American producer, where state and private companies have increased exports of petrochemicals and oil byproducts, and the more competitively-priced Venezuelan supplies could displace cargoes from traditional suppliers.

Indian cement companies imported at least four cargoes carrying 160,000 tons of petroleum coke from April to June, according to three trade sources, Refinitiv ship-tracking data and Venezuelan shipping schedules.

Another 50,000-ton cargo is expected to reach the port of Mangalore on India’s southwestern coast in the coming days while a 30,000-ton shipment is scheduled to depart later in August, the data showed.

Volkswagen, Mahindra deepen electric vehicle component cooperation

Volkswagen and Mahindra & Mahindra on Monday expanded their cooperation and signed a term sheet under which the German carmaker will supply electric components to its Indian peer.

The agreement covers components of Volkswagen’s open platform for electric vehicles, called MEB, to be supplied to Mahindra’s new electric platform INGLO, the companies said.

The INGLO platform, which will power all of Mahindra’s EVs, offers options ranging from 60-80 kilowatt-hour battery capacity and fast-charging of up to 80 percent in less than 30 minutes, Mahindra said, without specifying the range of the EVs.

The cooperation aims for a volume of more than 1 million vehicles by 2030 and includes the equipment of five electric sports utility vehicles based on INGLO, the companies said.

“The partnership not only demonstrates that our platform business is highly competitive, but also that the MEB is well on track to become one of the leading open platforms for e-mobility,” Volkswagen management board member Thomas Schmall said.

(With input from Reuters) 


KPMG joins Saudi Arabia’s Digital Cooperation Organization as observer

KPMG joins Saudi Arabia’s Digital Cooperation Organization as observer
Updated 13 min 19 sec ago

KPMG joins Saudi Arabia’s Digital Cooperation Organization as observer

KPMG joins Saudi Arabia’s Digital Cooperation Organization as observer

RIYADH: KPMG has become the first professional services organization to join Saudi Arabia’s Digital Cooperation Organization as an official observer.

DCO is an intergovernmental organization established to enable digital prosperity. In a tweet, DCO wrote that KPMG will work together with the organization to inclusive digital economy growth and ensure digital prosperity for all.

A report published in ITP noted that KPMG’s association with DCO will involve operations in digital taxation, cross-border data flows, digital transformation and e-governance.

“KPMG is the first professional services observer of the DCO, with international expertise and a vital knowledge partner as we continue our mission to enable digital prosperity for all,” said Hassan Nasser, DCO vice president of international affairs.

 


AMAALA megaproject receives 3 bids for multi-utilities infrastructure contract: MEED

AMAALA megaproject receives 3 bids for multi-utilities infrastructure contract: MEED
Updated 43 min 55 sec ago

AMAALA megaproject receives 3 bids for multi-utilities infrastructure contract: MEED

AMAALA megaproject receives 3 bids for multi-utilities infrastructure contract: MEED

RIYADH: Saudi Arabia’s AMAALA megaproject has received three bids for a contract to develop multi-utilities infrastructure for its 4,155 square kilometers tourism scheme, MEED reported, citing industry sources. 

The companies which submitted the bids are ACWA Power, Alfanar, and the UAE-French consortium Masdar/EDF, the report added. 

The scope of the project includes a 146-megawatt solar power plant, and a seawater reverse osmosis plant with a peak capacity of 58,000 cubic meters a day, along with a sewage treatment plant with a capacity of 7,250 cm/d and power and water transmission networks. 

The energy component of the package comprises multiple substations and a centralized battery energy storage system. It will also have a solar photovoltaic power plant. 

AMAALA issued the tender for the contract in January, and it was extended multiple times. 

The complete package is expected to enter commercial operations by June 2024, the report further noted. 


TASI starts flat as investors assess the lower oil prices and higher inflation: Opening bell

TASI starts flat as investors assess the lower oil prices and higher inflation: Opening bell
Updated 16 August 2022

TASI starts flat as investors assess the lower oil prices and higher inflation: Opening bell

TASI starts flat as investors assess the lower oil prices and higher inflation: Opening bell

RIYADH: Saudi Arabia's benchmark index started Tuesday’s trading session flat as more earnings reports came out; investors tried to assess the impact of rising inflation and weaker oil prices on the index.

As of 10:06 a.m. Saudi time, the Tadawul All Share Index and the parallel market Nomu opened at 12,542 and 22,111, respectively.

In the energy market, Brent crude fell to $94.20 a barrel, while US West Texas Intermediate declined to $88.82 a barrel, as of 10:12 a.m. Saudi time.

The country's biggest lender Saudi National Bank increased 0.28 percent, while the Kingdom’s largest valued bank Al Rajhi added 0.11 percent.

Saudi Aramco lost 0.87 percent, despite achieving its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts' expectations.

Dallah Healthcare Co. edged up 0.17 percent, after posting a 52 percent gain in profit during the first half of 2022, reaching SR152 million.

KEIR International rose 1.92 percent, after it partnered with US-based Quadratics Development to deploy its eco-friendly building system and technology in Saudi Arabia

Qassim Cement Co. dropped 2.08 percent, after reporting a 73 percent decline in first-half profits to SR54 million.

Al-Etihad Cooperative Insurance Co. shed 2.76 percent after its profits dropped 93 percent to SR2 million in the first half.

Abo Moati for Bookstores Co rose 1.63 percent, following a 125 percent profit surge to SR4.3 million for the second quarter of 2022.

Saudi Industrial Development Co. edged down 1.60 percent, after its losses widened by 88 percent to SR11 million during the first half.

Al Kathiri Holding Co. declined 1.35 percent, after it turned into losses of SR5.5 million in the first half of 2022.