China In-Focus — Shares down; Swedish court upholds ban on Huawei 5G gear; Heatwaves drive up power demand

China In-Focus — Shares down; Swedish court upholds ban on Huawei 5G gear; Heatwaves drive up power demand
A Swedish appeals court on Wednesday upheld a ruling by a lower court that banned Huawei from selling 5G equipment in the country. (Shutterstock)
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Updated 22 June 2022

China In-Focus — Shares down; Swedish court upholds ban on Huawei 5G gear; Heatwaves drive up power demand

China In-Focus — Shares down; Swedish court upholds ban on Huawei 5G gear; Heatwaves drive up power demand

BEIJING: Mainland Chinese shares ended lower on Wednesday, as extreme weather in some parts of the country added uncertainty to economic recovery from COVID-19 shocks, while signs of a fresh crackdown on tech firms and the platform economy hurt the Hong Kong market.

At the market close, the Shanghai Composite Index closed down 1.2 percent at 3,267.2 points, while the blue-chip CSI 300 index lost 1.27 percent to 4,270.62.

The financial sector sub-index edged down 1.48 percent, the consumer staples sector eased 0.54 percent, while the real estate index fell 1.65 percent.

Court upholds ban on Huawei sale of 5G gear

A Swedish appeals court on Wednesday upheld a ruling by a lower court that banned Huawei from selling 5G equipment in the country, in the latest setback to the Chinese telecoms company’s hopes of staging a comeback.

In 2020, Swedish telecom regulator PTS unexpectedly banned Huawei from supplying 5G equipment to Swedish mobile firms citing security concerns raised by Sweden’s security service, a decision the company challenged in the court.

A lower court last year confirmed that decision.

The issue arose after the US alleged that China could use Huawei equipment for spying and European governments followed suit by tightening controls on Chinese-built 5G networks. Huawei has denied being a national security risk.

Sweden had asked its telecom companies to remove gear made by Huawei and Chinese rivals from existing infrastructure and core functions before Jan. 1, 2025.

China heatwaves drive up power demand 

Heatwaves in northern and central China drove up electricity demand to record levels as millions switched on air conditioners to escape the sweltering conditions, while floodwaters in the south submerged villages and trapped city residents.

On Wednesday, China’s meteorological administration issued orange alert warnings for high temperatures in regions across the provinces of Shandong, Henan and Hebei.

Several cities in Shandong, China’s second-most populous province, have issued “red alert” high-temperature warnings, which have pushed up demand for air-conditioning among the region’s more than 100 million people.

Temperatures in the regions were expected to hit above 40 degrees Celsius this week, according to the state weather forecaster.

The maximum electricity load at Shandong’s grid hit 92.94 million kilowatts on Tuesday, passing the 2020 peak of 90.22 million kilowatts, setting a new record, state television said on Wednesday.

Loads in adjacent Henan province reached a peak of 71.08 million kilowatts on Monday, exceeding the previous day’s record of 65.34 million kilowatts, according to state media.

(With input from Reuters) 


Saudi Aramco launches research hub to help hit net-zero emissions by 2050

Saudi Aramco launches research hub to help hit net-zero emissions by 2050
Updated 16 sec ago

Saudi Aramco launches research hub to help hit net-zero emissions by 2050

Saudi Aramco launches research hub to help hit net-zero emissions by 2050

RIYADH: Saudi Aramco has launched a new research center to accelerate the development of low-carbon energy solutions using advanced analytics as the oil giant moves ahead with hitting its net-zero ambition. 

Inaugurated today at the King Abdullah University of Science and Technology, the Aramco Research Center will deploy artificial intelligence and machine learning to develop ways to advance low-carbon solutions and enable a circular carbon economy, a press release said.

“The Aramco Research Center at KAUST offers a unique opportunity to strengthen our collaboration with KAUST and accelerate the development of cutting-edge technologies that will contribute to a low-carbon future,” Chief Technology Officer Ahmad Al-Khowaiter said. 

He added that the research at this new facility will help the company meet its obligations to customers and energy consumers worldwide, while also supporting its ambition of reaching operational net-zero emissions by 2050. 

This comes after the world’s biggest oil exporter released its first sustainability report earlier this month, pledging to reduce its upstream carbon intensity by at least 15 percent to 8.7 kilograms of carbon dioxide by 2035.

With the establishment of the research center, Aramco looks to leverage on KAUST’s capabilities in areas such as super-computing and data analytics.


Saudi industrial sector investments reach $361bn in April

Saudi industrial sector investments reach $361bn in April
Updated 16 min 16 sec ago

Saudi industrial sector investments reach $361bn in April

Saudi industrial sector investments reach $361bn in April

RIYADH: Saudi Arabia’s industrial sector investments reached SR1.35 trillion ($361 billion) in April 2022, according to the Ministry of Industry and Mineral Resources.

The number of valid licenses stood at 2,126, including 1,359 for building materials quarries, 559 for exploration, 164 for exploitation, 29 for reconnaissance and 15 for surplus ore, Argaam reported.

During January to April 2022, the ministry issued 302 mining licenses, including 26 for building materials quarries, 21 for exploration, one for reconnaissance and 13 for surplus ore.


Cybersecurity industry expected to hit $300bn by 2024, study shows

Cybersecurity industry expected to hit $300bn by 2024, study shows
Updated 21 min 55 sec ago

Cybersecurity industry expected to hit $300bn by 2024, study shows

Cybersecurity industry expected to hit $300bn by 2024, study shows

RIYADH: The cybersecurity industry is expected to grow by more than double to hit $300 billion by 2024, according to a study by Global Market Insights.  

By 2026, the cybersecurity market in the Middle East and Africa is expected to reach $2.89 billion and register a compound annual growth rate of 7.9 percent between 2021 and 2026. 

Saudi Arabia’s cybersecurity market is predicted to increase to over SR21 billion ($5.5 billion) by 2023, according to a statement. 

The Middle East is moving rapidly toward adopting transformative digital technologies to enable economic diversification.


Saudia makes 30% more seats available to meet rising summer demand

Saudia makes 30% more seats available to meet rising summer demand
Updated 24 min 15 sec ago

Saudia makes 30% more seats available to meet rising summer demand

Saudia makes 30% more seats available to meet rising summer demand

RIYADH: Saudi Arabian Airlines, known as Saudia, is planning to provide 6.5 million seats on 30,000 flights during July and August as it prepares to meet the growing demand of this year’s summer season. 

As of June 30th, the carrier will be offering 765,600 seats weekly — a 30 percent increase over last year’s summer, according to a statement. 

Saudia will operate 3,500 flights every week, linking the Kingdom with a regular flight network as it flies to four continents. 

The summer plan also includes measures to meet the necessary requirements such as maintenance, catering and ground services on time, it said.


India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years

India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years
Updated 27 min 7 sec ago

India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years

India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years

MUMBAI: Indian shares rose on Monday to their highest in more than two weeks, with technology and metal stocks leading the gains as easing oil prices tempered inflation fears.

The NSE Nifty 50 index rose 1.2 percent to 15,887.15, as of 0500 GMT, and the S&P BSE Sensex climbed 1.16 percent to 53,340.36, leaving it on track for a third straight session of gains.

Welspun Corp. jumped 4.8 percent after the steel products maker said it got orders worth 6 billion rupees ($76 million).

Gaming platform Nazara Technologies surged 7.1 percent to its highest in nearly seven weeks after it said it would buy a stake in sports media company Absolute Sports.

Indian economy to touch $30 trillion in next 30 years

Piyush Goyal, the Central Minister for Commerce and Industry said that the Indian economy will touch $30 trillion in the next 30 years. 

According to the minister, if India grows at 8 percent every year on a compounded annual growth basis, the economy will double in about nine years, Financial Express reported. 

The minister also predicted that the country’s economy will reach $6.5 trillion from $3.2 trillion today in the next nine years. 

“Eighteen years from now, we will be about $13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a $26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a $30 trillion economy,” said the minister. 

(With inputs from Reuters)