McDonald’s to begin reopening Ukraine restaurants

McDonald’s to begin reopening Ukraine restaurants
A man walks past a closed McDonald's restaurant in central Kyiv, in February. (Reuters)
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Updated 11 August 2022

McDonald’s to begin reopening Ukraine restaurants

McDonald’s to begin reopening Ukraine restaurants
  • The company closed all its restaurants in Ukraine and Russia in March
  • McDonald's said it was working with suppliers to get products to restaurants

DUBAI: McDonald’s Corp. said on Thursday it plans on reopening its restaurants in Ukraine over the next few months in an early sign of western businesses returning to the country, even as the conflict with Russia continues.
The company closed all its restaurants in Ukraine and Russia in March, with McDonald’s selling most of its restaurants in Russia to one of its local licensees in May.
“After extensive consultation and discussion with Ukrainian officials, suppliers, and security specialists, and in consideration of our employees’ request to return to work, we have decided to institute a phased plan to reopen some restaurants in Kyiv and western Ukraine” Paul Pomroy, McDonald’s head of international operated markets, said in a message to employees.
The company said it was working with suppliers to get products to restaurants and bringing employees back on site with enhanced safety protocols.
McDonald’s had 109 restaurants in Ukraine, but did not specify how many it planned to reopen.


Moody's cuts Egypt rating to B3, changes outlook to stable

Moody's cuts Egypt rating to B3, changes outlook to stable
Updated 12 sec ago

Moody's cuts Egypt rating to B3, changes outlook to stable

Moody's cuts Egypt rating to B3, changes outlook to stable

RIYADH: Ratings agency Moody's lowered Egypt's sovereign rating by one notch to B3 from B2 on Tuesday, citing the country's reduced external buffers and shock absorption capacity.

The agency changed its outlook for Egypt to stable from negative.

"Moody's does not expect Egypt's liquidity and external positions to rebound quickly," the agency said.

Egypt has continued to face a foreign currency shortage despite allowing the Egyptian pound to depreciate sharply in recent months.

The country's headline inflation is expected to accelerate further in January after surging to its highest in five years in December, according to a Reuters poll.

The agency also lowered Egypt's local-currency ceilings to Ba3 from Ba2.


Oil Updates — Crude steady; EIA says US crude output to rise in 2023 

Oil Updates — Crude steady; EIA says US crude output to rise in 2023 
Updated 08 February 2023

Oil Updates — Crude steady; EIA says US crude output to rise in 2023 

Oil Updates — Crude steady; EIA says US crude output to rise in 2023 

RIYADH: Oil prices were little changed on Wednesday amid subdued movements in the dollar, and as investors waited for more inventory data for more clues on demand trends. 

Brent crude futures rose by 06 cents to $83.75 a barrel at 08.00 a.m. Saudi time, after gaining 3.3 percent in the previous session. 

US West Texas Intermediate crude futures climbed by 19 cents to $77.33, after jumping 4.1 percent in the previous session. 

US crude output to rise in 2023, while demand to stay flat: EIA 

US crude production will rise in 2023, while demand will stay flat, the US Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. 

The EIA projected that crude production will rise to 12.49 million barrels per day in 2023 and 12.65 million bpd in 2024. 

The agency also projected petroleum and other liquid fuels consumption would stay flat at 20.3 million bpd in 2023 and rise to 20.6 million bpd in 2024.

BP makes record profit in 2022 

BP reported on Tuesday a record profit of $27.6 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030. 

The blockbuster profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week after energy prices surged in the wake of Russia’s invasion of Ukraine, prompting new calls to further tax the sector as households struggle to pay energy bills. 

BP’s $4.8 billion fourth-quarter underlying replacement cost profit, its definition of net income, narrowly missed a $5 billion company-provided analyst forecast. 

The results were impacted by weaker gas trading activity after an “exceptional” third quarter, higher refinery maintenance and lower oil and gas prices. 

But for the year, BP’s $27.6 billion profit exceeded its 2008 record of $26 billion despite a $25 billion write-down of its Russian assets. 

That allowed it to boost its dividend by 10 percent to 6.61 cents per share, after halving it in the wake of the pandemic, and announce plans to repurchase $2.75 billion worth of shares over the next three months after buying $11.7 billion in 2022. 

(With input from Reuters) 

 


Saudi Arabia calls on African mining industry to invest in Kingdom’s ‘rich, vast natural resources’

Saudi Arabia calls on African mining industry to invest in Kingdom’s ‘rich, vast natural resources’
Updated 08 February 2023

Saudi Arabia calls on African mining industry to invest in Kingdom’s ‘rich, vast natural resources’

Saudi Arabia calls on African mining industry to invest in Kingdom’s ‘rich, vast natural resources’
  • Khalid Al-Mudayfer, deputy minister for mining affairs, told the African Mining Conference in Cape Town the value of the Kingdom’s mineral wealth is estimated at $1.3 trillion

RIYADH: Saudi Arabia called on leading stakeholders in the mining industry across Africa to work together and benefit from the Kingdom’s rich and vast natural resources, to help support economic growth and social development.

Speaking during the African Mining Conference in Cape Town, South Africa, Khalid Al-Mudayfer, the Saudi deputy minister for mining affairs, said the value of the Kingdom’s mineral wealth is estimated at $1.3 trillion, the Saudi Press Agency reported on Tuesday.

He reviewed investment opportunities offered by the Ministry of Industry and Mineral Resources, along with the infrastructure and legislative capabilities of the Kingdom, which he said positions Saudi Arabia as the leading global destination for investment in the mining sector.

Al-Mudayfer, who inaugurated a meeting organized by the ministry for potential investors, highlighted the great opportunities he said were available in the Kingdom, and its efforts to develop its mining sector.

He spoke about the modernization of the mining investment system, which includes regulatory infrastructure for the sector and a clear, transparent and simple environment for investors, along with the availability of geological data for investors, improvements to basic infrastructure, and incentives for those who invest.

The Saudi delegation at the four-day exhibition included representatives from the Ministry of Investment, the National Industry Development and Logistics Program, the Saudi Geological Survey, and the National Center for Industrial Development.

The Saudi pavilion at the event showcases the Kingdom’s continual efforts to develop its mining sector by facilitating access to geological data and updating regulations and legislation to attract investors, build the foundations for sustainability, and develop a mining sector based on integrated value chains.


LEAP investment workshop uses Lego to encourage entrepreneurial culture change

LEAP investment workshop uses Lego to encourage entrepreneurial culture change
Updated 08 February 2023

LEAP investment workshop uses Lego to encourage entrepreneurial culture change

LEAP investment workshop uses Lego to encourage entrepreneurial culture change
  • David Gram-Hanssen of Diplomatic Rebels underscored importance of innovation and change while anticipating resistance
  • Workshop used Lego building blocks to demonstrate how a more experimental and entrepreneurial culture can be adopted

RIYADH: Interactive investment workshops were featured on the second day of LEAP’s second edition, with the spotlight falling on David Gram-Hanssen, co-founder of Diplomatic Rebels.

His workshop utilized Lego building blocks to help participants focus on the changes they can create in the future as they become diplomatic rebels in their respective industries.

He said: “Future success depends on the ability to explore and experiment. We all need to become even better at adapting to change.

“There’s a perfect storm of change happening right now geopolitically, environmentally, business-wise. Everything seems to be sort of moving, and over time that speed is only going to pick up.”

Diplomatic Rebels was a concept created out of the work of Lego’s radical innovation department, Future Lab.

It turned into a system and a way of thought that helped people navigate the bureaucracy of companies, sparking change in their offices and communities.

Gram-Hanssen, who previously worked at Lego Ventures, said companies needed to adopt this entrepreneurial culture.

He added: “At Lego we started saying as a mantra, radical is normal. It means that radical change and radical innovation is the new normal.

“We constantly have to move along and experiment and explore what is happening out there.”

He discussed what it means to be a diplomatic rebel, sparking innovation and positive change while anticipating resistance.

He said: “One of the things at Lego that we understood over time was when you’re working with radical innovation and trying to change things, it’s really hard work.

“One aspect to be mindful of is creating the necessary resilience in the teams you are working with.”

He explained that most entrepreneurs feel like they are constantly fighting the immune system of that existing environment.

He added: “They are trying to do something that doesn’t compute in the existing system.”

Gram-Hanssen gave his audience the task of building a Lego model to represent their work today and their vision for the future.

He also explained the concept of a “pretotype,” a predecessor of a prototype, which aims to gather data to aid faster testing, encouraging participants at the session to implement the concept in their daily lives.

He said: “The right question is not so much what is going to change and when, because it’s hard to foresee.

“Maybe the right question to ask is how do we take a lead on this change? What is it? What do we want to see in the world, and how do we put ourselves in front of this change?”

 


Nuclear energy offers ‘a golden opportunity’ to build a clean world

Nuclear energy offers ‘a golden opportunity’ to build a clean world
Updated 07 February 2023

Nuclear energy offers ‘a golden opportunity’ to build a clean world

Nuclear energy offers ‘a golden opportunity’ to build a clean world

RIYADH: Being a cost-effective and low-carbon solution, nuclear energy “offers a golden opportunity” to help build a clean world, according to the director general of the World Nuclear Association.

Sama Bilbao y Leon was speaking as a keynote speaker at the 44th IAEE International Conference in Riyadh on Tuesday. The top official said nuclear energy offers an opportunity to build a cleaner and more equitable world in which everyone has access to “clean, abundant and affordable round-the-clock energy and high quality of life.”

“As a low-carbon energy source, nuclear power can play a very important role, decarbonizing other difficult-to-able sectors,” she said.

The official said nuclear energy is certainly a cost-effective, low-carbon solution and a catalyst for economic development. It is more efficient than other sources when we think of energy transition, she added.

She, however, cautioned saying that much work is needed to deploy nuclear power with determination and speed.

Leon also pointed out that the current energy market is unstable, and there is a need to take a step back and adopt scientific approaches to make the sustainable energy transition a success.

Yousef Al-Ghamdi, executive director of strategic planning at the Saudi Electricity Co. noted that renewable energy will play an important role in energy transition, especially hydrogen energy.

Shihab Elborai, a partner at Strategy& Middle East, underscored the importance of technological advances to meet the challenges of climate change. He said recycling can help mitigate the climate effect and reduce carbon in the environment, therefore countries should invest in efficient technologies to improve the energy sector.

Peter Hartley, the George A. Peterkin Professor of Economics at Rice University, said natural gas is cheaper and a better option and as an energy source is going to stay. He added that nuclear energy is a costly affair.

Ayad Alamri, executive director for business development, at ACWA Power, said that PVC has a key role in clean energy management and distribution as we are aiming at a net-zero future.