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Tuesday January 19, 2021 / 06 , Jumada al-akhirah , 1442
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BUSINESS
1 - 10 from 14290 . In "BUSINESS"
IMF Managing Director Kristalina Georgieva
IMF chief sees 'high degree of uncertainty' in global outlook
WASHINGTON — The head of the International Monetary Fund said on Monday the global economic outlook remained highly uncertain given the coronavirus pandemic, and a growing divergence between rich and poor countries required the IMF to find more resources.The IMF head stressed the global lender needed more resources to help heavily indebted countries, citing a highly uncertain global economic outlook.IMF Managing Director Kristalina Georgieva told reporters a new allocation of the IMF's own currency, Special Drawing Rights (SDRs), would give countries more fiscal space to address the health crisis and accelerate moves to a digital and green economy.But, the United States, the IMF's largest shareholder, has blocked such a move, arguing it would provide more resources to richer...
January 19, 2021

IMF chief sees 'high degree of uncertainty' in global outlook

UK offers operators best profit conditions to develop big offshore fields
OSLO — This year marks the beginning of a recovery after a disappointing 2020, when the COVID-19 pandemic caused sanctioning of offshore projects to dip to $44 billion from $99 billion the year before. Rystad Energy projects offshore sanctioning to rebound to at least $56 billion in 2021 and keep rising to as high as $131 billion in 2023. Operators are now even more focused on costs and profit margins, and majors are expected to concentrate their individual activity to fewer countries than before. This means the world’s resource-rich countries will have to compete more than ever to attract investments.Rystad Energy has analyzed how each country’s fiscal regime affects the profitability and breakeven price of developing offshore mega-projects across the world. This has resulted in a...
January 18, 2021

UK offers operators best profit conditions to develop big offshore fields

Shale was the cheapest acreage of 2020 as global M&A deal value plunge
OSLO — The global deal value of upstream M&A activity in 2020 dropped to $87.9 billion, the lowest level in over a decade, largely due to the COVID-19 pandemic, a Rystad Energy report reveals.The shale sector was the worst hit as the acreage that changed hands was sold cheaper than any other resource type, at $1.2 dollars per barrel of oil equivalent (boe)* – a historical low for the modern shale industry.Total M&A deal value more than halved from 2019’s $178.5 billion as the number of deals slumped from 480 in 2019 to 314 in 2020. The market turbulence led to an unfavorable environment for sellers with low valuation of resources, which prompted many sellers to delay sale processes and even cancel some previously eyed transactions.In particular, the number of field acquisitions was...
January 18, 2021

Shale was the cheapest acreage of 2020 as global M&A deal value plunge

The World Economic Forum Davos Agenda, taking place virtually on Jan. 25-29, will bring together the foremost leaders of the world to address the new global situation.
World leaders to meet during Davos Agenda in a crucial year to rebuild trust
GENEVA, Switzerland — The World Economic Forum Davos Agenda, taking place virtually on Jan. 25-29, will bring together the foremost leaders of the world to address the new global situation. Heads of state and government, chief executives and leaders from civil society will convene under the theme: A Crucial Year to Rebuild Trust.The meeting will focus on creating impact, rebuilding trust and shaping the policies and partnerships needed in 2021.“In the context of the COVID-19 pandemic, the need to reset priorities and the urgency to reform systems have been growing stronger around the world,” said Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF).“Rebuilding trust and increasing global cooperation are crucial to fostering innovative and bold solutions to...
January 18, 2021

World leaders to meet during Davos Agenda in a crucial year to rebuild trust

Giovanni Moscatelli
New BCG report highlights the need for mobility challenge solutions for Middle Eastern cites
DUBAI — Global urban transport networks are close to breaking point in megacities, and many new mobility modes designed to fix fundamental issues and improve quality of life are creating new problems, according to a new report by Boston Consulting Group (BCG). The report, titled ‘Solving the Mobility Challenges in Megacities’, reveals that as long as mobility-related issues such as traffic congestion and air pollution persist, urban mobility will continue to deteriorate. Crucially, this applies to many cities around the world — and Riyadh is among those implicated.At present, the population of Riyadh is approximately 4.9 million, which equates to around one million cars on the roads daily. The city presently struggles with congestion and is ranked amongst the most polluted cities...
January 18, 2021

New BCG report highlights the need for mobility challenge solutions for Middle Eastern cites

During the Portuguese Business Council launching ceremony
SCCI launches Emirate’s first Portuguese Business Council
SHARJAH — The Sharjah Chamber of Commerce and Industry (SCCI) Monday launched Sharjah’s first Portuguese Business Council, one of the most prominent outcomes of the chamber’s business council’s initiative earlier announced to set up business councils representing friendly countries and their businessmen in a bid to strengthen joint cooperation and increase the volume of trade and investment exchange. Abdullah Sultan Al Owais, chairman of the Sharjah Chamber of Commerce and Industry, and Dr. Daniel Pereira Pontes, economic counsellor at the Embassy of Portugal and Lourdes Isabello, Chairperson of the Portuguese Labor Council, launched the new council in a ceremony held at the chamber’s headquarters.The event was attended by Mohammed Rashid Al-Dimas, SCCI board member, Mohammed...
January 18, 2021

SCCI launches Emirate’s first Portuguese Business Council

David Pidgeon, chief operating officer for REDTAG.
Customer experience, ecommerce and going ‘glocal’ top retail trends for 2021
Much has changed in our world over the last 12 months. From worldwide lockdowns and a whole new set of hygiene and safety protocols, to phrases such as ‘social-distancing’ and ‘contact tracing’ becoming part of our regular vocabulary. But, like every other major crisis to have affected humanity, our response to the pandemic has led to a mixed bag of challenges and opportunities.This is certainly apparent in the retail industry, which has had to change course on the move, by accelerating digitization, developing out of the box strategies, and intensifying its focus on customer experience and engagement.As a household name in the value apparel and homewares space, REDTAG has been at the forefront of this recent evolution in retail in the Middle East. The brand’s customer focus is...
January 18, 2021

Customer experience, ecommerce and going ‘glocal’ top retail trends for 2021

Amer Owaida, security writer at ESET
PayPal users targeted in new SMS phishing campaign
By Amer OwaidaA new SMS-based phishing campaign is doing the rounds that attempts to part PayPal users from their account credentials and sensitive information, BleepingComputer reports.The ploy consists of SMS text messages that impersonate the popular payment processor and inform potential victims that their accounts have been “permanently limited” and that they need to click on the link to verify their identity.Now, at first glance the message may not seem all that suspicious since PayPal may, in fact, impose limits on sending and withdrawing money.The payment provider usually does so when it suspects that an account has been accessed by a third party without authorization, when it has detected high-risk activities on an account, or when a user has violated its Acceptable Use...
January 18, 2021

PayPal users targeted in new SMS phishing campaign

Dubai Electricity and Water Authority (DEWA) and Emirates Global Aluminium (EGA) on Monday announced that the UAE has become the first country in the world to produce aluminum using the power of the sun. — WAM photo
UAE to produce world's first aluminum using solar energy
DUBAI — Dubai Electricity and Water Authority (DEWA) and Emirates Global Aluminium (EGA) on Monday announced that the UAE has become the first country in the world to produce aluminum using the power of the sun. Under an agreement signed virtually on Monday, DEWA will supply EGA’s smelter with solar power from the Mohammed bin Rashid Al Maktoum Solar Park. The milestone is part of the leadership's vision to make Dubai the most sustainable city in the world and become a global leader in the development and application of scientific and technological advances in the energy sector. As part of the agreement, DEWA will supply EGA’s smelter with 560,000 megawatt-hours of solar power annually from the Mohammed bin Rashid Al Maktoum Solar Park, sufficient to make 40,000 tons of...
January 18, 2021

UAE to produce world's first aluminum using solar energy

SAHARA containerized solar generator.
Desert Technologies is breaking through with SAHARA
JEDDAH — For the very first time, Desert Technologies (DT) launched SAHARA Containerized Solar Generator (CSG) in collaboration with Green Corp Konnection (GCK) to power part of the bivouac in NEOM during the Dakar Rally.Using 1 small container (20ft), 2 standard containers (40ft), with a power range of 62 kW. The SAHARA CSG, whether in events, military sites, desert camp sites, or even in the most inhospitable locations, is capable of providing 100 % clean energy directly from the sun during the day or through a battery pack during the night.With its quick and easy installation, the SAHARA is a silently, 24/7 operating compact and portable unit with cost effectivity and minimal maintenance.SAHARA is an international product, that has been launched in Saudi Arabia in line with Vision...
January 17, 2021

Desert Technologies is breaking through with SAHARA

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