August, 2022

• 27 August

  Emirati women play active role in building nation’s sustainable future: Minister

  

    Abu Dhabi / WAM Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, has stetted that women’s participation has been part and parcel of the UAE’s sustainability journey. On the occasion of Emirati Women’s Day, which is observed on August 28, Almheiri said, “This year, we mark the day under the theme ‘Inspiring Reality .. Sustainable Future’ ...

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• 27 August

  European governments spend $278b to cushion energy crisis

  

  Bloomberg European governments have allocated about 280 billion euros ($278 billion) in funding to cushion the impact of the energy crisis on households and businesses. The funding, calculated by Brussels-based Bruegel think tank, measures fresh allocations since September, and covers everything from subsidising tariffs for small businesses in Greece to direct payouts to consumers in Belgium. Some of the money ...

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• 27 August

  Nigeria seeks $10b to fund its energy transition plans

  

    Bloomberg Nigeria aims to raise an initial $10 billion in funding to implement its energy transition plan ahead of COP27 climate talks later this year, the country’s vice president said. Africa’s most populous country needs at least an additional $10 billion a year and a total $410 billion to deliver on its net-zero targets by 2060, Vice President Yemi ...

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• 27 August

  Brazil steel demand to double in next 10 years: ArcelorMittal

    Bloomberg Brazil’s steel consumption should double within the next 10 years thanks to “gigantic opportunities” and a need to build more infrastructure in Latin America’s biggest economy, said ArcelorMittal SA’s executive in Brazil. Demand for the industrial metal will potentially grow due to the need to build more housing, renewable energy projects, ports as well as oil-and-gas assets, especially ...

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• 27 August

  India’s Avaada signs deal for $5b green ammonia project

  

    Bloomberg India’s Avaada Group signed an initial pact to invest 400 billion rupees ($5 billion) in a green ammonia project in the country’s northern state of Rajasthan, the company said. The renewable energy producer plans to build a 1 million ton-a-year green ammonia facility in the solar energy-endowed province, creating direct employment for 3,500 people, Avaada said in an ...

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• 27 August

  PetroChina’s profits climb to record

    Bloomberg PetroChina Co. posted its best-ever first-half earnings as the nation’s top oil and gas driller benefited from soaring global energy prices, and said that government stimulus is starting to lift Chinese oil demand. The firm reported 82.39 billion yuan ($12 billion) in net income for the first half of the year, up 55% from the same period in ...

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• 27 August

  Siemens to help rebuild Venezuela’s electricity grid

  

    Bloomberg Venezuela is in talks with the global energy giant Siemens Energy AG to repair power plants as part of a government plan to rebuild a crumbling electricity grid plagued by constant blackouts and a lack of maintenance. Siemens is working with the government on potential contracts aimed at repairing gas- and diesel-burning generation facilities that serve the capital, ...

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• 27 August

  China’s economic caution is a problem for us all

  

  China’s central bank protests too much. Beijing is wary of overdoing its efforts to shore up the troubled financial system and faltering economy, but continues to be pushed into rolling out new measures. Fresh steps are announced almost daily, though many are modest in scope. China faces at least another year of lackluster expansion, and global growth will endure significant ...

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• 27 August

  Credit Suisse outsiders need to be brave

  

  Credit Suisse Group AG’s poaching of Dixit Joshi from Deutsche Bank AG to become its new chief finance officer means the Swiss bank now has outsiders in three top executive roles. They all have plenty of experience fixing problems in their former roles. The new leadership team should have the cool ruthlessness to make unbiased decisions about what Credit Suisse ...

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• 27 August

  Listening to electricity traders is scary in Europe

    Every week, the people who trade electricity in the UK get to quiz the managers of the national grid for an hour. The conference call, which anyone can monitor, offers an insight into what the men and women on the front line of the power market are worried about. Listening to them is getting scarier by the week — ...

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