February, 2021

• 1 February

  CBUAE imposes AED45.7 million fines on 11 banks

  

  Abu Dhabi / WAM The central bank of the UAE (CBUAE) imposed financial sanctions on 11 banks operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT Law), the pertinent articles and decisions of the Cabinet and Central ...

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• 1 February

  Chevron dips after surprise loss, dividend gloom

  

  Bloomberg Chevron Corp slumped after posting a surprise loss and failing to increase its dividend, signaling that the aftermath of 2020’s pandemic-driven petroleum demand crash will linger for the world’s biggest oil companies for some time to come. The California oil titan lost a penny per share during the fourth quarter, compared with the Bloomberg Consensus for a 7-cent profit ...

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• 1 February

  Europe needs to double renewable power by 2030 to reach climate goal

  

  Bloomberg Europe needs to double the share of electricity produced from renewable sources by the end of the decade to be in with a chance of meeting a stricter emissions-reduction target that would put the region’s economy on track to climate-neutrality, according to a report. Europe wants to become the world’s first continent to zero-out greenhouse gases by the middle ...

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• 1 February

  Shell agrees to buy 51% stake in Irish floating wind project

  

  Bloomberg Royal Dutch Shell Plc agreed to buy a 51% stake in an Irish project to develop a floating wind farm in the Celtic Sea. Simply Blue Energy’s Kinsale venture will develop the Emerald floating wind farm, with 300 megawatts of capacity initially and the potential to scale up to 1 gigawatts. The companies didn’t disclose the value of the ...

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• 1 February

  BEV raises $1b to invest in clean tech

  

  Bloomberg Here’s more evidence the clean-tech boom is only getting bigger. Breakthrough Energy Ventures (BEV), the clean-tech venture capital fund led by Bill Gates, has raised $1 billion for a second round of investments after backing 45 startups with its first billion. Created in 2016, BEV began funding startups just as the second wave of clean-tech investments was gaining momentum. ...

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• 1 February

  Total gets fastest start on clean energy in Europe

  Bloomberg Total SE has had the fastest start in the race between oil supermajors to achieve net-zero carbon emissions. Europe’s three largest oil and gas companies — Total, BP and Royal Dutch Shell — all announced plans last year to eliminate most greenhouse gas emissions from their operations and the fuels they sell in the coming decades. It marked a ...

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• 1 February

  Isn’t Donald Trump already being censured?

  

  No US president, or former president, has ever been convicted in a Senate impeachment trial. Donald Trump is highly unlikely to break that streak. That’s a principal reason some members of Congress started promoting censure as an alternative to impeachment right after the Capitol riot. The idea is getting new attention now that Senate Republicans have solidified their opposition to ...

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• 1 February

  Facebook, Apple will miss 2020 a lot

  

  Sometimes blowout earnings aren’t enough. For the third quarter in a row, Facebook Inc and Apple Inc generated billions upon billions in profits and flexed the power of their dominant businesses. Despite the impressive showings, the market reacted with a shrug — and perhaps for good reason. Both technology companies reported strong quarterly earnings that handily beat Wall Street expectations. ...

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• 1 February

  Brutal truth for bankers is they’re expendable

  What happens to a global financial centre when hundreds of thousands of residents head for the door? The jury is still out on London after its Brexit- and pandemic-inspired exodus. Now it’s Hong Kong’s turn to pose the question. The UK started taking applications from January 31 under a new immigration program for Hong Kong residents, introduced in response to ...

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• 1 February

  The new ‘buy American’ is bad news for the US

  At best, President Joe Biden’s new commitment to “Buy American” is largely symbolic and won’t change much in practice. At worst, it marks a real intention to raise new import barriers, and poses a threat to international cooperation on trade. In either case, it represents a failure to explain to the country where its interests really lie. On the face ...

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