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MONDAY 5 JULY 2021 TotalEnergies Refining and Chemicals appoints new Managing Director in Qatar In addition to contributing to safe, reliable, and profitable operations, I look forward to solidifying our joint vision through initiatives for Qatar National Vision 2030. Ghazi Shahin — Managing Director of the Refining & Business | 15 Chemicals branch within the TotalEnergies Qatar QSE 10,828.08 +20.74 (0.19%) FTSE 100 7,114.34 −10.30 (0.14%) DOW 34,690.11 +56.58 (0.16%) BRENT $76.02 (+0.19)

QP enters into three offshore exploration blocks in South Africa with TotalEnergies

THE PENINSULA — DOHA

Qatar Petroleum (QP) entered into agreements with TotalEnergies to acquire working interests in three offshore exploration blocks in South Africa. Under the terms of the agreements, which are subject to customary approvals by the gov- ernment of South Africa, Qatar Petroleum will hold a 25 percent participating interest in the South Outeniqua block, a 30 percent participating interest in the DWOB block, and a 29.17 percent participating interest in the OBD block. Commenting on this occasion, the Minister Minister of Commerce & Industry and Acting Minister of Finance, H E Ali bin Ahmed Al Kuwari, of State for Energy Affairs, the President and CEO meeting with Malaysian Senior Minister for Finance & Economy and Minister of International Trade of Qatar Petroleum, H E Saad Sherida Al Kaabi, and Industry, H E Dato’ Seri Mohamed Azmin Ali, yesterday. said, “These acquisitions represent an excellent addition to our South African regional upstream portfolio, and build upon the positive progress We are delighted to have the opportunity to work following the recent drilling success in the 11B/12B Qatar, Malaysia discuss ways block.” with our strategic partner TotalEnergies to Minister Al Kaabi added, “We are delighted explore these promising and prospective blocks, to have the opportunity to work with our stra- and to further develop our relationship with the to boost trade relations tegic partner TotalEnergies to explore these South African Government and other joint venture promising and prospective blocks, and to further partners, whilst also pushing forward with Qatar develop our relationship with the South African THE PENINSULA — DOHA currently visiting the country. by both sides to confront the Government and other joint venture partners, Petroleum’s ambitious growth strategy. During the meeting, offi- COVID-19 coronavirus whilst also pushing forward with Qatar Petro- H E Saad Sherida Al Kaabi Minister of Commerce & cials reviewed the bilateral pandemic. leum’s ambitious growth strategy. I would like Industry and Acting Minister of relations between Qatar and During the meeting, Min- to take this opportunity to thank the South African Minister of State for Energy Affairs, the Finance, H E Ali bin Ahmed Al Malaysia and discussed aspects ister Al Kuwari highlighted the authorities and partners for their valuable support President and CEO of Qatar Petroleum Kuwari, met yesterday with the of cooperation, especially in economic policies that Qatar and cooperation.” Malaysian Senior Minister for the trade, investment and had adopted and its contri- The South Outeniqua block covers an area of Finance & Economy and industrial fields, as well as bution to abolishing restrictions approximately 49,000 square kilometers in water where TotalEnergies, Qatar Petroleum, Canadian Minister of International Trade ways to enhance and develop on foreign investment and cre- depths ranging between 200 and 5,000 meters. Natural Resources Limited and Main Street and Industry, H E Dato’ Seri them. Officials also discussed ating more opportunities for TotalEnergies is the Operator and holds the Limited have announced significant gas con- Mohamed Azmin Ali, and the trade policies between the two companies looking to invest in remaining participating interest in the block. It densate discoveries in the Brulpadda and Luiperd accompanying delegation nations and the efforts exerted Qatar. is located directly south of the 11B/12B block prospects. `P14 Masraf Al Rayan, al Qatar Financial Centre signs MoU with ICAI khaliji announce Group THE PENINSULA — DOHA The agreement will pave the way for Qatar Financial Centre (QFC), a leading closer collaboration between QFC and onshore financial and business centre in the ICAI on mutually beneficial initiatives. CEO of merged bank region, has signed a Memorandum of Under- standing (MoU) with the Institute of Char- SACHIN KUMAR banker with over 25 years of tered Accountants of India (ICAI) to create THE PENINSULA experience. He started his more opportunities for accountants, promote Through this partnership, both career in 1994 with Qatar entrepreneurship, and facilitate the setup of organisations will extend support to Masraf Al Rayan QPSC (‘Al Central Bank (QCB) then he Indian firms in Qatar through collaborative Indian businesses looking to setup Rayan’) and Al Khalij moved to Qatar National Bank initiatives. in Qatar and explore the available Commercial Bank (al khaliji) (QNB) Treasury group, where The MoU was recently signed by Yousuf PQSC (Al Khaliji) yesterday he consistently moved up the Mohamed Al Jaida, Chief Executive Officer, opportunities through joint announced appointment of ranks to become the Group QFC, and CA Nihar N Jambusaria, President, roundtables, networking events, Fahad Al Khalifa as the ‘Group Treasurer and GM Group Cor- ICAI. The agreement will pave the way for and other exchange programmes. CEO’ of the merged bank. Last porate & Institution Banking, closer collaboration between QFC and ICAI month, the Qatar Financial before joining AK as GCEO in on mutually beneficial initiatives, including Markets Authority (QFMA) September 2014. Al Khalifa increasing opportunities for ICAI members approved the merger of Masraf holds a BSc in Finance from in the areas of assurance and auditing, Through this partnership, QFC and Al Rayan and Al Khalij Seattle University in the United advisory, taxation, financial services, and ICAI will work together to nurture Commercial Bank. The merger States of America. other allied areas. Through this partnership, and develop local Qatari of the two banks would create The merger will lead to the both organisations will extend support to one of the Middle East’s largest formation of a larger and Indian businesses looking to setup in Qatar professionals, entrepreneurs, and Shariah-compliant groups. stronger bank with a strong and explore the available opportunities students via specialised trainings. “Following the merger financial position and high through joint roundtables, networking events, announcement on January 7, liquidity with a variety of and other exchange programmes. India to use our platform and set up their ven- drawing synergies from the professional 2021, Masraf Al Rayan QPSC banking activities, customer Yousuf Mohamed Al Jaida, said: “The tures in Qatar to become part of Qatar’s robust expertise available at either end especially in and Al Khalij Commercial Bank portfolios, distinctive products, signing of the agreement with one of India’s market. Supported by Qatar’s dynamic areas of auditing, assurance, financial (al khaliji) PQSC (‘Al Khaliji’) and a stronger base for most respected institutions marks yet another business ecosystem and our strategic location, services, taxation, and alike. Signing of this have announced the financing development important step in our efforts to strengthen this agreement will further enhance the state MoU between ICAI and QFC has opened many appointment of Fahad Al initiatives. human capital and promote entrepreneurship of Qatar’s financial services sectors in years windows of opportunities for Indian Char- Khalifa as the ‘Group CEO’ of The merger is also in Qatar. Through this partnership, both QFC to come.” tered Accountants and would in turn be an the merged bank from the date expected to contribute posi- and ICAI will work toward enabling entre- CA Nihar N Jambusaria, said: “This is a impetus for the growth of economies at both the shareholders of both banks tively to the economic devel- preneurs, investors, and innovators from stride forward to work closely with each other ends.” `P14 Al Rayan and Al Khaliji approve opment in Qatar by sup- the merger and obtaining Qatar porting corporate businesses Central Bank final approval on and small and medium sized the merger, subject to all nec- entities, and will also create New vehicle registrations increase 150% in May essary approvals on the a strategic partner for the appointment,” said Masraf Al public sector. Additionally, THE PENINSULA — DOHA changes in this issue is the Value of sold properties The demographic statistics Rayan and Al Khalij Com- the merger will combine the increase in total cash issued at increased by 34.3 percent in revealed that the total popu- mercial Bank in a statement key strengths of the two The total number of registered a monthly rate of 1.5 percent May 2021 compared to April lation of Qatar has decreased posted on Qatar Stock banks in the areas of retail new vehicles during May this compared to April 2021, offset 2021; with annual increase of from 2.81 million during May Exchange website. and private banking services, year has reached 4695 new by an increase in total deposits 254 percent (Compared to May 2020 to 2.63 million at end of Following the merger, Al corporate and government vehicles showing an annual and credit facilities of com- 2020). May 2021. Khaliji’s business will be institutions, capital markets, increase of 150 percent mercial banks by 2 percent and the Consumer Price Index, Regarding the data of absorbed into Al Rayan’s and wealth and asset man- compared to same month last 1.8 percent, respectively (com- as the overall household con- buildings permits issued, the business, and Al Rayan will be agement, giving the com- year, according to the 89th issue pared to April 2021). The total sumption sub-index increased total number of permits has the remaining legal entity, bined business both an of Qatar; Monthly Statistics deposits and credit facilities of by 0.83 percent compared to reached 348 permits during which will continue to operate excellent proposition for cus- bulletin released by the commercial banks increased at April 2021. The largest increase May 2021, recording a monthly in accordance with Islamic tomers and stability through Planning and Statistics an annual rate of 11.3 percent was in Entertainment & Culture decrease of 30.4 percent and an Shari’ah principles. diversification for Authority (PSA), yesterday. and 13.6 percent, respectively category with 10.97 percent, annual rise of 28.4 Al Khalifa is a senior shareholders. One of the most prominent (compared to May 2020). reaching 82.6 during May 2021. percent. `P14 14 BUSINESS MONDAY 5 JULY 2021 Future of energy wider than technology hype & must meet needs of many, not the few

THE PENINSULA — DOHA The two speakers of people on this planet. also underscored Without a fair energy transition, As the world continues to the world risks leaving many progress multiple energy tran- the importance of communities behind,” said sitions, the numerous top-down cooperation and Yury Sentyurin. roadmaps on climate-related “A ‘green future’ can indeed action require humanising, with extended support to be realised based on ‘green more detail about their actual each others’ missions barrels’ and, more importantly, implementation, an influential natural gas is the most suited to voice on energy and sustainable where in alignment. be a ‘net positive’ on the road development said. to ‘net zero’.” “The World Energy Council prosperity is unique – and the he said. Speaking at the 54th edition this pattern is evident in all The World Energy Council and the Gas Exporting Countries foundation for convening and Citing figures from the latest of the GECF Gas Lecture Series, regions and countries.” is the world’s oldest inde- Forum have always been cultivating the practical know- iteration of the GECF Global Gas entitled ‘Humanising Energy’, She further stated that pendent and impartial network friends. Like all good friends, it how and best practices needed Outlook 2050, HE Sentyurin Dr Angela Wilkinson, Secretary better energy solutions are not of energy leaders and practi- is important to be able to in today’s era of energy transi- asserted that fossil fuels are General and CEO of World green, blue or any other colour tioners promoting an discuss areas for improvement tions and transformations for projected to remain dominant, Energy Council (WEC), noted and net zero or carbon positive affordable, stable and environ- and to celebrate achievements people and planet. accounting for 71 percent in that renewables will need other solutions must meet the needs mentally sensitive energy together,” said Wilkinson, In response, the Forum’s 2050 while natural gas will energy “friends” and flexible of the many, not only the system for the greatest benefit whose earliest work as a young head highlighted that the GECF become the leading source of storage solutions to be widely wealthy few. of all. physicist was to calculate how believes in the right of coun- energy in the world’s primary and readily available. “That’s why we see the need Formed in 1923, the Council gas flaring and pipeline leakage tries, particularly the devel- energy mix, growing from 23 “There is an increasing pro- for capital markets to rethink is the premier global energy reduced the environmental oping economies, to have access percent today to 28 percent. liferation of roadmaps, full of and rebalance the ‘S’ in ESG body, representing the entire benefits in switching from coal to abundant, affordable and The two speakers also promises about accelerating reporting which is impacting energy spectrum, with over to gas. clean source of energy. underscored the importance of technology and tipping points investment flows to energy.” 3,000 member organisations in “Molecules, as well as elec- “We don’t condone cooperation and extended and yet empty of details on The GECF Secretary General over 90 countries, drawn from trons, will play a key role in the restriction of energy policies support to each others’ missions people, uses and behaviours,” emphasised how the Forum’s governments, private and state future of energy. Natural gas – and directing investment where in alignment. In her pres- said Wilkinson, an experienced 18 Member Countries are corporations, academia, NGOs in various forms – has an resources towards expensive entation, Wilkinson further laid energy executive, a distin- embracing change and devel- and energy stakeholders. important role to play as a tran- decarbonisation options and stress on the importance of the guished Oxford scholar, and a oping new pathways for envi- In her remarks, guided by sition bridge to the climate technologies, some of which are upcoming 25th World Energy published author. “The ronmentally friendly energy WEC’s philosophy of remaining neutral energy future. Renew- yet to be proven. This can sub- Congress, organised by the COVID-19 crisis reminds us that inspired from the cleaner a neutral advocate of energy – all ables will need other energy stantially affect the security of Council, in St Petersburg in the future of energy is a much attributes of natural gas. responsible forms of energy – for friends and mobile and flexible supply and prevent countries 2022 which will take place in bigger story than technology. “We believe in accepting the greatest number of people, HE storage solutions to get to scale.” from accessing competitive and the backdrop of a world on an The gaps between energy change, but we do believe in Wilkinson drew parallels According to her, WEC’s clean energy sources, such as expected recovery and coincide “haves” and “have nots” have change that is meaningful and between the nearly 100-year-old one-hundred-year heritage in natural gas, which is compatible with the centenary celebrations grown wider in this crisis and beneficial to the most number organisation and the GECF. managing energy for peace and with sustainable development,” of the World Energy Council. QBIC announces second virtual Demo Day Vodafone to announce THE PENINSULA — DOHA and aspiring entrepreneurs seeking inspi- by numerous key players from Qatar’s entre- ration to its Demo Day event on July 11. For preneurial ecosystem, and these include Q2 results on July 14 The MENA region’s leading mixed-use those seeking new and smart investments in Ooredoo - QBIC’s Incubation Partner – in business incubator, Qatar Business Incubation Qatar, the event presents an excellent oppor- addition to Qatar Financial Center, Doha Tech THE PENINSULA — DOHA Center (QBIC) – founded by QDB - has tunity to explore & connect with the founders Angels, MBK Holding and Snoonu as Eco- announced its plans to launch the 14th edition of these rising startups. system Partners. These partners have played Vodafone Qatar P.Q.S.C. of Demo Day for graduating startups from The event will be held online for the second an integral role in the development of Qatar’s (“Vodafone Qatar” or the two of its flagship programs: the Lean Startup year in a row, enabling everyone to partic- startup domain and continue to add value by “Company”) announced Program and Lean Acceleration Program. 12 ipate in this distinctive digital experience from supporting tomorrow’s success stories. yesterday that its Board of startups will be chosen to showcase their any location. Audiences that cannot watch the It is worth noting that QBIC will continue Directors will meet on July 14, business ventures to all types of investors, live broadcast will be able to watch a full to provide support, advice and guidance to 2021 to approve the aspiring entrepreneurs and a panel of industry recording of the event on the dedicated Demo the startups participating in Demo Day as part Company’s financial results experts. The event will be streamed online Day website (mentioned below), which also of its contribution to developing a robust eco- for the second quarter ending Results will be made publicly and can be watched virtually from any includes full information on the participating system and providing a sustainable business June 30, 2021. The Board will available on Vodafone Qatar’s location. startups & exclusive links to arrange one-on- environment for entrepreneurs in the State also consider other items website at www.vodafone.qa Under the theme “Qatar’s Fastest- one meetings with each company to discuss of Qatar. Interested investors and entrepre- included on the Agenda for the and on the Qatar Stock Growing Startups, Your Next Smart avenues of collaboration & investment. neurs can register to watch the event by vis- meeting. Exchange website www. Investment”, QBIC welcomes all investors The 2021 edition of Demo Day is supported iting demoday.qbic.qa The Company’s Financial qe.com.qa.

QP enters into three offshore exploration US July high-grade blocks in South Africa with TotalEnergies Huawei display 23.8” brings you credit supply FROM PAGE 13 expected to slow entry was recently cutting-edge FullView aesthetics announced, pending cus- The DWOB and OBD tomary approvals. BLOOMBERG blocks cover a combined area The other JV partners in THE PENINSULA — DOHA of about 53,000 square kil- the DWOB block are TotalEn- Syndicate desk estimates for ometers in water depths ergies (Operator) with a 50 Valuing the importance of US investment-grade bond ranging between 1,000 and percent participating exceptional user experiences supply in July are centered 4,200 meters and are located interest, and Sezigyn with a brought by displays beyond around $90bn, as funding in the Orange Basin directly 20 percent participating smartphones, Huawei spear- costs remain extremely south of Namibian blocks interest. In the OBD block the headed the development of attractive for issuers. 2912 and 2913B in which JV partners are TotalEnergies bezel-less PC displays with While that’s a slowdown Qatar Petroleum already (Operator) with a 48.61 a range of products that from the more than $112bn holds participating interests, percent, participating exemplify Huawei’s unique which priced in June, and in close proximity to interest and Impact with a FullView DNA. Having laid a investors shouldn’t expect a Blocks 2913A and 2914B, into 22.22 percent participating strong foundation, Huawei full-on summer supply lull. which Qatar Petroleum’s interest. is now taking another step The tightest high-yield and ahead with the investment-grade corporate introduction of the high resolution (1920x1080), 72 for both office and home use. bond spreads in decades quality, Huawei Display percent of the NTSC colour The display comes with an suggest US companies have New vehicle registrations 23.8”. gamut*, a contrast ratio of easy-to-set stand which fea- a growing incentive to issue Cutting-edge quality of PC 1000:1* and a wide viewing tures a compact base that can debt over the coming months increase 150% in May displays whether it was on a angle of 178 degrees. be tilted for a comfortable rather than wait until later in FROM PAGE 13 notebook or desktop is on Combined, these allow the viewing experience. the year. of 30.9 percent compared to high-demand due to con- display to provide premium With a slim FullView Treasury yields also April 2021. sumers’ everyday interac- picture quality and show any design featuring narrow remain low, and the spread Traffic accidents cases Moreover, May 2021 has tions. The HUAWEI Display content – from high-res bezels, the display offers a differential between US junk without counting the acci- experienced a monthly 23.8” features a unibody images to Blue-ray videos – high-quality viewing expe- and high-grade bonds this dents without injuries, a total decrease by 9.1 percent and design with three narrow with vivid detail. It also sup- rience while taking up week fell to 184 basis points, of 511 traffic cases were 34.9 percent respectively in bezels measuring as thin as ports a scientifically proven minimal desk space. the lowest since July 2007. recorded during May 2021, marriage contracts and 5.72mm to produce a screen- eye protection feature that has The Huawei Display 23.8” That’s creating plenty of showing a monthly increase divorce certificates. to-body ratio of 90 percent, passed the TÜV Rheinland Low is compatible with both PCs reasons for both high-grade of 1.2 percent and an annual The total number of mar- offering a superbly wide Blue Light certification and and mobile devices. Users can and junk issuers to keep increase by 53.9 percent. Light riage contracts was 311 con- display area to enhance Flicker Free certification. harness the larger display area borrowing. injuries are accounted for the tracts, whereas the total No. productivity. The design of the display to work more efficiently or Bank of America Corp. vast majority of traffic acci- of divorces has reached 97 At 23.8 inches, the IPS are elegant and minimalist better express their strategists are calling for dents cases during the same divorce cases. panel supports a Full HD offering a clean look suitable creativity. $15bn to $20bn of high-grade month, with 91 percent, fol- As for the Social Security supply in the coming holiday lowed by severe injuries by 7 statements, reached QR81m shortened week. percent. However, 9 deaths in May 2021, for 14710 bene- They see potential for were recorded, equivalent to ficiaries, recording a monthly Qatar Financial Centre signs MoU with ICAI issuance to slow in the only 2 percent of total traffic decrease of 0.2 percent for the FROM PAGE 13 second half of the year accidents cases. value of social security and a benefit of the accountancy fraternity at either because it was so heavy year- As for the Banking Sector; monthly increase of 0.4 He also mentioned that ICAI Doha Chapter, end.” He also ensured his full support and to-date — but they also note Total Broad Money Supply percent for the number of the oldest Chapter established in 1981, is instru- cooperation in various endeavours of ICAI in the attractive funding (M2) recorded about beneficiaries of Social mental in finalising the MoU and is registered Qatar. conditions. QR612.1bn during May 2021, Security. under QFC. Through this partnership, QFC and ICAI “Demand creates supply, an annual increase of 4.9 Total electricity con- He further added that the Chapter is affil- will work together to nurture and develop and the combination of his- percent compared with May sumption during May 2021 iated with the Indian Business & Professional local Qatari professionals, entrepreneurs, and torically low yields and 2020. was 4547.5 GWh attaining a Council under the aegis of the Indian Embassy students via specialised trainings; explore spreads at post-crisis tights Regarding to Vital Sta- monthly increase of 29.3 in Qatar. the possibilities of study exchange pro- may attract opportunistic tistics, 1940 live births have percent and an annual H E Dr. Deepak Mittal, Ambassador of grammes for QFC and ICAI employees; col- issuance,” strategists led by been registered during May increase of 14.3 percent. While India to the State of Qatar, said: “India and laborate on opportunities that may arise in Hans Mikkelsen wrote in a 2021. Also, an increase in the the total water consumption Qatar share cordial relations and the the fields of corporate governance, technical report Thursday. total Qatari live births by 6.0 has reached 57471.9 Thousand important contribution that the Indian com- research and advice, quality assurance, Still, it won’t be easy to percent compared to last m3 during the same month munity is making in Qatar has strengthened forensic accounting, and Islamic Finance; and match the nearly $800billion month. On the other hand, 273 attaining a monthly increase the deep-rooted friendship of the two coun- share information concerning the accounting of high-grade bonds sold so deaths were recorded during of 6.6 percent and an annual tries. It is a very welcome step that the two profession in India, Qatar and far this year in the second the same period, a decrease decrease of 1.0 percent. organisations have come together for the internationally. half. MONDAY 5 JULY 2021 BUSINESS 15 Volvo Cars to focus on range, fast-charging TotalEnergies Refining and for next generation of fully electric cars Chemicals appoints new THE PENINSULA — DOHA cars that makes their lives Managing Director in Qatar easier and more enjoyable,” Rapidly moving towards said Henrik Green, chief tech- THE PENINSULA — DOHA becoming a fully electric car nology officer. “Through smart company, Volvo Cars is bringing innovation and collaboration Ghazi Shahin has been appointed battery cell technology devel- with key partners, we can give as Managing Director of the opment and production closer customers what they want – Refining & Chemicals branch to home and aims to tailor its more range, faster charging and within the TotalEnergies Qatar future batteries to the needs of lower costs – and further boost affiliate. He will succeed Philippe its customers: a longer range widespread adoption of electric Legrand, who is moving to a new and faster charging times. mobility.” assignment in France. It will do so by improving Volvo Cars’ electrification In his capacity, Ghazi will lithium-ion battery technology roadmap is firmly focused on oversee operations in the down- on its forthcoming second gen- vertical integration, involving stream sector in Qatar; particu- eration of electric cars, starting the in-house design, devel- larly TotalEnergies stakes at with the company’s first SUV on opment and production of bat- QAPCO, Qatofin, RLOC and a completely new electric-only We want to offer our customers sustainable pure electric teries, e-motors and relevant Laffan Refineries 1&2. Ghazi Shahin technology base. software in collaboration with Ghazi joined Total Petro- By the middle of the decade, cars that makes their lives easier and more enjoyable. strategic partners. The aim is to chemicals in 2015 as Vice Pres- TotalEnergies Qatar team, and as it introduces its third gener- Through smart innovation and collaboration with key achieve as many synergies and ident Industrial for the to work closely with our cher- ation of electric cars, Volvo Cars partners, we can give customers what they want – more efficiencies as possible Americas region. He also ished partners such as QP, plans to improve the range throughout the entire battery served as Vice President HSE QAPCO, Qatofin, QChem, and further and integrate the battery range, faster charging and lower costs – and further boost supply chain. & Industrial at Total Petro- Qatargas. In addition to contrib- pack into the floor of the car, widespread adoption of electric mobility. Earlier this month, Volvo chemicals Americas. uting to safe, reliable, and prof- using the cell structure for Car Group announced a Ghazi is a graduate of Texas itable operations, I look forward overall vehicle stiffness and planned collaboration with A&M University Kingsville in to solidifying our joint vision improving efficiency. Henrik Green, Chief technology officer, Volvo Car Group Northvolt to develop and Texas, United States in Elec- through initiatives for Qatar In the near term, Volvo Cars produce sustainable batteries. trical Engineering. “I am National Vision 2030”, said plans to work with leading These will be tailored to power delighted to join the Ghazi upon his appointment. Swedish battery company all-electric car company, the recycling of critical materials the next generation of pure Northvolt to further increase importance of sustainability for use in future batteries. Volvo electric Volvo and Polestar cars the energy density in its battery increases in parallel. While the Car Group’s planned part- and secure a future supply of White House urges more countries to cells by up to 50 percent com- company will increase the nership with Northvolt also sustainable batteries needed to pared to what is on the market battery energy in its cars over raises the possibility to utilise support growth. sign 15% global corporate tax pledge today. Later this decade, Volvo the coming decade, it will also their established recycling The collaboration with Cars also looks to break the work to continuously reduce operations. Northvolt is key to Volvo Cars’ REUTERS — WASHINGTON Ireland, Hungary and Estonia - 1000 Wh/l energy density mile- their carbon impact. Volvo Cars will also con- ambition to become a leader in all members of the European stone, in order to achieve 1000 Battery cells from Volvo tinue to focus on the respon- the premium electric car White House economic adviser Union that have sought to attract km of real driving range. Cars’ planned collaboration sible sourcing of batteries, segment and sell only pure Brian Deese on Friday said the investment with low tax rates. Current charging times are with Northvolt aim to be pro- including through a wider use electric vehicles by 2030. It also United States was still working “This is a process,” Deese said. expected to be cut almost in half duced using 100 per cent of blockchain technology. By represents an important step in to get more countries to join an “We’ve going to keep working at by mid-decade, thanks to better renewable energy, while it is working more closely with its the expansion of its in-house agreement signed this week by it. We’re not there. This is a mile- battery technology and con- working with other battery sup- partners and suppliers, Volvo capabilities for production as 130 countries backing a global stone in the process, but a real tinuous improvements to pliers to do the same by 2025. Cars will strengthen its respon- well as development, coupled corporate minimum tax of at strong signal of momentum software and fast-charging Volvo Cars has a clear sible sourcing even further. with partnerships with tech- least 15 percent. toward the ultimate goal.” technology. strategy to further reduce the Already with the successor nology leaders. The deal will help create German finance Minister “We want to constantly carbon impact of batteries by to the XC90, the company will Volvo cars are distributed momentum for President Joe Olaf Scholz told reporters after increase the customer benefits making better use of the val- offer bi-directional charging, in Qatar by Doha Marketing Biden’s push to increase corporate a meeting with US Treasury Sec- of driving a pure electric Volvo uable material contained in allowing customers to offload Services Company tax rates at home, while helping retary Janet Yellen that he car,” said Henrik Green, chief them. Wherever possible, it excess electricity in their car (DOMASCO), a leading multi- to raise revenue needed for a expected rapid implementation technology officer. “By simpli- intends to remanufacture or battery to the power grid. This brand company in Qatar and a variety of investments, Deese told of the global tax deal by the EU fying the design and integration reuse batteries, and is also means electric Volvo drivers member of the Al Futtaim reporters at the White House. despite the refusal of several of our battery cells, We can investigating potential second- can provide energy to the grid group. It has a diversified port- Officials from 130 of the 139 members to sign the deal. reduce weight and maximize life applications, such as energy when prices and CO2 emissions folio of passenger cars, motor countries taking part in talks lead “I am optimistic,” he said, space, allowing for considerable storage. related to electricity production bikes, commercial vehicles, by the Organization for Eco- adding that he expected the improvements in battery Where possible, batteries are at their daily peak, while marine and power products, nomic Cooperation and Devel- Group of 20 major economies to capacity, range and charging that have reached the end of charging their car when emis- watches and electronics rep- opment on Thursday agreed to join the Group of Seven (G7) times.” their lifespan will be recycled sions fall. resenting some of the world’s the broad overhaul of rules for nations in endorsing the plan at As Volvo Cars is moving at authorised recyclers that are “We want to offer our cus- most visible and award- taxing international companies. next week’s G7 finance officials towards becoming an able to offer closed loop tomers sustainable pure electric winning brands. Among the holdouts were meeting in Venice.

BUSINESS BRIEFS France says it’s difficult to meet China blocks Didi from app stores Esports crypto streaming EU requests on EDF reform BLOOMBERG The surprise probe and rapid Yesterday, the company said service turns bandwidth decision by China’s powerful on its official social media into profits BLOOMBERG China’s cyberspace regulator internet regulator piles on the account that it had already halted ordered app stores to remove scrutiny of Didi over issues ranging new user registrations as of July NEW YORK: One of the biggest French Finance Minister Bruno Didi Chuxing, dealing a major from antitrust to data security. The 3 and was now working to rectify knocks against most cryptocurren- Le Maire (pictured) said it will blow to a ride-hailing giant that company has been grappling with its app in accordance with reg- cies is that they have few real-world be difficult for France to accept just days ago pulled off one of the a broad antitrust probe into ulatory requirements. Didi’s IPO benefits besides speculation. the European Commission’s largest US initial public offerings Chinese internet firms with was led by Goldman Sachs Group In the case of the digital token requests regarding a proposed of the past decade. uncertain outcomes for Didi and Inc., Morgan Stanley and Theta, the blockchain project under- reorganization of Electricite de The Cyberspace Adminis- peers like major backer Tencent JPMorgan Chase & Co. In all, the pins a peer-to-peer video streaming France SA that is tied to regu- tration of China announced the Holdings Ltd. It lost as much as 11 ride-hailing firm appointed 20 network that offers rewards to many of latory reform aimed at shoring ban yesterday, citing serious vio- percent of its market value at one advisers to manage the float. its 1 million monthly users in exchange up the utility’s finances. lations on Didi Global Inc.’s col- point on Friday, after the watchdog The CAC didn’t specify on for unused bandwidth. After rallying “It seems very complicated lection and usage of personal revealed its investigation. Friday what it will look into. But more than 300% this year, Theta’s to explain to the French — not information, without elaborating. More broadly, Beijing has the timing of its announcements market value has swelled to around to mention EDF employees — That unusually swift decision been curbing the growing was significant, coming not just $6bn, putting it in the ranks of the top that we’ll give in to the Maire’s comments cast doubt came two days after the regulator influence of China’s largest on heels of Didi’s IPO but also the 20 digital tokens, according to data demands of the European on the outcome of talks aimed said it was starting a cyberse- internet corporations, widening Communist Party’s 100th anni- from CoinMarketCap.com. Commission, which wishes at giving the state-controlled curity review of the company. an effort to tighten the ownership versary celebrations in Beijing. Sony Group Corp. and Samsung that EDF wouldn’t be a single utility more regulated revenue That effectively requires the and handling of troves of infor- Didi, one of the single largest Electronics Co. are among the indus- company anymore,” Le Maire from its nuclear generation to largest app stores in China, mation that online powerhouses investments in SoftBank Group try titians that back the endeavor, said in an interview with LCI help maintain aging atomic operated by the likes of Apple Inc. from Alibaba Group Holding Ltd. Corp.’s portfolio, defeated Uber which was developed by an esports television yesterday. plants, which are the and smartphone makers Huawei to Tencent and Didi scoop up Technologies Inc. in China in 2016 livestreaming startup. Investors such The European Commission backbone of France’s elec- Technologies Co. and Xiaomi daily from hundreds of millions before embarking on an ambi- as Sony also stake coins, a process — the European Union’s exec- tricity supply. Corp., to strike Didi from their of users. The regulator yesterday tious international expansion. It used to help validate transactions utive arm, which vets aid to “We must continue nego- offerings. But the current half- ordered Didi to rectify its started trading on Wednesday in that create new blocks in blockchain member states — wants to tiations,” Le Maire said. “I’ll billion or so users can continue to problems following legal require- New York after a $4.4bn initial networks. In exchange they receive ensure that a reorganization keep working on a reform order up rides and other services ments and national standards, public offering, pulling off largest rewards in the form of a second- of EDF won’t affect compe- project that seems essential for so long as they downloaded the and take steps to protect the per- debut by a Chinese firm in the US ary token called TFuel, which has tition in the power market. Le EDF.” app before yesterday's order. sonal information of its users. after Alibaba. increased in value to about $2bn. "The [Theta] token is up 100x-plus since we invested,” said Samuel Harrison, managing part- Energy firm EXIST hits top of Fortune’s Turkish 500 list ner at Blockchain.com Ventures, which has an equity stake, holds ANADOLU — ISTANBUL of the 500 companies was 5.5 percent, coins and serves as a validator of the magazine noted. transactions. A little over a year ago, Turkish energy firm Energy Exchange It said: “The number of companies Theta traded for 4 cents. It’s now Istanbul (EXIST) has captured the top with a net sales income of over a billion around $6. -BLOOMBERG spot in Fortune magazine’s top 500 Turkish liras (around $142m), which Turkish companies list in terms of net was 323 in 2019 list, increased to 353 Turkey’s current account sales, displacing fellow energy giant in 2020 list. TUPRAS, which fell to second place “The number of companies with net balance expected to post EXIST’s sales totaled 105.8bn sales revenues of more than 10bn $2.7bn gap in May Turkish liras ($15.07bn) in 2020, up Turkish liras ($1.42bn) increased from 20.3 percent on a yearly basis, 33 to 37.” ANKARA: Turkey’s current account according to a statement issued by the Amid the conditions of the pan- balance is expected to see a deficit magazine on Friday. demic, the 500 firms’ total exports – of $2.72bn in May, according to an TUPRAS, number two on the list, 47bn Turkish liras ($67bn) – dropped Anadolu Agency survey on Friday. posted sales of 63.24bn Turkish liras 26.1 percent on a US dollar basis and Turkey’s Central Bank will release ($9bn) in 2020, down 29.4 percent 8.7 percent on a Turkish lira basis. the balance of payments data next year-on-year. “While 75.7 percent of the net sales Friday. Forecasts of a group of 15 Amid the pandemic – which led of Fortune 500 companies in Turkey economists for the month ranged to lockdowns of most stores except EXIST’s sales totaled 105.8bn Turkish liras ($15.07bn) in 2020, up 20.3 percent on consisted of domestic sales, the share between $1.2bn and $3.35bn.The for supermarkets – discount grocery a yearly basis. EXIST’s sales totaled 105.8bn Turkish liras ($15.07bn) in 2020, up of exports decreased to 24.3 percent,” end-2021 current account balance is store chain BIM was third, up from 20.3 percent on a yearly basis. it stressed. projected to post a deficit of $25.8bn, sixth place in 2019, with its net sales The 500 firms made up 32.9 with estimates ranging between $20bn of 55.49bn Turkish liras ($7.9bn), were auto firm Ford ($7bn), flag carrier Total net sales of the top 500 com- percent of the country’s overall exports and $31.5bn. In April, the country’s rising 38 percent year-on-year in Turkish Airlines ($6.6bn), oil provider panies in 2020 reached 1.94 trillion of $204.1bn in 2020. current account deficit was $1.7bn, 2020. Petrol Ofisi ($6.22bn), jewelry firm Turkish liras ($276bn), up 6.3 percent Flag carrier Turkish Airlines was bringing the 12-month rolling deficit The average US dollar / Turkish lira Ahlatci ($5.9bn), major appliances pro- year-on-year, according to the the largest company on the list in terms to $32.7bn. -ANADOLU exchange rate in 2020 was 7.02. ducer Arcelik ($5.8bn), and oil provider statement. of exports, followed by Ford and Rounding out the top 10 on the list Opet ($5.21bn). EXIST’s share in the total net sales Arcelik.