ARAB TIMES, MONDAY, JUNE 21, 2021 BUSINESS 9

Philip Morris International names Deepak Mishra as President, Americas Region

Jacek Olczak, Chief Executive Offi cer of to commercialize reduced risk products in nerships and investments. Deepak brings to sumer services, renewable energy, and spent four years at Accenture’s strategy Philip Morris International announced a the U.S.; and building a vital launchpad for the role deep expertise in mergers and ac- distribution sectors. Before Centerbridge, practice in India and Eastern Europe. He new structure for the Americas with the the company’s “beyond nicotine” strategy quisitions, a likely component of our beyond Mr. Mishra was a Partner at McKinsey holds an undergraduate degree in com- appointment of Deepak Mishra-former- in the U.S., in coordination with PMI’s Life nicotine strategy. He is both a visionary and & Company in London. At McKinsey & puter science from BITS Pilani in India ly Chief Strategy Offi cer-as President, Sciences group, through expanded partner- a pragmatist, and I have high expectations Company he was a member of the Con- and an MBA from the Indian Institute of Americas Region, covering the United ships and commercial deployment. for-and full confi dence in-what he will ac- sumer Goods, Retail, and Operations Management (IIM) Lucknow. States, Canada, and Latin America. The Mr. Olczak said, “I am thrilled to name complish in his new role.” leadership teams from 2001 to 2014 Mr. Mishra’s direct reports will include appointment is effective July 1. Deepak Mishra, one of our top business Prior to joining PMI, Mr. Mishra was and supported clients in the fast-moving Mario Masseroli, President, Latin America The new structure in the Americas will leaders, to one of the most important roles Managing Director, Portfolio Opera- consumer goods, retail, and private eq- Region; Peter Luongo, Managing Director focus on three areas: strengthening PMI’s for the future of our company. In less than tions at Centerbridge Partners LP, a pri- uity industries on commercial and opera- of Rothmans, Benson & Hedges (Cana- leadership in Latin America & Canada as three years with PMI, he has been instru- vate equity fi rm, where, from 2014, he tional transformations. Mr. Mishra started da); and Olek Grzesiak, Vice President, the company accelerates toward a smoke- mental in shaping our long-term strategy led commercial, operational, and digital his career as a marketing professional Commercial for Reduced Risk Products free future; deepening efforts with partners and bringing it to life through strategic part- transformations in investments in con- with Procter & Gamble in 1996 and then in the United States. (Agencies) Let the recovery begin: EU chief OKs first ‘virus plans’

‘This plan will deeply transform Spain’s economy’

MADRID, June 20, (AP): The Eu- ropean Union moved a step closer Wednesday to deploying the bloc’s massive pandemic recovery fund, with a top executive going to Por- tugal and Spain to announce the bloc’s initial endorsement of their national spending plans. European Commission President Ursula von der Leyen first visited Portugal, which was the first of the EU’s 27 countries to for- mally present ideas for spending its share of the 800 billion euros ($970 billion) ear- marked last year to help countries out of a sharp economic downturn caused by the CO- VID-19 pandemic. She then crossed the border to visit Madrid, where she met with Prime Minister Pedro Sán- chez to give the stamp of approval to Spain’s European Commission President Ursula von der Leyen meets with Portuguese Prime Minister plan to use nearly 70 billion euros ($85 billion) Antonio Costa at the Center for Living Science in Lisbon, Wednesday, June 16, 2021. The in grant money. president of the European Commission has started in Lisbon a tour of some European Union The commission highlighted Spain’s emphasis capitals to announce the initial endorsement of their plans for spending the bloc’s massive on the environment with investments in renew- economic recovery fund. (AP) able energy and climate-friendly technologies like electric cars. states within four weeks. to use its 16.6 billion-euro windfall ($20 billion) “This plan will deeply transform Spain’s econ- In coming years, Spain is also to receive an ad- in grants and loans has earned the commission’s omy, make it greener, more digital, more resil- ditional 70 million euros in loans, leaving it only be- blessing. ient,” von der Leyen said. “We have endorsed this hind Italy as the biggest benefi ciary of the funds after Portugal says much of its spending will go to plan because it is ambitious, far-sighted and will both southern European countries were the fi rst of improving the public health network, reducing help build a better future for the Spanish people.” the bloc to be pummeled by the pandemic. pollution from public transportation, making The commission’s green light for the proposals In Portugal, von der Leyen told Prime Minister housing more energy effi cient and buying com- will have to ratifi ed by the leaders of the member António Costa that his government’s plan for how puters for schools. KIPCO gains 5 fils, Advanced Technology Co skids Kuwait bourse plods ahead in volatile trade By John Mathews and Boursa Kuwait Securities gave up 9 fi ls. Ad- Bank BSC added 3 fi ls on back of 21.6 million vanced Technology extended last session’s losses shares. Commercial Bank was unchanged at 500 Arab Times Staff with a 52 fi ls to 492 fi ls. fi ls whereas Al Ahli Bank dialed up 1 fi l. Ahli National Industries Group rose 3 fi ls to 228 United Bank Kuwait dialed down 2 fi ls. KUWAIT CITY, June 20: Kuwait stocks plodded fi ls on back of 32.9 million shares whereas Gulf National Investment Co and Kuwait Invest- higher on Sunday as it extended its two-week Cables was down 6 fi ls at 762 fi ls Boubyan Petro- ment eased 1 fi l each to close at 174 fi ls and 194 winning spree. The All Shares Index kicked off chemical Co paced 5 fi ls while Al Qurain Petro- fi ls respectively whereas International Financial the week with a modest 15.10 points rise in vola- chemical Co gave up 6 fi ls before settling at 392 Advisors paced 4 fi ls on back of 7.4 million tile session to 6,408.61 points even as the broader fi ls. Jazeera Airways tripped 1 fi l and ALAFCO shares. Arzan Financial Group was fl at at 133 fi ls sentiment remained mixed. dialed up 1 fi l on back of 1.8 million shares. YIA- whereas Kuwait Financial Centre added 2 fi ls on The Premier Market scaled 15.22 points tak- CO Medical closed 7 fi ls in red. back of 2.5 million shares. ing the month’s gains to 223 points while Main The market opened fi rm and rose sharply in Noor Financial Investment Co took in 1 fi l Market was up 15.31 pts at 5,327.41 points. early trade. The main index scaled the day’s high- while Gulf Investment House gave up 6 fi ls. Aay- The volume turnover meanwhile saw a modest est level of 6423 points and fl ipped back close an Leasing and Investment fell 4 fi ls to 166 fi ls rebound following last session’s drop. Over 395 to the opening level. It headed north again amid and Osoul Investment erased 4.6 fi ls. KAMCO million shares changed hands – a 17 pct jump fresh buying in some of the counters and moved tripped 1 fi l. from Thursday. sideways past the mid-session before retreating to Kuwait Cement Co and HEISC took in 2 fi ls The sectors closed mixed. Insurance sector out- close with modest gains. whereas Kuwait Portland Cement dropped 10 fi ls paced the rest with 3.37 pct gain whereas Health- Top gainer of the day, Sharjah Cement Co to 867 fi ls. Shuaiba Industrial rose 3 fi ls to 173 care shed 2 percent, the biggest loser of the day. soared 25 percent to 65 fi ls while Kuwait Hotels fi lls whereas Metal and Recycling Co stood pat at Volume wise, Financial Services topped with 167 sprinted 9.87 pct to stand next. Advanced Tech- 172 fi ls. ACICO Industries gave up 3 fi ls and Ku- million shares and the sector was also ahead in nology Co skidded 9.56 pct, the steepest decliner wait Foundry Co added 2 fi ls. NICBM erased 2 fi ls value with KD 21 million. of the day and National Real Estate Co topped te whereas Equipment Holding Co paused at 36 fi ls. In the individual shares, Kuwait Finance House volume with 63.2 million shares. Burgan Company For Well Drilling ticked 1 extended last session’s gains with a 3 fi ls jump to Despite the day’s moderate gains, the market fi l higher to 204 fi ls on back of over 1 million 775 fi ls on back of 6.9 million shares while Boubyan spread was almost even. 60 stocks advanced shares whereas Combined Group Contracting Co Bank dialed 2 fi ls. KIPCO rallied 5 fi ls after pushing whereas 59 closed lower. Of the 140 counters ac- clipped 1 fi l. OSOS Holding Group trimmed 0.3 8.6 million shares and closed at 8.6 million shares tive on Sunday, 21 closed fl at. 12,102 deals worth fi ls and United Projects Co dipped 9 fi ls to 290 while Humansoft Holding paced 16 fi ls to end at KD KD 70 million were transacted during the session. fi ls. Inovest BSC eased 1 fi l to 118 fi ls. Integrated 3.666 taking month’s gains to 367 fi ls. Gulf Insur- In the banking sector, National Bank of Ku- Holding and Aznour paused at 397 fi ls and 237 ance Group soared 75 fi ls to 938 fi ls. wait was unchanged at 843 fi ls after pushing over fi ls respectively. Zain fell 2 fi ls to 588 fi ls with a a volume of 1.3 2 million shares and Burgan Bank too did not The market was bullish during the previous million shares whereas Ooredoo climbed 7 fi ls to budge from its earlier close of 247 fi ls. Gulf Bank week. The main index closed higher in all fi ve 647 fi ls. stc slipped 5 fi ls to 845 fi ls and logis- tripped 1 fi l after moving over 11 million shares sessions gaining 88 points week-on-week. It has tics major Agility added 3 fi ls before settling and Kuwait International Bank followed suit. rallied 188 points from start of the month and is at 926 fi ls. Mezzan Holding fell 3 fi ls to 654 fi ls Warba Bank clipped 1 fi l whereas Ahli United up 858 points year-to-date. GM to spend more on electric vehicles DETROIT, June 20, (AP): General Motors will raise its spending on elec- tric and autonomous vehicles and add two U.S. battery factories as it gambles that consumers will eagerly switch from gasoline to the new technology. The announcements Wednesday came as crosstown rival Ford said its entire Lincoln luxury brand lineup would be electric or gas-electric hybrid by 2030, including four fully electric vehicles. For months, the automakers have been one-upping each other with elec- tric vehicle announcements, which have fueled stock price increases for both companies. GM wouldn’t give details about where it will build the new plants, but In this file photo, Mark Reuss, president of General Motors, speaks at the Chief Financial Offi cer Paul Jacobson GM Detroit-Hamtramck Assembly plant in Hamtramck, Mich. (AP) said they would be similar in size to two factories now under construction than 2% of U.S. vehicle sales last year, for its vehicles, and because it has been in Lordstown, Ohio, and Spring Hill, largely in luxury brands. But industry able to mitigate production losses due Tennessee. Those factories each will analysts are predicting big growth later to a global shortage of computer chips. employ more than 1,000 workers and in the decade as EVs move beyond He said the company remains cautious cost about $2.3 billion. tech-savvy early adopters. about the full year. The new plants were to come later in Jacobson said GM is seeing success GM also announced more deals to sell the decade, but now have been pulled with its a new version of its Chevrolet its battery and hydrogen technology to forward and are expected to be in op- Bolt hatchback and a new Bolt small other companies. GM said it will build eration around 2025. They are part SUV, giving it confi dence that electric two electric vehicles for EV and hydro- of GM’s plan to spend $35 billion on vehicle adoption is reaching an infl ec- gen partner Honda, and it will supply hy- electric and autonomous vehicles from tion point. “The Bolts have done well drogen fuel cells for Liebherr Aerospace. 2020 to 2025. The company also said it for us,” he said. “This is really no- Earlier the company said it would supply will switch more U.S. assembly plant regrets capital. We know that we will batteries and fuel cell technology to Pitts- capacity to electric vehicles, but gave need those battery plants as we further burgh-based locomotive maker Wabtec, no details Wednesday. our goals.” and it would supply fuel cells to heavy GM has previously said it would Also Wednesday, GM raised its truck maker Navistar. spend $27 billion on electric and au- fi rst-half pretax earnings guidance Ford said Wednesday the Lincoln tonomous vehicle development by from $5.5 billion to between $8.5 bil- brand’s fi rst fully electric vehicle will 2025 as it rolled out 30 new electric lion and $9.5 billion, with net income go on sale next year, but gave no de- vehicles worldwide. Jacobson said the of $6.2 billion to $7 billion. tails. The company said that by mid- company would increase the number On a conference call with reporters, decade it expects that half of Lincoln’s of electric vehicles but gave no details. Jacobson said the increase comes as global sales will be zero emissions Electric vehicles accounted for less GM continues to see strong demand vehicles.