Larry King, legendary American talk show host, dies at 87 pg 11

Sunday, January 24, 2021

30,996.98 10,736.35 48878.54 1,859.90 -179.03 pts -62.87 pts -746.22 pts Gold -0.50% Lab-grown fish startup BlueNalu lands Dow QE sensex $60 mn to build out factory page 10 Price percentage Price percentage 25.56 Brent 55.41 -1.23 % WTI 52.27 -1.62 % Silver -1.15 % 50 Qatari firms expected toQA expansion to drive Woqod’s take part in Russia’s SPIEF growth: QNBFS Tribune News Network with Russian companies.” Doha “The role of QRCC is to Satyendra Pathak bring together Qatari and Doha Qatar is all set to partici- Russian businessmen prior pate as the guest country in to SPIEF 2021 for discussions Qatar Airways (QA) the upcoming Saint Peters- on deals, and to facilitate Group’s planned expansion burg International Economic their investment and trade is likely to be the foremost Forum (SPIEF) scheduled to fields between them, to en- long-term driver for Woqod’s be held in June this year. sure tangible deals and agree- bottom-line growth in the It is expected that about ments at SPIEF 2021 as well medium to long term, QNB 50 entities from Qatar will as successful bilateral coop- Financial Services (QNBFS) participate in the forum with eration,” he said. has said in its latest company the participation of more QC Board Member Ibti- report. than 500 people. Qatari pa- haj Al Ahmadani called for a Nevertheless, the report vilion’s area is approximate- wider participation of Qatari said, the company’s ongo- ly 3900 m2 distributed in businesswomen at the forum ing expansion of its retail four zones for exhibiting and to learn about the invest- fuel station network should Bullish outlook non-exhibiting entities. QC Board Member and Chair of Qatari-Russian Business Council Ali bin Abdullatif Al Misnad, QRCC Su- ment opportunities available support its fuel and non- In this connection, the pervisory Board Chairman Fahad bin Mohammed Al Attiyah and other dignitaries take part in a webinar in Russia, stressing that Qa- fuel revenue growth gradu- Qatar Chamber (QC) hosted a hosted by Qatar Chamber on Thursday. tar is a robust and promis- ally. Removal of the blockade Woqod’s ongoing virtual introductory meeting ing market for Russian busi- should also be supportive for expansion of its retail in cooperation with the Qa- nesswomen in numerous jet fuel volumes longer-term, fuel station network tari-Russian Center for Coop- aspects of cooperation. it said. should support its fuel eration (QRCC) on Thursday. Details on the history and ‘’We maintain our mar- and non-fuel revenue Held under the theme upcoming edition of SPIEF, ket perform rating with a ‘Qatari-Russian Cooperation the benefits for Qatar as a target price of QR19.8 on growth gradually Opportunities’, the webinar guest country, Qatar Cham- Woqod,’’ the report said. Removal of the aimed at reviewing means ber’s venue at the forum and Commenting on the com- of boosting commercial and the investment and trade op- pany’s financial results for blockade should also economic ties between Qatar portunities available in Rus- 2020, QNBFS said, ‘’Woqod be supportive for jet and Russia, as well as identi- sia were also provided on the posted 19.1 percent year-on- fuel volumes fying the latest developments occasion. year (YoY) decrease but 75.8 longer-term regarding the Qatari partici- QRCC CEO Diana Char- percent quarter-on-quarter pation in SPIEF. madova said that SPIEF is an (QoQ) increase in net profit gross margin rose to 9.5 per- The event witnessed the important Russian business in the fourth quarter of 2020, cent in the fourth quarter of participation of QC Board event that has been held in St above our estimate.’’ 2020 up from 6.3 percent in Member and Chair of Qatari- Petersburg since 1997, noting Cash DPS of QR0.46 is the third quarter of 2020. As Russian Business Council that each year a large number in-line with our expectation of 2020, jet fuel sales vol- Ali bin Abdullatif Al Mis- of participants comes from of QR0.44, it said. ume fell by 33 percent YoY. nad and QRCC Supervisory major global economic and economic and developmental discussing the possibility of more than 145 countries. ‘’Gross profit was above Continuation of air traffic Board Chairman Fahad bin financial institutions, as well bodies in the country. establishing alliances and joint The SPIEF audience includes our estimate, which is at- restrictions due to corona- Mohammed Al Attiyah. The as discuss the key economic QC Board Member also projects between Qatari and heads of major Russian and tributable to higher mar- virus-related counter-meas- webinar was also attended by issues facing the world. expressed his confidenceR ussian businessmen,” he said. foreign companies, heads gins. During the fourth ures led Woqod to experi- many QC board members. He expressed his hope that that SPIEF will contribute In his opening remarks, of states and political lead- quarter of 2020, diesel and ence lower demand in 2020 Addressing the event, the webinar would help par- to strengthening coopera- Attiyah emphasised that the ers, prime ministers, deputy gasoline volumes contin- for its jet fuel. Diesel, super Misnad stressed the impor- ticipants learn more about the tion relations between the SPIEF is the largest invest- prime ministers, and gover- ued their recovery on a QoQ gasoline and premium gaso- tance of holding the webinar Qatari participation in SPIEF. two friendly countries, es- ment and economy-focused nors, she said. basis even recording slight line sales volumes decreased in identifying the prepara- He noted that during Qatar pecially between the Qatari event of its kind in Eastern Elaborating on the ben- positive growth against the by 9 percent, 10 percent and tions related to Qatar’s partic- Chamber’s participation in the private sector and its Russian hemisphere. Highlighting the efits of the SPIEF’s guest fourth quarter of 2019. The 9 percent YoY respectively,’’ ipation in SPIEF as the guest last edition of SPIEF held in counterpart. significance of Qatar being country, Charmadova said company posted QR291 the report said. country, noting that SPIEF is 2019, Qatar Chamber signed “SPIEF provides an impor- officially invited as a guest this honorary position implies million in gross profits in Furthermore, Woqod’s an international forum that MOU with Roscongress Foun- tant platform for identifying country at SPIEF, he said, “It organising business events as the fourth quarter of 2020 retail non-fuel revenue, has been held since 1997. dation, which is the organiser the attractive investment cli- is an honour which enables well as exhibitions and cul- against QR193.6 million in including Sidra sales, in- Underscoring the impor- of the forum. mate in Qatar and promoting Qatar to enhance bilateral tural events, in addition to the third quarter of 2020 creased by 11 percent YoY tance of SPEIF, Misnad said, The chamber will par- the Qatari economy in general investment and trade ties be- the construction of a national and QR337.8 million in the in 2020 as new stations the forum represents a genu- ticipate in the next version of and private sector projects in tween the two nations, while pavilion for showcasing the fourth quarter of 2019,’’the opened in 2019 and 2020. In ine opportunity for partici- the forum within the pavilion particular, as well as explor- also opening up considerable country’s capabilities in the report said. 2020, Woqod’s retail gas pants to conclude agreements of Qatar, alongside several ing the investment opportu- opportunities for Qatari com- economy, industry, culture, ‘’Due to relatively higher stations increased by 12 and deals and sign between ministries, institutions, and nities available in Russia and panies to set up partnerships and tourism. economies of scale benefits, reaching 108.

New COVID-19 cases unlikely to challenge China’s recovery: QNB Tribune News Network will weight on consumer-facing Doha service sectors such as accom- modation, catering, tourism and Few topics have been more im- offline retailers. portant for businesses around the Second, on supply side, dis- world than the economic perfor- ruption in activity by new social mance of China, Qatar National distancing measures should be Bank (QNB) has said in its latest limited. China’s effective testing economic commentary. and tracking regime will allow for “China has been a major more localised restrictions and growth leader in recent years for concerted efforts to maintain when its economy prompted sev- critical production running. eral bouts of acceleration of the Moreover, Chinese manu- global business cycle. In fact, for facturers are already adapted to every $10 of output added to the COVID-19 preventative meas- global economy over the last ex- ures and potential restrictions pansion cycle (2009-2019), China are likely to take place during the contributed to over $4. During first quarter, when activity is low this period, China’s growth added due to extended holidays associ- to the world an amount equal to ated with the Chinese New Year. $10 trillion, which is more than the economy to gradually ‘re-open’ of social distancing, households ern region that is 180 miles from Chinese economy. Third, both existing and poten- the current GDP of Japan and before most of the world,” it said. adjusted their consumption be- Beijing. After months of near-ze- First, a flare-up in new COV- tial restrictions are expected to be Germany combined. Moreover, The economic rebound, which haviour, spending less on ‘expe- ro new COVID-19 cases, China is ID-19 cases will have a negative short-lived. The overall number of expanding Chinese aggregate started in the second quarter of riences’ or services and more on now responding to a new cluster impact on household consump- new cases is still very low and the demand had a high multiplying 2020, after a deep contraction in physical goods. of hundreds of cases a day. The tion over the short-term. Chinese Chinese authorities are now ex- effect, spilling over to commod- the first quarter of the year, was This produced a boom in response has so far been fast and families are particularly sensitive perienced in managing the health ity prices, emerging markets and also supported by significant policy Chinese exports, particularly of robust, including the lockdown to COVID-19-related health risks, crisis. This is also supported by other open economies,” QNB said. stimulus in the form of rate cuts, fi- personal protective equipment, of over 22 million people and the which makes individuals more in- high levels of compliance and ac- “This time seems to be no dif- nancial support to companies and software, electronics and commu- conduction of mass testing in the clined to social distance for longer countability of the general popula- ferent. In 2020, as COVID-19 start- infrastructure investments. nication equipment. Last month, region. Lockdowns are expected whenever there is a perception of tion to the preventative guidelines. ed its spread in China early in the Surprisingly, after an initial Chinese exports recorded all-time to be extended to other provinces increased exposure to the virus. “All in all, despite short-term year, authorities responded quick- sudden collapse of its exports to highs of $282 billion, printing should new cases emerge, poten- Higher frequency mobility challenges to household consump- ly with mass testing, virus track- the rest of the world, the exter- high year-on-year growth. tially impacting mobility and gen- data already suggests a decrease tion, the Chinese recovery will ing and effective social distancing nal sector also proved to be sup- But the strong Chinese eco- eral economic activity. inactivity beyond the regions di- likely continue. We expect China’s measures such as lockdowns and portive for the Chinese recovery. nomic recovery is now challenged In our view, QNB said, three rectly affected by the new COV- GDP to grow by 8.2 percent in quarantines. As a result, new cases As the world adapted to less face- by a wave of new COVID-19 cases observations should inform an ID-19 cases, including in higher- 2021 and over 6 percent in 2022, fell down precipitously in the sec- to-face interactions, more work- around Shijiazhuang, the capital initial assessment about the income provinces of southeast contributing to boosting global ond quarter of the year, allowing from-home and longer periods of Hebei province, a northeast- impact of such measures in the China such as Guangdong. This economic activity,” QNB said. Economy & Business Sunday, January 24, 2021 09 British private sector sees largest contraction since May

DPA-AFX cember. A reading below 50 Markit, said. hard-hit by restrictions on Lower levels of new or- Strong cost pressures London indicates contraction. The composite PMI points trade and reduced consumer ders, reduced employment persisted at the start of 2021, The score was forecast to a fall in gross domestic spending at the start of the and a swift depletion of pre- with the overall rate of infla- Britain’s private sector to rise to 50.7. Nonetheless, product (GDP) in January A steep slump in business year. At the same time, the production inventories were tion holding close to Decem- logged a renewed downturn the speed of the downturn in of about 5 per cent month- activity in January puts the manufacturing sector grew the main factors weighing on ber’s 11-month peak. in January, as a third lock- the private sector output was on-month, Ruth Gregory, an locked-down UK economy on at the slowest pace since mid the headline manufacturing Higher operating expens- down dampened the services softer than at the start of the economist at Capital Eco- course to contract sharply in 2020. PMI. There was a shortage of es, squeezed margins and economy and trimmed man- pandemic. nomics, said. the first quarter of 2021, The services purchas- critical manufacturing inputs lower demand also contribut- ufacturing growth, flash sur- “A steep slump in busi- This suggests that the ing managers’ index (PMI) due to Brexit disruptions and ed to a moderate acceleration vey results from IHS Markit ness activity in January puts fall in GDP in January could meaning a double-dip plunged unexpectedly to 38.8 a severe lack of international in the pace of private sector and the Chartered Institute the locked-down UK econ- be almost double the size of recession is on the cards. from 49.4 a month ago. The shipping availability. job shedding in January. of Procurement & Supply omy on course to contract November’s 2.6-per-cent de- Chris Williamson, chief busi- expected level was 49.9. At At the composite level, Driven by vaccine roll- showed on Friday. sharply in the first quarter of cline, the economist noted. 52.9, the manufacturing PMI volumes of new work de- out, business expectations The flash composite out- 2021, meaning a double-dip However, that drop would ness economist at IHS Markit dropped to a seven-month creased for the fourth con- for the next 12 months picked put index fell sharply to an recession is on the cards,” be mild in the context of the low from 57.5 in December secutive month in Janu- up slightly since December, eight-month low of 40.6 in Chris Williamson, chief 18.8-per-cent monthly de- lockdown in April. and was much weaker than ary due to weak consumer reaching its highest level January, from 50.4 in De- business economist at IHS cline seen during the first The service economy was the expected reading of 57.3. spending. since May 2014.

ECB remains on alert Yellen nomination sails through as lockdowns weigh on eurozone economy Senate panel; final vote tomorrow DPA crisis,” the ECB chief said. Frankfurt But she said “uncer- tainty remains high,” with Her nomination The European Central “a pronounced near-term was approved 26-0 Bank stands ready to act impact of the pandemic on as the coronavirus crisis the economy and a protract- in the evenly split continues “disrupting eco- ed weakness in inflation.” committee nomic activity,” ECB chief Lagarde said the ECB was Christine Lagarde has said, sticking to its 2021 fore- warning that tough pan- cast of the eurozone post- Agencies demic measures are likely ing a 3.9-per-cent growth to drag down the eurozone rate as it rebounds from the The U.S. Senate Finance economy in coming months. pandemic and last year’s Committee on Friday unani- “Nothing is off the ta- 7.3-per-cent slump. mously approved Janet ble,” Lagarde told a press However, with several Yellen’s nomination as the first conference, stressing that eurozone states moving to- woman Treasury secretary, the Frankfurt-based ECB wards new restrictions, not indicating that she will easily “continues to stand ready only are the ECB’s growth win full Senate approval, but to adjust all of its instru- forecasts at risk, but the Republicans called for her to ments.” She was speak- currency bloc could stumble work with them in developing ing after the ECB left its into a double-dip recession economic policies. emergency stimulus plan in the first quarter of this The full Senate will vote on on hold, including main- year, analysts say. Yellen’s nomination on Mon- taining its centrepiece - a The ECB president told day, Senate Majority Leader 1.85-trillion-euro (2.25-tril- reporters that the EU need- Chuck Schumer said on the lion-dollar) bond-buying ed “to roll out promptly” its Senate floor late Friday, which programme. financial supportfor the Eu- would allow her to get to work The ECB ramped up ropean economy. promptly on President Joe the scheme, which is due to She went on to say an Biden’s economic agenda. run until at least the end of ambitious and coordinated Her nomination was ap- March 2022, by 500 billion fiscal policy remained cru- proved 26-0 in the evenly split euros in December. cial in shielding the region committee, with concerns ex- Meeting for the first from the economic fallout pressed by Republicans about time this year, the ECB’s from the pandemic. Biden’s ambitious plans for Janet Yellen, US Treasury secretary nominee, wearing a protective mask, is seen before US President-elect Joe Biden arrives at the East Front of 25-member rate-setting Subdued inflation as massive coronavirus relief the US Capitol for his inauguration ceremony to be the 46th President of the United States in Washington, DC. (AFP) council also kept interest a result of weak economic spending, infrastructure in- rates at record lows, with activity, and more recently vestment and tax hikes failing price tag and increased debt in Yellen’s confirmation hear- pre-pandemic levels due to the bank’s benchmark re- a strong euro currency, is to sway them against the for- a return to fiscal conservatism ing on Tuesday highlighted lower rates. financing rate on hold at of particular worry for the mer Federal Reserve chair. after running up deficits with some Republican lawmakers’ In written answers to sen- zero. ECB. “I have very strong disa- the 2017 tax cuts and nearly $5 I have very strong concerns about her role in ex- ators’ questions, Yellen said This week’s ECB meet- Annual inflation re- greements with Dr. Yellen on trillion in coronavirus spend- disagreements with Dr. ecuting Biden’s economic poli- she would study raising tax ing coincided with the ini- mained stuck in negative a number of her positions, ing last year under former Yellen on a number of her cies, including a bigger federal rates for “pass-through” small tial, often faltering moves territory for the fourth particularly in the tax policy Republican President Donald debt burden and repealing businesses including sole pro- by European governments consecutive month in De- arena, but she has committed Trump. positions, particularly in the parts of their signature 2017 prietorships, imposing a new to roll out the coronavirus cember, holding at minus to us that she will work with “I can tell you, a lot of times tax policy arena, but she tax cuts. minimum corporate tax and vaccine, which Lagarde sees 0.3 per cent, the EU statis- us,” Republican Senator Mike I don’t think you could get a has committed to us that Yellen told senators they raising capital gains taxes on as key to rebuilding eco- tics officeE urostat said on Crapo said after the vote. 26-to-nothing vote to agree she will work with us. needed to “act big” on the pro- the wealthy. She also endorsed nomic confidence following Wednesday. This in turn “And I think the strong to buy a soda,” said Democrat posed $1.9 trillion stimulus an effective carbon pricing the spread of the virus over increases the chances of the vote on our side to support her Ron Wyden, who will soon be- Republican Senator Mike package or risk a longer reces- system and financial regula- the last year. ECB being forced to once today is an indication that we come Senate Finance Commit- Crapo sion and long-term economic tion to combat systemic risks The European Union again scale up its stimulus want to engage.” tee chairman. “So, this is an scarring, job and revenue from climate change. has reported more than 17 measures in a bid to help Biden has proposed a $1.9 indication that she is really an losses. With Yellen still awaiting million Covid-19 infections drive consumer prices back trillion coronavirus relief plan NBA All-Star when it comes to She broke a similar gender Her remarks represent confirmation, the Biden ad- and more than 400,000 up. and has pledged to invest here Senate confirmation.” barrier when she became Fed a new attitude toward gov- ministration on Wednesday deaths, according to the Eu- “We are monitoring ex- $2 trillion in infrastructure, A full confirmation vote chair in 2014, a role she held ernment debt among some named Andy Baukol, a long- ropean Centre for Disease change rates very carefully,” green energy projects, edu- just days after Biden took of- until 2018. economists and policymak- time career international fi- Prevention and Control. Lagarde said, stressing the cation and research to boost fice would put the 74-year-old Yellen’s Republican pre- ers: Focus on the interest rate nance official, as actingT reas- “The start of vaccination ECB’s concerns about the American competitiveness. PhD economist and daughter decessor, Steven Mnuchin, being paid and the returns it ury secretary. A confirmation campaigns... is an impor- impact currency rates can At Yellen’s confirmation of a Brooklyn, New York, fam- was not confirmed until three will generate, rather than the hearing for Deputy Treasury tant milestone in the reso- have on prices. “We are very hearing before the commit- ily doctor quickly to work on a weeks after Trump’s 2017 in- overall amount borrowed. In Secretary nominee Wally lution of the ongoing health attentive,” she said. tee on Tuesday, Republicans deep economic crisis sparked auguration on a party-line recent months, Treasury’s in- Adeyemo has not yet been expressed concerns over the by the coronavirus pandemic. vote. terest outlays have fallen from scheduled. Fall in German steel As COVID-19 soars, so does unemployment output worries industry Tribune News Service “December’s job loss capped a year of trauma,” said Nine percent of DPA California’s jobless rate Lynn Reaser, an economist at Californians counted Dusseldorf After an already weak surged in December as the cor- Point Loma Nazarene Univer- themselves out of work in 2019, crude steel produc- onavirus pandemic spun out of sity in San Diego. “Summer December, up from 8.1% Steel production in Germany tion fell by 10 percent to a control and statewide restric- should usher in a stronger in November slumped last year to its lowest total of 35.7 million tions forced more businesses economy, but it will be criti- level since 2009, prompting to shut down, throwing tens of cal to firstsubdue the virus. the German Steel Federation tonnes thousands of workers onto un- Only then can we spring back Congress. to sound the alarm on Friday. employment rolls. to life.” California’s labor market is After an already weak around 9 per cent. Nine percent of Califor- COVID-19 has sickened faring worse than the nation’s, 2019, crude steel production The German steel industry nians counted themselves out more than 3 million Califor- as the state has become a vi- fell by 10 per cent to a total of is not only suffering as a result of work in December, up from nians since the spring, killing rus hotspot. U.S. unemploy- 35.7 million tonnes, the organ- of the coronavirus pandemic. 8.1% in November, state offi- more than 35,800, according ment was 6.7% in December. ization said. “Fundamentally, Germany cials reported. The rise marked to a Los Angeles Times track- Between December 2019 and Some 32.7 million tonnes as a steel location remains un- a reversal in what had been a er. So far, just 1.6 million vac- last month, California payrolls of steel were produced in 2009 der pressure due to distortions steadily improving labor mar- cines have been administered were down by 1.41 million as Europe’s largest economy in the global steel markets but ket since April’s unprecedent- amid shortages and a rocky jobs, an 8% drop. During the battled with the fallout of the also as a result of energy and ed 16.4% jobless rate. rollout. same period, the U.S. lost 9.37 financial crash. climate policy regulations,” Much of the distress was The virus surged after Much of the distress was driven by hotels and restaurants closing, as million jobs, a 6.2% decrease. “Even the slight recovery in said Kerkhoff, calling on the driven by hotels and restau- Thanksgiving, as many Ameri- tourism and business travel failed to revive. December’s unemploy- the last quarter of 2020 can- competitiveness of German rants closing, as tourism and cans ignored warnings to ment data is taken from two not detract from the fact that companies to not be restricted business travel failed to revive avoid traveling and gathering A $908-billion aid bill was Many economists pre- federal surveys during the the structural development any further. and officials restricted dining with friends and relatives over signed Dec. 28, which will dict the new package will be week of Dec. 12. The unem- of the past few years is wor- Steel producers such as out to try to control the spread the holiday. At the same time, grant $300 a week in federal far from adequate to address ployment rate is based on a rying,” federation president Thyssenkrupp and Salzgitter of the virus. The leisure and businesses ran out of federal unemployment benefits in ad- the crisis. President Biden survey of 5,100 California Hans Juergen Kerkhoff said in are investing billions of euros hospitality sector lost 117,000 loans, unemployment ben- dition to regular state aid, and has proposed an additional households. The payroll job a statement. to make production climate- payroll jobs, offsetting gains in efits expired and Congress re- businesses can apply for new $1.9-trillion stimulus plan to numbers come from a survey In the fourth quarter, crude neutral with the help of hydro- construction and professional mained stalemated over a new federal Paycheck Protection combat the coronavirus emer- of 80,000 California busi- steel production increased by gen power. and business services. coronavirus rescue package. Program loans. gency, but it faces a divided nesses. 10 Sunday, January 24, 2021 Economy & Business China falling short of Lab-grown fish startup BlueNalu US trade deal targets Agencies the deal as “transforma- tive”, and said it would pro- lands $60 mn to build out factory China is falling short of its tect American workers. commitment to buy an ex- Under the agreement, tra $200bn (£146bn) worth the $200bn worth of addi- The three-year-old firm is developing cell lines to grow up to eight species of seafood of US goods over 2020 and tional purchases are based 2021. on 2017 levels, and only ap- China agreed to buy the ply to specific categories of goods in a trade deal with goods. the US agreed last January The agreement included in exchange for reduced agricultural products, man- tariffs on $120bn worth of ufactured products and en- goods. ergy products. The agreement was seen Analysis by the Peterson as phase one of a deal aimed Institute estimates that Chi- at resolving the trade war na would need to purchase between the world’s biggest $173bn worth of goods to economies. meet the requirement. Since the Covid-19 pan- The latest figures from demic the US trade deficit Chinese customs show that with China has surged. China imported just un- Medical goods and der $135bn from the US in equipment used for the 2020. work from home boom However, about $35bn helped drive US imports of worth of goods didn’t count Chinese goods in 2020. under the agreement, During this time, China meaning China bought exported nearly three times about $100bn worth of cov- as much as it imported from ered goods. the US in December, ac- The figureamounts to cording to Chinese customs 58% of what China commit- figures. ted to under the agreement, The January 2020 trade according to the Peterson agreement was an attempt Institute. to wind back a tit-for-tat China imported 64% of trade war which saw both its targets for agricultural China and the US ratchet up products, 60% of its targets tariffs. for manufactured prod- At the time, then-presi- ucts and 39% for energy dent Donald Trump hailed products. BlueNalu’s signage installation at their nearly 40,000 square foot pilot production facility in San Diego. (BlueNalu)

Tribune News Service Cooperhouse. fillets by isolating real fish tractors. It expects to grow to “We will be only in res- muscle cells, fat cells and con- 60 employees by the year end. San Diego startup BlueNalu, taurants when we start,” said The science necting tissue, bathing them in Previously, BlueNalu India to continue ban which is growing fish fillets in a Cooperhouse in an interview. ● BlueNalu makes nutrients and growing them in raised $20 million in a Series A lab directly from real fish cells, “We plan to launch here in San cell-based fillets by stainless steel equipment akin round of venture capital fund- has raised $60 million in con- Diego in the first restaurant. to what’s used in microbrewer- ing in early 2020. It got off on Chinese apps vertible debt financing to build We have not determined one isolating real fish muscle ies, said Cooperhouse. the ground with a $4.5 million out a pilot factory, continue just yet, but we are in various cells, fat cells and The company has focused seed round in early 2018. Agencies among the first companies to to pursue regulatory approval discussions. From San Diego, connecting tissue, bathing on certain species, such as Rage Capital led the con- comply with the Government and launch its seafood in res- we will quickly launch in res- them in nutrients and mahi-mahi, that are difficult to vertible note financing. Others The government has sent no- of India directive issued on taurants. taurants in the U.S.” growing them in stainless raise on fish farms. participants include Agronom- tices to Chinese apps, includ- June 29, 2020. We continually The three-year-old firm, While plant-based milk, steel equipment akin to “Our whole model is to ics, Lewis & Clark AgriFood, ing Tiktok, that the order to strive to comply with local laws which was featured on CNBC’s and more recently beef, have what’s used in partner with the food indus- McWin and Siddhi Capital, block them will be continued. and regulations and do our Streets of Dreams with Marcus become somewhat main- microbreweries. try,” he said. “We are really as well as strategic investors The notice has been issued best to address any concerns Lemonis on Tuesday, is devel- stream, cell-based foods are changing the model from sup- Radicle Growth, Rich Products by the Ministry of Electronics the government may have. En- oping cell lines to grow up to still in the early stages. One ply restricted — basically we Corp. and Thai Union. and IT after reviewing replies suring the privacy and security eight species of seafood — with cell-based product, Eat Just’s Still, a handful of startups sell what we catch — to now it “BlueNalu’s technology is of blocked apps, according to a of all our users remains to be mahi-mahi and bluefin tuna cultured chicken, has received are working to grow cell-based can be a demand-driven mod- the next phase in the continu- source who did not wish to be our topmost priority,” a Tik- targeted as its initial products. a regulatory designation in seafood as a more environmen- el where we sell what people ous agricultural revolution,” identified. When contacted, Tik- Tok spokesperson said. Depending on the pace of Singapore that says it’s safe tally sustainable food source want.” said Alex Ruimy, managing tok confirmed to have received a The government had U.S. Food and Drug Adminis- for human consumption. But that can be produced closer BlueNalu’s production fa- partner of Rage Capital, in a reply from the government. blocked 59 Chinese apps in tration review, BlueNalu could BlueNalu knows of no cell- to home, rather than shipped cility will be roughly 40,000 statement. “What the team has “We are evaluating the June and 118 more apps, in- roll out its first lab-grown ma- based seafood products that hundreds or thousands of miles square feet. The company em- built, and continues to build, notice and will respond to it cluding PUBG mobile game, in hi-mahi this year, said Presi- have been authorized by regu- from where it was caught. ploys 30 workers today, along promises to change the way we as appropriate. TikTok was September. dent and Chief Executive Lou lators. BlueNalu makes cell-based with several independent con- source and eat fish.”

Cashing in on e-car obsession Lucid Motors set to go public thanks in part to ME money TCA/DPA Sachs. For the first time last year, he joined Lucid when the sovereign Cash flow is so stressed at Los Angeles the volume of SPAC deals outpaced wealth fund announced its $1.3-bil- Sadara that Dow lent 280 million that of traditional IPOs, which came lion investment in Lucid on Sept. 17, dollars to Sadara over the first nine Lucid Motors was near death and in at only 67 billion dollars. the company won’t say. Two weeks months of 2020 and expected that desperate for cash in 2018 when it Electric vehicle and related before that, Liveris was named spe- amount to reach 400 million dollars was handed a lifeline. The saviour companies are driving a lot of that cial advisor to the Saudi sovereign by the end of the year, Dow said was Saudi Arabia. activity. Fuel cell truck company wealth fund, formally known as the in its most recent financial report. The kingdom’s sovereign wealth Nikola, electric car maker Fisker, Public Investment Fund. Whatever money the Saudi wealth fund invested 1.3 billion dollars electric bus company Proterra, elec- Lucid drew the Saudi fund fund lost on Sadara, it might earn in the electric car startup. Lucid tric truck maker Lordstown, electric money in the nick of time. In some back through the Lucid SPAC. regained full health. robotaxi company Canoo and many October 2018, agents of the Saudi Meanwhile, Liveris now serves Now, in 2021, the Saudi fund more have completed or announced government murdered Washington on the board of directors at Saudi and Lucid’s founders are poised to SPAC deals. Post columnist and royal family Aramco. He left Dow in 2018 cash in by taking advantage of the “EV entrepreneurs have figured critic Jamal Khashoggi, putting under a cloud, after a settlement manic market in so-called blank- out they can ride the Tesla wave,” many international deals with Saudi was reached with the SEC, which check shell companies, also known said David Kirsch, business profes- Arabia at least temporarily on ice. accused the company of failing to as SPACs. The company would sor at the University of Maryland Liveris’ Saudi connections run disclose about 3 million dollars draw a hefty but as-yet undeter- and coauthor of the recently pub- deep, as do Michael Klein’s. Klein is in perks it gave the CEO. Liveris mined amount of cash to fund its lished book “Bubbles and Crashes.” the CEO of the Churchill SPAC. He’s returned several hundred thousand operations. And Lucid executives It’s a phenomenon he thinks has all a longtime advisor to Liveris. dollars to Dow, including reimburs- and board members - including the hallmarks of a bubble, with Te- Saudi Arabia’s sovereign wealth fund invested $1.3 bn in the electric car startup When Liveris ran Dow, Klein led ing the company for money spent Chairman Andrew Liveris, a former sla’s mind-blowing 800-billion-dol- the creation of a joint venture be- on family vacations. Dow Chemical chief executive with lar valuation stoking imaginations. widespread approval. structured. tween Dow and Saudi Aramco, the “His name is not one to inspire deep financial ties to SaudiA rabia - Electric vehicle manufacturing is a Yet the deal itself, and the de- Liveris, for example, not only giant oil company, to build a mam- confidence that everything will would get a shot at a big payday. capital-intensive undertaking, so tails of its owners’ financial relation- serves as Lucid’s chairman but also moth $20-billion chemical plant work out in a hunky-dory, kosher In a bull market that the word companies are likely to strike when ships and strategic goals, could well is an operating partner at Churchill in Saudi Arabia’s Jubail Industrial way,” said Francine McKenna, an “frothy” hardly does justice to, the market offers what they expect affect the company’s performance. Capital IV, the SPAC that’s planning City. accounting and audit expert and increasing numbers of private to be top dollar. Quick explainer: A SPAC goes to buy Lucid (Ticker: CCIV). That The venture, named Sadara, is publisher of the Dig, a subscription companies are looking to cash out The SPAC phenomenon specifi- public with no assets but with a plan makes Liveris a player on both sides owned 65 per cent by Aramco and newsletter. through special purpose acquisition cally has Kirsch and many others to acquire, at some point, at least of the deal. Kirsch said it’s highly 35 per cent by Dow. It has proved to Besides the financial twists, the companies - SPACs. worried because the markets are be- one private company. unusual to have officers from the be a financial debacle. Sadara deal raises strategic ques- SPACs offer a quicker, easier, ing driven higher now in large part In a bull market, this arrange- acquired company hold an operat- Dow took a 1.75-billion-dollar tions for potential Lucid investors. more secretive way to take a private by unsophisticated retail investors. ment can yield a bonanza for ing role on the SPAC. write-off on Sadara in 2019. Its Earlier this month, Bloomberg re- company public versus the conven- “When you combine [SPACs] insiders. The Times asked to speak with third-quarter 2020 report included ported that Lucid is in talks to build tional initial public offering, or IPO. with Robinhood investing, the Whether on the SPAC side or Liveris, but Lucid declined and a 103-million-dollar “negative in- a car factory in the Red Sea city of Through a sale to a blank-check en- gamification of finance, fractional the private company side, they Churchill did not respond. Liveris’ vestment balance” in Sadara. Jeddah. Lucid declined to confirm tity, a company that wants its shares share ownership, and novice inves- can buy shares in the SPAC at the tenure at Lucid has been kept Aramco reported asset value for or deny the report. traded on public markets can get tors, there’s a lot of opportunity typical price of $10 a share. Those under wraps. He’s included on the its share of Sadara in 2018 of 11.6 Saudi Arabia has been investing there much faster - typically several for opportunistic behavior,” Kirsch shares often come with warrants, carmaker’s board of directors page, billion dollars. In 2019, that was heavily in alternative energy pro- months versus up to a year for an said. which are future options on the but the company never issued a reduced to 4.4 billion dollars. jects to prepare for the oil industry’s IPO - with much less disclosure of He was speaking generally, but stock. If the public markets take the news release or made any other an- The Saudi Public Investment decline as electric-powered vehicles its inner workings and the associ- elements of the Lucid deal merit a stock higher, they profit. If it goes nouncement when he became chair- Fund helped finance the Sadara replace internal combustion engine ated red tape. closer look. There’s no indication higher than the option stock price, man. Asked when Liveris joined Lu- deal. cars and trucks. Does it make stra- Once considered a sketchy that the company is anything but often set at $11.50, they profit more. cid, a spokesman for the carmaker That’s the same fund that put tegic sense to build a Lucid factory alternative, in the high-momentum the real deal, with its luxury Lucid Several of the earlier EV SPACs said via email: “Unfortunately, I’m 1.3 billion dollars into Lucid. The in Saudi Arabia, or might it end up a markets of 2020 into 2021, SPACs Air automobile ready to roll out of have nearly doubled in price. not able to share that information at head of international investments white elephant like Sadara? There’s have become very popular. Last the company’s new Arizona factory Retail investors may know that this time.” The Wayback Machine at for that fund, Turqi Alnowaiser, is no clear answer at present. But year, 73 billion dollars was raised in in coming months. The car’s stylish Lucid is a hot electric car company, the Internet Archive shows Liveris a Lucid board member. Lucid said answering - or even asking it - relies SPAC deals, up from 13 billion dol- interior and exterior and its electric- but probably don’t know much at all first mentioned on the Lucid web- Alnowaiser was not available for on information that SPAC retail lars in 2019, according to Goldman drive innovations have drawn about how the pending SPAC deal is site in November 2019. Whether comment. investors rarely have access to. Sunday, January 24, 2021 11 Economy & Business Larry King, legendary American talk show host, dies at 87 In five decades on radio and TV, he interviewed presidents, psychics, movie stars and swindlers — anyone with a story to tell

Tribune News Service assassination, the Herald reported. King regretted that incident. A few years ago, TV and radio host “The whole Lou Wolfson episode. Larry King celebrated the 60th an- Garrison. Getting involved in all niversary of his broadcasting ca- that thing. I wish I had not been in- reer by visiting his old workplaces volved in that,” he said in 2017. where his career began: Miami Although the larceny charges Beach and Miami. against King were dropped due to As he tooled south on Miami’s statute of limitations, he was fired Biscayne Boulevard in the back from WIOD and WTVJ. He had seat of a limo after a visit to North already lost his Herald column in Bay Village, where, in 1960, he 1970 when then-managing editor started broadcasting his celebrity Larry Jinks became uncomfort- interviews from the WIOD-610 AM able with some of the people King studios, his mind turned to obitu- plugged in his columns. aries. King was later charged with His own. passing bad checks, put on proba- Larry Harvey Zeiger died Satur- tion and struggled to find work. day morning at Cedars-Sinai Medi- By the mid-1970s, he rebounded. cal Center in Los Angeles, his TV WIOD took him back. WPLG, the production company, Ora Media, local ABC affiliate, hired him. The announced on his Twitter page. Miami News gave him a column. For his own obituary, King By 1978, King was hot again — suggested a fanciful headline and in the public eye, anyway. Privately, specific introduction. With a mis- he was still in debt to the tune of chievous smile, he leaned in and, $332,186 when he left Miami for in that familiar voice steeped in the Washington. He said he resisted timbre of his New York City birth- declaring bankruptcy in Miami but place, he offered: did so in Virginia in 1979. “Headline: Oldest man who As all of the legalese was go- ever lived died today. He was found ing on, the Mutual Broadcasting in bed with a 30-year-old woman, System had given King a national shot by the husband in the head. nightly interview and talk show that He died instantly and it took three aired locally on WIOD and later on days to wipe the smile off his face. WGBS, along with 240 other sta- You probably knew him as Larry tions to an audience of four million King. He was 127, had all of his listeners. faculties. He was still broadcast- In 1981, the Herald’s former ing and had his 120th anniversary Tropic Sunday magazine called show, and he did the broadcast King “the hottest radio property in from the old Miami Herald build- Larry King (pictured November 2019) died Jan. 23, 2021, at age 87. (Rodin Eckenroth/Getty Images/TNS) the country” and the cover story ing.” touched on his troubles. King leaned back, content, and Beach radio station. the air and make it back to the mic “I had to be a big man to prove added his job description. For his own obituary, King suggested a fanciful headline and specific before the music stopped in about to myself I was a big man. I was on I’d like it to say, ‘He provided How Larry Zeiger became introduction. ‘Headline: Oldest man who ever lived died today. He 33 minutes. He didn’t count on the a colossal ego trip,” King told Tropic information.’” Larry King was found in bed with a 30-year-old woman, shot by the husband needle getting stuck in the record’s at the time. King was 87 and provided in- Moments before an eager in the head. He died instantly and it took three days to wipe the groove on “Jamaica Farewell” just formation for millions of viewers 23-year-old Zeiger, a studio gofer, as the two fell into an embrace at Fame again through CNN and listeners who have followed was to deliver his first radio broad- smile off his face. You probably knew him as Larry King. He was her pad. By 1985, with his bow on CNN, his career from the late 1950s on cast for Miami Beach’s WAHR 127, had all of his faculties. He was still broadcasting and had his King chuckled at the memory he was arguably the hottest TV South Florida radio. (now gospel station WMBM 1490 120th anniversary show, and he did the broadcast from the old years later. He remembered how he property in the country. He be- He had a nationwide call-in ra- AM), the station’s general manager Miami Herald building.’ had to sweet talk a barrage of an- came one of the most sought-after dio programme, “The Larry King told him his name was too ethnic. gry listeners and management who interviewers in the business. For in- Show,” which started in 1978. You Zeiger, who was born to Orthodox ing and informative,” McMullan “I have a special place in my were puzzled when Belafonte’s “Day stance, President Bill Clinton once also know him for “Larry King Jewish parents, had a surname that continued. “Larry is a reservoir of heart for Miami, and I’m still a Dol- O” went silencio. partly credited his appearance on Live” on CNN that ran for 25 years would be difficult to remember, the facts and he doesn’t hesitate to give phins fan,” he told the Herald that Three years later, in 1960 at King’s CNN show for helping him after its 1985 debut. And, up until manager opined. you his opinions, some of which I April 2017. WIOD, King had his first celebrity achieve the goodwill to pass the his final curtain, he hosted “Larry So Zeiger, who had dreamed of agree with, some of which I don’t.” During the visit, he taped seg- interview with singer Bobby Darin. North American Free Trade Agree- King Now” and “Politicking with a career in radio and who came to “I’d write my column at home ments for “Larry King Now,” in- The chat was the foundation to turn ment in 1993 — even though a Los Larry King” as a seemingly inde- Miami Beach with $13 in his pocket, then drop it off at the Herald every cluding one with now retired Miami the King name to gold. Darin was Angeles Times critic pilloried King fatigable octogenarian on the Hulu eyed a copy of the Miami Herald. night — it was a special place,” King Heat power forward Chris Bosh. performing at a Miami Beach hotel for being too soft on his guests, Vice and RT America platforms for Ora He saw an ad for King’s Wholesale said nearly 50 years later as he was King also revisited his old South and had strolled across the street President Al Gore and one-time Media, a production company he Liquor. driven by the old neighborhood. “I Florida hangouts. Some, like the old for a bite. King, ever resourceful, presidential candidate Ross Perot, formed. King. Larry King? don’t text. I believe in the human WTVJ Channel 4 studios that were conducted the spontaneous inter- who were debating the topic. Earlier in January, King was di- Liquor. Larry Liquor? voice. I like the back and forth and near Miami Dade College’s Wolfson view from a booth at Pumpernik’s, a “King is undoubtedly TV’s Swit- agnosed with COVID-19, according King sounded more appropri- communicating verbally. I love the Campus in downtown Miami or the now defunct delicatessen famed for zerland of talk-show hosts, an inter- to Roger Friedman’s Hollywood ate. The name stuck. whole idea of touching people and WIOD studios in North Bay Village, its knishes, chicken croquettes and viewer who can always be trusted to 411 website. it all started down there in Miami.” have since moved elsewhere. baked goods on Miami Beach’s Col- be neutral with his topical guests CNN reported that King was ‘A reservoir of facts’ King, for various media outlets, He reflected on so many mo- lins Avenue across the street from regardless of his own beliefs. ... He’s hospitalized at Cedars Sinai Medi- From that fortuitous glance at conducted more than 50,000 radio ments. the Deauville Hotel. just too passive,” the critic opined. cal Center in Los Angeles and was a newspaper that he’d join 10 years and television interviews. He has That restaurant chat led King to “The part I never lost is I keep in ICU for more than a week. later when then-Miami Herald pub- talked to every U.S. president from King’s quick mind an 18-year, off-and-on, talk show my ego at the door. I rarely use the Ora TV did not state the cause lisher John S. Knight hired King to Richard Nixon to Joe Biden. He has There’s the time King realized gig with WIOD until he left Miami word ‘I’ in an interview. The guest of death. write a six-times-a-week local col- interviewed world leaders includ- how fast he could think on his feet for a job in Washington, D.C. in counts,” King told the Herald in Over the years, King, who had umn in 1967, King spent the next 63 ing Yasser Arafat and King Hus- — a skill would be put to the test 1978. 2017. quit smoking, had also faced Type or so years as a media fixture. sein, and such celebrities as Marlon two weeks after he went on the air In December 1971, King was ar- But he wasn’t entirely correct. 2 diabetes, he had several heart at- “As a personality himself, Larry Brando, Barbra Streisand, Dionne at WAHR. Earning $55 a week to rested for grand larceny. Financier King counted, too. tacks, lung cancer, angina and had knows the people he writes about,” Warwick and LeBron James. act as DJ and read news and sports Louis Wolfson, who had been con- King’s survivors include his quintuple bypass surgery. said John McMullan, the paper’s Sixty years into that career he, reports, King told the Herald he was victed in 1967 of conspiracy and children Larry Jr., Chance and Can- Zeiger was born Nov. 19, 1933 executive editor at the time, in a along with his film crew, flew from seduced off the airwaves by a lust- illegal stock sales, accused his for- non. He was predeceased by two in Brooklyn to a garment worker Nov. 3, 1967 story. King was hired his Los Angeles base for a four-day ful listener who cajoled him to her mer friend of ripping off $5,000 in children, Andy and Chaia, in 2020. and her husband, a restaurant away from the old Miami Beach Sun return to Miami Beach where King house 12 blocks from the station. a deal involving Jim Garrison, the King was married seven times and owner and defense-plant employ- paper where he’d written a column rose to national prominence and He figured since he worked New Orleans prosecutor who was was in the midst of a divorce from ee. But “Larry King” was born May for years. where personal demons almost de- alone in the studio, he could plop conducting a conspiracy investiga- his wife, Shawn King, with whom he 1, 1957, in a small booth in a Miami “His column is both entertain- stroyed him. a Harry Belafonte concert LP on tion on President John F. Kennedy’s had Chance and Cannon. Alphabet to ground Loon, its internet balloon project

DPA-AFX to be a long-term experimen- the Loon project was that ing mobile internet cover- LTE phone below. The equip- Mountain View, California tal project. people in rural areas could age over an 11,000-square- ment is powered by on-board Loon is an independ- not afford the expensive 4G kilometre area, which is 200 solar panels. Google parent Alphabet ent business within Alpha- phones that were required to timesKeyword that of an average cell Loon, initially known as decided to drop its inter- bet that is working to bring gain connectivity. tower. Project Loon, began as a re- net balloon project Loon, internet access to unserved However, Loon succeed- ● TheCras companymattis purus uses self- search and development pro- launched with the idea of and underserved communi- ed in signing a pilot com- navigatingiaculis, bibe high-altitude eu, gravida bal- ject under Alphabet’s experi- providing internet access to ties around the world via a mercial deal with Kenyan loons,erat.uscrese of the ndumsize of purus tennis mental “X” division. In July rural areas and providing network of helium balloon- telecommunications com- courts,eu, gravi placed erat.uscrese in the strato tinci- - 2018, the business “graduat- last-mile connectivity. powered balloons operating pany Telkom to provide 4G spheredunt lobortis at an altitude sodales. of about ed” to become a full-fledged In a blog post, Loon chief on the edge of space. connectivity to remote parts 20 kilometres above sea subsidiary of Alphabet. executive Alastair Westgarth “Developing radical new of the country. It also of- level,● C raswell mattis above purus air traffic, Nearly a year ago, Alpha- said the firm had not found technology is inherently fered internet connectivity to wildlife,iaculis, andbibe weathereu, gravida events, bet also shut down another a way to get the costs low risky, but that doesn’t make Puerto Rico after Hurricane togravida. create Fuscean aerial tincidunt wireless experimental project called enough to build a long-term, breaking this news any eas- Maria destroyed the island’s network with up to 4G-LTE Makani, which developed sustainable business, despite ier. Today, I’m sad to share telecommunications infra- speeds.lobortis sodales. technology to generate wind gaining a number of inter- that Loon will be winding structure. The balloons act as float- power from gigantic energy Loon is an independent business within Alphabet that is working ested partners along the way. down,” Westgarth added. The project had devel- ing cell towers, transmitting kites. Founded in 2006, Ma- to bring internet access to unserved and underserved communities Though the project was start- Reports suggest that one oped a communications a provider’s service directly kani was acquired by Google around the world. ed in June 2013, it continued of the major hindrances of system capable of deliver- to a subscriber’s existing 4G/ in May 2013.