Day: March 22, 2024

BANGKOK: Stocks were mixed on Friday in Asia after Wall Street tapped fresh records, led by big gains in chipmakers.

Japan’s Nikkei 225 topped 41,000 for the first time early Friday but then fell back, closing up 0.2 percent lower at 40,888.43.

Chinese property and tech companies weighed on markets in Shanghai and Hong Kong.

Hong Kong’s Hang Seng fell 2 percent to 16,527.85 and the Shanghai Composite sank 1 percent to 3,048.03.

In Australia, the S and P/ASX 200 lost 0.2 percent to 7,770.60. India’s Sensex rose 0.3 percent to 72,855.32.

Bangkok’s SET edged 0.1 percent lower and Taiwan’s Taiex gained 0.2 percent.

On Thursday, the S and P 500 rose 0.3 percent to 5,241.53, setting an all-time high for a third straight day. Three out of every four stocks in the index gained ground.

The Dow Jones Industrial Average gained 0.7 percent to 39,781.37, and the Nasdaq composite rose 0.2 percent to 16,401.84. Both indexes added to records set a day earlier.

Treasury yields were mostly steady a day after the Federa
l Reserve said it still expects to make three rate cuts this year. That helped calm some worries on Wall Street that it would pull some cuts off the table following some hotter-than-expected inflation reports.

Lower interest rates would relax pressure on the economy and the financial system. Wall Street expects the Fed to start cutting rates at its meeting in June.

Some reports on Thursday morning suggested the U.S. economy is doing better than expected, even in the fact of high rates. Fewer U.S. workers filed for unemployment benefits last week, another signal of a remarkably resilient job market.

A measure of manufacturing activity in the mid-Atlantic region unexpectedly grew, while a preliminary look at manufacturing nationwide was also better than expected.

Wall Street will get its next big inflation update next week when the U.S. reports personal consumption and expenditures data for February. It is the Fed’s preferred measure of inflation. Overall, inflation has eased by several measures since spiki
ng in the middle of 2022, though progress stalled in the first two months of this year.

The Swiss National Bank said it was trimming its key interest rate, a surprise move that makes Switzerland the first major financial center to announce a cut in recent months. The Bank of England kept its main interest rate unchanged at a 16-year high and avoided signalling when it might start to cut even though inflation has dropped sharply.

In other trading early Friday, U.S. benchmark crude oil fell 53 cents to US$80.54 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gave up 54 cents to US$84.70 per barrel.

The U.S. dollar slipped to 151.39 Japanese yen from 151.65 yen. The euro fell to US$1.0822 from US$1.0861.

Source: Emirates News Agency

ABU DHABI: Ahmed Al Kaabi, Assistant Undersecretary for Electricity, Water, and Future Energy Sector at the Ministry of Energy and Infrastructure (MoEI), highlighted that World Water Day is an opportunity to focus on sustainable water management. This edition, held under the theme’ Water for Peace,’ reflects on the vital role water plays in establishing peace and stability worldwide.

He said, “Water is a basic human need and a major factor in driving the process of sustainable growth. As for us in the UAE, water is one of the most important national priority issues, given our geographical location in an arid area, the scarcity of our natural water resources, and the high demand for water for development.

Al Kaabi added, “Socially and economically, we rely mainly on non-traditional sources to produce fresh water for drinking purposes and various uses, as the contribution rate of non-traditional water resources reached 53%, including water produced from seawater desalination and the reuse of treated wastewate
r within the water supply system.”

The United Nations report on the 2030 Sustainable Development Goals agenda indicated that the UAE has achieved an average of 100% in safe drinking water and sanitation services. The country has also achieved a result of 79% in integrated water resources management, which is one of the best regional results.

“We seek to improve this result in the coming years by ensuring alignment and integration between the country’s water, energy, environment, and food strategies,” he noted.

Al Kaabi stated that the UAE seeks to reduce consumption through the National Energy and Water Demand Management Program 2050, support innovation in renewable energy, improve the environmental performance of power and water plants, and increase their efficiency.

As part of the UAE’s efforts to strengthen the global water security system, the country has launched, through the Mohamed bin Zayed Water Initiative, the XPRIZE Water Scarcity competition, a five-year global competition that aims to encoura
ge innovators around the world to focus on transforming the reliability, affordability and sustainability of water desalination technologies. The outcome is expected to touch the lives of billions of people worldwide, ensuring their access to clean water.

In addition, the Ministry of Energy and Infrastructure joined forces with the Environment Agency – Abu Dhabi (EAD) to launch the first hydrogeological map and geo-database of the UAE, a milestone achievement in documenting and managing water sources with the goal of sustaining and conserving water.

Al Kaabi emphasised that the UAE has 140 plants to treat wastewater in addition to plants owned by the private sector. The total design capacity of wastewater treatment plants nationwide is 3 million m3/day, and the total production of treated wastewater reached 768 million m3/year. Around 73% of the treated water is reused mainly for irrigation of green spaces in cities.

Source: Emirates News Agency

DUBAI: Moro Hub, a subsidiary of Digital DEWA, the digital arm of Dubai Electricity and Water Authority, presented a Green Certificate to Mai Dubai, the UAE’s leading bottled water company.

Moro Hub’s certification underscores Mai Dubai’s compliance with industry-leading practices and regulations.

The Green Certificate was presented to Abraham Kah, Chief Executive Officer of Mai Dubai, by Mohammed Bin Sulaiman, Chief Executive Officer of Moro Hub, in recognition of the company’s commitment to hosting their IT Workloads on Moro’s Green Cloud.

“We are pleased to recognise Mai Dubai for their dedication to data excellence. Moro is committed to meet the evolving needs of businesses, and Mai Dubai’s decision to host its data with us reflects the trust in our capabilities. We look forward to continuing our partnership and supporting Mai Dubai in its digital transformation journey,” said Mohammed Bin Sulaiman.

Abraham Kah, in turn, said, “At Mai Dubai, we understand the importance of data integrity and security
in today’s digital landscape. Choosing Moro Hub as our data partner was a strategic decision to ensure that our business operations run smoothly, and our data remains protected. This certification from Moro Hub further validates our commitment to maintaining the highest standards in data management.”

Source: Emirates News Agency

BRUSSELS: Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, led the UAE delegation participating in the Nuclear Energy Summit that was held for the first time on Thursday in the Belgian capital, Brussels.

It was organised and hosted by the Belgian government and the International Atomic Energy Agency (IAEA).

The UAE’s participation in this summit reflects the global confidence in the UAE’s effective role and its achievements in the implementation of nuclear energy projects in a short period of time. These achievements are role model to be emulated by countries interested in nuclear energy, and the UAE’s important role in spreading clean energy technologies and solutions around the world was highlighted.

On the sidelines of the summit, Al Mazrouei met Muhammad Ishaq Dar, Minister of Foreign Affairs of the Islamic Republic of Pakistan; Marisa Lago, Under Secretary of Commerce for International Trade at the U.S. Department of Commerce, Kadri Simson, European Commissioner for Energy, and
Rafael Mariano Grossi, IAEA Director General. Mohamed Al Sahlawi, the UAE Ambassador to the Kingdom of Belgium, the European Union, and Grand Duchy of Luxembourg; and Hamad Ali Al Kaabi, UAE Permanent Representative to the International Atomic Energy Agency (IAEA), attended the meetings.

The first ever Nuclear Energy Summit gathered world leaders to discuss how nuclear power can help drive sustainable development.

Co-chaired by the Prime Minister of Belgium Alexander De Croo and the Director General of the IAEA Rafael Mariano Grossi, the Summit came in the wake of the historic inclusion of nuclear energy in the Global Stocktake agreed at the UN Climate Change Conference (COP28) in Dubai in December 2023, which called for accelerating its deployment along with other low carbon energy sources. More than 25 countries launch declaration to triple nuclear energy capacity by 2050 at COP28.

Leaders and representatives from 32 countries at the Nuclear Energy Summit backed measures in areas such as financing, techn
ological innovation, regulatory cooperation and workforce training to enable the expansion of nuclear capacity to tackle climate change and boost energy security. The declaration also includes a commitment to the construction of new nuclear power plants and the early deployment of advanced reactors, including small modular reactors worldwide while maintaining the highest levels of safety and security.

” We, the leaders of countries operating nuclear power plants, or expanding or embarking on or exploring the option of nuclear power support enhancing efforts to facilitate mobilisation of public investments, where appropriate, and private investments towards additional nuclear power projects, according to summit’s declaration.

The declaration adds: “We commit to work to fully unlock the potential of nuclear energy by taking measures such as enabling conditions to support and competitively finance the lifetime extension of existing nuclear reactors, the construction of new nuclear power plants and the early d
eployment of advanced reactors, including small modular reactor.”

”We reaffirm our strong commitment to nuclear energy as a key component of our global strategy to reduce greenhouse gas emissions from both power and industrial sectors, ensure energy security, enhance energy resilience, and promote long-term sustainable development and clean energy transition.

Source: Emirates News Agency

DUBAI: Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and the Environment, emphasised that strengthening water security is crucial for fostering stability and supporting social and economic prosperity globally.

On World Water Day, which falls annually on 22nd March, Dr. Al Dahak said, ‘Water is the fundamental element of life, enabling human societies to stabilise, develop civilizations, and achieve prosperity. Water is the most valuable resource on our planet; it serves as a vital link between humans, food, nature, and climate. However, today, we face significant challenges due to the scarcity of water. It is predicted that half of the world’s population will reside in regions with a shortage of water by as early as 2025. Therefore, this year’s World Water Day theme, ‘Water for Peace’, highlights the urgent need to promptly find sustainable solutions to water-related issues in the most affected areas to ensure global stability.’

The UAE recognises the significant global challenge of water scar
city, Dr. Al Dahak stated. “President His Highness Sheikh Mohamed bin Zayed Al Nahyan is making significant efforts to find sustainable solutions to provide fresh water for all, particularly in the most affected areas. His Highness’s pivotal role in advancing global cooperation in this area is noteworthy. The recently launched Mohamed bin Zayed Water Initiative is a testament to the efforts of His Highness not only to find solutions to water crises worldwide but also to promote peace and stability for all of humanity.’

At the Ministery of Climate Change and Environment, we are committed to using more sustainable methods for water usage, especially with modern agricultural technology. We believe that water abundance and sustainability are key to further enhancing development and prosperity in the UAE. Community engagement is integral to our approach, recognising that individuals are central to our efforts, as water is not only fundamental to human life but also a cornerstone for securing a sustainable future,
” Dr. Al Dahak concluded.

Source: Emirates News Agency

ABU DHABI: Response Plus Holding PJSC (ADX: RPM) has released its audited financial results for the period ending December 31, 2023.

The Group’s net profit surged 68 percent to AED 49.39 million during 2023, compared to AED 29.31 million recorded in the previous year, while the Group’s Revenue increased to AED 345.36 million as of December 31, 2023 against AED 320.86 million a year before. Similarly, the Group’s Equity increased to AED 230.04 million as of December 31, 2023 from AED 222.9 million in the previous year.

The Earnings Per Share (EPS) increased to AED 0.25 in 2023 from AED 0.15 a year before, reflecting the Group’s commitment to profitability and shareholder value creation.

The surge in the Net Profit and Revenue illustrates the Group’s growth strategy, strong performance across its business verticals, and expansion in the UAE and region, coupled with its commitment to cost optimisation, efficiency, and productivity across its operations.

In his comments, Omran Al Khoori, Chairman of Response
Plus Holding, said: ‘The robust performance of Response Plus Holding during 2023 demonstrates the success of our diversified operations in the UAE, KSA, and around the region. We are confident of delivering on our solid foundation in the years to come, and accelerate our growth trajectory by deepening our expertise across pre-hospital care and emergency medical services. This year’s dynamic growth positions us to drive future expansion across new markets in the region and beyond.’

Commenting on the Group’s impressive results, Dr Rohil Raghavan, CEO of Response Plus Holding, said: ‘The Group’s strong performance during 2023 is a testament to our commitment to excellence across our operations, as well as our strategy to develop new strategic partnerships in the region and beyond. We are looking at expanding our services into different business verticals in pre-hospital care, and focusing on operational synergies and cost efficiencies. We are well positioned for a strong growth trajectory in the coming years, d
riven by the vision of our leadership and board, supported by our team’s expertise, and backed by the trust of our shareholders.’

During 2023, Response Plus Holding expanded its geographical presence in the region through Response Plus Medical Complex (RPMC) in Dammam, Saudi Arabia – the first specialised private occupational healthcare centre in KSA. During the year, RPM Projects won contracts for 100 site clinics. The Group also achieved its Emiratisation targets and received JCI accreditation for ambulatory care services at ADNOC site clinics during 2023.

Earlier this year, the pre-hospital care and emergency medical services provider in the UAE and KSA announced the strategic acquisition of UK-headquartered Prometheus Medical, a leading healthcare training and consultancy services company.

Source: Emirates News Agency