Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations. At the inauguration of their latest factory to manufacture Printed Circuit Boards (PCB) and AC drives (devices to efficiently control, operate electric motors), the firm revealed that they are looking to further invest up to Rs 400 crore or $50 million in India, over the next four years.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/india-bsf-protecting-borders-ready-to-give-befitting-reply-to-any-infiltration-attempt-572259">India: BSF protecting borders, ready to give befitting reply to any infiltration attempt</a>

With the latest factory in Chennai setup at an estimated investment of Rs 150 crore&nbsp;($20 million) and the pre-existing factory in Pune, the firm looks to significantly scale up their manufacturing in India. The annual production will be scaled up to 1,20,000 AC drives and more than 2,00,000 PCBs.&nbsp;

Kentaro Yamaguchi, Head, Automation at Fuji Electric told WION that the automated equipment being used in India for surface mounting (placing small electronic components) on PCBs is the most sophisticated of its class. He said that even the Japanese factories of Fuji Electric did not have such advanced machines that can perform the surface mounting in a nearly 100% automated manner and in just a few seconds of time.&nbsp;

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A highly-sophisticated <a href="https://twitter.com/hashtag/japanese?src=hash&amp;ref_src=twsrc%5Etfw">#japanese</a>-origin Pick &amp; place machine from <a href="https://twitter.com/panasonic?ref_src=twsrc%5Etfw">@panasonic</a> seen rapidly performing SurfaceMounting on a Printed Circuit Board at the latest <a href="https://twitter.com/fuji_india?ref_src=twsrc%5Etfw">@fuji_india</a> factory in <a href="https://twitter.com/hashtag/chennai?src=hash&amp;ref_src=twsrc%5Etfw">#chennai</a> <a href="https://twitter.com/hashtag/tamilnadu?src=hash&amp;ref_src=twsrc%5Etfw">#tamilnadu</a> <a href="https://twitter.com/hashtag/india?src=hash&amp;ref_src=twsrc%5Etfw">#india</a> 
 
Fuji offcls tell me, this robot is more advanced than those in <a href="https://twitter.com/hashtag/japan?src=hash&amp;ref_src=twsrc%5Etfw">#japan</a> <a href="https://t.co/xogimQira6">pic.twitter.com/xogimQira6</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1636031294546276354?ref_src=twsrc%5Etfw">March 15, 2023</a></blockquote>
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Shivaji Waghmare, CEO, Fuji Electric India, said that they look forward to serve larger number of Indian customers with the increased capacity and also are looking at opportunities to export made-in-India hardware to South East Asia, Middle-East, Africa, Bangladesh, Sri Lanka among others.

Also Read | <a href="https://www.wionews.com/business-economy/ola-electric-offers-free-upgrade-of-front-fork-in-s1-s1-pro-scooters-amid-controversy-572281">Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy</a>

The company is also looking at generating a total of Rs 1500 crore in annual revenue in India by 2025. For financial year 2022-23, the officials revealed that their firm has already surpassed Rs 1,000 crore.&nbsp;

On their future plans, the company said that they would need to further expand their India operations in the next four years, if they are to surpass Rs.1500 crore in revenue. That scaling up would mean a further investment in India of Rs 400 crore or $50 million for a much larger factory.

Watch | <a href="https://www.wionews.com/videos/48-teams-104-matches-has-fifa-devalued-the-football-world-cup-572274">48 teams, 104 matches: Has FIFA devalued the football World Cup?</a>

Queried about the quality standards of their Indian-made products over the Japanese ones, Shivaji Waghmare, CEO, told WION that the quality was no different from the Japanese-made ones. "We use the same machines, same processes as in Japan and it is also setup by the Japanese teams. In fact, the machines that are in use in the latest factory in India are much more advanced than those in Japan", he added. 
 
 
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Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations.

Fuji Electric, the 100-year-old Japanese firm that develops solutions for the energy, automation and environment technology sectors is actively expanding their India operations. At the inauguration of their latest factory to manufacture Printed Circuit Boards (PCB) and AC drives (devices to efficiently control, operate electric motors), the firm revealed that they are looking to further invest up to Rs 400 crore or $50 million in India, over the next four years. Also Read | India: BSF protecting borders, ready to give befitting reply to any infiltration attempt With the latest factory in Chennai setup at an estimated investment of Rs 150 crore ($20 million) and the pre-existing factory in Pune, the firm looks to significantly scale up their manufacturing in India. The annual production will be scaled up to 1,20,000 AC drives and more than 2,00,000 PCBs. Kentaro Yamaguchi, Head, Automation at Fuji Electric told WION that the automated equipment being used in India for surface mounting (placing small electronic components) on PCBs is the most sophisticated of its class. He said that even the Japanese factories of Fuji Electric did not have such advanced machines that can perform the surface mounting in a nearly 100% automated manner and in just a few seconds of time. A highly-sophisticated #japanese-origin Pick & place machine from @panasonic seen rapidly performing SurfaceMounting on a Printed Circuit Board at the latest @fuji_india factory in #chennai #tamilnadu #india Fuji offcls tell me, this robot is more advanced than those in #japan pic.twitter.com/xogimQira6 — Sidharth.M.P (@sdhrthmp) March 15, 2023 × Shivaji Waghmare, CEO, Fuji Electric India, said that they look forward to serve larger number of Indian customers with the increased capacity and also are looking at opportunities to export made-in-India hardware to South East Asia, Middle-East, Africa, Bangladesh, Sri Lanka among others. Also Read | Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy The company is also looking at generating a total of Rs 1500 crore in annual revenue in India by 2025. For financial year 2022-23, the officials revealed that their firm has already surpassed Rs 1,000 crore. On their future plans, the company said that they would need to further expand their India operations in the next four years, if they are to surpass Rs.1500 crore in revenue. That scaling up would mean a further investment in India of Rs 400 crore or $50 million for a much larger factory. Watch | 48 teams, 104 matches: Has FIFA devalued the football World Cup? Queried about the quality standards of their Indian-made products over the Japanese ones, Shivaji Waghmare, CEO, told WION that the quality was no different from the Japanese-made ones. "We use the same machines, same processes as in Japan and it is also setup by the Japanese teams. In fact, the machines that are in use in the latest factory in India are much more advanced than those in Japan", he added. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Japan's Fuji Electric to expand India ops, invest $50mn, export made-in-India hardware

United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report.&nbsp;

In recent months, Abu Dhabi-based AI firm G42, a technology group controlled by the UAE royal, reportedly acquired the $100 million-plus stake from existing investors through its 42XFund.

Watch |&nbsp;Rishi Sunak hints at TikTok ban from UK government devices

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At the recent private-market investment, G42 valued ByteDance at around $220 billion.

Bloomberg reports that this valuation in the G42 transaction "doesn’t yet reflect potential after-effects of the Silicon Valley Bank implosion, which stunned startups from the US to China and has raised concerns about broader systemic risks".

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-mulling-over-tiktok-ban-on-government-devices-over-data-security-concerns-571913">After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China</a>

The investment is reportedly "well off the peak" of the $460 billion valuation at which Tiger Global Management had purchased shares in 2021.

Another fund also bought into the company at $225 billion shortly after, reports Bloomberg quoting anonymous sources.

The recent spate of uncertainty around the app in Washington and elsewhere could be behind the Chinese firm's turbulent price tag. Recently, in the US, lawmakers accused the app of being a national security threat.

Also read |&nbsp;<a href="https://www.wionews.com/world/belgium-follows-footsteps-of-us-and-eu-bans-tiktok-from-government-phones-570744">Belgium follows footsteps of US and EU, bans TikTok from government phones</a>

Following this, Washington banned the app from government devices. The European Union and Canada have also followed suit, while India had banned the app earlier.&nbsp;

Sheikh Tahnoon, often referred to as UAE's spymaster, has reportedly built a portfolio through G42. His portfolio consists of everything from cloud computing to vaccines and driverless cars. 42XFund via which the recent ByteDance investment was made was set up last year. The $10 Billion fund invests in technology companies across emerging markets.

(With inputs from agencies) 
 
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United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report.

United Arab Emirates spy chief, royal Sheikh Tahnoon bin Zayed Al Nahyan has purchased a more than $100 million stake in ByteDance Ltd., the parent company behind the popular video platform TikTok, says a Bloomberg report. In recent months, Abu Dhabi-based AI firm G42, a technology group controlled by the UAE royal, reportedly acquired the $100 million-plus stake from existing investors through its 42XFund. Watch | Rishi Sunak hints at TikTok ban from UK government devices At the recent private-market investment, G42 valued ByteDance at around $220 billion. Bloomberg reports that this valuation in the G42 transaction "doesn’t yet reflect potential after-effects of the Silicon Valley Bank implosion, which stunned startups from the US to China and has raised concerns about broader systemic risks". Also read | After India and US, UK mulls TikTok ban on govt devices over data security concerns linked to China The investment is reportedly "well off the peak" of the $460 billion valuation at which Tiger Global Management had purchased shares in 2021. Another fund also bought into the company at $225 billion shortly after, reports Bloomberg quoting anonymous sources. The recent spate of uncertainty around the app in Washington and elsewhere could be behind the Chinese firm's turbulent price tag. Recently, in the US, lawmakers accused the app of being a national security threat. Also read | Belgium follows footsteps of US and EU, bans TikTok from government phones Following this, Washington banned the app from government devices. The European Union and Canada have also followed suit, while India had banned the app earlier. Sheikh Tahnoon, often referred to as UAE's spymaster, has reportedly built a portfolio through G42. His portfolio consists of everything from cloud computing to vaccines and driverless cars. 42XFund via which the recent ByteDance investment was made was set up last year. The $10 Billion fund invests in technology companies across emerging markets. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

UAE spymaster purchases $100 million stake in TikTok maker ByteDance; company valuation at $220bn

Tesla gets near about 330 million dollars in terms of tax benefits for the Nevada Giga Factory expansion. The development of the electric vehicles and manufacturer Tesla Giga Factory complex with two new plants has received more than 330 million dollars in terms of tax abatement approval from the Nevada governor's office of Economic Development.

Tesla to invest $3.6 BN in Nevada for two new factories

A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24.

GQG, in a series of secondary block trade transactions, has bought shares in Adani portfolio companies—Adani Transmission, Adani Ports, and Adani Green Energy—a regulatory filing showed. The deal was brokered by Jefferies.

GQG is one of the marquee investors in global and emerging markets, and manages more than $92 billion as of January this year.

“I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world,” Rajiv Jain, Chairman and CIO of GQG Partners,&nbsp;said in a statement.

“Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.”

The chief financial officer of the Adani group, Jugeshinder Singh, said the Indian-based conglomerate valued GQG’s role as a strategic investor in its infrastructure and utility portfolio of sustainable energy, logistics, and energy transition.

“This transaction marks the continued confidence of global investors in the governance, management practices and the growth of the Adani portfolio of companies,” Singh said.

GQG was co-founded by Rajiv Jain in 2016. Born in India, Jain moved to the US in 1990 to pursue an MBA at the University of Miami. He began his career at Vontobel Asset Management in 1994 as a portfolio manager, according to his LinkedIn profile.

Jain went on to become Vontobel’s chief investment officer and head of equities. Between 2014 and 2016, he even served as its co-CEO. 
 
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A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24.

A US-based global equity-investment boutique firm, GQG Partners, has invested $1.87 billion in the embattled Adani Group, which has been facing headwinds in the Indian stock market following the short-seller Hindenburg’s explosive report published on January 24. GQG, in a series of secondary block trade transactions, has bought shares in Adani portfolio companies—Adani Transmission, Adani Ports, and Adani Green Energy—a regulatory filing showed. The deal was brokered by Jefferies. GQG is one of the marquee investors in global and emerging markets, and manages more than $92 billion as of January this year. “I am excited to have initiated positions in the Adani companies. Adani companies own and operate some of the largest and most important infrastructure assets throughout India and around the world,” Rajiv Jain, Chairman and CIO of GQG Partners, said in a statement. “Gautam Adani is widely regarded as among the best entrepreneurs of his generation. We believe that the long-term growth prospects for these companies are substantial, and we are pleased to be investing in companies that will help advance India’s economy and energy infrastructure, including their energy transition over the long-run.” The chief financial officer of the Adani group, Jugeshinder Singh, said the Indian-based conglomerate valued GQG’s role as a strategic investor in its infrastructure and utility portfolio of sustainable energy, logistics, and energy transition. “This transaction marks the continued confidence of global investors in the governance, management practices and the growth of the Adani portfolio of companies,” Singh said. GQG was co-founded by Rajiv Jain in 2016. Born in India, Jain moved to the US in 1990 to pursue an MBA at the University of Miami. He began his career at Vontobel Asset Management in 1994 as a portfolio manager, according to his LinkedIn profile. Jain went on to become Vontobel’s chief investment officer and head of equities. Between 2014 and 2016, he even served as its co-CEO. WATCH WION LIVE HERE

Adani Group secures $1.87 billion investment from US-based GQG Partners

On the company's investor day on Wednesday (March 1), engineers from Tesla disclosed their plans to reduce assembly costs in future car generations by 50 per cent.

In addition to Elon Musk, the company's public face, the presentation included more than a dozen other Tesla officials, including Tom Zhu, the new global production leader.

The executives covered a wide range of topics throughout the presentation, including the company's creativity in managing its operations from manufacture to service, as well as a white paper strategy for the world to adopt sustainable energy.

Zach Kirkhorn, the company's chief financial officer, emphasised their commitment to reducing production costs and announced that Tesla's next-generation platform would comprise many vehicles produced in standardised factories.

Tesla's shares dropped more than five&nbsp;per cent in after-hours trading as a result of Musk disappointing investors by failing to reveal the release date of a highly anticipated inexpensive small electric vehicle.

Musk was anticipated to present a strategy for creating a more accessible electric vehicle (EV) that would increase consumer interest in his brand and fend off rivals.

<h2>Tesla vs Market</h2>

Capturing the mass market is critical to Tesla’s annual production goal, which is more than the combined production of two of the world's largest volume vehicle makers — Germany's Volkswagen and Japan's Toyota.

It would also represent a sales volume for Tesla alone of about a quarter of last year's total global car sales. Musk said the key to driving Tesla's sales volume would be bringing prices down for consumers, adding that tesla's discounts offered this year had stoked demand.

The most valuable automaker is Tesla, but its price has fluctuated significantly. Shares have recovered more than 60 per cent this year but are still down almost 50 per cent from their peak in November 2021.

Tesla could only need 10 models, according to Musk, which would result in 2 million annual sales for each model line at the desired manufacturing rate.

In terms of making profitable EVs, Tesla already has an advantage over its competitors.

Peter Bannon, a Tesla executive, illustrated how the company uses data to save expenses. He claimed that customer data revealed Tesla owners did not utilise the sunroof, so "we removed it."

Tesla will need to advance its battery technology despite its recent achievements, which Musk has referred to as the "basic limiting factor" for the switch to sustainable energy and more inexpensive vehicles. Tesla has had difficulty increasing the output of cutting-edge batteries known as 4680s.

But, they said that they were still testing two different production procedures. Executives stated on Wednesday that it was likely they may reach volume production this year.

Tesla's investor day presentation showcased the company's commitment to cutting production costs and capturing the mass market.

While the lack of details about when a more affordable EV will debut was disappointing to investors, Tesla's lead in manufacturing EVs at a profit and dedication to reducing costs gives hope for future success. 
 
(With inputs from agencies)

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On the company's investor day on Wednesday (March 1), engineers from Tesla disclosed their plans to reduce assembly costs in future car generations by 50 per cent.

On the company's investor day on Wednesday (March 1), engineers from Tesla disclosed their plans to reduce assembly costs in future car generations by 50 per cent. In addition to Elon Musk, the company's public face, the presentation included more than a dozen other Tesla officials, including Tom Zhu, the new global production leader. The executives covered a wide range of topics throughout the presentation, including the company's creativity in managing its operations from manufacture to service, as well as a white paper strategy for the world to adopt sustainable energy. Zach Kirkhorn, the company's chief financial officer, emphasised their commitment to reducing production costs and announced that Tesla's next-generation platform would comprise many vehicles produced in standardised factories. Tesla's shares dropped more than five per cent in after-hours trading as a result of Musk disappointing investors by failing to reveal the release date of a highly anticipated inexpensive small electric vehicle. Musk was anticipated to present a strategy for creating a more accessible electric vehicle (EV) that would increase consumer interest in his brand and fend off rivals. Tesla vs Market Capturing the mass market is critical to Tesla’s annual production goal, which is more than the combined production of two of the world's largest volume vehicle makers — Germany's Volkswagen and Japan's Toyota. It would also represent a sales volume for Tesla alone of about a quarter of last year's total global car sales. Musk said the key to driving Tesla's sales volume would be bringing prices down for consumers, adding that tesla's discounts offered this year had stoked demand. The most valuable automaker is Tesla, but its price has fluctuated significantly. Shares have recovered more than 60 per cent this year but are still down almost 50 per cent from their peak in November 2021. Tesla could only need 10 models, according to Musk, which would result in 2 million annual sales for each model line at the desired manufacturing rate. In terms of making profitable EVs, Tesla already has an advantage over its competitors. Peter Bannon, a Tesla executive, illustrated how the company uses data to save expenses. He claimed that customer data revealed Tesla owners did not utilise the sunroof, so "we removed it." Tesla will need to advance its battery technology despite its recent achievements, which Musk has referred to as the "basic limiting factor" for the switch to sustainable energy and more inexpensive vehicles. Tesla has had difficulty increasing the output of cutting-edge batteries known as 4680s. But, they said that they were still testing two different production procedures. Executives stated on Wednesday that it was likely they may reach volume production this year. Tesla's investor day presentation showcased the company's commitment to cutting production costs and capturing the mass market. While the lack of details about when a more affordable EV will debut was disappointing to investors, Tesla's lead in manufacturing EVs at a profit and dedication to reducing costs gives hope for future success. (With inputs from agencies) WATCH WION LIVE HERE:

Tesla’s grand plan to reduce assembly costs fails to charm investors, shares dip

Major tech investor SoftBank Group is looking at another quarter of bleak results, but for the first time on record, Masayoshi Son is going to miss the earnings call, according to reports. It added that it will be the sole responsibility of the Japanese company’s CFO Yoshimitsu Goto to field investors’ concerns when the company declares its third-quarter results.

World Business Watch: Softbank CEO Masayoshi's son to miss earnings call for first time

IHC, Abu Dhabi's largest listed company, invested $2 billion in Adani Group companies last year, including Adani Enterprises. Adani Group has hit back at the report by Hindenburg Research published that flagged concerns about Adani Group's debt levels and the use of tax havens.

Abu Dhabi's IHC invests $381 million in Adani share sale

On Monday, Microsoft announced its multi-billion investment in OpenAI, the research lab which recently created ChatGPT, a much-talked-about artificial intelligence chatbot that has raised concerns about enabling cheating in universities and schools.&nbsp;

Microsoft CEO Satya Nadella tweeted a company blog in which the tech giant made the announcement of making a "multiyear, multibillion dollar investment to accelerate AI breakthroughs" which would be "broadly shared with the world".

ChatGPT, the chatbot of OpenAI, became a sensation on the internet after it was released in November without any warning, allowing users to experiment with the abilities of the chatbot in writing articles, poems, essays and computer code in a few seconds.

ALSO READ | <a href="https://www.wionews.com/business-economy/microsoft-to-start-laying-off-employees-from-today-report-553642">Microsoft to fire 10,000 people as tech layoffs intensify</a>

The ability of ChatGPT alarmed the teachers as it was banned in schools and universities and also started debates over its impact on office work in the near future.&nbsp;

OpenAI, the California-based research lab, also created DALL-E which is a programme that can draw illustrations and digital images swiftly.&nbsp;

Microsoft made the announcement of the deal less than a week after it declared that 10,000 employees will be laid off in the weeks ahead and investment will be redirected to new priorities like AI.&nbsp;

The statement released by Microsoft said that OpenAI's models will be deployed by the company "across our consumer and enterprise products".&nbsp;

WATCH | World Business Watch: Microsoft to expand access to OpenAI, brings in more users

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The announcement indicates the intention of Microsoft to include technology used in DALL-E and ChatGPT into its software products like the search engine Bing and Office apps of the company.

"With ChatGPT being one of the most innovative AI technologies seen in the industry, Microsoft is clearly being aggressive on this front and not going to be left behind on what could be a potential game changing AI investment," said analyst Dan Ives of Wedbush Securities, in a note.

(With inputs from agencies)

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On Monday, Microsoft announced its multi-billion investment in OpenAI, the research lab which recently created ChatGPT, a much-talked-about artificial intelligence chatbot that has raised concerns about enabling cheating in universities and schools.

On Monday, Microsoft announced its multi-billion investment in OpenAI, the research lab which recently created ChatGPT, a much-talked-about artificial intelligence chatbot that has raised concerns about enabling cheating in universities and schools. Microsoft CEO Satya Nadella tweeted a company blog in which the tech giant made the announcement of making a "multiyear, multibillion dollar investment to accelerate AI breakthroughs" which would be "broadly shared with the world". ChatGPT, the chatbot of OpenAI, became a sensation on the internet after it was released in November without any warning, allowing users to experiment with the abilities of the chatbot in writing articles, poems, essays and computer code in a few seconds. ALSO READ | Microsoft to fire 10,000 people as tech layoffs intensify The ability of ChatGPT alarmed the teachers as it was banned in schools and universities and also started debates over its impact on office work in the near future. OpenAI, the California-based research lab, also created DALL-E which is a programme that can draw illustrations and digital images swiftly. Microsoft made the announcement of the deal less than a week after it declared that 10,000 employees will be laid off in the weeks ahead and investment will be redirected to new priorities like AI. The statement released by Microsoft said that OpenAI's models will be deployed by the company "across our consumer and enterprise products". WATCH | World Business Watch: Microsoft to expand access to OpenAI, brings in more users The announcement indicates the intention of Microsoft to include technology used in DALL-E and ChatGPT into its software products like the search engine Bing and Office apps of the company. "With ChatGPT being one of the most innovative AI technologies seen in the industry, Microsoft is clearly being aggressive on this front and not going to be left behind on what could be a potential game changing AI investment," said analyst Dan Ives of Wedbush Securities, in a note. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Microsoft confirms deal with ChatGPT creator OpenAI worth billions

Taiwan government would fine Foxconn, the world's largest contract electronics maker, for an unauthorised investment in a Chinese chip maker even after the Taiwanese firm said it would be selling the stake.

Taiwan to fine Foxconn for illegal China investment

According to an investigation conducted by a South Korean intelligence department, Terra co-founder Do Kwon is now in Serbia. Watch full video to know more.

Crypto fugitive Do Kwon is in Serbia, says South Korean intelligence department

Global Investment Funds have lost their valuations, putting the investors in massive losses. Japanese investor Softbank is the latest in the list as it has suffered a net loss of 3.16 trillion yen or 23.34 billion dollars for the quarter end.

Softbank: Global startups feeling the heat of a slowing economy

As the economic meltdown continues to batter, Sri Lanka the south Asian nation is now seeking help from one of its close allies China to help boost its trade, investment and tourism sector.

Sri Lanka seeks China's help to revive trade, investment and tourism

The Hyundai Motor Group said on Sunday it would invest another $5 billion in the United States by 2025 to strengthen cooperation with US companies in advanced technology.

Hyundai Motor Group to invest more than $10 billion in US by 2025

Secretary-General Antonio Guterres has accepted the resignation of the head of a United Nations agency that was under investigation for questionable investments.

Grete Faremo, a former Norwegian minister of justice and public security, had been undersecretary-general and executive director of the UN Office for Project Services since August 2014.

The office, headquartered in Copenhagen, says its mission is to provide infrastructure, procurement and project management services for a more sustainable world.

Also read |&nbsp;<a href="https://www.wionews.com/world/darker-side-of-mother-teresa-a-documentary-claims-she-covered-up-the-worst-excesses-of-church-477491">'Darker side' of Mother Teresa: A documentary claims she covered up the worst excesses of church</a>

Faremo's resignation was accepted on Sunday, the day the New York Times reported that the agency made a baffling series of financial decisions&nbsp;that purportedly led to $25 million in losses.

The Times report followed an April 16 article in Devex, the media platform for the global development community by Brussels-based writer Ilya Gridneff, titled: What went wrong with UNOPS' ambitious impact-investing initiative.

Watch |&nbsp;Gravitas: US Federal Reserve hikes interest rates

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-us-federal-reserve-hikes-interest-rates-476690/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

That article said the investigation focused on a series of loans from the agency to a Singapore-based company that received tens of millions of dollars to develop plans to build more than 1 million affordable homes in six countries. Today, the entire project is stalled, UNOPS is owed tens of millions of dollars, and no houses have been built, it said.

Devex quoted an unidentified spokesperson for the agency as saying that steps are being taken to recover all outstanding amounts regardless of the source of activities.

WATCH WION LIVE HERE:

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The UN's internal watchdog had been investigating the transactions.

UN spokesman Stephane Dujarric said Faremo's resignation was effective on Sunday. He said Jens Wandel of Denmark, a former special adviser to the secretary-general on reforms, will serve as acting head of the agency while a new executive director is recruited.

Also read |&nbsp;<a href="https://www.wionews.com/world/nearly-25-million-tonnes-of-grain-stuck-in-ukraine-un-food-agency-476870">Nearly 25 million tonnes of grain stuck in Ukraine: UN food agency</a>

The secretary-general is grateful for Faremo's commitment and dedicated service to the organisation, Dujarric said in a statement.

He would not comment beyond the statement when asked whether Guterres asked for Faremo's resignation.

Secretary-General Antonio Guterres has accepted the resignation of the head of a United Nations agency that was under investigation for questionable investments.

Secretary-General Antonio Guterres has accepted the resignation of the head of a United Nations agency that was under investigation for questionable investments. Grete Faremo, a former Norwegian minister of justice and public security, had been undersecretary-general and executive director of the UN Office for Project Services since August 2014. The office, headquartered in Copenhagen, says its mission is to provide infrastructure, procurement and project management services for a more sustainable world. Also read | 'Darker side' of Mother Teresa: A documentary claims she covered up the worst excesses of church Faremo's resignation was accepted on Sunday, the day the New York Times reported that the agency made a baffling series of financial decisions that purportedly led to $25 million in losses. The Times report followed an April 16 article in Devex, the media platform for the global development community by Brussels-based writer Ilya Gridneff, titled: What went wrong with UNOPS' ambitious impact-investing initiative. Watch | Gravitas: US Federal Reserve hikes interest rates That article said the investigation focused on a series of loans from the agency to a Singapore-based company that received tens of millions of dollars to develop plans to build more than 1 million affordable homes in six countries. Today, the entire project is stalled, UNOPS is owed tens of millions of dollars, and no houses have been built, it said. Devex quoted an unidentified spokesperson for the agency as saying that steps are being taken to recover all outstanding amounts regardless of the source of activities. WATCH WION LIVE HERE: The UN's internal watchdog had been investigating the transactions. UN spokesman Stephane Dujarric said Faremo's resignation was effective on Sunday. He said Jens Wandel of Denmark, a former special adviser to the secretary-general on reforms, will serve as acting head of the agency while a new executive director is recruited. Also read | Nearly 25 million tonnes of grain stuck in Ukraine: UN food agency The secretary-general is grateful for Faremo's commitment and dedicated service to the organisation, Dujarric said in a statement. He would not comment beyond the statement when asked whether Guterres asked for Faremo's resignation.

UN agency chief resigns after probe into its investments

British PM Boris Johnson will be in India for a two-day visit starting soon. While the meeting comes in the backdrop of the Ukraine-Russia conflict, the key of the visit is to finalize two-way investment deals.

Boris Johnson's India visit: India-UK to ink investment deals, Russia-Ukraine talks on agenda too

This is the first time in the history of Kashmir that foreign investors are visiting the valley with aim of investments. According to the Government, around 70 thousand crore investment is expected to come in the next 6 months from foreign investors.

Kashmir hosts gulf investors, delegates explore Kashmir valley for business opportunities

This is the first time in the history of Kashmir that foreign investors are visiting J&K with aim of investments. The government said that this the start of a new era of economic development in the valley.

UAE explores investment opportunities, Jammu and Kashmir eyes $9.1 billion foreign investment

Alphabet Inc`s Google will invest up to $1 billion in Bharti Airtel in a move that could help bolster the Indian telecom operator`s digital offerings, the companies said on Friday.

The investment includes a $700 million equity investment in Airtel at a price of 734 rupees ($9.77) per share and up to $300 million towards implementing commercial agreements, including investments in scaling Airtel`s offerings, the companies said.

The share issue is subject to regulatory and shareholder approval and comes months after Airtel raised up to 210 billion rupees through a sale of shares to existing shareholders.

Airtel shares were up 0.54 per cent at 711 rupees after the announcement.

Google announced plans less than two years ago to infuse $10 billion in India via its digitisation fund over five to seven years through equity deals and tie-ups.

Conglomerate Reliance Industries Ltd`s digital unit Jio Platforms, which houses Airtel`s telecom rival Jio, received an investment of $4.5 billion from Google in July 2020. In return, the US&nbsp;tech behemoth got a seat on Jio`s board.

Alphabet Inc`s Google will invest up to $1 billion in Bharti Airtel in a move that could help bolster the Indian telecom operator`s digital offerings, the companies said on Friday.

Alphabet Inc`s Google will invest up to $1 billion in Bharti Airtel in a move that could help bolster the Indian telecom operator`s digital offerings, the companies said on Friday. The investment includes a $700 million equity investment in Airtel at a price of 734 rupees ($9.77) per share and up to $300 million towards implementing commercial agreements, including investments in scaling Airtel`s offerings, the companies said. The share issue is subject to regulatory and shareholder approval and comes months after Airtel raised up to 210 billion rupees through a sale of shares to existing shareholders. Airtel shares were up 0.54 per cent at 711 rupees after the announcement. Google announced plans less than two years ago to infuse $10 billion in India via its digitisation fund over five to seven years through equity deals and tie-ups. Conglomerate Reliance Industries Ltd`s digital unit Jio Platforms, which houses Airtel`s telecom rival Jio, received an investment of $4.5 billion from Google in July 2020. In return, the US tech behemoth got a seat on Jio`s board.

Google to invest up to $1 billion in India telecom company Bharti Airtel

One of the possible reasons for recovery and GDP hike is the signs of overall increasing investments in India. French firms are increasingly investing in the country, the latest to do that is the engineering firm Egis.

French firm betting big on Indian market, Egis group plans to invest $55 MN in India

British petrochemicals manufacturer Ineos on Monday announced it will invest more than 2 billion euros (£1.69 billion) in zero-carbon green hydrogen production in Europe.

Ineos will invest in emissions-free production using electrolysis -- an electrical current passing through water -- with wind, solar or hydro-electric power providing the electricity.

Also Read |&nbsp;<a href="https://www.wionews.com/world/hydrogen-needs-12-tn-for-zero-emissions-goal-iea-418145">Hydrogen needs $1.2 tn for zero emissions goal: IEA</a>

Ineos chairman, British billionaire Jim Ratcliffe, said in a statement that "Europe is crying out for more investment in green hydrogen".

Monday's announcement "shows our determination to play a leading role in this important new fuel," he added.

While burning hydrogen as a fuel emits just water vapour, most of the gas is made in a process that produces harmful emissions.

Companies and governments are increasingly putting emission-free green hydrogen at the centre of efforts to de-carbonise economic sectors that rely most on fossil fuels for their energy needs.

Ineos said its investment in electrolysis will be the largest ever in Europe, building plants in Norway, Germany and Belgium in the next decade.

Also Read |&nbsp;<a href="https://www.wionews.com/world/bakery-in-uk-stops-producing-its-bestselling-biscuit-heres-why-421501">Bakery in UK stops producing its bestselling biscuit, here’s why</a>

Investment is also planned in Britain and France and the hydrogen business will be headquartered in Britain, the group said.

Ineos operates businesses in the chemical, oil and gas industries, including extracting gas in the North Sea. It is also venturing into the automotive industry and launching manufacture of a 4x4 off-road vehicle.

The group is already Europe's largest operator of the electrolysis technology and has "extensive experience" in storing and handling hydrogen, according to its statement.

British petrochemicals manufacturer Ineos on Monday announced it will invest more than 2 billion euros (£1.69 billion) in zero-carbon green hydrogen production in Europe.

British petrochemicals manufacturer Ineos on Monday announced it will invest more than 2 billion euros (£1.69 billion) in zero-carbon green hydrogen production in Europe. Ineos will invest in emissions-free production using electrolysis -- an electrical current passing through water -- with wind, solar or hydro-electric power providing the electricity. Also Read | Hydrogen needs $1.2 tn for zero emissions goal: IEA Ineos chairman, British billionaire Jim Ratcliffe, said in a statement that "Europe is crying out for more investment in green hydrogen". Monday's announcement "shows our determination to play a leading role in this important new fuel," he added. While burning hydrogen as a fuel emits just water vapour, most of the gas is made in a process that produces harmful emissions. Companies and governments are increasingly putting emission-free green hydrogen at the centre of efforts to de-carbonise economic sectors that rely most on fossil fuels for their energy needs. Ineos said its investment in electrolysis will be the largest ever in Europe, building plants in Norway, Germany and Belgium in the next decade. Also Read | Bakery in UK stops producing its bestselling biscuit, here’s why Investment is also planned in Britain and France and the hydrogen business will be headquartered in Britain, the group said. Ineos operates businesses in the chemical, oil and gas industries, including extracting gas in the North Sea. It is also venturing into the automotive industry and launching manufacture of a 4x4 off-road vehicle. The group is already Europe's largest operator of the electrolysis technology and has "extensive experience" in storing and handling hydrogen, according to its statement.

Britain's Ineos announces over 2 billion euros green hydrogen investment

Google on Wednesday said it will invest $1 billion over the next five years to allow for faster and more affordable internet access and support entrepreneurship in Africa.

Internet reliability is a problem in Africa where less than a third of the continent's 1.3 billion people are connected to broadband, according to the World Bank.&nbsp;

But the continent, where nearly half the population is under 18, is a promising market.

Also read |&nbsp;<a href="https://www.wionews.com/world/google-ends-work-on-its-plex-project-even-after-financial-markets-heat-up-417518">Google ends work on its Plex project even after financial markets heat up</a>

According to Google and Alphabet boss, Sundar Pichai "huge strides" have been made in recent years, but more work is needed to make "internet accessible, affordable and useful for every African".

The investment will support digital transformation by ensuring improved connectivity and access, he said in a statement.

The funds will, among other things, go towards infrastructure development including the Equiano subsea cable that will connect South Africa, Namibia, Nigeria and St Helena with Europe.

The deal expands Google's pledge announced four years ago to train around 10 million young Africans and small-scale businesses in digital skills.

"I am of the firm belief that no one is better placed to solve Africa's biggest problems than Africa's young developers and startup founders," said Google's Africa managing director Nitin Gajria.

Internet access is also hampered by the affordability of smartphones.&nbsp;

Google said it will partner with Kenya's telecoms giant Safaricom to launch affordable Android smartphones for first time users.&nbsp;

The project will later be rolled out across the continent with other carriers such Airtel, MTN, Orange and Vodacom.

Google on Wednesday said it will invest $1 billion over the next five years to allow for faster and more affordable internet access and support entrepreneurship in Africa.

Google on Wednesday said it will invest $1 billion over the next five years to allow for faster and more affordable internet access and support entrepreneurship in Africa. Internet reliability is a problem in Africa where less than a third of the continent's 1.3 billion people are connected to broadband, according to the World Bank. But the continent, where nearly half the population is under 18, is a promising market. Also read | Google ends work on its Plex project even after financial markets heat up According to Google and Alphabet boss, Sundar Pichai "huge strides" have been made in recent years, but more work is needed to make "internet accessible, affordable and useful for every African". The investment will support digital transformation by ensuring improved connectivity and access, he said in a statement. The funds will, among other things, go towards infrastructure development including the Equiano subsea cable that will connect South Africa, Namibia, Nigeria and St Helena with Europe. The deal expands Google's pledge announced four years ago to train around 10 million young Africans and small-scale businesses in digital skills. "I am of the firm belief that no one is better placed to solve Africa's biggest problems than Africa's young developers and startup founders," said Google's Africa managing director Nitin Gajria. Internet access is also hampered by the affordability of smartphones. Google said it will partner with Kenya's telecoms giant Safaricom to launch affordable Android smartphones for first time users. The project will later be rolled out across the continent with other carriers such Airtel, MTN, Orange and Vodacom.

Google to invest $1 billion to lift Africa internet access

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources.

The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand.

Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned.

"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference.

"That raises the prospect of potential cycles of higher prices for traditional forms of energy.

"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added.

PRICE SPIKES

A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices.

Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers.

But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and&nbsp; rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said.

He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. 
Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings.

"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist.

"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition."

But it will take a long time before new energy sources can compensate for global demand, he added.

DEMAND OUTLOOK

Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC.

BP and TotalEnergies expect oil demand to peak in the next decade.

"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer.

"I think it`s much further out than what a lot of the pundits are thinking right now," he added.

He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040.

"The world needs cheap affordable energy. We want to be in that space," Hill said.

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said.

Lack of investment, more demand to drive oil price volatility-industry execs

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. 
Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. 
The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. 
Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. 
"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. 
"That raises the prospect of potential cycles of higher prices for traditional forms of energy. 
"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. 
PRICE SPIKES 
A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. 
Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp; 
The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. 
But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and&nbsp; rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. 
He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. 
Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. 
"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. 
"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." 
But it will take a long time before new energy sources can compensate for global demand, he added. 
DEMAND OUTLOOK 
Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. 
BP and TotalEnergies expect oil demand to peak in the next decade. 
"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. 
"I think it`s much further out than what a lot of the pundits are thinking right now," he added. 
He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. 
"The world needs cheap affordable energy. We want to be in that space," Hill said. 
(Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said. (Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

Lack of investment, more demand to drive oil price volatility -industry execs

An alarming study published on Saturday has revealed that up to 660,000 jobs will be at serious risk if the UK continues to fall behind other countries in the amount it invests in green infrastructure and jobs.

Coming just two months before Boris Johnson’s government hosts the United Nations Climate Conference, the report highlights that the impact on employment in the UK as a result of jobs moving “offshore” to countries in the vanguard of green investment and technology will be particularly acute in the UK’s industrial heartlands, Yorkshire and the Humber.

In separate research, it was found out that the UK is second from bottom in the league table of G7 economies for its record in investment in green investment and jobs.

This comes in despite Johnson’s claims to be a leading force in the race to save the planet from global warming.

<a href="https://www.wionews.com/world/us-evangelical-lutheran-church-installs-first-openly-transgender-bishop-412518">Also read |&nbsp;US Evangelical Lutheran Church installs first openly transgender bishop</a>

The UK Treasury is expected to invest only about £180 per person on green recovery and jobs over the next decade, whereas,

President Joe Biden plans to allocate more than £2,960 per person on a green recovery in the US.

Relative to population, the UK’s green recovery investment is just 24 per cent that of France, 21 per cent that of Canada, and 6 per cent that of the US.

As per the report, 79,000 jobs are at risk, as other countries race ahead in green development, in the UK rubber and plastic sector, 63,200 in the UK chemicals sector and 26,900 in iron and steel.&nbsp;

In total it says that 260,000 manufacturing jobs could be at risk as well as 407,000 in supply chains. 
&nbsp;

An alarming study published on Saturday has revealed that up to 660,000 jobs will be at serious risk if the UK continues to fall behind other countries in the amount it invests in green infrastructure and jobs.

An alarming study published on Saturday has revealed that up to 660,000 jobs will be at serious risk if the UK continues to fall behind other countries in the amount it invests in green infrastructure and jobs. Coming just two months before Boris Johnson’s government hosts the United Nations Climate Conference, the report highlights that the impact on employment in the UK as a result of jobs moving “offshore” to countries in the vanguard of green investment and technology will be particularly acute in the UK’s industrial heartlands, Yorkshire and the Humber. In separate research, it was found out that the UK is second from bottom in the league table of G7 economies for its record in investment in green investment and jobs. This comes in despite Johnson’s claims to be a leading force in the race to save the planet from global warming. Also read | US Evangelical Lutheran Church installs first openly transgender bishop The UK Treasury is expected to invest only about £180 per person on green recovery and jobs over the next decade, whereas, President Joe Biden plans to allocate more than £2,960 per person on a green recovery in the US. Relative to population, the UK’s green recovery investment is just 24 per cent that of France, 21 per cent that of Canada, and 6 per cent that of the US. As per the report, 79,000 jobs are at risk, as other countries race ahead in green development, in the UK rubber and plastic sector, 63,200 in the UK chemicals sector and 26,900 in iron and steel. In total it says that 260,000 manufacturing jobs could be at risk as well as 407,000 in supply chains.

660,000 jobs at risk amid UK’s green investment lag

Intel is planning to build new chip-making facilities in Europe. The company's CEO said that it could potentially expand it with increase in total investment.

Intel plans to build new chip-making facilities in Europe

The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalise stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.

The country's plan to lure foreign talent reflects a growing contrast with the other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist.

Although many of the Emirati ministers' promised overhauls remained vague at a press conference, their intentions to boost spending after the devastation of the pandemic and loosen laws to draw more residents was clear.

Abdulla bin Touq, the minister of the economy, pledged that the Emirati government would pour some USD 13.6 billion into the economy over the next year. He laid out a raft of investment opportunities for countries to boost development by 10 per cent in the coming years.

"We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world,"&nbsp;he proclaimed at the government's first large in-person press conference since the pandemic

The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs.

The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment as they live with their parents, and enable widows and divorced couples to live longer without visa restrictions in the country.

The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalise stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital.

The United Arab Emirates announced Sunday a major plan to stimulate its economy and liberalise stringent residency laws for expatriates, as the country seeks to overhaul its finances and attract foreign residents and capital. The country's plan to lure foreign talent reflects a growing contrast with the other oil-rich economies of the Persian Gulf that are becoming increasingly protectionist. Although many of the Emirati ministers' promised overhauls remained vague at a press conference, their intentions to boost spending after the devastation of the pandemic and loosen laws to draw more residents was clear. Abdulla bin Touq, the minister of the economy, pledged that the Emirati government would pour some USD 13.6 billion into the economy over the next year. He laid out a raft of investment opportunities for countries to boost development by 10 per cent in the coming years. "We are confident that these projects in the support of investment will make (the UAE) one of the most competent economies in the world," he proclaimed at the government's first large in-person press conference since the pandemic The UAE for years since its independence has tied employment to residency status, giving employers outsized power and forcing people to immediately leave the country once they lost their jobs. The new plans give residents more time to seek other jobs after termination, allow youth over age 15 to gain employment as they live with their parents, and enable widows and divorced couples to live longer without visa restrictions in the country.

UAE rolls out plan to invest in economy, liberalise laws

Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, sea ports, rail and other infrastructure by the end of the decade in a bid to make the kingdom a global transportation and logistics hub, its transport minister said on Monday. 
 
Crown Prince Mohammed bin Salman, who is pushing economic diversification to wean Saudi Arabia off oil revenues and create jobs, announced a transport and logistics drive, of which few details have been released publicly, last Tuesday. 
 
Minister of Transport and Logistic Services Saleh bin Nasser al-Jasser said at an event in Saudi Arabia that the strategy included many mega projects, with over 500 billion riyals earmarked for investment. 
 
The strategy is the latest economic policy to put Riyadh in competition with the United Arab Emirates, the region's business, trade and tourism hub. 
 
Saudi Arabia plans to increase the number of international aviation routes from 99 to over 250 and more than triple total annual passenger traffic from 103 million in 2019 to 330 million by 2030, Abdulaziz Al-Duauilj, the head of the aviation authority, said at the same event. 
 
The kingdom's international network is currently significantly smaller than that of neighbouring smaller states the UAE or Qatar, which are both large air transit hubs. 
 
Al-Duauilj said annual capacity at Riyadh's King Khalid International Airport and Jeddah's King Abdulaziz International Airport would each expand to 100 million passengers, without saying by when. 
 
He also said the kingdom was aiming to become a global air freight logistics hub, handling 4.5 million tonnes of air cargo a year, up from 900,000 in 2019. 
 
Saudi Arabia earlier announced a new national carrier would be launched as part of the strategy, which aims to make the kingdom the fifth biggest global air passenger transit hub. 
 
Sources familiar with the plans have told Reuters the new airline would target international transit traffic, pitting it directly against Gulf giants Emirates and Qatar Airways. 
 
Saudi Arabia's other airlines, like state-owned Saudia and its low cost subsidiary flyadeal, mostly operate domestic services and point-to-point flights to and from the country of 35 million people.

Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, sea ports, rail and other infrastructure by the end of the decade in a bid to make the kingdom a global transportation and logistics hub, its transport minister said on Monday.

Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, sea ports, rail and other infrastructure by the end of the decade in a bid to make the kingdom a global transportation and logistics hub, its transport minister said on Monday. Crown Prince Mohammed bin Salman, who is pushing economic diversification to wean Saudi Arabia off oil revenues and create jobs, announced a transport and logistics drive, of which few details have been released publicly, last Tuesday. Minister of Transport and Logistic Services Saleh bin Nasser al-Jasser said at an event in Saudi Arabia that the strategy included many mega projects, with over 500 billion riyals earmarked for investment. The strategy is the latest economic policy to put Riyadh in competition with the United Arab Emirates, the region's business, trade and tourism hub. Saudi Arabia plans to increase the number of international aviation routes from 99 to over 250 and more than triple total annual passenger traffic from 103 million in 2019 to 330 million by 2030, Abdulaziz Al-Duauilj, the head of the aviation authority, said at the same event. The kingdom's international network is currently significantly smaller than that of neighbouring smaller states the UAE or Qatar, which are both large air transit hubs. Al-Duauilj said annual capacity at Riyadh's King Khalid International Airport and Jeddah's King Abdulaziz International Airport would each expand to 100 million passengers, without saying by when. He also said the kingdom was aiming to become a global air freight logistics hub, handling 4.5 million tonnes of air cargo a year, up from 900,000 in 2019. Saudi Arabia earlier announced a new national carrier would be launched as part of the strategy, which aims to make the kingdom the fifth biggest global air passenger transit hub. Sources familiar with the plans have told Reuters the new airline would target international transit traffic, pitting it directly against Gulf giants Emirates and Qatar Airways. Saudi Arabia's other airlines, like state-owned Saudia and its low cost subsidiary flyadeal, mostly operate domestic services and point-to-point flights to and from the country of 35 million people.

Saudi Arabia to invest over $133 billion in transport sector, minister says

Gold prices rose on Monday to their highest level in more than three months, as a dip in US Treasury yields and worries over surging COVID-19 cases in some Asian countries boosted demand for the safe-haven metal.&nbsp;

Spot gold was up 0.6% at $1,853.50 per ounce by 0519 GMT, hitting its highest since February 10. US gold futures jumped 0.9% to $1,854.10.&nbsp;

"Treasury yields are falling and on the other hand, there seems to be fears about virus resurgence in Singapore, Taiwan and broader Asian-Pacific markets... driving up demand for safety," said Margaret Yang, a strategist at DailyFX.&nbsp;

Benchmark US 10-year Treasury yields slipped to their lowest in nearly a week, reducing the opportunity cost of holding non-interest bearing gold. &nbsp;

Singapore will shut most schools from Wednesday after the city-state reported the highest number of local COVID-19 infections in months, while Taiwan imposed new curbs on gatherings and movement.&nbsp;

In India, the world's second-worst pandemic-hit country after the United States, the tally of coronavirus infections reached nearly 24.7 million on Sunday.&nbsp;

Investors now await minutes of the US Federal Reserve's last meeting due on Wednesday for more cues on the central bank's monetary policy and any comments on rising inflation.&nbsp;

"Inflation is going to be a strong driver behind gold in the short- and medium-term. There are always concerns about Fed tapering, but the latest non-farm payroll report is helping to contain that fear," Yang said.&nbsp;

Gold is seen as a hedge against rising inflation.&nbsp;

Spot gold may rise to $1,876 per ounce, as it has broken a resistance at $1,847, according to technical analyst Wang Tao.&nbsp;

Elsewhere, silver was up 0.9% at $27.65 per ounce, after hitting a one-week high earlier in the day. Platinum gained 0.2% to $1,228 and palladium edged 0.4% higher to $2,904.72. &nbsp;

(With inputs from agencies)&nbsp;

Gold prices rose on Monday to their highest level in more than three months, as a dip in US Treasury yields and worries over surging COVID-19 cases in some Asian countries boosted demand for the safe-haven metal.

Gold prices rose on Monday to their highest level in more than three months, as a dip in US Treasury yields and worries over surging COVID-19 cases in some Asian countries boosted demand for the safe-haven metal. Spot gold was up 0.6% at $1,853.50 per ounce by 0519 GMT, hitting its highest since February 10. US gold futures jumped 0.9% to $1,854.10. "Treasury yields are falling and on the other hand, there seems to be fears about virus resurgence in Singapore, Taiwan and broader Asian-Pacific markets... driving up demand for safety," said Margaret Yang, a strategist at DailyFX. Benchmark US 10-year Treasury yields slipped to their lowest in nearly a week, reducing the opportunity cost of holding non-interest bearing gold. Singapore will shut most schools from Wednesday after the city-state reported the highest number of local COVID-19 infections in months, while Taiwan imposed new curbs on gatherings and movement. In India, the world's second-worst pandemic-hit country after the United States, the tally of coronavirus infections reached nearly 24.7 million on Sunday. Investors now await minutes of the US Federal Reserve's last meeting due on Wednesday for more cues on the central bank's monetary policy and any comments on rising inflation. "Inflation is going to be a strong driver behind gold in the short- and medium-term. There are always concerns about Fed tapering, but the latest non-farm payroll report is helping to contain that fear," Yang said. Gold is seen as a hedge against rising inflation. Spot gold may rise to $1,876 per ounce, as it has broken a resistance at $1,847, according to technical analyst Wang Tao. Elsewhere, silver was up 0.9% at $27.65 per ounce, after hitting a one-week high earlier in the day. Platinum gained 0.2% to $1,228 and palladium edged 0.4% higher to $2,904.72. (With inputs from agencies)

Gold hits over three-month high on virus worries, lower US yields 

Fortnite developer Epic Games has announced that it completed a $1 billion round of funding, that includes an additional $200 million strategic investment from Sony Corporation.&nbsp;

With the new funding round that involved over a dozen investors, Epic's equity valuation has touched $28.7 billion. &nbsp;

Epic Games CEO Tim Sweeney said on Tuesday that the company will use the investment to "help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store."&nbsp;

Epic has used Sony's PS5 console to reveal its next-gen Unreal Engine 5 engine.&nbsp;

The two companies worked closely together on developing the PS5's storage architecture.&nbsp;

"We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology," said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation. &nbsp;

Epic Games will defend its stance during a lawsuit hearing against Apple in the US that starts from May 3, as the two companies got themselves involved in a legal battle over the use of an in-game payment system.&nbsp;

While Epic Games argues about Apple's monopoly over the app market and treats 30 per cent standard fee amount to anti-competitive behaviour that must be regulated by antitrust law, Apple contends that "the whole antitrust allegation and associated dust-kicking is little more than a PR stunt".&nbsp;

Apple CEO Tim Cook as well as Epic Games Founder and CEO Sweeney may testify in the trial. &nbsp;

Fortnite developer Epic Games has announced that it completed a $1 billion round of funding, that includes an additional $200 million strategic investment from Sony Corporation.

Fortnite developer Epic Games has announced that it completed a $1 billion round of funding, that includes an additional $200 million strategic investment from Sony Corporation. With the new funding round that involved over a dozen investors, Epic's equity valuation has touched $28.7 billion. Epic Games CEO Tim Sweeney said on Tuesday that the company will use the investment to "help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store." Epic has used Sony's PS5 console to reveal its next-gen Unreal Engine 5 engine. The two companies worked closely together on developing the PS5's storage architecture. "We are excited to strengthen our collaboration to bring new entertainment experiences to people around the world. I strongly believe that this aligns with our purpose to fill the world with emotion, through the power of creativity and technology," said Kenichiro Yoshida, Chairman, President and CEO, Sony Group Corporation. Epic Games will defend its stance during a lawsuit hearing against Apple in the US that starts from May 3, as the two companies got themselves involved in a legal battle over the use of an in-game payment system. While Epic Games argues about Apple's monopoly over the app market and treats 30 per cent standard fee amount to anti-competitive behaviour that must be regulated by antitrust law, Apple contends that "the whole antitrust allegation and associated dust-kicking is little more than a PR stunt". Apple CEO Tim Cook as well as Epic Games Founder and CEO Sweeney may testify in the trial.

Sony invests additional $200M as Epic Games raises $1B 

French engineering consulting firm Egis has drawn up a $90 million investment plan for India to fund growth through both organic and inorganic routes in the next five years.

World Business Watch: French firm Egis plans $90 mn investment in India in five years

Indian government has cleared three proposals from Hong Kong on February 5, much before the beginning of first phase of disengagement at the Pangong lake. The inter-ministerial committee (IMC) led by the home ministry cleared the proposal on January 22. &nbsp;

After the Galwan incident last year, India increased scrutiny on the Chinese investment into the country. WION has learnt the policy remains intact. India lost 20 of its soldiers during the aggressive actions of the Chinese PLA. China has accepted the loss of four of its soldiers. &nbsp;

The three proposals include two from Japanese companies and one from NRI investors, not something that is 'hardcore' proposals from mainland China. WION has seen the proposals, one of them is about restructuring of a company. &nbsp;

The Japanese proposal is an FDI proposal of Nippon Paint (India) private limited. The transaction involves, increase in shareholding into three Indian entities. Second proposal is of Citizen Watches company, listed in the Japanese stock exchange as Citizen Watches India and the third by an NRIs based in Hong Kong into a sports company based in Hyderabad.&nbsp;

Earlier this month, on February 11, Indian Defence minister Rajnath Singh announced the details of the first phase of disengagement at Pangong Lake. Under the plan, Chinese forces will go east of finger 8 on the north bank of the lake. The disengagement got over last week and on Saturday, the 10th round of talks concluded between the Indian and Chinese sides. The talks focused on disengagement in other areas, like Gogra, Hot Springs, and Depsang planes.&nbsp;

Indian government has cleared three proposals from Hong Kong on February 5, much before the beginning of first phase of disengagement at the Pangong lake. The inter-ministerial committee (IMC) led by the home ministry cleared the proposal on January 22.

Indian government has cleared three proposals from Hong Kong on February 5, much before the beginning of first phase of disengagement at the Pangong lake. The inter-ministerial committee (IMC) led by the home ministry cleared the proposal on January 22. After the Galwan incident last year, India increased scrutiny on the Chinese investment into the country. WION has learnt the policy remains intact. India lost 20 of its soldiers during the aggressive actions of the Chinese PLA. China has accepted the loss of four of its soldiers. The three proposals include two from Japanese companies and one from NRI investors, not something that is 'hardcore' proposals from mainland China. WION has seen the proposals, one of them is about restructuring of a company. The Japanese proposal is an FDI proposal of Nippon Paint (India) private limited. The transaction involves, increase in shareholding into three Indian entities. Second proposal is of Citizen Watches company, listed in the Japanese stock exchange as Citizen Watches India and the third by an NRIs based in Hong Kong into a sports company based in Hyderabad. Earlier this month, on February 11, Indian Defence minister Rajnath Singh announced the details of the first phase of disengagement at Pangong Lake. Under the plan, Chinese forces will go east of finger 8 on the north bank of the lake. The disengagement got over last week and on Saturday, the 10th round of talks concluded between the Indian and Chinese sides. The talks focused on disengagement in other areas, like Gogra, Hot Springs, and Depsang planes.

India cleared 3 proposals from Hong Kong on February 5; investment scrutiny remains

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