DOHA: Philippine Airlines is working toward developing sustainable fuel for its airline fleet, as the International Air Transport Association aims to achieve net zero by 2050, said Stanley Ng, president of Philippine Airlines.
“We really support the zero-emission initiative of the group. We’re also tracking our carbon emissions. And we’re constantly trying to reduce that. We’re also looking for sustainable aviation fuel as well but right now, we still don’t have that in place. However, the team is already working on that,” Ng said during an exclusive interview with Arab News on the sidelines of the IATA Annual General Meeting in Doha.
The comments from Ng came at a time when IATA launched its CO2 Connect, an online tool which provides the most accurate carbon dioxide emission calculations for any given commercial passenger flight.
Ng also revealed that the increase in fuel prices is negatively impacting the finance of the airlines.
“It’s the biggest challenge right now. We have to fly more frequencies because of the demand. But also it’s eating up the margin as well. So our fuel costs are like 30 to 40 percent,” he said.
Ng, however, made it clear that the airline is not passing this burden to travelers in the form of ticket price hikes, instead, the carrier is charging a little amount as a fuel surcharge to stay afloat.
He added that the aviation sector is strongly rebounding after the pandemic. He noted that domestic travel is almost equal to the pre-pandemic level, while international travel currently stands at 60 percent of the volume in 2019.
Ng further added that strong passenger volumes can be achieved soon when countries like China open up.
“For our long-haul flights, we’re about 80 percent pre-pandemic level already based on the capacity that we’re put into. But it’s really the regional routes that are set actually. We’re still waiting for China to open up. And then we will be almost back to our pre-pandemic capacity,” he said.
RIYADH: Abu Dhabi’s technology and innovation hub Masdar City has started the works at its net-zero energy office tower, of Masdar City Square, as the UAE continues its journey to achieve net-zero emissions by 2050.
Also known as MC2, the project is being developed in collaboration with project management firm Woods Bagot, and architectural firm Faithful+Gould, Trade Arabia reported.
Woods Bagot will handle design and construction supervision, while Faithful+Gould has been awarded a project management consultancy services contract, the report added.
The MC2 development which has an area of 29,000 square meters with a gross floor area of 50,000 square meters includes seven single and multi-tenant office buildings, along with a large parking facility.
The works of MC2 are expected to be completed by 2024.
EGA to produce silicon in UAE
Emirates Global Aluminum, also known as EGA, has announced that the company is planning to develop a project to manufacture silicon in the UAE, Trade Arabia reported.
Currently, there are no silicon manufacturing units in the UAE, and EGA is the largest importer of this metal with an annual demand of 60,000 tons.
“Developing a silicon metal manufacturing facility would secure our supply of a strategic raw material. Once we have met our own demand we could expand further, creating a new growth opportunity for our company while supporting the development of new local industries in line with the goals of Operation 300bn and Make it in the Emirates, and the global energy transition,” said Abdulnasser Bin Kalban, CEO of EGL.
He added that the construction work of this new project is expected to begin next year.
Silicon is a key raw material for premium aluminum.
RIYADH: Saudi stocks gained in the first trading session of the week, rebounding slightly following steep declines, despite fears about upcoming rate hikes and a recession.
The main index, TASI, gained 1.79 percent to close at 11,513, while the parallel market, Nomu, shed 0.85 percent to 20,681.
Saudi Arabia Refineries Co. and National Gypsum Co. both surged 10 percent to lead the gainers, followed by Saudi Advanced Industries Co. with a 9.98 percent gain.
Dar Al Arkan Real Estate Development Co. led the decliners with a 6.20 percent decline, followed by Taleem REIT Fund with a 1.86 percent fall.
Saudi Aramco, the largest player on the Saudi oil market, ended today’s trading up 1.21 percent.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi rose 1.93 percent, while Alinma Bank added 3.83 percent.
In the pharma sector, Aldawaa Medical Services Co. improved 2.60 percent, while Nahdi Medical Co. gained 1.04 percent.
Both telecom giants stc and Zain KSA climbed 2.06 percent and 6.08 percent, respectively.
Methanol Chemicals Co. increased 1.93 percent, after reporting that it would pay SR273 million ($73 million) as an early loan payment to SIDF and lenders.
Middle East Healthcare Co. rose 1.70 percent, after reporting that it has opened a Saudi German clinic complex in the Al Samer District of Abha city, accommodating 30 clinics.
Due to tight supply, oil prices on Friday rose to $113.12 a barrel for Brent crude and $107.62 a barrel for West Texas Intermediate crude.
RIYADH: Industrial and Commercial Bank of China, also known as ICBC, said on Friday its wealth management joint venture with Goldman Sachs Group Inc. had received the country’s banking regulator’s approval to begin operations.
The China Banking and Insurance Regulatory Commission’s nod comes as the world’s second-largest economy opens up its giant financial sector to investments from foreign players, allowing them to collaborate with domestic banks.
Goldman Sachs ICBC Wealth Management, set up in May last year with a 51 percent funding contribution from US banking giant Goldman and 49 percent by ICBC, will now offer a broad range of investment products to the Chinese market over time, including quantitative investment strategies.
ICBC will “push forward” the joint venture to execute all the relevant procedures “in strict compliance with laws, regulations and regulatory requirements,” China’s biggest bank said in a statement.
Regulate private pension investment via mutual funds
China’s securities regulator proposed rules to regulate private pension investment via mutual funds, setting the criteria for qualified products and sales agents under a scheme that will channel fresh savings into the country’s capital markets.
The draft rules, published by the China Securities Regulatory Commission (CSRC) late on Friday, came after Beijing in April launched a milestone private pension scheme to tackle the challenges of the aging population.
Under the scheme, eligible Chinese citizens can buy mutual funds, savings deposits and insurance products via their own individual pension accounts, potentially boosting a pension market that has lured foreign asset managers including Fidelity International and BlackRock.
The proposed rules “have set a relatively high bar for products and institutions, and are designed to ensure safety of pension fund investment and protect investors’ interest,” the CSRC said in a statement on its website.
Initially, pension target funds with at least 50 million yuan ($7.48 million) of assets over the past four quarters are eligible under the pilot pension scheme, the CSRC said.
Senators seek update on US security review of TikTok
A group of six Republican senators on Friday asked US Treasury Secretary Janet Yellen about an ongoing Biden administration national security review of the social media platform TikTok.
The US government’s Committee on Foreign Investment in the US, which reviews deals by foreign acquirers for potential national security risks, in 2020 ordered Chinese parent company ByteDance to divest TikTok because of fears that US user data could be passed on to China’s communist government.
Last week, TikTok said it has completed migrating information on its US users to servers at Oracle Corp., as it seeks to address US concerns over data integrity.
Senators Tom Cotton, Ben Sasse, Mike Braun, Marco Rubio, Todd Young and Roger Wicker asked Yellen numerous questions saying the administration “has seemingly done nothing to enforce” the August 2020 divestiture order.” They noted, “the results of the security reviews, likewise, have not been publicly released after one year.”
The senators want to know “will TikTok be locally managed in the United States?” and “Will the US government have the ability to routinely access and inspect the algorithm’s source code?” It also asks “what assurances does the US government have that TikTok will store US data and adopt privacy policies with adequate protections?”
RIYADH: Saudi Venture Investment Co. has invested in a global specialty lending fund that focuses on offering venture debt instruments to high-growth startups, small and medium enterprises in sectors, such as technology, fintech, healthcare and life sciences.
The first venture debt fund that SVC is investing is managed by Partners for Growth, a California-based firm that provides venture and growth stage debt instruments to startups and SMEs, according to a statement.
“The investment in the venture debt fund by PFG is part of SVC’s Investment in Funds Program, and is to implement SVC’s latest strategy related to the launch of the ‘Investment in Venture Debt Funds’ product in order to fill the financing gaps in the venture capital ecosystem,” CEO said.
“Venture debt funds provide financing solutions to high-growth startups and SMEs to prevent equity dilution for founders and existing investors and allow startups and SMEs to achieve greater progress during their growth journey,” Nabeel Koshak added.
Established in 2018 by Monshaat as part of the Financial Sector Development Program, SVC is a government venture capital that contributes to the development of the VC ecosystem.
RIYADH: Air Arabia, a low-cost airline based in the UAE, has announced 14 daily shuttle flights from Sharjah International Airport to Hamad International Airport in Doha, Qatar starting from Nov. 21 until Dec. 18 to cater to visitors to the FIFA World Cup.
These shuttle flights are meant only for world cup ticket holders and will operate in conjunction with Air Arabia’s three daily scheduled flights to Doha, Zawya reported.
“We are pleased to announce Air Arabia’s shuttle flights between Sharjah and Doha during the FIFA World Cup 2022, which will provide fans with easy, reliable, and timely access in and out of Doha to enjoy the matches and return right after,” Adel Al-Ali, CEO of Air Arabia said.
The airline stated that passengers will be allowed 10 kg of hand luggage.