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Energy Sector Goes Eco Way

GRAHAM STUART, British Minister For Exports

GRAHAM STUART, BRITISH MINISTER FOR EXPORTS: ‘The UK will encourage our global partners to embrace and adopt new technologies in five critical areas that will be pivotal in the quest for clean growth – clean energy, green transport, nature-based technological solutions, climate adaptation and resilience, and green finance.’

The stake holders in the energy sector are pondering ways to adopt sustainable and environmental way to meet the consumer demands. The global oil and gas industry has an “historic opportunity” to lay the foundations for a more sustainable future, the Abu Dhabi International Petroleum and Conference (ADIPEC 2020 Virtual), the world’s largest online gathering of oil and gas industry players, has heard.

In his address at ADIPEC’s Strategic Virtual Conference, the UK Minister for Exports, Graham Stuart, made the comment as he warned “the price of inaction could not be greater as we face an existential battle to keep global mean temperature below 2 degrees.”

Stressing the world’s transition to clean power needs to speed up by four times its current rate, Stuart said, “We owe it to future generations to confront the cause and the impact of climate change — and the adoption of clean energy is central to achieving this goal.

“The scale of the challenge is clear; to meet the goals set out in the Paris Agreement on Climate Change, the global transition to clean power needs to progress four times faster than at present.

“The UK will encourage our global partners to embrace and adopt new technologies in five critical areas that will be pivotal in the quest for clean growth – clean energy, green transport, nature-based technological solutions, climate adaptation and resilience, and green finance.”

Stuart added that “with more than $15 trillion-worth of investment expected to be made in new power capacity globally by 2050, around $11 trillion of which will go into renewables, we are working to position the UK as the partner of choice for low carbon and renewable energy businesses worldwide.”

“As the world seeks to build back better in the wake of the COVID-19 pandemic, we have before us an historic opportunity for global change in the quest for sustainability,” he said.

“Clean growth presents the biggest economic opportunity of the 21st century for nations worldwide. We are committed to working with governments across the globe, including with our friends in the GCC, to share the opportunities of green, secure, affordable energy to meet the dynamic demands of a fast-changing world.”

Citing the investment of Masdar, the United Arab Emirates sustainability company, of more than ₤3 billion pounds in UK offshore wind, Stuart said Innovative British green technology businesses are perfectly placed to work with ADNOC and other partners in the GCC and across the Middle East to fulfil their clean energy ambitions.

“Innovative British green technology businesses are perfectly placed to work with ADNOC, other partners in the GCC and across the Middle East to fulfil their clean energy ambitions – from renewables expertise to world-leading capabilities in areas such as smart energy systems, sustainable construction, precision agriculture, green finance, and electric vehicle manufacturing.”

Stuart said the UK is “spending unprecedented sums in greening the British economy,” pointing to a ₤2.5 billion investment in clean growth innovation by 2021 and a record increase in public R&D investment with a commitment to reaching ₤22 billion per year by 2025.

“We know it is businesses, even more than governments, that will be the main drivers behind this great global transition,” Stuart said. “This is the moment for us all to redouble our efforts to achieve the goals set out in the Paris Agreement and act with renewed urgency to tackle the causes and the impacts of climate change upon our planet. Now is the time for us to work ever more closely together, nations and businesses alike, to help shape a greener, cleaner more prosperous future.”

ADIPEC 2020 Virtual – the online version of the world’s largest annual oil and gas exhibition and associated conferences, runs until November 12th under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and is hosted by Abu Dhabi National Oil Company, ADNOC.

Up to 10,000 industry professionals from over 100 countries have registered for the ADIPEC 2020 Virtual programme, organised by dmg events. More than 100 companies are virtually exhibiting the latest technology and services to address the pressing needs of an evolving energy landscape.

Innovation for the post COVID industry is high on the agendas of both the ADIPEC 2000 Virtual Strategic Conference and its associated Virtual Technical Conference, which are the largest industry online knowledge sharing events of their kind with over 700 speakers delivering more than 100 hours of live and on-demand content.

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-Top News World News

Saudi Gears Up To Host G20 Summit

Saudi Arabia is gearing up to host the upcoming two-day virtual summit of G20 leaders, an international forum for the governments and central bank governors, from 19 countries and the European Union (EU) from November 21.

In 2021, Italy will host the G20 Summit and in 2022 India will host the summit, when the country celebrates its 75th year of Independence.

Saudi Arabia assumed the G20 presidency in December last year, but as the Covid-19 pandemic crippled the world economies and health systems, it was decided to hold the summit on a virtual platform.

In December 2019, Saudi Arabia had unveiled an ambitious theme for its G20 presidency, namely ‘Realising Opportunities of the 21st Century for All’.

The three pillars of the theme included empowering people, safeguarding the planet and shaping new frontiers.

The Saudi Arabia G20 presidency has been driving harmonious efforts to address social and economic inequalities between men and women with the aim of ‘Realising Opportunities of the 21st Century for All’.

The upcoming meeting on November 21-22 is going to be a landmark one. Coupled with key ministerial meetings and leaders’ summits, the G20 has attached great attention to the work of the eight engagement groups, as they constituted the core of the efforts of the G20 for this year, with the aim of building a more resilient and better world for all.

However, the presidency had to redirect its focus towards addressing the immediate and the future fallouts of the pandemic and engage all the leaders on a regular basis to form coordinated responses to the pandemic.

Even then, holistic development and access to equal opportunities for all remained the focus of all efforts by G20 countries.

Through coordinated efforts and constant virtual engagements, the group has implanted a number of schemes at the global level to deal with the economic, health and social challenges resulting from the pandemic.

The first extraordinary G20 leaders’ virtual summit was held on March 26 where leaders agreed to take all necessary measures to contain the pandemic.

The meeting was also a result of a discussion between Prime Minister Narendra Modi and Saudi Arabia Crown Prince Mohammed bin Salman.

Saudi Arabia had pledged $500 million to relevant international organizations to support global efforts in combating the pandemic. Since then, virtual conferences and ministerial meetings have been held at regular intervals. During the second virtual meeting, the countries agreed to suspend debt service payments for the world’s poorest countries through the end of the year.

During the third meeting, the ministers welcomed the progress achieved under the Debt Service Suspension Initiative (DSSI). It has benefitted 43 countries till date and the relief has been extended by six months.

Since March, the G20 nations have injected $11 trillion as part of targeted fiscal policy and economic measures. The G20 has contributed over $21 billion to support the production, distribution, and access to diagnostics, therapeutics, and vaccines.

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-Top News Economy India News

Centre to boost jobs, infra and rural economy with stimulus 3.0

Union Finance Minister Nirmala Sitharaman.

Announcing a fresh round of stimulus package and terming it as ‘Atmanirbhar Bharat 3.0’, Finance Minister Nirmala Sitharaman laid down a total of 12 new measures to support the economy and industry, ranging from employment generation, collateral-free credit for stressed sectors to subsidised fertiliser for farmers.

Sitharaman announced the ‘Atmanirbhar Bharat Rozgar Yojana’ to incentivise creation of new employment opportunities during the Covid-recovery phase.

The employment scheme effective from October 1 will be applicable to eligible new employees joining the EPFO-registered establishments and for those who exited these concerns during the Covid pandemic (March 1-September 30, 2020) and drawing monthly wages of less than Rs 15,000.

Under the scheme, the central government will subsidise the Employees’ Provident Fund (EPF) contributions for two years.

The Centre will provide 12 per cent of the contributions of both employers and the employee for establishments with up to 1,000 employees. In the case of establishments with over 1,000 employees, the Centre will only subsidise 12 per cent of the employees’ EPF contributions.

Also, in order to provide a further boost to rural employment, the government will provide an additional outlay of Rs 10,000 crore for the Pradhan Mantri Garib Kalyan Rozgar Yojana.

The government will provide Rs 65,000 crore to farmers to ensure adequate supply of fertilisers in the upcoming crop season.

In a major decision to support the pandemic-hit industry, the government has also announced an Emergency Credit Line Guarantee Scheme (ECLGS 2.0) for providing much needed relief to stressed sectors by helping entities sustain employment and meet liabilities.

The ECLGS scheme for MSMEs, MUDRA loan borrowers and individuals has been extended till March next year.

In a bid to boost housing sales, Sitharaman announced an increase in the permitted differential between the circle rate and agreement value of housing units to 20 per cent from the current mandated limit of 10 per cent till June 30.

The increase in differential will be applicable in residential units of value up to Rs 2 crore.

Section 43CA of IT Act restricts differential between circle rate and agreement value at 10 per cent. However, prices may actually be lower than that, and the restrictions curbs sale of housing units.

To provide ease of doing business and relief to contractors whose money otherwise remains locked up, performance security on contracts will be reduced to 3 per cent earnest money deposit (EMD) for tenders will be replaced by bid security self-declaration. The relaxation will be available till December 31, 2021.

Work underway on a route of the under-construction Delhi Metro Phase 4 project in East Delhi

Centre will also make an additional outlay of Rs 18,000 crore for Pradhan Mantri Awas Yojana (Urban), which is likely to help ground 12 lakh houses and complete 18 lakh houses, as per the Finance Minister.

In another boost for infrastructure development, the government will invest Rs 6,000 crore in the NIIF (National Infrastructure Investment Fund) debt platform, which will provide infrastructure project financing of Rs 1,10,000 crore.

Sitharaman said that the total value of the government’s stimulus support so far is about Rs 30 lakh crore, post the three rounds of ‘Atmanirbhat Bharat’ economic measure and the measures by the Reserve Bank of India amid the pandemic. Total stimulus accounts for 15 per cent of the GDP, with the Central government’s component being 9 per cent and the rest of the RBI.

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Economy World News

Pandemic To Reshape Global Economy: Moody’s

The global economic recovery over the coming year will be highly dependent on the development and distribution of a coronavirus vaccine, effective pandemic management as long as the virus remains a public health risk, and government policy support, Moody’s Investors Service said on Thursday.

In a new report, the agency’s baseline forecasts assume that difficulty in controlling the virus will hinder the gradual process of recovery in the short term.

However, Moody’s expects pandemic management will continue to improve over time, thereby reducing fear of contagion and allowing for a steady normalization of social and economic activity.

As a result, the virus is expected to become a less important macroeconomic concern throughout 2021 and 2022.

“The Covid-19 shock has triggered extraordinary fiscal policy responses from governments in advanced economies, including the US, Europe and Japan, facilitated by a large expansion of their central bank asset purchase programs,” said Moody’s Vice President-Senior Credit Officer Madhavi Bokil.

“Looking ahead, we expect advanced economy central banks to actively hold down yields across all maturities and to expand asset purchases to include a wider range of assets if the economic backdrop remains difficult. For most emerging market countries, the scope for additional rate cuts is limited and we do not expect emerging market central banks to carry on with quantitative easing measures once the recovery strengthens.”

The economic shock from the pandemic comes as the world is grappling with multiple challenges ranging from climate risks, a reassessment of the merits of globalization and increased social disaffection. Moody’s said the pandemic will likely usher in new secular shifts that will reshape the global economy, politics and international institutional frameworks.

These shifts, according to the agency, will be the most visible in four ways: an increase in populism and inward-looking policies in the event of a jobless recovery or a recovery that increases inequality, geopolitical realignment, a policy push for a “greener” economy, and a technological transformation that could make a large number of jobs obsolete.

Geopolitical and trade risks will remain a key focus in the year ahead as the relationship between the world’s two largest economies, the US and China has deteriorated.

The agency does not believe that the Biden administration would differ materially from the current administration with regard to these issues. Decoupling of the Chinese economy from the US is likely in the areas of trade, technology and investment. For other countries, the pandemic shock has also led to both economic and national security concerns about supply-chain vulnerabilities and economic dependencies.

The emphasis of various governments on shoring up domestic productive capacities can also be viewed as an attempt to reduce their codependence on the global economy, Moody’s said.

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Economy India News

India Enters First Ever Recession: Reserve Bank

Reserve Bank of India Governor Shaktikanta Das (Photo: IANS)

India has technically entered into a recession with a likely contraction in its GDP during the July-September period, according to a report by the Reserve Bank of India (RBI).

RBI’s Economic Activity Index estimates that India’s GDP growth for the second quarter of the current financial year was negative and the GDP contracted by 8.6 per cent during the quarter.

“India has entered into a technical recession in the first half of 2020-21 for the first time in its history with Q2:2020-21 likely to record the second successive quarter of GDP contraction,” it said.

The contraction is ebbing with gradual normalisation in activities and expected to be short-lived.

The RBI report said that at a time when global economic activity is besieged by the outbreak of the second wave of Covid-19, incoming data for the month of October 2020 have brightened the near-term outlook for the Indian economy and stirred up consumer and business confidence.

“Since the assessment of the performance of the Indian economy in the first half of 2020-21 that was presented in the Monetary Policy Report of October 2020, several developments point to a window of respite opening up and an unshackling of economic activity from the grip of Covid-19 as the festival season sets in,” it said.

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-Top News USA

Facebook Extends Ban On Political Ads in US

United States President Donald Trump

Facebook on Thursday extended the ban on political ads for another month in the US as President Donald Trump refuses to concede his defeat and is using claims of election fraud to dispute the Joe Biden win.

The move is to prevent the further spread of misinformation on its platform.

“The temporary pause for ads about politics and social issues in the US continues to be in place as part of our ongoing efforts to protect the election. Advertisers can expect this to last another month, though there may be an opportunity to resume these ads sooner,” the company said in an update

Getting the US election results this year may take longer than in previous elections due to the coronavirus (COVID-19) pandemic and more people voting by mail.

“We’ve introduced a range of policies and products to help protect the integrity of the election and reduce opportunities for confusion or abuse,” the company added.

Combo photo shows U.S. Democratic presidential nominee Joe Biden (L) and U.S. President Donald Trump attend their respective events on different occasions. (Xinhua/IANS)

Days after banning ads prematurely declaring victory in the presidential election, Facebook in October banned those questioning the US electoral process.

“We’re temporarily extending a number of measures we put in place to protect the election process. Everyone on Facebook and Instagram in the US continues to see the labels we’ve been running on candidate posts saying Biden is the projected winner,” said Rob Leathern from Product Management at Facebook.

“We do not have the technical ability in the short term to enable political ads by state or by advertiser, and we are also committed to giving political advertisers equal access to our tools and services”.

Trump has refused to concede to his Democratic rival and incumbent President-elect Joe Biden, who was projected the winner of the November 3 election after crossing the threshold of 270 electoral college votes needed to secure victory.

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-Top News UK News

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Business

Newly Launched Godrej Housing Finance Aims Rs 10K Cr Business

Pirojsha Godrej, Chairman, Godrej Housing Finance

Godrej Group has announced its entry into the financial services industry with the launch of Godrej Housing Finance (GHF).

With the launch of the housing finance company, the group aims to build a long term, sustainable retail financial services business in India, aiming for a balance sheet of Rs 10,000 crore in the next three years, said a company statement.

“Godrej Housing finance will offer fair, fast and flexible home loans across India starting with customers in Mumbai, NCR, Pune and Bangalore. GHF will partner with developers including Godrej Properties, to build a superior financing experience for their existing and new customers,” it said.

Commenting on the launch of the business, Pirojsha Godrej, Chairman, Godrej Housing Finance, said: “The increasing formalisation of the real estate sector combined with the dislocation in the residential real estate and housing finance markets makes this a particularly interesting opportunity at the current moment. We hope to deliver value to the Indian home buyer with a deep focus on fair, fast, and flexible home loans that delight our customers.”

Manish Shah, Managing Director and CEO of Godrej Housing Finance said that the housing finance market is underpenetrated and underserved along with industry being complex. He said that Godrej Housing Finance aims to correct this and usher a refreshingly simple and transparent way of doing business.

“We want to give customers a home loan that is customised to what’s important to them, basis their housing needs, financial capability and convenience,” Shah said.

Godrej Housing Finance intends to focus on the mortgage business starting with home loans, followed shortly by loans against property. In the near future, the company will expand its product portfolio to offer business and personal loans, leveraging the group’s consumer and agri business ecosystems to build these verticals.

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-Top News Arab News

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-Top News USA

US to begin COVID-19 vaccination next month

US Health Secretary Alex Azar

The US is planning start vaccinating the “most vulnerable” from next month if Pfizer’s Covid-19 vaccine candidate is quickly approved by the drug regulators, US Health Secretary Alex Azar has said.

His comments came after Pfizer and BioNTech on Monday said that their vaccine candidate was found to be more than 90 per cent effective in preventing the disease in interim analysis of data.

As part of Operation Warp Speed, the federal government in the US signed an agreement with Pfizer in July for up to 600 million doses of the Covid-19 vaccine.

Pfizer is planning to ask the US Food and Drug Administration (FDA) for emergency use authorisation of its Covid-19 vaccine candidate very soon.

In an interview to CBS on Tuesday, Azar said that Pfizer will be producing 20 million doses of the vaccine every month over the next several months.

“In December we will be focusing on vaccinating the most vulnerable and then by the end of January we will have enough for all of our healthcare workers and first responders,” Azar said.

The Health Secretary said that by the end of March or early April, the US should have enough vaccine for all Americans including other vaccines in the federal government’s portfolio.

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