Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Hi Jiving,
If there are any health concerns re Big Den ( the C-B opposition have referred to his UAE visits" to his bankers and his doctors", I'm pretty certain Abu Dhabi (and the Chinese?) would know about it . They probably know more than Big Den himself does ;-<
.."IRH/IHC is the investment vehicle of Sheikh Tahnoun, UAE national security adviser..."
This from 3 years ago :
ttps://www.intelligenceonline.com/government-intelligence/2021/01/27/abu-dhabi-s-spymaster-fashions-local-palantir-20-with-chinese-help,
.."Spotlight | China, Israel, UAE
Abu Dhabi's spymaster fashions local Palantir 2.0 with Chinese help
Group 42, the AI company controlled by Tahnoon bin Zayed Al Nahyan has all sorts of connections with Beijing. [...]..."
ATB
Hedging their bets, I'm reminded that Jindal Group also picked up Vale's coal assets in Mozambique, recently...
https://www.clbrief.com/indias-jindal-group-buys-vale-coal-mining-assets-in-mozambique/
as well as these
https://www.jindalafrica.com/operations/chirodzi/
If you buy the argument that the West wants to disengage from China (in so far as possible), India might well be a beneficiary : not as good as 'on-shoring' or 'near-shoring', maybe the next best thing ?
Geography works in its favour, in a way that it doesn't for China (shipping chokepooints), as does legal system and 'embedded' diaspora ......quite apart from the better demographics.
Ho hum
next q : is dr filippos (see above the share discussion) related to our distressed seller papadopolous in any way ? i appreciate it's a common surname, but....
in another context, of course, you know what they say about ****roaches.....
gla
I get - and got - that.
My observation was more that Papadopolous - the co's largest individual investor - appears not to have told Dav what he was doing / had done, because - if he HAD - Dav would have had to tell the market of a 'material development'.
It's one thing to leak something to the market that should be RNS'd (CEO's , esp the spivvier ones, do that all the time) it's another to CONCEAL something that should be RNS'd.
AIUI
If you read the RNS, you'll see that Herskovic (not Papadopoulos) has sold DOWN, from 23.75% to 7.40%.
You'd think the CEO would have picked up on/been told that (as a courtesy, by his 'good mate' Papadopoulos) if nothing else)......
What a shower!
Jared Dillian's(Mauldin Group) latest comment :
I got this from a reader who recently went to Argentina:
.."I just got back from BA and had a few anecdotes for you.
Not sure when you were last there but aside from Palermo and a couple other wealthy suburbs, the city felt like 70’s New York. People shooting up right outside major tourist sites; not pretty.
More importantly though, we had a guide drive us around and do all the sights for a few hours.
He was clearly a well-educated man and a pretty big Milei fan, but he was really
pessimistic about his chances. He got defeated in the congress the other day and they are just blocking anything he tries.
His bigger issue though was the power of the union in his opinion. He reckoned it is more powerful than the military and that they will have him gone before his term is out.
Apparently Macri is the only non-Peronist to see out a full term in over 50 years!
He thought the next 3 months were critical because the public is still fully behind him but unless he can break some of the union power in that time he will be gone before the end of the year.
Some of the laws there are insane but you probably know about some of them:
You have to pay an employee a full year salary if you fire them. Even if they only turn up to work once. So nobody wants to hire anybody.
And if a tenant stops paying you rent, you can’t kick them out for 6 years!.."
Jared :
"Never said it was going to be easy. It’s hard as crap. But as my man mentions here, Milei has the support of the public. I think it will happen.
Deferring to any of my other subscribers who live in Argentina. We are up significantly on our trades, and while it might be tempting to take profits, if Milei is successful, we will freeroll into 5x returns...."
My note:
-GGAL has progressed from $7 through $9 to $10 as at 12 months ago and today stands at $25.75;
-YPF has progressed from $4 through $4.30 to $ 9.50 as at 12 months ago and today stands at $ 19.98;
One commentator's POV.
FYI, NAI, DYOR
Hi MarkoOiler
I'm quite relaxed about having 'missed out ' on the opportunity to become a SYME shareholder, thanks....and doubt that will change.
Time spent following the story has exceeded Motley Fool ambitions - 'to enrich, inform and entertain'.
Best of luck.
...Guinea - Zogota, ex Niron...Mick Davis (AT's boss) vehicle; and
- Cameroon - talk about a power plant and steel mill at Kribi ( a long time back), using Mbalam-Nabeba....
Never mind 'recycled steel'....the industry seems to attract an awful lot of 'recycled' projects !
GLA
Hi Yogiananda
Do you have a link, pls?
Jindal Group AFAICS has the most advanced would-be 'green ' steel plant in the Gulf (Oman) and has been sniffing around W Africa looking for a supply of ore...Guinea mainly, so far, IIRC.
TIA
IRH/IHC is the investment vehicle of Sheikh Tahnoun, UAE national security adviser; 'power behind the MBZ throne'; and Chairman of ADQ, the entity behind the recently- announced US$ 35 Bn investment in Egypt....
A 'serious player' , in other words;-> !
GLA
This is surreal : an RNS is triggered because of 'connected account' status, when the CEO of a Company remembers to inform his shareholders that the status of a chunk of 'his' own/TAG's shares in SYME that are 'in play' has become uncertain....as of maturity dates LAST June/July.
Somewhat remiss of AZ, surely?
'Right hand, left hand?'
This from a man touted as an expert on regulation.
Well, he's certainly got the measure of the UK regulator, AFAICS.
GLA
And Big Den is looking a bit doddery in this clip of 11 hours ago...
https://twitter.com/brazzanews
As the caption says, 'No comment'.
GLA
Meanwhile, Little Den has just tweeted about his meeting today with Brazil's Ambassador to C-B, ..."to discuss bilateral relations ...and... the different avenues to explore to energize our partnership and give it new impetus.
At the end of this fruitful hearing, we agreed on a set of concrete actions to be implemented in the coming months. The objective is clear: to intensify our exchanges in all promising areas, whether it is the economy, education, culture or even health...."
Thanks for this!
.."UAE-based companies have focused primarily on Africa’s better-developed economies where strong infrastructure and economic expansion are stoking demand for energy, according to Sandile Hlophe, head of government and infrastructure at EY Africa.
They include Egypt, Morocco, South Africa and Kenya, which in February became the sixth country to sign a special free-trade agreement with the UAE, following economic heavyweights like India and Indonesia..."
C-B doesn't meet the first condition (better-developed economy - au contraire, with current news of 'load-shedding' and other signs of mismanagement), but it DOES appear to meet the second - 'special free-trade agreement' - if that's what the recently-signed CEPA amounts to.
https://www.thenationalnews.com/business/economy/2023/12/28/uae-and-republic-of-the-congo-finalise-terms-of-cepa/
AD Ports certainly needs to find SOMETHING to do with its PN port concession.
GLA
Whilst we wait for the kettle to boil, I had a look at GLEN's latest thinking on emissions, as reflected in its just-released 2024-2026 Climate Action Transition Plan, see
https://www.glencore.com/publications
It's already dropped Zanaga from its Resources reporting, per last A/R. On the assumption that any change in stake in ZIOC is likely to be downwards - if not out - that exclusion will presumably continue.
In this report, it specifically excludes 'third-party' emissions caused by anything it sells to others...and it's 'too early to say' anything about the implications of what it might be producing if/when the latest Teck Resources acquisition goes through.
So , all in all, pretty much of a 'nothing-burger' , you might conclude.
The only bits of interest that I saw were (1) its differentiation between thermal and steel coal; and (2) its (implied) view of rate of take-up of 'green ore'.
The relevant bits are :
(Speaking of Teck).."When assessing the merits of the transaction, we acknowledged the important distinction between thermal coal and steelmaking coal. We concluded that while not a metal, steelmaking coal is an important transition-enabling commodity as it is an essential input into much of the world’s steelmaking in its current form. Steel is necessary for constructing transportation and infrastructure such as ocean-going vessels, rail, bridges and buildings, as well as energy transition infrastructure including wind turbines. ....
.....In the event the demerger does not proceed, we will assess how best to integrate the EVR [ Ed.: Teck] assets into our climate transition strategy, recognising that THE TRANSITION AWAY FROM STEEL-MAKING COAL for steel production will be slower than thermal coal, given the important role steel is expected to continue to play in supporting the construction of transportation and renewable energy infrastructure, AND THE EXPECTED LIMITED AVAILABILITY IN THE MEDIUM TERM OF ALTERNATIVE STEEL PRODUCTION TECHNOLOGIES THAT DO NOT REQUIRE COAL."
GLEN's view appears to be sceptical about the short-term impact of hydrogen - whether green, blue , grey or black - forcing mills to 'up their game' in the interim by looking at the other way of reducing emissions materially, DRI with high quality ore.......
On the face of it , then, no adverse implications for a ZIOC/Zanaga deal, AFAICS, if anything some cautious optimism.
GLA
Whilst we wait for the kettle to boil, I had a look at GLEN's latest thinking on emissions, as reflected in its just-released 2024-2026 Climate Action Transition Plan, see
https://www.glencore.com/publications
It's already dropped Zanaga from its Resources reporting, per last A/R. On the assumption that any change in stake in ZIOC is likely to be downwards - if not out - that exclusion will presumably continue.
In this report, it specifically excludes 'third-party' emissions caused by anything it sells to others...and it's 'too early to say' anything about the implications of what it might be producing if/when the latest Teck Resources acquisition goes through.
So , all in all, pretty much of a 'nothing-burger' , you might conclude.
The only bits of interest that I saw were (1) its differentiation between thermal and steel coal; and (2) its (implied) view of rate of take-up of 'green ore'.
The relevant bits are :
(Speaking of Teck).."When assessing the merits of the transaction, we acknowledged the important distinction between thermal coal and steelmaking coal. We concluded that while not a metal, steelmaking coal is an important transition-enabling commodity as it is an essential input into much of the world’s steelmaking in its current form. Steel is necessary for constructing transportation and infrastructure such as ocean-going vessels, rail, bridges and buildings, as well as energy transition infrastructure including wind turbines. ....
.....In the event the demerger does not proceed, we will assess how best to integrate the EVR [ Ed.: Teck] assets into our climate transition strategy, recognising that THE TRANSITION AWAY FROM STEEL-MAKING COAL for steel production will be slower than thermal coal, given the important role steel is expected to continue to play in supporting the construction of transportation and renewable energy infrastructure, AND THE EXPECTED LIMITED AVAILABILITY IN THE MEDIUM TERM OF ALTERNATIVE STEEL PRODUCTION TECHNOLOGIES THAT DO NOT REQUIRE COAL."
GLEN's view appears to be sceptical about the short-term impact of hydrogen - whether green, blue , grey or black - forcing mills to 'up their game' in the interim by looking at the other way of reducing emissions materially, DRI with high quality ore.......
On the face of it , then, no adverse implications for a ZIOC/Zanaga deal, AFAICS, if anything some cautious optimism.
GLA
Abu Dhabi emerges as lynchpin of a major multilateral restructuring of the Egyptian economy, with a USD 35bn investment in a tourism project in Egypt in Ras El-Hekma, located 350km from Cairo or a two-hour drive from Alexandria. The project is an ambitious 170 million square metres city comprising mostly tourist amenities, but also a free trade and investment zone including residential and commercial real estate. Essentially another Dubai, in North Africa.
Ex Ashmore :
.."A new balance of power
The Egyptian rebalance also illustrates the fast-shifting balance of power. The big regional players are setting up a new structure for a world where the United States (US) is no longer a bastion of security for the Middle East, in our view.
Egypt is the MENA country with the largest Arab population, which brings tremendous potential, but also risks. The war in Gaza and the Civil war in Sudan made Egypt an even more important geopolitical concern.
That’s why the UAE’s support is likely, in our view, to come with strings attached in the format of structural reform to support social stability.
The fact that Egypt is being basically bailed out by the UAE is relevant. The strength of the Abraham Accords and the fact that UAE and Saudi Arabia did not severe ties with Israel, in the face of the ongoing war in Gaza is relevant. The fact that Saudi Arabia has re-established diplomatic relations with Iran is relevant.
On top of it, China trading commodities in RMB and the partnership of Russia with OPEC set up a much more complex balance of power. The large regional players are proving their independence to pursue their own strategic interests..."
The media goes on to point out that Saudi Arabia is interested in investing in tourism projects in the Red Sea. The articles mentioned Ras Gamila, at the tip of the Sinai Peninsula, 4km away from Sharm El-Sheikh airport, and the 280km stretch from Hurghada to Marsa Alam. Coincidently, both areas are opposite to the mega Neom development in Saudi Arabia."
'Build it and they will come'
GLA
I'm with Jiving, FWLIW :
Saudi has the money, which China currently lacks...and the desire to spend it in pursuit of its domestic/international goals, including industrialisation and diversification (up and 'downstream').
As it spends, it reduces its exposure to the USD, replacing Treasuries with 'hard' assets that are also an inflation hedge.
It's positioning itself to continue as the last man standing on traditional fossil fuels, whilst at the same time benefitting from the 'halo effect' and greater market acceptability of its newer 'green' products.
It's also moving towards a more non-aligned position, where it can hope to avoid being drawn into an 'us or them' position. Making investments for its own (bona fide) account is both 'good business' and avoids taking sides.
It's already hedged its bets on the US Presidential election, see https://www.bbc.com/news/world-us-canada-68296877
.."Donald Trump's son-in-law and former adviser Jared Kushner has defended his business dealings with Saudi Arabia and its Crown Prince Mohammed bin Salman.
After leaving the White House, Mr Kushner's private equity firm received a $2bn (£1.59bn) investment from Saudi Arabia's sovereign wealth fund.
Mr Kushner worked closely with Saudi Arabia on a number of issues during the Trump administration."
These include the Israeli / Arab rapprochement (publicly Bahrain and UAE, believed Saudi behind the scenes) that was torpedoed by Hamas/Iran last October.
It seems likely Saudi is in pole position (see what I just did?) to make the initial equity investment in ZIOC, but surely it makes sense for it to engage closely (perhaps even as minority co-investors) with the Chinese EPC and other contractors that we believe are already 'in the frame' for Project implementation ?
As to other potential Topco investors, the UAE may still want to be involved...and also has the right 'connections' with Kushner : the New York Times reports that Kushner's investment fund also received money from the UAE.....and Qatar.
https://www.middleeasteye.net/news/jared-kushners-firm-received-hundreds-millions-uae-qatar-says-report
Let's see what the next few weeks brings!
GLA and ATB
Hi Mitch984,
I see your PoV : it might suit China to 'do a Tesco' (acquire a site, not for development but simply to block others), but (a) if not developed the concession might be revoked and (b) if not developed, with the lead times involved (4-6 years), it's not much use as an alternative supply, save in the (much) longer term...
AIUI
Thanks!