Media Focus on Multinational Corporations[2022.05.16]

日期:

2022-05-16

浏览次数:

4678


Saudi Aramco

Aramco topping Apple shows oil is king in energy-short 2022

Saudi Aramco taking the crown of the worlds most valuable company from Apple Inc. underscores investorsappetite for oil and gas as the countries around the globe battle rampant inflation and fear of energy shortages.

Buying the future through tech stocks is taking a back seat to the concerns of the present, as fossil fuels reassert their critical importance in all aspects of daily life. Elevated inflation is underpinned by rising energy costs that ripple through all aspects of the economy, from food to flying.

For much of the past decade, low oil and gas prices and muffled inflation allowed central banks to reduce rates to spur their economies in the long exit from the financial crisis in 2008. Investors took the opportunity to buy into the new economy built on technology as the consumers transitioned toward a low-carbon future.

But the global economy still runs on oil and gas, and surging demand after the pandemic combined with the war  is causing a shortfall in supplies that plays right into the hands of traditional energy producers. Aramco now trades near the highest on record and nine of the top ten stocks in the S&P 500 Index this year are oil and gas companies. Energy has nearly doubled its share of the index this year, with domestic shale producers and refiners leading the charge.

Even so, the reversal from tech to oil and gas still has some way to go. Despite losing a third of its value this year, Tesla Inc.s market capitalization is more than double that of Exxon Mobil Corp.


Saudi Aramco

Aramco and PTT to collaborate on LNG, blue and green hydrogen

Saudi oil and gas giant Saudi Aramco and Thailands state-owned energy firm PTT want to strengthen cooperation in areas like LNG, blue and green hydrogen, and various clean energy initiatives.

Aramco and PTT want to strengthen cooperation across crude oil sourcing and the marketing of refining and petrochemical products and LNG. The two companies, therefore, have signed a memorandum of understanding (MoU) at a ceremony in Bangkok on 11 May 2022.

This took place as Aramco expands its downstream presence in Asia.

Other potential areas of collaboration include blue and green hydrogen and various clean energy initiatives.

Ibrahim Al-Buainain, Aramco vice president, said: Today represents an important step forward as we deepen and broaden this relationship to achieve greater cooperation across a wide range of activities, from sourcing crude oil and marketing refining and petrochemical products and LNG, to exploring blue and green hydrogen and progressing other clean energy initiatives.

Auttapol Rerkpiboon, PTT CEO, added: Today marks a significant milestone for PTT and Aramco as we look to the future and extend our collaboration beyond conventional energy. It also reflects our ongoing commitment to security of supply as we embrace the energy transition.

Disathat Panyarachun, PTT senior executive VP, said: Extending our collaboration across the value chain to include emerging decarbonization initiatives is a great opportunity to strengthen our relationship and foster further business growth. This also aligns with our green and cleanstrategy which aims to reduce greenhouse gas emissions.


TotalEnergies

TotalEnergies starts building French offshore wind farm

TotalEnergies has begun construction on the 30-MW Eolmed floating wind farm project offshore southern France, the super-major announced on Tuesday.

The project consists of three 10 MW wind turbines mounted on steel boards. The project is connected to the French Electricity Transmission Network by underwater cable.

Production is expected to begin by 2024.

The asset is operated by renewables company Qair along with partners TotalEnergies, MW Ideol and MHI Vestas. TotalEnergies holds a 20% stake in the development.


Chevron Corp

Chevron scouting for large projects in Brazils deep-water oilfields -Reuters

Chevron Corp. is scouting for big projects in Brazils offshore deep-water oilfields, the U.S. majors Brazil country manager, Mariano Vela, said on Wednesday at an oil event in Houston.

We are in the means of looking for new opportunitiesin large-scale production projects, Vela told a Brazil-Texas Chamber of Commerce event on the sidelines of the Offshore Technology Conference (OTC).

Where? Where we can find scale, and thats in the pre-salt areas.The pre-salt is a vast petroleum formation under a thick layer of salt off Brazils Atlantic coast.

Pre-salt fields account for about 70% of Brazils 3.7 million barrels per day of oil and gas production and new output is expected to lift that to 5.5 million bpd by 2025, according to oil industry regulator ANP.


BP

BP set to take stake in one of worlds biggest green hydrogen projects

The global oil giant BP is reportedly set to buy into the massive 26GW Asia Renewable Hub (AREH), one of the worlds biggest green hydrogen projects.

An announcement on the future of AREH has been expected this week, and late on Monday the Australian reported that BP would take a major stakein the project whose owners currently include Intercontinental Energy, CWP Global, Vestas and Macquarie Group.

According to The Australian, BP is set to formally announce the investment at the World Hydrogen Summit in Rotterdam this week.

That would make sense, given that WA hydrogen minister Alannah MacTiernan, one of the driving forces behind the green hydrogen industry in the state, is also attending that conference.

The emergence of BP in AREH would be a significant development for the project itself, which has previously targeted Japanese coal generators as one of the buyers of green ammonia produced from the project, and for BP itself.

 

Didi

Didi: US delisting vital to restore normal operation

Chinese ride-hailing company Didi Global Inc said in a filing that it will only be able to resume normal operations after it finishes a planned US delisting and a cybersecurity review.

The filing came after Beijing-based Didi, the country's largest ride-hailing company, said earlier that it will hold an extraordinary general meeting on May 23 to vote on its delisting plans in the US.

Shortly after Didi's $4.4 billion IPO on the New York Stock Exchange in late June, China's Cyberspace Security Review Office said it had launched a cybersecurity probe into the company to protect national security and public interest in accordance with the nation's laws.

In Wednesday's filing, Didi said it had already made rectifications to comply with the review, such as improving internal management mechanisms and procedures for cybersecurity, data security, personal data and privacy protection.

But it must also finish a planned delisting from the New York Stock Exchange for the review to be wrapped up, it added. Didi has been unable to register new users since the regulator began its review.

Didi said, 'We will not apply for listing of our shares on any other stock exchange before completion of the (US) delisting.'

The China Securities Regulatory Commission, China's securities regulator, said in April that Didi's delisting plan is a decision that the Chinese company made on its own and that the move is based on the market and own assessment of its situation.

Didi's delisting has nothing to do with other US-listed Chinese stocks or ongoing efforts between Chinese regulators and their US counterparts to resolve an audit dispute regarding US-listed Chinese companies, the CSRC said.


China Eastern

China Eastern eyes more jets following issuance

China Eastern Airlines plans to raise 15 billion yuan ($2.2 billion) through nonpublic issuance of shares to purchase 38 new aircraft and replenish liquidity amid the recent resurgence of local COVID-19 cases.

Shanghai-based China Eastern Airlines said its parent and controlling shareholder, China Eastern Group, plans to subscribe no less than 5 billion yuan in shares. Among the total funds raised, it plans to use 10.5 billion yuan to purchase new aircraft, and 4.5 billion yuan for cash flow purposes, the carrier said in a statement on Tuesday.

The airline intends to buy four domestically developed single-aisle C919 passenger jets and 24 ARJ21-700 aircraft-the first domestically made regional passenger jet. A C919 airliner and an ARJ21-700 jet cost $99 million and $38 million, respectively, according to China Eastern.

In addition, China Eastern plans to buy six wide-body Airbus A350-900 and four wide-body Boeing B787-9 passenger aircraft, each costing about $300 million, according to catalog prices released by the manufacturers.

China Eastern will spend $4.38 billion in total to purchase the 38 aircraft, and the new group of aircraft is expected to be delivered from this year to 2024, the company said. Based on its fleet operation data of the past three years, the new batch of aircraft is expected to help bring in additional annual revenues of 3.97 billion yuan, it added.


Bayer

Bayer achieves strong marks across the board during first quarter of the year

The Bayer Group enjoyed a very successful start in 2022.

'We achieved outstanding sales and earnings growth, with particularly substantial gains for our agriculture business,' said Werner Baumann, chairman of the Board of Management, on Tuesday as he presented a quarterly statement for the first quarter of 2022.

'Our forecast going forward this year remains confident despite the great uncertainties, including the instability of supply chains and energy supplies. We confirm the currency-adjusted outlook for the full year published in March.'

Group sales in the first quarter increased by 14.3 percent on a currency- and portfolio-adjusted basis (Fx & portfolio adj.) to 14.639 billion euros ($15.41 billion). EBITDA before special items increased by 27.5 percent to 5.251 billion euros. Net income rose by 57.5 percent to 3.291 billion euros. Core earnings per share from continuing operations advanced by 36.3 percent to 3.53 euros.


Alibaba

Alibaba's Cainiao moves to facilitate cross-border logistics amid COVID woes

Cainiao Network, the smart logistics arm of e-commerce firm Alibaba Group, released a bevy of measures on Tuesday to address cross-border logistics bottlenecks held back by the current COVID-19 outbreak.

The portfolio of measures is introduced to tackle glitches in four key aspects of import and export, namely warehouses, Customs clearance, cross-border shipping and delivery, the company said in a release.

The move aims to ensure a stable and smooth global supply chain and to shore up foreign trade in an orderly manner, especially as vendors are prepping for the upcoming June 18 shopping festival, a midyear shopping gala embraced by many Chinese consumers and brands.

'Amid the uncertainties brought about by the pandemic, Cainiao will work with its logistics partners to leverage sea, land and air transportation capabilities, allowing goods by Chinese cross-border merchants to enter and leave the border smoothly,' said James Zhao, general manager of Cainiao's global supply chain.

For goods to be imported via the Shanghai port, Cainiao will offer services to transfer them to Qingdao and Ningbo ports. It will also provide alternative air routes from overseas destinations to Chinese cities like Guangzhou, Shenzhen, Nanjing and Wuhan.

The company promised to coordinate with local Customs agencies to expedite Customs declaration procedures delayed by the pandemic and ensure the completion of the task within one to two days.

In light of the current hurdles in overland transportation caused by the local resurgence, Cainiao said it will help fleets obtain transportation permission and provide water transport in place of land transportation under certain circumstances.

It will also use its intelligent distribution system to allocate goods across various warehouses in the country to minimize risks such as a partial lockdown due to an emergency outbreak.

On the export front, Cainiao said it operated China-US sea freight with a shipping capacity of 3,000-4,000 twenty-foot equivalent units (TEUs) per month. Cainiao will prioritize its airline resources to export merchants.

Exporters who are affected by the pandemic and require cargo space can apply for Cainiao's services. Cainiao has aggregated over 3,600 trucking routes from East China and various districts to Shanghai port, offering guaranteed container services and air cargo capacities for merchants.

It promised to keep a close eye on updated epidemic prevention and control policies and offer the necessary passes for both the drivers and the vehicles needed for the transport.

Cainiao also helped smaller export merchants in Shanghai relocate their goods to a centralized warehouse in Yiwu, a city in Zhejiang province known as the cradle for small and medium-sized enterprises in China.

Skincare brand Biossance has felt the pinch of shrinking air freight capacity and rising costs overshadowed by the global impact of the pandemic, according to Kenny Wong, supply chain manager of the brand's Tmall Global flagship store.

'As we are busy preparing for the June 18 campaign, Cainiao has designed an optimized air route for us from Chicago to Wuhan or Guangzhou,' Wong said. 'The transport duration is somewhat similar to before the outbreak, but the cost is even lower.'

China's foreign trade grew by 7.9 percent to 12.58 trillion yuan ($1.88 trillion) in the first four months of 2022, according to the latest data from the General Administration of Customs.

Exports over the period surged 10.3 percent year-on-year to 6.97 trillion yuan, while imports hit 5.61 trillion yuan, growing 5 percent on a yearly basis.


2 COOEC modules ready for Canadian LNG project

COOEC

Offshore Oil Engineering Co Ltd, or COOEC, has completed the building of, and delivered, two modules for core processes, slated for a major Canadian liquefied natural gas project, in Qingdao, Shandong province, on Saturday, labeling itself as the world's first to adopt integrated construction solutions.

Another breakthrough reflecting China's construction capacity in the sector, the two delivered modules will be used in the acid gas-removing processes of the LNG Canada project, an important part of the safety guarantee work.

LNG Canada is a large industrial energy project that aims to build and operate a terminal for the liquefaction, storage, and loading of LNG in the port of Kitimat, British Columbia, Canada.


Pfizer

Launch of Pfizer drug to bring relief in skin disease

Pfizer, the global biopharmaceutical company, held a launch ceremony for Cibinqo an oral, once-daily highly selective JAK1 (Janus kinase 1) inhibitor, for treating adult patients with moderate-to-severe atopic dermatitis -- in China on Sunday.

Launch ceremonies for this product were held in 10 cities, including Beijing, Shanghai and Guangzhou, across China.

Jean-Christophe Pointeau, president of China Pfizer Biopharmaceutical Group, said that Cibinqo is the group's globally ground-breaking innovative product in inflammation and immunology, and a crucial part of its dermatology strategic planning in China.

The launch of this inhibitor marks a globally synchronized R&D and regulatory application process and Pfizer's second breakthrough in Atopic dermatitis (AD) treatment.

By further enriching the AD portfolio, Pfizer is set to meet the full range of treatment needs for AD patients with mild, moderate and severe atopic dermatitis.


L'Oreal

L'Oreal arm to bolster open innovation

L'Oreal Group has established its first investment company in China, a move highlighting China's open innovation and signaling continued confidence in a market it has operated in for a quarter century.

The founding of Shanghai Meicifang Investment Co Ltd was announced during a virtual signing ceremony on Sunday between the French cosmetics giant and Shanghai's Fengxian district, which is home to a dedicated cosmetics industry cluster dubbed 'Oriental Beauty Valley'.

L'Oreal said the investment arm will be dedicated to investing in innovative beauty technology in China, and will utilize its proprietary strategic innovation venture capital fund known as BOLD.

'For the 25th anniversary of L'Oreal China, we bring in our open innovation investment, demonstrating our commitment to the Chinese market, and our determination to empower the Chinese innovation ecosystem and to accelerate its business application in China,' said CFO Christophe Babule in the online conference.

The venture is a key component of L'Oreal's technology transformation, which is engaged in investing in high-growth potential innovative tech companies in the areas of marketing, digital, research, data, supply chains and packaging.

BOLD, the in-house venture capital vehicle, will financially support the development of startup firms while providing access to L'Oreal's global ecosystem, according to the company.

The move represents another vote of confidence in Shanghai, which is on track to resume business operations temporarily held back by the current COVID-19 outbreak, said Fabrice Megarbane, president of L'Oreal North Asia Zone and CEO of L'Oreal China.

'The signing of the investment this time truly benefits from the rapid and effective implementation of Shanghai's resumption policies,' Megarbane said.

'Against the background of our joint victory fighting against the epidemic, our investment also firmly proves L'Oreal's undoubted commitment to Shanghai and the Chinese market, L'Oreal's sincerity to co-create with industry partners in the ecosystem and L'Oreal's confidence in the Chinese market,' he said.


Huawei

Huawei sees progress in AI computing

Chinese tech heavyweight Huawei Technologies Co is making solid progress in building a commercial ecosystem for the application of its artificial intelligence computing technologies.

This progress comes as AI is gradually penetrating all aspects of people's work and lives, with its application scope widened from the internet sector to thousands of industries to help boost operational efficiency and reduce costs.

According to Huawei, based on its Ascend series of AI processors, the Huawei Atlas AI computing solution offers a broad portfolio of products, including modules, cards, servers and clusters. The solution enables all-scenario AI infrastructure through the device-edge-cloud process, covering full-pipeline inference and training for AI deep learning.

The technology and commercial ecosystem for Huawei's Ascend AI chips is starting to take shape. So far, Ascend AI has teamed up with more than 500 partners to jointly incubate more than 900 industrial solutions. The number of third-partly developers for Ascend AI has exceeded 700,000, with Ascend-related curricula covering more than 100,000 students in 72 colleges and universities.

'AI has three key elements, namely computing power, algorithms and data, which constitutes the foundation of AI,' an AI computing expert from Huawei who declined to be named said.

According to the expert, Huawei's self-developed AI computing framework MindSpore is critical to making AI application development easier, AI applications more pervasive and accessible, and ensuring privacy protection.

The moves represent crucial efforts by Huawei to build a full, all-scenario AI portfolio. They are also designed to beef up Huawei's in-house research and development capabilities, as Washington's ban on the company continues.

According to Huawei, its Ascend AI can not only help big companies but also small and medium-sized enterprises embrace AI, as it can help solve the problems of difficult and expensive computing power in traditional computing methods.


DJI

DJI suspends biz operations in Russia, Ukraine

DJI, the world's largest commercial drone manufacturer by market share, said on Monday it has temporarily suspended all business operations in Russia and Ukraine and emphasized it opposes any military use of its products.

'DJI is internally reassessing compliance requirements in various jurisdictions,' the company said in a written statement. 'Pending the current review, DJI will temporarily suspend all business activities in Russia and Ukraine.'

The company is engaging with customers, partners and other stakeholders regarding the temporary suspension of business operations in the affected territories, it added.

The decision came after Ukrainian officials accused DJI of 'leaking data on the Ukrainian military positions to Russia'.

The Shenzhen, Guangdong province-based company has dismissed these accusations as 'utterly false', and reiterated its policy against the use of its products for military purposes.

DJI said in another statement released last month that it did not market or sell its products for military use and 'unequivocally opposes attempts to attach weapons to our products'.

'We absolutely deplore any use of our products to cause harm,' DJI said, adding its drones are designed for 'civilian use' and it 'refused to customize or enable modifications that would enable the products for military use'.

The company said it would terminate business relationships with distributors, resellers or business partners that sell its products to customers who plan to use them for military purposes or help to modify the products for military use.


Xiaomi

Xiaomi continues to lead as India smartphone shipments decline by 5%

Premier research firm International Data Corporation (IDC) Monday said India's smartphone shipments declined by 5 percent on a yearly basis for the third consecutive quarter, with vendors shipping 37 million smartphone units in the first quarter of 2022.

'The opening of the year was relatively slower as compared with 1Q21, due to the impact of the third wave of COVID-19, tight supplies especially for the low-end price segments, and rising inflation leading to increasing end-consumer prices,' the IDC said.

According to the IDC's Worldwide Quarterly Mobile Phone Tracker, Chinese brand Xiaomi continued to lead though its shipments declined by 18 percent year-on-year. Its dominance in the online channel remained with a 32 percent share including its sub-brand POCO.


Volkswagen

Volkswagen to establish NEV sales and services company in E China

Volkswagen Group China plans to establish a new digital sales and services company in Hefei, capital of East China's Anhui province, the carmaker announced on Tuesday.

The new company is expected to complete the group's entire value chain in terms of manufacturing, R&D, testing, sales and marketing, as well as customer services, according to the group.

'This new digital sales and services company is an exciting chapter in the group's investment in e-mobility and another milestone in our partnership with Anhui province. As we strive to become the market leader in e-mobility, our customers can expect to enjoy the latest Volkswagen Anhui-produced new energy vehicle models through this company in the not-so-distant future,' said Stephan Wollenstein, CEO of Volkswagen Group China.

With an office area of about 10,000 square meters, the new company will form an integral link in the value chain of the group's joint venture, Volkswagen Anhui. Volkswagen Anhui focuses on NEV R&D and manufacturing based on the group's renowned modular electric drive matrix (MEB) platform.

The new digital sales and services company will also explore novel business models such as innovative data-driven services tailored to customers' e-mobility requirements.

Currently, the group's third Volkswagen electric vehicle plant in China is under construction in Anhui province. The construction is scheduled to be completed by mid-2022, with the first NEV model expected to go into mass production in the second half of 2023.

The plant, jointly owned by Volkswagen and Anhui Jianghuai Automobile Group, is designed with an annual production capacity of 300,000 electric vehicles.


Tesla

Tesla's Shanghai Gigafactory sends out first shipment since mid-April

A ship carrying 4,767 electric cars produced by US automaker Tesla's Shanghai Gigafactory left a Shanghai port for Slovenia early Wednesday, according to Shanghai customs.

It marked the first export shipment of Tesla cars from Shanghai since April 19, when the factory resumed production amid the COVID-19 resurgence in the city.

Shanghai customs said it has established a communication channel with Tesla to coordinate online customs services and help speed up the delivery of orders.

Due to the latest COVID-19 resurgence in the city, the Shanghai Gigafactory had suspended production for over 20 days.

In the first four months of this year, Tesla's Shanghai factory delivered 183,686 vehicles, over 1.7 times the amount for the same period last year, already surpassing the total for 2020.


Geely

Geely to acquire stake in Renault Korea

Geely Automobile Holdings and Renault Group have reached an agreement by which Geely Auto will acquire 34.02 percent of the shares in Renault's Korea unit through a capital increase mechanism, Geely announced on Tuesday.

This deal, which will be subject to approval by relevant authorities, will enhance collaboration between Renault Group and Geely Auto in future projects around the launch of an all-new vehicle lineup for the South Korean market.

Geely Holding Group, the parent company of Geely Auto, and Renault Group jointly announced a new collaboration in January this year to produce fuel-efficient hybrid electric vehicles and internal combustion engine models.

The new vehicles will utilize Geely Holding Group's world-class compact modular architecture and advanced hybrid powertrain technologies. They will be sold through the existing RKM sales and aftersales network.

Renault Group remains the majority shareholder in RKM and will continue to fully consolidate the entity, according to the announcement.

The capital increase reflects Geely Holding Group and Renault Group's strong confidence in the South Korean market and their commitment to explore export opportunities.

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