Media Focus on Multinational Corporations[2022.07.25]





Bill & Melinda Gates Foundation

Bill & Melinda Gates Foundation Helping China Recruit Foreign Scientists

A report published this week by the National Pulse shows that the Bill & Melinda Gates Foundation is helping to fund efforts of the Chinese Communist Party (CCP) to attract foreign scientists to work for the totalitarian regime.

The Gates Foundations website shows that it sent a $100,000 grant last month to the CCP Ministry of Science and Technologys Foreign Talent Research Center.

The grants purpose was described as helping to organize a forum on pandemic preparedness and response. The program is designed to use international resources to improve global health and support disadvantaged populations who are disproportionately impacted by pandemic.

The new project is to be operated by the Zhongguancun Forum, a CCP conference based in Beijing. The forums speakers consist of upper-echelon communist leaders, including Chinese President Xi Jinping.

The funding of the Foreign Talent Research Center by Gates comes as controversy rages about the probable collaboration of Chinese and U.S. researchers in Wuhan that led to the global outbreak of COVID-19. The CCP has consistently blocked investigations into the origins of the virus. It has also placed Western scientists with close Chinese connections in the investigative positions it has allowed.

In addition to its secretive approach to COVID-19, the CCP has also been scrutinized for recruiting leading scientists from their home countries to work on advancing Chinese manufacturing and military technology.

The Thousand Talents Plan that facilitates the scooping up of Western scientific talent has led to the indictments of several American researchers by the Department of Justice. Federal law requires disclosure of financial connections to the CCP when a scientist receives American taxpayer funding.

Publications by the CCP Foreign Talent Research Center indicate that it also engages in recruiting scientists and researchers away from their home countries to work for Chinese interests.

Its mission statement says that it formulates and facilitates the implementation of plans for bringing in high-end foreign experts.It adds that the center pools top-notch scientists and research teams from abroad.

In addition to the recently discovered grant, the Gates Foundation has been known to send millions of dollars in funding to Chinese universities with connections to the Wuhan Institute of Virology.

The Bill & Melinda Gates Foundation is the second-largest charitable foundation in the world. According to its fact sheet, it holds almost $50 billion in assets.


TotalEnergies signed a new production sharing contract with Sonatrach

TotalEnergies signed today with Sonatrach, Occidental and Eni an extension of its Production Sharing Contract for a period of 25 years for onshore Blocks 404a and 208 in the Berkine basin, in Eastern Algeria, sai the company.

This contract, signed under the new Algerian Hydrocarbon Law published in 2019, will allow to develop additional liquids hydrocarbon resources, while reducing these fields carbon intensity through a dedicated carbon reduction program. The opportunity to develop and valorize associated gas resources will be studied by the partners, thus increasing export potential towards Europe.

This new contract on Berkine asset, under the Algerian new Hydrocarbon Law, marks a new milestone in the strategic partnership with Sonatrach. This project is in line with the Companys strategy to develop low-cost oil while contributing to carbon reduction programs to minimize our carbon footprint, commented Laurent Vivier, Senior Vice President Middle East and North Africa, Exploration & Production at TotalEnergies.


Oil Supply Crunch is Coming, ConocoPhillips CEO Says

ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.

Ryan Lance, head of the largest U.S. independent oil producer, offered a dour outlook on future supply in remarks to members of oil group the Houston Producers Forum. His comments came days after U.S. President returned from Saudi Arabia without success in securing an agreement for the OPEC+ group to boost production.

'Ultimately, demand will go back to pre-pandemic levels,' Lance said while cautioning about OPEC's lack of additional capacity and a U.S. production plateau. 'There is a supply crunch coming,' Lance said.

The United Arab Emirates and Saudi Arabia could add 1 million or 2 million barrels per day (bpd) over time, but 'the rest of the OPEC+ (alliance) is struggling,' including Nigeria, Angola, he said.

U.S. oil production, which soared by 4 million barrels per day in the three years ended December 2019, is expanding more slowly. 'The U.S. will grow shy of a million barrels a day this year ... and we'll probably grow close to another million barrels next year. But we start to kind of plateau,' he added.

Oil demand ultimately will exceed pre-pandemic levels and peak demand is probably another 10 to 20 years out, he said. Concerns about recession will lead to further market volatility, Lance added.

'If you are going to be in the business, be prepared for a lot of volatility,' he told the energy audience. 'It's going to go up and it's going to go down, but not necessarily in that order.'


TotalEnergies signed a new production sharing contract with Sonatrach

TotalEnergies signed today with Sonatrach, Occidental and Eni an extension of its Production Sharing Contract for a period of 25 years for onshore Blocks 404a and 208 in the Berkine basin, in Eastern Algeria, sai the company.

This contract, signed under the new Algerian Hydrocarbon Law published in 2019, will allow to develop additional liquids hydrocarbon resources, while reducing these fields carbon intensity through a dedicated carbon reduction program. The opportunity to develop and valorize associated gas resources will be studied by the partners, thus increasing export potential towards Europe.

This new contract on Berkine asset, under the Algerian new Hydrocarbon Law, marks a new milestone in the strategic partnership with Sonatrach. This project is in line with the Companys strategy to develop low-cost oil while contributing to carbon reduction programs to minimize our carbon footprint, commented Laurent Vivier, Senior Vice President Middle East and North Africa, Exploration & Production at TotalEnergies.


Shell Places US Gulf of Mexico Assets Up for Sale

Shell is exploring a sale of its stakes in two U.S. Gulf of Mexico oil and gas developments which could raise as much as $1.5 billion for the energy major, people familiar with the matter said on Wednesday.

Potential divestments of some aging assets would allow the company to focus on newer and larger fields around the world, including its giant Whale development in the Gulf which is expected to start production in 2024, the sources said.

Shareholders and regulators also have been pressuring Shell to pare back oil and gas operations and shift toward cleaner forms of energy.

Shell has begun soliciting buyer interest for its Auger hub and its 37.5% stake in the Conger field, which is operated by Hess Corp, having hired an investment bank to run an auction process which kicked off in recent weeks, said three sources.

The London-based company is targeting a valuation of around $1.5 billion from the sale of the fields, which have a combined output of around 50,000 barrels per day, two of the sources added.

The sources cautioned there was no guarantee Shell would secure a deal, and spoke on condition of anonymity to discuss private information.

Shell declined to comment.

Shell also has sought this year to divest stakes in two clusters of gas fields in the southern British North Sea, Reuters reported in February.

Last month, Shell said it had suspended plans to sell its onshore oil assets in Nigeria, to comply with a Nigerian Supreme Court ruling that it had to wait for the outcome of an appeal over a 2019 oil spill.

With crude and natural gas prices high, the backdrop to explore potential sales is favorable. However, price volatility has made it harder for potential buyers and sellers to strike deals, industry sources have said.

China Telecom

China Telecom to accelerate cloud-network integration for digital China

China Telecom will step up push to promote the integration of cloud computing and telecom network technologies, as the major Chinese telecom carrier moves to help build a sound digital telecom infrastructure for digital China.

Ke Ruiwen, chairman of China Telecom, said at the fifth Digital China Summit, which kicked off in Fuzhou, Fujian province, on Saturday, that the traditional architecture, which features separate cloud and network technologies, cannot meet the large-scale cloud requirements brought about by the rapid development of the digital economy.

Cloud-network integration has become the core feature of digital information infrastructure, and original and leading technological breakthroughs in areas such as software, chips and operating systems are needed to help drive the development of digital China.

The two-day fifth Digital China Summit, held both online and offline, focuses on new innovation-driven changes and new digitalization-led landscapes in pursuing the Digital China initiative. It also features an exhibition showcasing the latest digital products and achievements.


CNPC shifting focus to new energy

China National Petroleum Corp, the country's largest oil and gas producer and supplier, has been optimizing its production structure in recent years to diversify its business to meet the country's growing demand for clean energy.

With an eye on peaking carbon by 2025 and achieving carbon neutrality by 2050, the company has been pushing forward clean energy, including solar power, wind power, hydrogen, geothermal and the application of carbon capture, utilization and storage (CCUS) to ensure the capacity of new energy business to account for half of its total business by 2050, it said.

The new energy sector will rise to one-third of the oil behemoth's total business by 2035, together with oil and gas, each of which will also account for one-third, it said.

The State-owned energy giant said it will continue to expand natural gas development, which is believed to work as a bridge fuel to reduce oil dependency while buying time to develop new technologies that will ultimately replace fossil fuels for transportation.

Taking advantage of the company's resources, the percentage of natural gas in the company's oil and gas production volume rose to 51.6 percent in 2021. The percentage is expected to rise to 55 percent by 2025, it said.

At the same time, it will also step up the use of new energy and materials to meet growing demand for clean and high-quality energy, including the integrated development of wind and solar power and the industrial utilization of hydrogen, as well as the scale development and utilization of geothermal power.

The company vows to seize opportunities for low-carbon transformation and development in the energy sector and actively lay out a low-carbon business model to foster clean production, thus achieving the global objective of 'carbon emissions peak' and 'carbon neutrality'.

The carbon neutrality goal will drive technological innovation in the country while boosting high-quality social and economic development. This is also a historical moment to narrow the gap with developed countries, said Du Xiangwan, an energy expert at the Chinese Academy of Engineering, during the recently held China Carbon Neutrality Forum 2022 Summit.

The company has come up with 39 new energy projects in 2021 and newly added new energy development and utilization capacity rose to the equivalent of 3.5 million metric tons of coal last year.

The company has also come up with 240,000 kilowatts of newly added wind power installed capacity. The high purity hydrogen supply capacity of the company rose to 15 million tons per year, which also built eight hydrogen refueling stations in 2021, it said.

In the field of geothermal heating, the company has developed 9.6 million square meters of newly added geothermal heating areas. All of its 16 geothermal projects under operation nationwide are capable of replacing 350,000 tons of standard coal, equivalent to reducing carbon dioxide emissions by almost 1 million tons, it said.

Eyeing huge potential in the carbon storage sector in China, CNPC has also been stepping up CCUS technologies. The company injected 567,000 tons of carbon dioxide to some underground areas in its oilfields last year in a move to handle emitted carbon dioxide and enhance oil recovery.

CNPC said the company's domestic oil and gas output rose to a record high last year. Newly proved geological oil reserves last year exceeded 1.05 billion tons, and that of natural gas exceeded 1.09 trillion cubic meters, both of which were record highs.

This is part of the company's efforts to step up upstream investment in order to boost domestic output and ensure national energy security, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.

Luo said as China has been heavily relying on crude imports in recent years, the country's domestic oil majors, including CNPC, China National Offshore Oil Corp and China Petroleum and Chemical Corp, have been increasing investment in exploration and exploitation, and the trend is only expected to gain more momentum.

According to the China Offshore Energy Report released by the CNOOC Energy Economics Institute, China is becoming more self-sufficient in energy supplies thanks to rising domestic oil and gas production in recent years, with the energy self-sufficiency rate reaching more than 80 percent in 2021.


Shell to further tap China's green industry

Eyeing the rapidly growing momentum and potential of China's renewable energy sector, Shell Plc vows to further expand its presence in the country through investments in hydrogen, electric vehicle charging as well as carbon capture, utilization and storage (CCUS) to get a larger piece of the energy pie.

Shell is anticipating more growth, investment and local partnership opportunities in China where it has had a presence for 128 years, a top company official said.

China is massively important for Shell as the country goes full throttle on its green energy transition with the aim of becoming carbon neutral by 2060, which is expected to provide massive opportunities for global energy corporations like Shell, said Jason Wong, executive chairman of Shell Companies in China, during an interview in Beijing on Thursday.

'The government recently approved a plan to implement employment-for-grant programs with a key focus on fields including energy, especially power, oil and gas pipelines and renewable energy. This plan provides Shell with massive opportunities as we are also looking for more chances to expand in renewable energy power generation as well as electric vehicle charging services in the country.'

Wong said the companies have been stepping up the fast-expanding new energy vehicle sector in China for years, from hundreds of charging points last year to more than 3,000 charging points today.

The company will form a joint venture with BYD to develop EV charging networks in China, with the initial plan to operate a network of more than 10,000 charging points in Shenzhen, Guangdong province, in the near future and further expand the network to more locations nationwide.

Shell will also help improve the charging experience of BYD customers who use battery-powered electric vehicles and plug-in hybrids in China while the partnership expands from China and Europe and extends to other regions.

Wong said the company will also tap into the CCUS sector in China considering its massive market potential.

'For China to achieve carbon neutrality by 2060, we believe more than 1.3 gigatons of carbon dioxide per year will need to be captured and permanently stored by then, which means CCUS capacity will need to increase more than 400-fold in the next four decades,' said Wong.

The company signed a memorandum of cooperation with State-owned oil and gas giant China National Offshore Oil Corp, the Guangdong Provincial Development and Reform Commission and ExxonMobil in June to explore the feasibility of developing a carbon capture and storage (CCS) hub in the Daya Bay National Economic and Technological Development Zone in Huizhou, Guangdong province.

This will be China's first offshore large-scale CCS hub that is capable of capturing up to 10 million tons of carbon dioxide per year, helping reduce significant carbon dioxide emissions from the zone and serve the decarbonization needs of enterprises in the area, said the company.

Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, said CCUS offers a way to reduce emissions from sectors that are hard to decarbonize and Shell's commitment confirms China's massive potential in the CCUS sector, which is also attracting more international players.

For oil companies, CCUS will not only expand their own business but also help them become sustainable in the long run, he said.

According to Shell, China has an estimated 2,400 Gt in storage capacity and significant geological potential for storing carbon, second only to the United States.

It currently has more than 40 carbon capture, utilization and storage pilot projects with a total capacity of 3 million tons. However, many of these projects are still small developments.

China, as the largest domestic and outbound investor in renewable energy, has made impressive progress in developing renewable energy supported by years of research and development, preferential policies and its scale of economy.

'While China's carbon exchange market is not as mature as developed countries, we believe it's a good start and we plan ahead, as we believe CCS is an essential part of the solution for China to achieve a carbon peak by 2030 and carbon neutrality by 2060,' said Wong.


Ericsson completes acquisition of Vonage

STOCKHOLM, July 21, 2022 /PRNewswire/ -- Ericsson (NASDAQ: ERIC) has completed its acquisition of Vonage Holdings Corp. (Vonage) (NASDAQ: VG), supporting Ericsson's strategy to leverage technology leadership to grow its mobile network business and expand into enterprise. The acquisition provides Ericsson with access to powerful building blocks to offer a full suite of communications solutions including, Communications Platform as a Service (CPaaS), UCaaS and CCaaS.

By leveraging the Vonage CPaaS offering, Ericsson aims to transform the way advanced 5G network capabilities are exposed, consumed and paid for. This will provide the global developer community, including Vonage's more than one million registered developers, with easy access to 4G and 5G network capabilities via open Application Program Interfaces (APIs).

For communications service providers (CSPs), global network APIs - such as location and quality of service APIs - provide new opportunities to expand their profit pools to monetize 5G network capabilities. For Ericsson, global APIs provide a new material growth opportunity. The existing market for communications APIs - such as video, voice and SMS - is currently growing at 30 percent annually and projected to reach USD 22 billion by 2025.

Accessing network capabilities in an open, intuitive, and programmable way via global APIs will enable developer communities to create applications for any device that benefits from connection to the 5G network. Developers can utilize network characteristics such as user authentication, bandwidth, responsiveness, energy efficiency, security, identification and reliability - or network information such as device information or predictive coverage.

These new and innovative consumer and enterprise applications will further drive the rollout of 5G and network Capex.

To accelerate growth in Vonage's UCaaS and CCaaS solutions, Ericsson intends to increase R&D investments and offer these solutions to CSPs, enabling Ericsson's existing customers to sell through their own brands, and accelerate growth. Ericsson will also complement existing communications offerings to small and medium sized companies with the Vonage UCaaS and CCaaS solutions which will form a strong part of Ericsson's offerings to both CSPs and enterprises.

Börje Ekholm, President and CEO, says: 'We are excited to welcome Vonage as part of Ericsson. With Vonage's suite of communications solutions - UCaaS, CCaaS and Communications APIs - Ericsson will further expand its offerings into the enterprise space. In the future, network capabilities will be consumed and paid for through open network APIs, creating the opportunity for unparalleled innovation. We have already launched the first network API, Dynamic End-user Boost, based on existing 4G infrastructure. With Vonage, we will now develop and commercialize these new APIs.  We are already seeing great progress with frontrunner CSPs, and we aim to launch the first 5G network APIs in the coming year. We will continue to create new, enhanced applications and services for enterprises, while driving continued innovation on Vonage's UCaaS and CCaaS applications, helping businesses create new digital experiences for better communications, connections and engagement.

'By linking the network world with the global developer community, we're creating a paradigm shift that will put the network at the center, allowing the CSPs a new monetization opportunity supporting increasing investments in high-performance networks.'


BASF shows faith in China's economy

German chemical giant BASF has given final approval for the construction of its planned Verbund site project in Zhanjiang city in the western part of Guangdong province on Tuesday, demonstrating its confidence in China's economic prospects.

The mega chemical project will form a solid foundation for a world-class industrial cluster in Zhanjiang and help establish stronger business connections between China and rest of the world.

The project is now proceeding steadily and on schedule, BASF said in a press release.

'The focus will now be on building the core of the Verbund, which includes a steam cracker and several downstream plants for the production of petrochemicals and intermediates, among others,' it said.

BASF will invest up to 10 billion euros ($10.2 billion) by 2030 to build the Verbund site project.

In 2020, BASF started construction of the first plant at the planned integrated Verbund site in the coastal city of Zhanjiang in Leizhou Peninsula that faces the South China Sea.

The project will be BASF's third-largest Verbund site worldwide after Ludwigshafen, Germany and Antwerp, Belgium.

The site will be built over several phases and is expected to be fully operational by 2030.

Sinovac Biotech

Sinovac initiates clinical trial for quadrivalent influenza vaccine in Chile

Sinovac Biotech Ltd, a biopharmaceutical product provider in China, announced on Tuesday that a phase-3 clinical trial for its inactivated quadrivalent influenza vaccine was initiated in the Republic of Chile.

The clinical trial aims to evaluate the immunogenicity and safety of the quadrivalent influenza vaccine among individuals aged 3-year-old and above.

In total, 1,600 volunteers will be recruited. Half of them will receive one or two doses of the Sinovac vaccine, while the other half will receive a different quadrivalent influenza vaccine commercially available in Chile.

All of the participants will be observed for 28 days following the completed inoculation to evaluate the vaccine safety.

The study results are expected to provide further scientific evidence on the efficacy and safety of the companys quadrivalent influenza vaccine to promote its worldwide use, Sinovac said.

The quadrivalent influenza vaccine has been approved in China since June 2020.


Volkswagen announces by surprise the dismissal of Herbert Diess as CEO

The German automotive giant announced this Friday that its CEO, Herbert Diess, will cease in that position as of September 1.

His position will be occupied by Oliver Blume, current director of Porsche (one of the group's brands).

Arno Antlitz, current CFO, will take over as COO.

Diess's abrupt departure marks the culmination of the clashes that the top executive has had with the German manufacturer's powerful unions and other key interest groups in the company.

The background to that fight was the firm's strategy review and cost cuts.

Volkswagen plans to take its most valued brand, Porsche, to the stock market with the aim of obtaining liquidity to finance the investments in electrification and computer equipment of its vehicles that it must undertake.

Diess, 63, was hired in 2015 from rival group BMW.

Shortly after, Volkswagen would admit to souping up millions of diesel vehicles to pass emissions tests, the so-called scandal .

His resume also includes having been, surely, the executive in the sector that has most aggressively promoted electrification, which earned him praise from Elon Musk, founder of Tesla.

Blume, 54, has been in the pools for some time in the succession of Diess, although his options seemed to lose strength when the latter's contract was extended until 2025. His beginnings in the automobile group refer to Audi, although he later went through other brands of the manufacturer, such as the Spanish Seat or Volkswagen itself, before being appointed head of production at Porsche in 2013. He successfully contained the damage for Porsche in the, despite the fact that the brand had also received engines manufactured by Audi that They did not meet emissions regulations.


Amazon buys an 'online' health care company, a new step in the diversification of its offer

The e-commerce giant Amazon has reinforced its offer of health services with the purchase of One Medical, a private chain of clinics that works through a subscription model or monthly fee.

The acquisition has cost Amazon 3.9 billion dollars, at a price of 18 dollars a share, and represents a further step in the company's diversification, after venturing into the electronic pharmacy at the end of 2020 and experimenting, a year before, with an initially exclusive telemedicine service for its employees, and later expanded.

Amazon aspires to reinvent the industryin health care, explained Neil Lindsay, vice president of the health division of the Seattle technology company.

We believe that healthcare is high on the list of experiences that need to be reinvented.

Booking an appointment, waiting weeks or even months to be seen, taking time off work, going to the clinic, waiting for what is then all too often a rushed few minutes with a doctor, plus going to the pharmacy afterwards : We see many opportunities to improve the quality of the experience and give people back that valuable time, explained the person in charge.

One Medical, which operates 182 medical practices in 25 markets in the US and also offers 24-hour digital care, had attracted the interest of Amazon for the use of technology as an essential and differentiating aspect of its offer.

In fact, according to the agreement, the operation pursues the 'combination of virtual and face-to-face' in the business strategy.

The privatization of health, a colossal business in the US, where health is considered just another commodity, takes a giant step forward with the agreement.


Veltex Corporation Announces Uplisting to OTCQB Market

CHICAGO, July 22, 2022 /PRNewswire/ -- Veltex Corporation (OTCQB:VLXC) ('Veltex'), a Health and Wellness Acquisition Firm, is pleased to announce its successful uplisting from the OTC Pink Market to the OTCQB® Venture Market (the 'OTCQB') effective for trading July 25, 2022 at the open.  Veltex will continue to trade under the ticker symbol 'VLXC'.  Veltex seeks to develop and acquire companies which have established or advanced the latest modalities in the areas of health wellness, and recovery, specifically targeting substance use disorder ('SUD') treatment in the State of West Virginia.  Veltex currently operates an out-patient SUD treatment facility, with plans to expand to in-patient services, through its wholly owned subsidiary Veltex Medical, Inc. d/b/a Veltex Recovery Group ('VRG') at 101 Martin Drive, Mount Hope, WV 25880.

The OTCQB, operated by OTC Markets Group, Inc., is a premier market designed for developing and entrepreneurial companies in the United States and abroad committed to providing investors high-quality trading and improved market visibility to enhance trading liquidity.  To be eligible for trading on the OTCQB, companies must be current in their financial reporting with the Securities and Exchange Commission (the 'SEC'), pass a minimum bid price test, maintain audited financials through a PCAOB registered firm, an undergo company verification and management certification on an annual basis.

The OTCQB is operated by the OTC Markets Group and recognized by the Securities and Exchange Commission ('SEC') as an established public market providing data that investors need to analyze, value and trade securities. Being part of the OTC Markets Group will assist in diversifying Veltex's shareholder base worldwide.

'We are proud to start trading our common shares on the OTCQB Venture Market,' said Stephen G. Macklem, CFO of Veltex Corporation. 'This is a natural progression, and yet another milestone, of our vision to broaden our investor base with increased liquidity and brand visibility while maintaining a high level of transparency to inform and engage potential investors and current shareholders. Veltex is on course to become an industry leader in Healthcare development and acquisition.  Veltex's wholly owned subsidiary entity Veltex Recovery Group ('VRG') is well on its way to becoming a model facility for SUD treatment in the State of West Virginia and beyond.'

'Veltex is thrilled to have successfully completed its uplisting to the OTCQB,' said Andreas Mauritzson, Chief Executive Officer of Veltex.  'We believe this achievement will significantly enhance our capital markets appeal to a broader range of investors.  With more compliance and quality standards, the OTCQB provides potential investors improved visibility to enhance trading decisions.'


Huawei's New Financial Cloud-Network Solution Builds New Connectivity for Smarter and Greener Finance

SINGAPORE, July 22, 2022 /PRNewswire/ -- At the Huawei Intelligent Finance Summit 2022, Kevin Hu, President of Huawei's Data Communication Product Line, delivered a keynote speech entitled 'Huawei's New Financial Cloud-Network, Building New Connectivity for Smarter and Greener Finance.' In his speech, Mr. Hu shed light on how Huawei's newly upgraded Financial Cloud-Network Solution accelerates the cloudification of banking services and builds new connectivity for smarter and greener finance.

With the rapid development of the global digital economy, next-generation ICT is deeply integrated with financial services, accelerating the development of FinTech. Against this backdrop, banks of all sizes evolve toward smart and online financial services and migrate their services to clouds.

Networks are the foundation for digital finance. However, today's bank networks face many challenges such as how to quickly invoke cross-DC resources and improve O&M efficiency, in turn raising new requirements for digital innovation of banks.

'In response, Huawei has upgraded its Financial Cloud-Network Solution by centering on building clouds, connecting clouds, and going to clouds,' Kevin Hu said. 'The future-proof solution provides an agile and stable network architecture needed to roll out new services in minutes and enable integrated O&M of applications and networks, improving innovation efficiency and delivering real-time guarantee of service experience.'

Shanghai Electric

Shanghai Electric New Energy Development Established To Accelerate the Expansion of Green & Low-carbon Business

SHANGHAI, July 22, 2022 /PRNewswire/ -- The inauguration ceremony of Shanghai Electric New Energy Development Co., Ltd. was held on July 15, marking the accelerated expansion and growth of Shanghai Electric's green, low-carbon business.

During the ceremony, Shanghai Electric Group announced its renewable energy roadmap alongside agreements with five partners to jointly develop renewable energy projects, in addition to establishing strategic partnerships with over ten financial institutions and industry partners to build a financial ecosystem for the renewable energy sector.

Shanghai Electric, a leading global integrated manufacturer of high-end equipment, has been building new comprehensive power systems and a complete solution for futuristic zero-carbon industrial parks in a move to take the lead in helping the Chinese government achieve its de-carbonization goals.

The Chinese government's carbon peak and carbon neutral policies, also known as the dual carbon goals, is a systemic change that is expected to have a broad and profound impact on both the economy and the whole of society while building a zero carbon society.

As a response to China's 14th Five-Year Plan, the company has developed a roadmap that focuses on the development of wind, solar, hydrogen and storage energy projects, alongside industrial intelligence, high-end medical equipment, and other new businesses.

The establishment of the renewable energy entity is a vital step in the right direction. The new company has received a total investment of RMB 3 billion, including RMB 2 billion from Shanghai Electric Group and RMB 1 billion from Shanghai Electric Wind Power Group each, and is aimed to become the most integrated and innovative provider of renewable energy projects and full lifecycle services.