Media Focus on Multinational Corporations [2022.12.19]






Oral Covid-19 Drugs Paxlovid, Azvudine Are Now Available Online in China

Dec. 14 -- People with Covid-19 in China can now get access to two oral drugs, Pfizers Paxlovid and Genuine Biotechs Azvudine, through the fever clinics of online hospitals.

Patients have to upload their positive Covid-19 test results to get prescriptions from online hospitals to buy the drugs. Paxlovid sells for CNY2,980 (USD428) a pack of 30 tablets, while Azvudine costs CNY310 (USD44.5) for a pack of 35 pills.

Paxlovid is used to treat adults with mild to moderate symptoms and at high risk of progressing to a severe illness. The National Medical Products Administration approved its conditional import in February. A month later, China National Pharmaceutical Group signed an agreement with Pfizer to market Paxlovid in the Chinese mainland.

Pfizer also joined hands with Huahai Pharmaceutical and Ascletis Pharma in October to manufacture in China two main ingredients of Paxlovid: nirmatrelvir and ritonavir.

HIV medicine Azvudine was approved in July to treat Covid-19 and became the first domestic oral small molecule drug for the disease. Genuine Biotech entered into an deal with Fosun Pharmaceutical Group later that month, allowing the latter to be responsible for the exclusive commercialization of the oral Covid-19 drug.

Fosun has listed Azvudine on the medical insurance platforms of 31 provinces, covering more than 2,000 hospitals in the country. The company is also contacting several online medical platforms to make the drug available through multiple channels to meet home treatment needs.

China relaxed its Covid-19 controls recently. The State Council, the countrys cabinet, issued a notice on Dec. 12, clarifying that medical institutions can prescribe online for the treatment of symptoms related to the disease. It also encouraged the commissioning of eligible third parties to deliver medications to patientshome.


Recbio Soars After Chinese Vaccine Maker Says Its Upcoming Covid-19 Jab Is Better Than Pfizers

Dec. 14 -- Shares in Jiangsu Recbio Technology skyrocketed as much as 25.6 percent today after the Chinese vaccine maker said that its Covid-19 vaccine, which is still undergoing clinical trials, has shown better results in conferring immunity against the novel coronavirus than US pharma giant Pfizers mRNA jab.

Recbios stock price [HKG:2179] closed up 11.1 percent at HKD24.95 (USD3.21). Earlier it hit HKD28.20.

Phase II clinical trials in the Philippines have shown that Recbios recombinant protein vaccine ReCOV offers better protection against omicron variants for people who have already received two doses of inactivated vaccines than Pfizers Comirnaty, the Taizhou, eastern Jiangsu province-based company said today.

The clinical tests were done on two groups of 300 people who had been inoculated twice with inactivated jabs, it said. One group was then vaccinated with ReCOV and the other with Comirnaty. Results showed that the former group developed more neutralizing antibodies against the omicron strain and in particular the variants BA.5 and BA.2 after 14 days, than the latter group.

ReCOV, which is based on Recbios self-developed immunologic adjuvant BFA03, has many advantages, the firm said. It can generate a broad spectrum of neutralizing antibodies and confer immunity for a long time. It is safe, stable, can be transported at room temperature and is easy to mass produce with low production costs, it added.

Recbios ReCOV production line is ready and the company is applying to Chinas regulatory authorities for permission to take the vaccine to market, it added.

Chinas Covid-19 cases are rising rapidly amid an easing of pandemic control measures. The National Health Commission issued a notice today requiring four groups of vulnerable people to receive a second booster shot to better protect them against the virus.


Hisense Global Partner Conference: To Be the Top Player

On December 18th, the final day of FIFA World Cup 2022, Hisense Global Partner Conference successfully landed in Qatar. Its global partners joined together for this event to prepare for their journey to a new stage of development. Meanwhile, Mr. Jian Zhou, Chinese Ambassador to the State of Qatar and Mr. Nick Brown, FIFA SVP-Commercial Partnerships, also attended the event, and each sent their warmest wishes for the success of the conference.

Dr. Lan Lin, Chairman of Hisense, delivered a speech entitled To Be the Top Player at the conference. In his speech, Dr. Lin delightedly announced Hisense's unprecedented visibility as an official sponsor during this tournament and spotlighted its steady growth in the past four years.

According to Dr. Lin, Hisense's overall strength and competitiveness have reached a new level, with its sales revenue preliminarily estimated to increase from US$18.1 billion in 2018 to US$27 billion this year. Besides, the B2B industry has also gradually become a new growth sector for Hisense's international business, which has increased Hisense's brand awareness at a compound annual growth rate of 10%, according to Ipsos. Another highlight of Hisense's achievements lies in its enhanced operation capability. By incorporating the local culture and Hisense management philosophy, Hisense has successfully built 66 overseas companies, 23 R&D centers and 31 production bases, striking gold in the global markets.

China Mobile

China Mobile Doubles Down on Data Centers After Gaining Over 1,000 Partners

Dec. 13 -- China Mobile, the world's largest mobile network operator, will diversify its supply and use of computing power as the number of core partners in its related industrial chain has exceeded 1,000.

The wireless carrier will bring variety to the supply, application, and service methods of computing power to promote efficient computer performance to become a social service as convenient as water or electricity, Li Huidi, deputy general manager of the Beijing-based firm, said during a conference yesterday.

China Mobile has established ultra-large data centers in the Beijing-Tianjin-Hebei region and the Yangtze River Delta region to harness more computers needed to run new technologies including the metaverse, artificial intelligence, and the Internet of Things. It has also joined hands with Shenzhen's Peng Cheng Laboratory and the Institute of Computing Technology at the Chinese Academy of Sciences to build data center infrastructure.

China's two other big mobile phone operators, including China Unicom Group and China Telecommunications Group, have also stepped up their efforts to help companies pursue digital transformation involving the industrial internet, trade, healthcare, and logistics.

In the era of digitalization, telecom operators are moving from communication technology to internet technology, and then further toward data technology which means their roles are increasingly based on data, Chen Yanfen, head of the Shanghai Smart City Development Institute, told Yicai Global.

In the past, operators mainly provided companies with connectivity, internet broadband, and mobile phone services, Chen said, adding that in the digital era, they can gain a firm foothold and seize opportunities if they can cooperate with companies in production, marketing, and management.

China Mobile will increase its efforts in scientific and technological innovation to make breakthroughs in sixth-generation wireless networks, next-generation optical communication, and other cutting-edge technologies, Chairman Yang Jie said.

Looking ahead, China Mobile will expand the information service space and build new infrastructure for 5G, computing power and data middle platforms, Yang said, adding that the firm will also form new information service systems to widen application scenarios.


Alibaba Cloud opens third data center in Japan

Alibaba Cloud, the cloud computing arm of China's internet giant Alibaba, on Thursday announced the launch of its third data center in Japan to cater to rising customer demand for digital transformation.

Located in Tokyo, the new data center looks to offer a wide range of cloud computing products and services including storage, network and elastic computing to Japanese customers.

'The launch underscores our continuous commitment to serving Japanese customers' digital transformation demands,' said Unique Song, country manager of Alibaba Cloud Intelligence in Japan, at a press briefing in Tokyo.

Alibaba Cloud opened its first data center in Japan in 2016, followed by a second in 2019.

With the introduction of the new data center, Alibaba Cloud now has a network of 86 availability zones in 28 regions across the world, according to the company.

Alibaba Cloud ranked the third in the worldwide infrastructure as a service (IaaS) market with a share of 9.5 percent in 2021, following Amazon and Microsoft, according to a report by global research and advisory firm Gartner in June.


Geelys EV Arm Zeekr Files for US IPO

Dec. 14 -- Zeekr Intelligent Technology, the electric vehicle subsidiary of Chinese car giant Geely Holding Group, has applied to go public in the US.

Zeekr filed a draft registration statement to the US Securities and Exchange Commission for a possible initial public offering on Dec. 7, Hangzhou-based Geely said in a filing to the Hong Kong stock exchange yesterday.

No timeframe was announced as the IPO is still pending regulatory approval and both Geely and Zeekr have not made a final decision yet, Geely said. The size of the new share sale and the pricing have also not yet been determined.

Reuters reported on Dec. 12 that Zeekr is seeking to raise more than USD1 billion through a US IPO. However there was no comment from Zeekr at the time.

The flotation will allow Zeekr, which was set up in 2020 and is incorporated in the Cayman Islands, better access to equity and debt markets, Geely said. It will enhance brand value and allow Zeekr to grow independently and unlock its full potential, thereby benefiting shareholders. After going public, Zeekr will become a non-wholly owned subsidiary of Geely, it added.

Zeekrs sales have been growing steadily for five consecutive months. Its November shipments surged five-and-a-half fold from the same period last year and 8.8 percent from the previous month to 11,000 units. The EV maker is on track to achieve its delivery target of 70,000 units this year.

However, it is still operating at a loss. The firm, which shares a chairman with Geely, racked up losses of CNY759 million (USD109 million) in the first half on revenue of CNY8.8 billion (USD1.2 billion) according to its semi-annual financial report.

Geelys share price [HKG:0175] was trading down 1.4 percent at HKD12 (USD1.50) as of 12 noon China time today.


PowerChina Unit to Build LaosFirst Wind Power Project for USD717 Million

Dec. 14 -- A unit of Power Construction Corporation of China, a state-owned infrastructure contractor also known as PowerChina, will design and build Laosfirst wind power project for USD717 million.

PowerChina International Group will develop the 600-megawatt project in the southeast Asian countrys Sekong and Attapeu provinces, its parent firm said yesterday. Construction work will take 28 months.

PowerChina International is the worlds biggest electrical engineering contractor.

The electricity generated by the project will be mostly transmitted to Vietnam to ease a shortage in that countrys central region, Chinese energy news website Cpnn reported.


BASFs First China Power Storage Base Comes Online in Shanghai

BASFs first power storage facility in China came into operation today at the German chemical giants Shanghai Pudong Innovation Park.

Jointly built by BASF and Three Gorges Electric Energy, the newly-commissioned power storage station uses lithium iron phosphate energy storage technology and has a total installed capacity of 12 megawatt-hours of renewable electricity per cycle.

The base will ensure continuous supply of green electricity to the Ludwigshafen-based firms Chinese headquarters in Shanghai and contribute to the shifting of power load, off-setting power limits set by suppliers and work as a back-up for power storage to keep the facility running.

It is expected to save CNY3 million (USD430,500) for BASF a year and help the company achieve a carbon-neutral future driven by renewable electricity.

If you want to increase the real share of renewable energy, you have to bridge the gap between power supply and power demand, and the key technology we have at hand is the power storage facility here,said Jan Peter Bredehoeft, BASFs senior vice president for operations and site management in China.

The Shanghai facility will further leverage the potential of renewable energy in sustainable production and operations, helping BASF to achieve the net-zero emissions goal by 2050 and support Chinas commitment to reach carbon peak by 2030 and carbon neutrality by 2060, Bredehoeft added.

BASF has also set up distributed solar generation projects in Pudong Innovation Park with a capacity of over 3 MWh for self-use, which is expected to cut carbon dioxide emissions by 2,595 tons per year.

BASF joined Chinas pilot scheme for renewable direct power purchase trading last September, and is conducting Chinas first inter-provincial commercial renewable electricity trading with a solar power generator in north-central the Ningxia Hui Autonomous Region.


Covestro, CGN sign renewable energy deal

Covestro has signed several power purchase agreements (PPAs) for renewable energy with Chinese producer CGN New Energy, the German chemicals group said on Tuesday.

Under the agreements, which take effect in January 2023, the Covestro Integrated Site Shanghai is to buy around 300-gigawatt hours of green power annually from CGN's wind and solar farms in the town of Lenghu in Northwest China's Qinghai province.

'We believe PPAs for renewable energy will become increasingly competitive if you take into consideration future carbon costs and environmental benefits,' Yun Chen, head of Covestro site in Shanghai, told Xinhua News Agency on Tuesday.

By using renewable energy, the German plastics specialist is seeking to reduce its carbon dioxide emissions in China by around 126,000 metric tons annually.

'Covestro aims to become climate neutral by 2035 and is systematically converting its production worldwide to renewable energies to achieve this goal,' Covestro CEO Markus Steilemann said. 'On the way to achieving this, we have reached a new milestone with this agreement.'

The company's Shanghai site is already partly supplied with renewable energies and is expected to use more than 300 GWh of solar power from Northwest China this year.

In July, the German company broke ground on two new production facilities in Shanghai.

Next year, the company's sites in Guangzhou and Foshan in South China are to start using renewable electricity from CGN's offshore wind farms in Guangdong province.



Swiss company Clariant expands in Daya Bay

Clariant, a Swiss specialty chemical company, is set to expand its care chemicals facility in Daya Bay, Guangdong province, China, to boost its support for pharmaceutical, personal care, home care, and industrial application customers.

The project will see capacity increases for existing products as well as the introduction of a range of new products by the end of 2024. The Clariant Daya Bay manufacturing site will also become a new global hub for Clariant's healthcare business support, it said.

'The many industries we serve from Daya Bay are evolving to reflect changing sustainability targets and end-product performance needs, and we want to bring our own innovation and expertise closer to these customers to help drive their developments forward,' said Christian Vang, President of Clariant Care Chemicals.

'Daya Bay was home to Clariant's first ethoxylation plant in Asia. This underlines our commitment to bringing greater chemistry to the region to support our customers' success.'

Clariant will also expand existing production capacity for its Ethylene Oxide Derivatives (EODs) and a broader chemical portfolio at Daya Bay. As a result, it will step up its production of more sustainable ingredients that can help customers advance their environmentally friendly targets and create differentiated, more sustainable solutions to meet sector demands, said the company.


Aramco And TotalEnergies To Build $11 Billion Petrochemical Complex

French supermajor TotalEnergies and Saudi oil giant Aramco will build a massive petrochemical complex in Saudi Arabia worth $11 billion, the two companies said in a joint statement on Thursday.

The “Amiral” petrochemical complex will be owned, operated, and integrated with the existing SATORP refinery in Jubail on Saudi Arabia’s eastern coast.

The petrochemical facility will enable the SATORP refinery to convert internally produced refinery off-gases and naphtha, as well as ethane and natural gasoline supplied by Aramco, into higher value chemicals, helping to advance Aramco’s liquids to chemicals strategy, the companies said.

Expansion of the petrochemicals business at home and abroad is a pillar of Saudi Aramco’s strategy to capture more of the market segment where oil demand is expected to grow for decades.

Of the $11 billion investment in the petrochemical project, $4 billion will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%). Construction of the complex is expected to begin in the first quarter of 2023 with the goal of launching commercial operations in 2027.

The complex will include a mixed feed cracker capable of producing 1.65 million tons per annum of ethylene, the first in the region to be integrated with a refinery, and two state-of-the-art polyethylene units using Advanced Dual Loop technology, a butadiene extraction unit, and other associated derivatives units.

The facility will eventually provide feedstock to other petrochemical and specialty chemical plants in the Jubail industrial area, which will be built, owned, and operated by globally renowned downstream investors, expected to invest an additional $4 billion in the industry, Aramco and TotalEnergies say.

“We are delighted to write a new page of our joint history by launching this expansion project, building on the successful development of SATORP, our biggest and most efficient refining & petrochemicals platform in the world,” TotalEnergies CEO Patrick Pouyanné said.

“This world-class complex also fits with our strategy to expand sustainably in petrochemicals by maximizing the synergies within our major platforms,” the executive added.


Shell to divest stake in Malaysia's Baram Delta for $475m

Shell said it will sell its stake in two offshore production sharing contracts in Malaysia's Baram Delta for $475 million to Petroleum Sarawak Exploration and Production.

The announcement comes after Shell announced in March 2021 that it was considering selling its stake in the two production sharing contracts, as part of its strategy to focus and increase resilience and competitiveness in its upstream business.

Additional payments of up to $50 million will be paid between 2023 and 2024 contingent on commodity prices, it said in a statement on Tuesday, adding that the transaction will be effective January 1 and is targeted for completion in early-2023.

'This decision is in line with our work to continue focusing our portfolio,' said Zoe Yujnovich, Shell's upstream director.

Sarawak Shell Berhad, a subsidiary of Shell, holds a 40 per cent and 50 per cent stake in the Baram Delta EOR and SK 307 production sharing contracts respectively.

The remaining interests in both the production sharing contracts are held by the operator, Petronas Carigali, the exploration and production arm of Malaysia's state energy company Petronas.



Chevron Corporation through its Chevron New Energies business, and Baseload Capital have announced a joint venture to develop geothermal projects in the United States. The two companies will collaborate on driving geothermal opportunities – including identifying the best prospects for development, operations and progressing the next generation of geothermal technologies from pilot to commercial scale. Through this agreement, Chevron and Baseload Capital will work together to create awareness around geothermal energy which will be a critical supply option for renewable energy.

Geothermal energy provides baseload, reliable power – and will be a critical element in developing the energy systems of the future. Chevron and Baseload Capital believe that to reach a lower carbon future, all forms of energy will be required, and geothermal power provides a reliable source of renewable power that will also enable other lower carbon solutions.

The first project Chevron and Baseload Capital have identified is in Weepah Hills, Nevada, USA. The two companies will pursue development opportunities in Esmeralda County where previous geothermal research and advanced exploration already exist.

Baseload Capital is a Swedish specialized investment entity that funds the deployment of geothermal worldwide.


Exxon To Maintain Capex Levels At $20-25B Until 2027|

Supermajor ExxonMobil today announced its corporate plan for the next five years which maintains annual capital expenditures at $20-$25 billion.

Exxon said that it plans a sizeable increase in investments aimed at emission reductions and accretive lower-emission initiatives, including its Low Carbon Solutions business. According to the company, lower-emissions investments will grow to approximately $17 billion.

The plan is expected to double earnings and cash flow potential by 2027 versus 2019 and supports the company’s strategic priorities, which include leading the industry in safety, shareholder returns, earnings and cash flow growth, cost and capital efficiency, and reductions in greenhouse gas emissions intensity.

“Our five-year plan is expected to drive leading business outcomes and is a continuation of the path that has delivered industry-leading results in 2022,” said Darren Woods, chairman and CEO. “We view our success as an ‘and’ equation, one in which we can produce the energy and products society needs – and – be a leader in reducing greenhouse gas emissions from our own operations and those from other companies. The corporate plan we’re laying out today reflects that view, and the results we’ve seen to date demonstrate that we’re on the right course.”

Investments in 2023 are expected to be in the range of $23 billion to $25 billion to help increase supply to meet global demand. The company also remains on track to deliver a total of approximately $9 billion in structural cost reductions by year-end 2023 versus 2019.

Upstream earnings potential is expected to double by 2027 versus 2019, resulting from investments in high-return, low-cost-of-supply projects. More than 70% of capital investments will be deployed in strategic developments in the U.S. Permian Basin, Guyana, Brazil, and LNG projects around the world.

By 2027, upstream production is expected to grow by 500,000 oil-equivalent barrels per day to 4.2 million oil-equivalent barrels per day with more than 50% of the total to come from these key growth areas. Approximately 90% of Upstream investments that bring on new oil and flowing gas production are expected to have returns greater than 10% at prices less than or equal to $35 per barrel, while also reducing Upstream operated greenhouse gas emissions intensity by 40-50% through 2030, compared to 2016 levels.

Near-term upstream investments are projected to keep production at approximately 3.7 million barrels of oil equivalent per day in 2023 assuming a $60 per barrel Brent price, offsetting the impact of strategic portfolio divestments.

ExxonMobil Product Solutions expects to nearly triple earnings by 2027 versus 2019. These growth plans are focused on high-return projects that are anticipated to double volumes of performance chemicals, lower-emission fuels, and high-value lubricants. The company continues to leverage its industry-leading manufacturing scale, integration, and technology position to upgrade its portfolio and reduce costs.

The company announced an expansion of its $30 billion share-repurchase program, which is now up to $50 billion through 2024. It also recently increased its annual dividend payment for the 40th consecutive year. By year-end 2022, ExxonMobil expects to distribute approximately $30 billion to shareholders, including $15 billion in dividends and $15 billion in share repurchases.

ExxonMobil has allocated approximately $17 billion on its own emission reductions and accretive third-party lower-emission initiatives through 2027, an increase of nearly 15%. Nearly 40% of these investments is directed toward building our lower-emissions business with customers to reduce their greenhouse gas emissions with a primary emphasis on large-scale carbon capture and storage, biofuels, and hydrogen.

These lower-emissions technologies are recognized as necessary solutions to help address climate change and closely align with ExxonMobil’s existing competitive advantages and core capabilities. The balance of the capital will be deployed in support of the company’s 2030 emission-reduction plans and its 2050 Scope 1 and 2 net-zero ambition. In the Permian, the company is on track with its goal to reach net-zero Scope 1 and 2 emissions from its operated unconventional assets by 2030.

“We’re aggressively working to reduce greenhouse gas emissions from our operations, and our 2030 emission-reduction plans are on track to achieve a 40-50% reduction in upstream greenhouse gas intensity, compared to 2016 levels.”

“We will continue to advocate for clear and consistent government policies that accelerate progress to a lower-emissions future. At the same time, we’ll continue to work to provide solutions that can help customers in other industries reduce their greenhouse gas emissions, especially in higher-emitting sectors of the economy like manufacturing, transportation, and power generation,” added Woods.



Eni, Euglena, PETRONAS studying new biorefinery in Malaysia

Italian producer Eni, Japanese biotech firm Euglena and Malaysian state-owned energy major PETRONAS on Wednesday said that they are jointly studying the possibility of developing and operating a biorefinery at the Pengerang Integrated Complex (PIC) in southern Malaysia.

“The three firms are currently carrying out technical and economic feasibility assessments for the proposed project, with the investment decision expected to be reached by 2023 and the plant targeted to be completed by 2025,” they said in a joint statement.

The biorefinery will be located adjacent to PETRONAS’ existing integrated refinery and petrochemical facilities.

The biorefinery is expected to have a flexible configuration to maximise production of sustainable aviation fuel (SAF) for aircraft, as well as hydrogenated vegetable oil (HVO) for on-road vehicles, diesel-powered trains, and marine transportation.

The biorefinery is expected to have the capability to process about 650,000 tonnes/year of raw materials to produce up to 12,500 bbl/day of biofuels, namely SAF, HVO, and bio-naphtha.

“The raw materials to be used will not compete with those in the food chain such as used vegetable oils, animal fats, waste from the processing of vegetable oils, and other biomass including microalgae oils to be explored in the mid-term,” the firms said.

The planned biorefinery will use technology licensor Honeywell UOP’s Ecofining process, which was developed by Eni in cooperation with Honeywell UOP.


Phillips 66

Phillips 66 to boost spending on chemicals, renewable fuels

U.S. oil refiner Phillips 66 will raise spending on new projects next year by about 6%, putting more into renewable fuels and pipeline businesses.

Total capital spending next year will be about $3.14 B, up from $2.97 B budgeted this year, with increases for a new plastics plant and to convert a refinery to produce diesel and gasoline from animal fats and cooking oil.

Energy firms have been steadily boosting investments in renewable and lower carbon fuels. ExxonMobil Corp. and Chevron Corp this week said they would increase spending next year on lower carbon emission businesses.

Phillips' spending on refining projects would increase to $1.12 B, from the $896 MM budgeted for this year. Its budget for CP Chemical, a 50/50 joint venture with Chevron, will increase 29% amid work on a new polymer plant. Phillips said the capital allocation is consistent with its commitment to maintain a $2-B annual budget through 2024, excluding its joint ventures.

Including the company's proportionate share of capital spending associated with joint ventures CPChem and WRB, Phillips' total 2023 capital program is projected to be $3.14 B.


Marathon Petroleum Corp.

Marathon Petroleum Corp. to Report Fourth-Quarter and Full-Year Financial Results on January 31, 2023

FINDLAY, Ohio, Dec. 16, 2022 /PRNewswire/ -- Marathon Petroleum Corp. (NYSE: MPC) will host a conference call on Tuesday, January 31, 2023, at 11 a.m. EST to discuss 2022 fourth-quarter and full-year financial results.




HERZOGENAURACH, Germany, Dec. 16, 2022 /PRNewswire/ -- Today, adidas unveils the next step in its global partnership with Common Goal – aimed at driving gender equality in football by supporting grassroots initiatives that increase access to the sport for women and girls, on and off the pitch.

adidas' commitment will see 1% of net sales of the official match balls from the FIFA World Cup Qatar 2022, Al Hilm, and Al Rihla, contributed towards Common Goal's 'Global Goal 5 Accelerator'; a collective project to increase female participation, representation and leadership in the grassroots game. The programme focuses on increasing girls' participation as well as the proportion of female coaches and female leaders in football for good community programmes, helping to ensure that every girl participant has a female athlete role model in their community.

The announcement comes on a key moment in the football calendar. As one tournament comes to an end, another appears on the horizon as the countdown to the FIFA Women's World Cup Australia & New Zealand 2023™ - the next big moment on the global football calendar – ramps up. Based on the insight that only 14% of Gen Z fans of the men's World Cup will commit their support to the women's World Cup (GWI), adidas will use the spotlight of the final to showcase the passion, skill and heartbreak that awaits fans in the half of football that continues to grow exponentially each season; in viewership and participation. Ahead of kick off on Sunday's final, the specially created 'half' Al Hilm with an important message 'this is a game of two halves' will be placed in front of the world to raise importance of recognising that the men's game is only one half of football.

The investment will facilitate the expansion of the 'Global Goal 5 Accelerator' across Latin America, the Middle East, Asia Pacific and Europe making a real impact for the game across the globe.



Amazon cited by OSHA for warehouse injury report failures

The U.S. Department of Labor announced Friday that the Occupational Safety and Health Administration cited Amazon for failing to properly record some work-related injuries and illnesses during inspections at six warehouse facilities.

OSHA issued citations against Amazon for 14 recordkeeping violations, including failing to record injuries and illnesses, misclassifying injuries and illnesses, not recording injuries and illnesses within the required time, and not providing OSHA with timely injury and illness records, according to the Department of Labor.

Amazon faces $29,008 in proposed penalties, according to the Department of Labor.

'Solving health and safety problems in the workplace requires injury and illness records to be accurate and transparent,' said Assistant Secretary for Occupational Safety and Health Doug Parker in a statement.

According to Nicholas Biase, a spokesman for the US Attorney's Office for the Southern District of New York, the citations arise out of workplace safety inspections at Amazon warehouses outside New York City, Albany, Denver, Boise, Chicago, and Orlando.

OSHA initiated the inspections in July and August based on referrals received from the United States Attorney's Office for the Southern District of New York.

'Those referrals concerned potential workplace hazards related, among other things, to Amazon's required pace of work for its warehouse employees,' Biase said.

According to the Department of Labor, Amazon has 15 business days from receipt of the citation and proposed penalty to comply, request an informal conference with OSHA's area director, or contest the findings before the Occupational Safety and Health Review Commission.

The findings are part of an ongoing investigation.


Abbott to Exit Chinese Infant Nutrition Market by 2023

US healthcare giant Abbott Laboratories will stop selling baby formula in the Chinese mainland by next year amid stiff competition, shifting its focus to medical nutrition instead.

Abbott will gradually stop making and selling baby formula under the Eleva, PediaSure, and Similac brands as well as the sub-brands of Total Comfort and NeoSure, by 2023, the Chicago-based firm's Shanghai trading arm said on WeChat today.

“Consumer demand for babies' and children’s nutritional products is changing,” it said, “so we have decided to focus more on the growing medical nutrition business.”

Abbott had a 6.2 percent share of China's formula market in 2019, worth about CNY5 billion (USD719 million), but it was not in the top 10 as of this September, according to figures from market intelligence firm Nielsen.

In February, Abbott recalled batches of products in the Similac, Alimentum, and EleCare series produced by its Sturgis plant in Michigan, following the death of a baby that had consumed products contaminated with Cronobacter sakazakii and Salmonella Newport, which can cause meningitis or sepsis.

Consumers in China can buy Eleva, PediaSure, and Similac products online and offline with customer service, Abbott said. After the withdrawal, the company's cross-border e-commerce platform will continue operating.

Prices of Eleva, Similac, and Similac Total Comfort baby formulas range from CNY300 to CNY400 (USD43 to USD58) per can on with sales of more than one million cans for each brand. Sales of NeoSure, a nutrient-enriched formula for babies who were born prematurely, tally 200,000 units.