WASHINGTON: The robots of the future will be coming soon, rolling along at a lumbering pace with those goods you just ordered.
The six-wheeled, knee-high robots from startup Starship Technologies are part of a new wave of automated systems taking aim at the “last mile” delivery of goods to consumers.
Starship is launching a pilot project of robotic deliveries of parcels, groceries and prepared foods in early February in the US capital Washington, with a similar test taking place in Redwood City, California.
The startup, created by two of the founders of Skype, Ahti Heinla and Janus Friis, has already begun testing in several European cities as part of an effort to bring new efficiencies to local delivery.
The goal is to enable delivery within a radius of 2 miles (3 kilometers) within 15-30 minutes of an order, for $1 or less, with the autonomous robots traveling on sidewalks and alerting consumers of their arrival via smartphone app.
Starship spokesman Henry Harris-Burland said the founders were looking to “disrupt” an industry, which had seen little efficiency improvement from new technology.
“We are trying to solve real social and economic problems,” Harris-Burland said during a demonstration of the delivery bots in Washington.
“This will take cars and vans off the road. We can also provide deliveries to the elderly and handicapped who have difficulty getting around.”
The company, which has its business office in London, engineering in Estonia and some 90 employees, announced in January it had raised $17.2 million, led by Daimler AG with other investors as it moves to expand its testing and partnerships.
While the Starship robots roll at a modest pace of around 4 miles (6 kilometers) per hour, Harris-Burland said they offer a more efficient and economical delivery model than drones, which are being tested by online retail giant Amazon and others.
The rolling robots are far less expensive to build and operate than drones and face fewer regulatory issues.
He said drones might be better-suited to remote and rural areas, while the Starship bots are designed for cities and suburbs, where they can roll along on sidewalks.
“We do not see these as competing with drones, we see it as complementary,” Harris-Burland said.
The Starship robots, which look like high-tech plastic picnic coolers, can carry about 20 pounds of goods, suited to three to four grocery bags. They do not offer heating or chilled compartments because rapid deliveries would not need them, according to Harris-Burland.
They will not have the capacity to leave items on doorsteps, he said, because “customers will get delivery within 30 minutes, when they are home” and collect the goods at the door.
Starship has agreements for testing with the delivery firm Postmates in Washington and DoorDash in California, as it works toward a commercial model with other partners and retailers.
When the pilot begins in February, consumers will be able to order pizza, toothpaste, milk or eggs through the services, which may use humans or robots.
Starship is not the only robotic delivery startup looking to disrupt the sector. California-based startup Dispatch has raised $2 million in venture funding to begin testing of its rolling robots. Another California firm, Savioke, has agreed to provide delivery bots to hotels and apartment complexes.
Starship says one of its strong points is its “visual localization” technology that allows for real-time mapping using nine cameras on each robot to help navigate along sidewalks and circumvent obstacles, people and pets.
“We can see every crosswalk, every traffic light, every pothole,” Harris-Burland said.
“A lot of companies have mapped roads but no one has mapped sidewalks.”
The navigation is done by artificial intelligence, and the bots are “99 percent autonomous,” according to the spokesman.
“We want a human being able to oversee the robot’s journey and to intervene whenever there is a problem,” he said.
Harris-Burland said the company’s tests so far in Europe have shown the system works, with no problems related to theft or vandalism.
The lids of the devices are locked until the customer opens it with a smartphone. If anyone tries to steal it, an alarm will sound, and if it is hijacked the company can track it “to the nearest inch,” he said.
New wave of robots set to deliver the goods
New wave of robots set to deliver the goods
Oil Updates – prices little changed as market weighs mixed drivers
SINGAPORE: Oil prices held steady for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing US crude stocks rising.
Brent crude futures dipped 5 cents to $73.26 a barrel by 8:41 a.m. Saudi time. US West Texas Intermediate crude futures was flat at $69.39 per barrel.
The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week.
“We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments,” said Yeap Jun Rong, market strategist at IG.
On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, Moscow said. Russian President Vladimir Putin lowered the bar for a possible nuclear attack.
“This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market,” ANZ analysts said in a note to clients.
On the demand side, US crude oil stocks rose by 4.75 million barrels in the week ended Nov. 15, market sources said on Tuesday, citing American Petroleum Institute figures.
That was a bigger build than the 100,000 barrel increase analysts polled by Reuters were expecting.
Gasoline inventories, however, fell by 2.48 million barrels, compared with analysts’ expectations for a 900,000-barrel increase.
Distillate stocks also fell, shedding 688,000 barrels last week, the sources said.
Official government data is due later on Wednesday.
In a boost to oil price sentiment, there were signs that China, the world’s largest crude importer, may have stepped up oil purchases this month after a period of weak imports.
Data from vessel tracker Kpler showed China’s crude imports are on track to end November at or close to record highs, an analyst told Reuters.
Weak imports by China so far this year have pulled down oil prices, with Brent sinking 20 percent from its April peak of more than $92 a barrel.
Saudi Arabia raises $910m in November sukuk offering
RIYADH: Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for November, raising SR3.41 billion ($910 million), a 28.19 percent year-on-year increase.
In October, the Kingdom issued sukuk worth SR7.83 billion, while the figures for September and August were SR2.6 billion and SR6.01 billion, respectively.
Sukuk, also known as Islamic bonds, are Shariah-compliant debt products that allow investors to gain partial ownership of an issuer’s assets until maturity.
Saudi Arabia’s consistent sukuk issuances align with a report released by Moody’s in September, which stated that the global markets for these Islamic bonds are expected to remain strong in 2024.
The report also projected that the issuance of Shariah-compliant bonds could reach between $200 billion and $210 billion this year, up from just under $200 billion in 2023.
According to a statement by the NDMC, the November sukuk issuance was divided into five tranches. The first tranche, valued at SR2.52 billion, is set to mature in 2029.
The second tranche was valued at SR434 million and will mature in 2031, while the third tranche amounted to SR137 million, with a maturity date in 2034.
NDMC stated that the fourth tranche, sized at SR10 million, is scheduled to mature in 2036. The fifth tranche, valued at SR310 million, will mature in 2039.
A report by Fitch Ratings in October highlighted that sukuk issuances are on the rise, driven by improving financing conditions following the US Federal Reserve’s rate cuts to 5 percent in September.
Fitch noted that global sukuk outstanding reached $900 billion by the end of the third quarter of 2024, an 8.5 percent increase compared to the same period in 2023.
The report further projected that interest rates could decline to 4.5 percent by the end of 2024 and 3.5 percent in 2025, likely boosting sukuk issuances in the short term.
In August, Fitch reported that the UK remains a significant hub for Islamic finance, with the London Stock Exchange ranking as the third-largest listing venue for US dollar sukuk globally.
Saudi Arabia’s continued momentum in sukuk issuances reflects its commitment to developing the Islamic finance market as a core component of its Vision 2030 economic diversification strategy.
Developing nations push for action on COP29 financing shortfalls
RIYADH: Developed nations are facing growing pressure at COP29 to honor their climate finance commitments, as developing countries push for action to address the severe shortfalls in adaptation funding and the escalating environmental challenges they face.
The ongoing dispute centers around how much support developed nations will provide to poorer countries in their efforts to combat the impacts of climate change.
Representatives from vulnerable nations have emphasized the urgent need for concrete financial commitments, highlighting the widening gaps in adaptation funding.
Financing gaps undermine efforts
Kenya called for an end to the adaptation finance gap, urging increased financial flows to meet the continent’s needs. “Developing countries are not receiving the resources they need,” said Kenya’s representative. “Africa’s adaptation needs are the highest globally, estimated at $845 billion between 2020 and 2035, yet we receive less than a quarter of that annually.”
Bangladesh echoed these concerns, revealing a stark $5.5 billion annual shortfall in funding for resilience projects. “This gap must be filled through grant-based and external finance,” said Bangladesh’s representative.
Several developed nations have outlined their efforts to scale up adaptation financing. Germany highlighted that 30 percent of the EU’s current seven-year budget is allocated to climate-related initiatives, including $30 billion for nationally determined contributions and climate goals, and $12 billion for public climate adaptation finance.
France pledged €2 billion annually by 2025 for adaptation in developing countries, exceeding its previous commitments. Canada reported progress toward its goal of doubling adaptation finance by 2025, as per the Glasgow Climate Pact, but acknowledged the need for more expansive action. “Public finance alone won’t suffice,” said Canada’s representative. “We need coordinated global efforts, innovative instruments, and stronger policy signals to ramp up climate-resilient investments,” the representative continued.
UAE calls for scaling up adaptation finance
“The outcome of the first global stocktake under the UAE consensus underscores a stark reality: we are not on track to meet the adaptation needs of developing countries,” said the UAE’s representative. “Climate change disproportionately affects vulnerable communities who have contributed the least to global emissions. Adaptation is not a choice, but a necessity,” he continued.
The UAE underscored the widening adaptation finance gap, which is estimated to reach hundreds of billions of dollars annually by 2030.
“A critical component of COP28 was the UAE framework for global climate resilience, establishing targets for adaptation planning and implementation,” the representative noted. The UAE consensus calls for all parties to have national adaptation plans in place by 2025, with tangible progress on implementation by 2030.
“We urge developed countries to significantly scale up adaptation finance beyond the doubling committed at COP26,” the UAE added.
“This scaling up is crucial to meet the urgent and growing needs of developing countries.”
Rejecting allegations of involvement in the Sudanese conflict, the UAE reaffirmed its commitment to humanitarian aid and efforts to support a legitimate, civilian-led government in Sudan.
“We reject these baseless claims and emphasize our continued support for de-escalation, ceasefires, and aiding Sudanese civilians,” said the representative.
Jordan called for “predictable and transparent commitments” and expedited disbursements, emphasizing the challenges faced by water-scarce nations grappling with severe droughts.
Sudan urged for technological transfer and funding to recover from devastating floods, which caused $48 million in damages this year. Palestine raised concerns about barriers to accessing climate funds, citing “non-technical issues” that prevent direct support despite eligibility.
Kazakhstan stressed the importance of concessional financing, saying, “We need mechanisms that are accessible and predictable to address vulnerabilities and ensure funds flow directly to communities.”
Developing countries call for urgent action
“Adaptation is not a choice but a necessity,” reiterated the UAE representative, highlighting the disproportionate burden borne by vulnerable nations.
Qatar called for creative solutions to close the adaptation finance gap, urging developed countries to double financial support and focus on the implementation phases to maximize impact.
China demanded that developed countries clarify timelines for doubling adaptation financing, stating, “They must deliver on their commitments and prioritize vulnerable nations.”
As COP29 unfolds, the debate over adaptation financing underscores the urgent need to bridge the gap between pledges and tangible action. The world’s most vulnerable communities are watching closely, demanding that words translate into real solutions.
GAMI showcases achievements at maritime forum in Dhahran
RIYADH: Saudi Arabia’s General Authority for Military Industries highlighted its achievements in local military ship and boat manufacturing, as well as maintenance capabilities, at the 3rd International Saudi Maritime Forum.
In a press statement, GAMI noted that its pavilion also showcased specialized expertise in hull construction and system integration. Established in 2017, GAMI is tasked with regulating, monitoring, enabling, and licensing the Kingdom's military and security industries.
As part of its mission to strengthen the defense sector, GAMI aims to support the growth of Saudi Arabia's military industries and contribute to the country's economic development. The authority also plays a key role in achieving Saudi Vision 2030 by aiming to localize more than 50 percent of government defense spending by 2030.
The GAMI pavilion, inaugurated by Abdullah bin Abdulaziz Al-Hammad, GAMI’s deputy governor for strategic planning and execution, was presented to over 55 national and international organizations from 22 countries, including military specialists and academics from both Saudi Arabia and abroad.
The 3rd Saudi International Maritime Forum, organized by the Royal Saudi Naval Forces, kicked off on Nov. 19 in Dhahran and will run through Nov. 21.
The forum is focusing on key developments in regional and international maritime security, while also highlighting the latest technologies, equipment, and maritime systems at both local and global levels.
Saudi Arabia pledges support in combating global financial crimes
RIYADH: The global fight against money laundering, terrorism financing, and the proliferation of arms remains a pressing issue, as Saudi Arabia’s central bank governor emphasized the need for international collaboration to address these challenges.
Ayman Al-Sayari, governor of the Saudi Central Bank, reiterated the Kingdom’s commitment to advancing these efforts, stating, “We affirm Saudi Arabia’s keenness to unify joint regional efforts in combating money laundering, financing terrorism and the proliferation of arms, and overcoming the challenges facing all countries.”
His comments came during the conference on “The Latest Developments in Combating Money Laundering, Financing Terrorism, and the Proliferation of Arms,” held on the sidelines of the 39th General Meeting of the Middle East and North Africa Financial Action Task Force in Riyadh.
Marking the 20th anniversary of MENAFATF’s establishment, Al-Sayari highlighted its role in raising awareness and supporting regional adherence to international standards. “Today we celebrate the 20th anniversary of the establishment of the MENAFATF group, which has contributed to raising awareness, deepening understanding of international requirements at the regional level, and helping relevant authorities enhance their commitment to these requirements,” he said.
Al-Sayari also praised Saudi Arabia’s domestic initiatives aimed at strengthening compliance and combating financial crimes.
“We commend the efforts of the relevant authorities in Saudi Arabia through standing committees to enhance efforts and raise commitment to international requirements,” he added.
According to a UN report, an estimated 2 to 5 percent of global gross domestic product—equivalent to $800 billion to $2 trillion—is laundered each year. However, the clandestine nature of money laundering makes it difficult to determine the exact volume of illicit funds in circulation.
Acknowledging the evolving nature of financial crimes, Al-Sayari emphasized the need for proactive legislative and regulatory measures. “In light of the rapid development of money laundering, terrorism financing, and arms proliferation methods, countries must strengthen their legislative and regulatory frameworks to keep pace with these fast-evolving challenges,” he said.
Al-Sayari also affirmed Saudi Arabia’s alignment with the Financial Action Task Force under Mexico’s presidency, reinforcing the Kingdom’s support for global efforts to combat illicit financial flows. “Saudi Arabia participates actively in the FATF’s discussions to ensure that cross-border transfers are more efficient, transparent, and comprehensive without compromising due diligence obligations and measures,” he added.
Elisa Madrazo, president of the FATF, also addressed the conference, highlighting the importance of coordinated global efforts to combat financial crimes. Her remarks underscored FATF’s ongoing commitment to fostering collaboration among member countries and ensuring adherence to international standards.
During the conference, Al-Sayari met with Madrazo to discuss recent developments and shared interests in anti-money laundering efforts, combating terrorist financing, and addressing the financing of arms proliferation.
