UNCHA AMIRPUR: Subedar Singh bears the scars of India’s painful reliance on dirty power and its struggle to pay for the costly transition to the brave new world of solar and renewable electricity.
Last year, the farmer walked into a field in his village and suffered 70 percent burns to his feet and ankles from an underground coal fire caused by a nearby power plant. Singh said he dragged himself out of the field and then fainted from the searing pain.
The people of Uncha Amirpur in the northern Uttar Pradesh state — east of the smog-afflicted capital New Delhi — discovered that a mix of water and coal used by the nearby NTPC Dadri power plant had accumulated under the field and caught fire. Some cattle died.
Hundreds of millions of people in India are forced to live with the fallout of the dirtiest fuels — with the government blaming a lack of funds to pay for greener power.
Money will be the key issue when about 100 countries meet in Paris on Tuesday for the One Planet Summit organized by French President Emmanuel Macron. The meeting will focus on marshalling public and private funds to speed the move to a low-carbon economy.
Developing countries say barely a tenth of the $100 billion (SR375 billion) promised by the end of the decade under a 2010 deal has come in so far.
“If more money is available, of course the (Indian) government is in a position to push renewable energy faster,” energy analyst Narendra Taneja said.
“The pollutants accumulated over the decades, we didn’t do that. It was the West and they should clear up those dues as soon as possible,” said Taneja, a consultant to the ruling Bharatiya Janata Party.
India needs $140 billion to reach Prime Minister Narendra Modi’s ambitious target of installing 100,000 megawatts of solar power by 2022, according to Arunabha Ghosh, chief executive of the Council on Energy, Environment and Water, a New Delhi think tank.
So far it has just 15,000 MW, less than five percent of the country’s total generation capacity of 331,000 MW.
Developing countries “have stayed committed to the Paris agreement, even after the US decision to exit, but their ability to scale up ambitions is contingent on how much rich countries do at home and how much they support actions outside,” Ghosh said.
“Next year could be a tipping point for their patience.”
As one of the fastest growing major economies, India needs uninterrupted power to keep factories humming and the economy expanding.
Currently, 66 percent of its electricity is generated by coal and gas. The rest comes from nuclear and renewables, including hydro, wind and solar.
India needs renewable energy to meet its 2015 Paris commitment to reduce emissions relative to gross domestic product by up to 35 percent by 2030 from 2005 levels.
A lack of affordable options to store wind and solar energy means cheap coal is India’s mainstay. More than 300 coal power plant units missed a December 7 government deadline to upgrade with emissions reduction technology.
The impact is visible in Uncha Amirpur, where a thick coat of grime and dust covers every surface.
The Dadri power plant provides up to one third of the electricity required for New Delhi, 66 kilometers away by road, but also fuels the smog that envelops the Indian capital each winter.
The severe air pollution in New Delhi — many times the global safe limit — has been linked to asthma, bronchitis and even brain disease in babies.
Mandeep Raghav, a village local trying out for the Uttar Pradesh state cricket team, said there are days when he finds it hard to breathe.
“When I run, it’s okay for a while as I absorb the pollution, but at night when I sleep, I can feel my heartbeat increasing,” the 23-year-old batsman, whose father died of asthma in April, said.
“Sometimes I feel like I’m about to die.”
Ishwar Chand Sharma, who earns about 7,000 rupees a month as a mechanic at the coal plant, said: “For most of this year, I’ve been sick at least 10 days a month and missed work.”
Ash from the coal plant spreads to nearby villages, including Salarpur Kala, which is sandwiched between the plant and two cement factories.
Satbir Singh, a retired soldier who took up farming, said the ash ruins his crops.
“There’s a thick layer on the buds that just kills the wheat,” he said. “At least half of the 200 acres here was wiped out in October.”
Pollution conundrum: India faces painful move to cleaner energy
Pollution conundrum: India faces painful move to cleaner energy
Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE
- Dogecoin got a bump after US President-elect Trump named Tesla’s Elon Musk as one of the heads of a new “Department of Government Efficiency,” which is not a government agency but does have the acronym DOGE
NEW YORK: Wow, much bull market.
Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been racing higher in value since Donald Trump won the presidential election last week. It got another bump after Trump named Tesla’s Elon Musk as one of the heads of a new “Department of Government Efficiency,” which is not a government agency but does have the acronym DOGE.
All this makes sense and is maybe humorous for anyone who’s chronically online. For others, here’s some explanation about what’s going on:
What is dogecoin?
It’s a cryptocurrency, whose value rises and falls against the US dollar based on however much people will pay for it.
At first, it was seen as a joke. But over time, dogecoin has amassed a group of fans who have periodically sent its price soaring. Like other cryptocurrencies, supporters say it could be used to buy and sell things on the Internet without having to worry about a central bank or government affecting how many are in circulation.
How much has dogecoin climbed?
One dogecoin — which is pronounced dohj-coin — was worth less than 16 cents just before Election Day. It’s since more than doubled to nearly 38 cents, as of Wednesday afternoon, according to CoinDesk. It briefly got above 43 cents earlier Wednesday.
Why is it climbing so much?
Cryptocurrencies have generally been shooting higher since Trump’s election. Bitcoin, which is the most famous digital currency, has set an all-time high above $93,000 after starting the year below $43,000.
Excitement is racing because Trump has embraced crypto and said he wants the United States to be the “crypto capital of the planet” and create a bitcoin “strategic reserve.”
What does Elon Musk have to do with any of this?
Musk has become one of Trump’s close allies. He’s also been one of the most famous fans of dogecoin. In 2021, Musk played a character on “Saturday Night Live” who went by the nickname, the “Dogefather.”
In 2022, Musk made more headlines when he suggested Twitter should perhaps accept dogecoin as payment for subscriptions.
It all came to a head Tuesday, when Trump announced the “Department of Government Efficiency,” which will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.”
It has the acronym DOGE, which is also the ticker symbol under which dogecoin trades. Musk will lead it, along with former GOP presidential candidate Vivek Ramaswamy.
This all sounds weird.
Dogecoin’s history is interesting.
In 2021, on April 20, dogecoin fans tried but failed to get its value above $1 on what they were calling “Doge Day.”
April 20 has long been an unofficial holiday for marijuana devotees, and Musk himself has referred to 420 several times in his career, including his tweet in 2018 saying he had secured funding to take Tesla private at a price of $420 per share.
Is the Shiba Inu whose picture is in the meme getting special treats because of all this?
Sadly, no. The dog, whose real name was Kabosu, passed away in Japan earlier this year at 18 years old. Much rest, may she have.
Number of active mining licenses in Saudi Arabia reaches 2,295
- The goal is to transform mining into the third pillar of the national industry and leverage the Kingdom’s vast mineral wealth, estimated at around SR9.3 trillion
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources issued 35 new mining licenses in September, the Saudi Press Agency reported on Wednesday citing the National Center for Industrial and Mining Information.
These permits included 24 exploration licenses, seven quarry licenses for building materials, three reconnaissance licenses, and 1 mining exploitation and small mine license.
Official spokesperson for the ministry, Jaraah bin Mohammed Al-Jaraah, explained that by the end of September 2024, the total number of active mining licenses in the sector had reached 2,295. The majority of these licenses are quarry licenses for building materials, with 1,461 issued, followed by 566 exploration licenses, 203 mining exploitation and small mine licenses, 42 prospecting licenses, and 23 surplus mineral resource licenses.
Al-Jaraah emphasized that the Ministry of Industry and Mineral Resources is focused on protecting and enhancing the value of the mining sector in alignment with Saudi Arabia’s Vision 2030. The goal is to transform mining into the third pillar of the national industry and leverage the Kingdom’s vast mineral wealth, estimated at around SR9.3 trillion.
Saudi Arabia’s CMA approves regulatory changes to strengthen debt market
RIYADH: Saudi Arabia’s Capital Market Authority has approved its largest regulatory overhaul to date for the sukuk and debt instruments market, marking a significant step in the country’s financial sector development.
The newly approved changes introduce key amendments to the rules on the offer of securities and continuing obligations, particularly related to the issuance of debt instruments.
These adjustments simplify prospectus requirements for public, private, and exempted offerings, streamlining the process and reducing regulatory burdens.
These changes will take effect as soon as they are published and are designed to attract a wider range of issuers and foster deeper investment in the market.
“By facilitating the listing requirements for debt instrument, we are increasing the attractiveness of the local debt capital market to drive increased participation from issuers and investors,” Mohammed Al-Rumaih, CEO of the Saudi Exchange, said.
The amendments to the listing rules of debt instruments mark a significant milestone in the continued development of Saudi Arabia’s debt capital market, further reinforcing our commitment to building a globally competitive and sophisticated debt capital market.”
The reforms aim to strengthen Saudi Arabia’s regulatory framework for debt instruments, creating a more dynamic and accessible market. Notably, the amendments allow the Kingdom’s development funds, sovereign wealth funds, and development banks to issue debt instruments through exempt offerings, subject to specific conditions.
This flexibility will enable these institutions to better align their financing strategies with Saudi Arabia’s broader development goals.
“As we move forward, the Saudi Exchange remains focused on providing a robust platform for debt financing that supports the Kingdom’s Vision 2030 ambitions, specifically the Financial Sector Development Program aspirations in deepening the debt capital market,” Al-Rumaih said.
The new regulations also simplify the documentation process for public offerings, reducing prospectus requirements by more than 50 percent.
A dedicated section for public offerings will improve regulatory clarity, ensuring that all material information is disclosed to investors while maintaining investor protection.
In addition to easing public offering requirements, the changes introduce more flexibility for private offerings. The CMA has eliminated the prior requirement for advance notification before launching an offering.
Issuers can now notify the CMA and immediately proceed with their offerings, a change that is expected to expedite the financing process and improve efficiency.
These regulatory enhancements are part of Saudi Arabia’s broader efforts to develop its sukuk and debt markets as a crucial funding channel for businesses.
By improving access to financing, the reforms are expected to drive greater economic growth and help position the sukuk and debt markets as central components of the Kingdom’s financial ecosystem.
The reforms align with Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the economy and enhance the capital markets. They also reflect the CMA’s ongoing commitment to improving market transparency, protecting investors, and increasing market participation.
In parallel, the CMA recently invited public feedback on amendments to the investment funds regulations, which are also part of efforts to refine the framework for private and foreign investment funds, particularly in retail markets. These changes aim to better protect retail investors, addressing risks that emerged from a 2021 regulation allowing individual retail investments up to SR200,000 ($53,245).
The consultation period for these proposed changes will run for 30 calendar days.
With these far-reaching regulatory reforms, Saudi Arabia is poised to further strengthen its sukuk and debt markets, positioning them as key drivers of economic growth and investment. The CMA’s efforts to enhance transparency and investor protection are expected to boost both domestic and international confidence in the Kingdom’s financial markets.
Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors
- Goldman Sachs Saudi Arabia and SNB Capital are acting as joint global coordinators and bookrunners for PIF
- Remaining shares held by PIF represent 62% of the firm’s issued share capital
RIYADH: Saudi Arabia’s Public Investment Fund has announced the offering of 2 percent of its Saudi Telecom Co.’s stake, amounting to 100 million shares, to qualified institutional investors locally and globally.
Goldman Sachs Saudi Arabia and SNB Capital, acting as joint global coordinators and bookrunners for PIF, announced that the share price, or offer rate, would be determined through an accelerated book-building process, according to a statement on the Saudi Stock Exchange.
This falls in line with PIF’s vision, which has about $925 billion assets under management, of becoming a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
The Tadawul statement said that following the completion of the offering, the remaining shares held by PIF in the company, representing 62 percent of the firm’s issued share capital, will be subject to a 90-day contractual lock-up undertaking.
The company will not receive any proceeds from the issuance, and the offering will not dilute the shares of the organization’s additional shareholders.
The statement also said that the final number of offer shares, price, and results will be announced by Nov. 14.
The sale will be executed through off-market negotiated deals on Nov. 14 before market opening, under the Negotiated Deals Framework stipulated under the Trading and Membership Procedures issued by the Saudi Exchange.
The offering will be available to institutional investors within the Kingdom, qualified foreign institutional backers in line with the Rules for Foreign Investment in Securities, and institutional beneficiaries of swap agreements made with a Capital Market Authority-authorized person to trade shares on the Saudi Exchange on their behalf.
It will also be open to Gulf Cooperation Council investors, including companies and funds authorized to trade in Saudi shares.
Closing Bell: Saudi Arabia’s TASI closes in red, down 0.97%
- MSCI Tadawul 30 Index declined 15.60 points to close at 1,500.54 points
- Parallel market Nomu closed the day at 29,205.53 points, reflecting an increase of 95.12 points
RIYADH: The Tadawul All Share Index in Saudi Arabia concluded Wednesday’s trading session at 11,930.45 points, marking a decrease of 117.22 points or 0.97 percent.
MSCI Tadawul 30 Index also declined 15.60 points to close at 1,500.54 points, a 1.03 percent decrease.
The parallel market Nomu closed the day at 29,205.53 points, reflecting an increase of 95.12 points, or 0.33 percent.
TASI reported a trading volume of SR5.540 billion ($1.474 billion), with 52 stocks gaining and 178 falling.
The best-performing stock was Shatirah House Restaurant Co., whose share price surged 10 percent to SR20.24.
Other top performers include Saudi Cable Co. and Alkhaleej Training and Education Co., whose share prices soared by 5 percent and 4.08 percent to SR88.20 and SR30.60, respectively.
Other top performers include Bawan Co. and Middle East Specialized Cables Co.
The worst performer was Ash-Sharqiyah Development Co., whose share price dropped by 5.18 percent to SR19.40.
Other worst performers were United International Transportation Co. and National Medical Care Co., whose share prices dropped by 3.87 percent and 3.33 percent, respectively, to stand at SR79.50 and SR168.60.
Saudi Tadawul Group Holding Co. was another worst performer, whose share price dropped by 3.08 percent to SR232.60.
On the parallel market Nomu, Leaf Global Environmental Services Co. was the top gainer, with its share price surging by 8.68 percent to SR98.90.
Other top gainers on the parallel market were Fad International Co. and Al Mohafaza Co. for Education, with their share prices surging by 7.24 percent and 6.04 percent to reach SR81.50 and SR28.10, respectively.
Rawasi Albina Investment Co. and Amwaj International Co. were the other top gainers on Nomu.
Al-Razi Medical Co. was the major loser on this market, as the company’s share price slipped by 7.98 percent to SR47.85.
First Avenue for Real Estate Development Co. and Obeikan Glass Co. were other major losers on Nomu, with share prices dropping by 6.18 percent and 6.01 percent, reaching SR8.35 and SR49.25, respectively.
