Mukesh Ambani
Billionaire Mukesh Ambani’s Reliance Industries is considering a bid for Indian government incentives for solar power manufacturing, as the fossil fuels company begins a $10 billion push into clean energy.
Reliance, India’s most valuable company, attended a pre-bid meeting held last month to discuss the subsidy programme, sources told Bloomberg.
The talks underline Mr Ambani’s ambitions for the company to make rapid growth in renewable energy to supplement its existing businesses. Reliance said last month it plans to build factories to produce solar components, energy storage batteries and electrolysers for making green hydrogen and fuel cells.
Prime Minister Narendra Modi’s government announced financial benefits for manufacturing in a range of sectors, including solar energy and batteries, to revive an economy battered by the Covid-19 pandemic and to reduce dependence on imports.
This is an opportunity that is attracting local and foreign investors. State-run miner Coal India, which is examining new businesses to offset a slowdown in demand for the fuel, is also considering putting in bids for subsidies to manufacture solar equipment, the sources said. US company CubicPV said this month it is looking for an Indian partner to jointly bid for the incentives.
India, the world’s third-largest emitter of greenhouse gases, plans to expand its renewable power capacity nearly five-fold to 450GW by the end of the decade in a bid to reduce its dependence on fossil fuels. Solar power will account for around 62 per cent of the 2030 target, meaning the country will need to add about 26GW of capacity annually for the next nine years. The country’s own factories can currently meet less than half the demand for modules.
The government is giving 45bn rupees ($603 million) to companies setting up solar manufacturing facilities. Proposals such as the plan Reliance unveiled last month to make the entire chain of products – from raw material polysilicon to finished modules – would win preferential treatment, ministry documents show.
Gautam Adani
Gautam Adani is increasing his footprint in fossil fuels, new research shows, even as the Indian billionaire vows to make his ports-to-power conglomerate carbon negative.
The Adani Group is doubling its coal-fired power capacity to 24GW. It plans to own, develop or operate new coal mines with a combined capacity of 132 million tonnes a year and is pursuing oil and gas projects, including a partnership with France’s TotalEnergies, according to a report published by environmental non-profit Market Forces.
The Australia-based organisation, a vocal critic of Mr Adani’s Carmichael coal project in Queensland, said its analysis is based on data from several Adani holdings.
Taken together, these initiatives show a company that is making a significant negative contribution to global warming rather than preparing for the energy transition, said Pablo Brait, a campaigner at Market Forces.
The findings may increase scrutiny on the India-based group and its founder, who is rapidly rising up the ranks of Asia’s richest people and earlier this year signed one of the continent’s biggest clean energy loans with 12 global banks.
I know of no other organisation in the world that has accelerated its renewables footprint as rapidly as the Adani Group
Gautam Adani,
chairman and founder of Adani Group
While almost all of Mr Adani’s coal assets are in India – where the government says it can’t prioritise eliminating emissions without sufficient financing from richer nations – it is facing growing pressure from activists and some investors over the Carmichael project.
The conglomerate will make the transition to carbon negative “by carefully balancing our energy migration”, Mr Adani said on June 30 at the India Global Forum, without providing a timeline.
He added that a shift away from cheaper fossil fuels “should not crush the aspirations of the thousands that lack electricity”.
Coal currently contributes almost 70 per cent of India’s electricity production, although that share has been declining.
While addressing his group’s shareholders last Monday, Mr Adani said Adani Green Energy became the world’s largest solar company in 2020 and after a recent acquisition has reached its renewables target of 25GW four years ahead of schedule.
“I know of no other organisation in the world that has accelerated its renewables footprint as rapidly as the Adani Group,” he said.
Richard Branson
Richard Branson has acquired a stake in Seraphim Space Investment Trust, the first venture capital fund focused on the space sector, as part of a £178m ($247m) initial public offering.
The billionaire purchased stock in London-based Seraphim in a sale that closed last week, Will Whitehorn, the company’s chairman, said. He declined to disclose the size of the commitment.
Mr Branson is backing the UK company as his own Virgin Galactic Holdings prepares to carry tourists to the edge of space. The entrepreneur and five other crew rocketed to an altitude of 85 kilometres in a test flight last Sunday, high enough to experience weightlessness and view the curvature of the Earth. Virgin Group confirmed that Mr Branson is a Seraphim investor.
Mr Whitehorn, a former Virgin Galactic president, said Airbus was among other parties to buy shares of Seraphim, which is set to start trading on Wednesday on the main market of the London Stock Exchange.
The closed-ended investment firm said the IPO had been oversubscribed, with applications scaled back to equal the £150m originally targeted. A further £28.4m has been raised in connection with the acquisition of 15 initial assets.
Mr Whitehorn said the positioning of the flotation between Mr Branson’s space mission and another to be flown on July 20 by Amazon founder Jeff Bezos was entirely fortuitous and came about after the Seraphim IPO was delayed.
“A lot of our advisers thought we were taking a risk once they saw the timing of Richard’s flight,” he said. “It could have been that things did not work out quite so well.”
Seraphim has been investing in space since 2016.
Josh Harris
Josh Harris, the co-founder of Apollo Global Management, who was passed over for the top job at the private equity powerhouse earlier this year, is laying the groundwork to raise his own fund.
Mr Harris, who helped found Apollo in 1990 with Leon Black and Marc Rowan, met recruiting firms to help him start building a team, according to sources. The fund will focus on middle-market private equity deals and has a loose target of $5bn, they said.
Mr Harris is striking out on his own after announcing in May that he would be relinquishing his day-to-day responsibilities at Apollo.
Mr Harris is worth an estimated $7bn, according to the Bloomberg Billionaires Index. His family office manages his personal fortune. So far this year, Mr Harris has sold $157m worth of Apollo stock, leaving him with $2.6bn in shares.
I continue to look forward to returning to my roots as an investor and entrepreneur
Josh Harris,
co-founder of Apollo Global Management
Mr Harris said in a statement through a spokesman that he is “not fund-raising” and has “no other specific plans”. In the emailed statement, Mr Harris said he will “remain focused on my work at Apollo” and will transition out of his role early next year. “I continue to look forward to returning to my roots as an investor and entrepreneur,” he said.
His decision to call it quits at Apollo came after the firm tapped Mr Rowan to succeed Mr Black as chief executive, leaving Mr Harris without much clout at the company he helped build. His departure will coincide with Apollo’s acquisition of Athene Holding in early 2022, the company said.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Small%20Things%20Like%20These
%3Cp%3EDirector%3A%20Tim%20Mielants%3Cbr%3ECast%3A%20Cillian%20Murphy%2C%20Emily%20Watson%2C%20Eileen%20Walsh%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
RESULTS FOR STAGE 4
Stage 4 Dubai to Hatta, 197 km, Road race.
Overall leader Primoz Roglic SLO (Team Jumbo - Visma)
Stage winners: 1. Caleb Ewan AUS (Lotto - Soudal) 2. Matteo Moschetti ITA (Trek - Segafredo) 3. Primoz Roglic SLO (Team Jumbo - Visma)
Points Classification
1. Marcel Kittel (Germany / Quick-Step) 63
2. Arnaud Demare (France / FDJ) 38
3. Andre Greipel (Germany / Lotto) 25
4. Sonny Colbrelli (Italy / Bahrain) 24
5. Mark Cavendish (Britain / Dimension Data) 22
6. Taylor Phinney (U.S. / Cannondale) 21
7. Geraint Thomas (Britain / Team Sky) 20
8. Thomas Boudat (France / Direct Energie) 20
9. Stefan Kueng (Switzerland / BMC Racing) 17
10. Michael Matthews (Australia / Sunweb) 17
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
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Arabian Gulf Cup FINAL
Al Nasr 2
(Negredo 1, Tozo 50)
Shabab Al Ahli 1
(Jaber 13)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
More from Rashmee Roshan Lall
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
No Shame
Lily Allen
(Parlophone)
India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
Match info
Newcastle United 1
Joselu (11')
Tottenham Hotspur 2
Vertonghen (8'), Alli (18')
THE%20SWIMMERS
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It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Match info:
Leicester City 1
Ghezzal (63')
Liverpool 2
Mane (10'), Firmino (45')
THE SPECS
Touareg Highline
Engine: 3.0-litre, V6
Transmission: 8-speed automatic
Power: 340hp
Torque: 450Nm
Price: Dh239,312
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
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Killing of Qassem Suleimani
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
Zayed Sustainability Prize
THE%20SPECS
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INDIA'S%20TOP%20INFLUENCERS
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
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The%20trailblazers
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The five pillars of Islam
Zayed Sustainability Prize
Company%20Profile
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