The Emir of Qatar and Elon Musk speak on the second day of the Qatar Economic Forum Economic news

Qatari Emir Sheikh Tamim bin Hamad Al Thani and businessman Elon Musk were among the speakers on the second day of the Qatar Economic Forum, as global economic recovery after the COVID-19 pandemic and growing challenges such as food insecurity and energy diversification topped diversification. daily order.

“Supporting the economy and investment and innovation while maintaining shared values ​​and peace is a way to build capacity to meet the challenges facing all of humanity,” said Qatari Emir Sheikh Tamim bin Hamad Al Thani in his opening remarks. in Tuesday. .

“Qatar has a responsibility as a partner in the world community to confront global change and its impact on people,” he added.

The forum, hosted by Bloomberg, will focus on the need to diversify the global economy and develop the renewable energy sector, according to Al Jazeera’s Jamal Elshayal, who reported on the event.

“But the forum doesn’t just look at things financially, it also discusses neighboring issues such as the environment or the role of politics and human rights in emerging economies,” Elshayal said.

From Twitter to Tesla

Appearing virtually at the event, Musk, the world’s richest man, according to Forbes magazine, spoke of his recent proposal to acquire Twitter and the problems surrounding the social media platform, including the number of spam users in the system and the collection of a long deal.

“We are still waiting for a solution to this issue, and this is a very important issue,” he said, reiterating doubts about Twitter’s claims that fake or spam accounts account for less than five percent of its daily active revenue users. “And then, of course, the question arises whether the debt part of the circle will be collected? And then will shareholders vote “yes”?

Speaking to Tesla, the electric carmaker’s company, of which he is chief executive, Musk said there would be a payroll reduction of approximately 10 percent over the next three months. The cuts would reduce the company’s total staff by about 3.5 percent, Musk said.

His comments came when two former Tesla employees filed a lawsuit against the company, claiming that its decision to carry out a “mass dismissal” was in violation of federal law, as the company had not given prior notice of the job cuts.

The lawsuit was filed late Sunday in Texas by two workers who said they were fired from Tesla’s Giga factory in Sparks, Nevada, in June. According to the case, more than 500 employees were fired at the factory in Nevada.

Musk downplayed the trial as “trivial.” “Let’s not read too much in a preventive case that has no basis,” he said.

“Everything related to Tesla seems to get a lot of clicks, whether trivial or significant. I would put this trial, which you mention, in the trivial category. “

Market volatility

At a different panel of the forum, ExxonMobil CEO Darren Woods said it would take time for energy market instability to end and he expects three to five years in very tense oil markets. Woods added that the company has asked the United States government for a more efficient investment process and efforts to centralize carbon reduction.

QatarEnergy CEO Saad al-Kaabi also announced that ExxonMobil will be the newest international company to join Qatar in the Northern Field Expansion project.

Qatar is partnering with international companies in the first and largest phase of nearly $ 30 billion expansion, which will strengthen Qatar’s position as the world’s largest exporter of liquefied natural gas.

The two companies are expected to sign a deal later Tuesday.

This move comes after TotalEnergies, Italian Eni and ConocoPhillips also joined QatarEnergy in the project.

In terms of global finance, Kuwait Investment Authority (KIA) Managing Director Ghanem al-Ghenaiman expects a further expected downturn in global markets before deploying investment, and believes it will happen before the end of the year.

Ghenaiman said he believed the markets “will come down from here”.

KIA’s Sovereign Wealth Fund has more than $ 700 billion in assets, according to the State Welfare Fund Institute. He manages two funds – one is a nest when oil prices run out, the other is used to cover Kuwait’s budget deficit.

On the sidelines of the Doha event, the head of Kuwait Petroleum Corporation said the Gulf producer has the capacity to reach its OPEC quota and is moving to its first offshore production as it invests to meet future oil demand.

“We are making the necessary investments to ensure that we can meet any new increases in terms of distribution, as well as in terms of demand,” said Sheikh Nawaf Saud al-Sabah. “We always like to maintain a spare capacity of about 10% to 15% above where we should be just in case of supply disruptions around the world.

Kuwait received its first offshore platform a week ago and will soon be ready to start drilling, he said, without giving an exact date.

“We have been producing on land for almost 90 years and now we are moving to offshore for the first time,” he said. “We need to have good news about this soon.”

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