Latest news with #291
TimesLIVE
6 days ago
- Automotive
- TimesLIVE
Nissan plans $7bn funding, including loan backed by UK government
Japan's struggling Nissan is considering raising more than ¥1-trillion (R125,794,820,900) from debt and asset sales which would include a syndicated loan guaranteed by the UK government, Bloomberg News said on Wednesday. The country's third-biggest carmaker plans to issue as much as ¥630bn (R78,291,108) worth of convertible securities and bonds, including high-yielding US dollar and euro notes, Bloomberg News said, citing documents it had seen. Nissan is also considering taking out a £1bn (R24,260,850,000) syndicated loan guaranteed by UK Export Finance, the report said. The report said Nissan is also looking at selling part of the stakes it holds in French carmaker and long-standing alliance partner Renault and in battery maker AESC Group, and plants in SA and Mexico. Representatives for Nissan and UK Export Finance did not respond to a request for comment. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. Earlier this month, the company presented a sweeping cost-cutting plan under which it plans to reduce its workforce by around 15% and cut car plants to 10 from 17 globally. Sources told Reuters this month Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in SA as part of its cost-cutting plan. Nissan's shares rose more than 4% after the report but they gave up most of the gains and were last trading up 0.6%.
Express Tribune
22-05-2025
- Business
- Express Tribune
Power generation hits 4-year high in April
Listen to article Pakistan's power generation in April 2025 surged to 10,513 gigawatt-hours (GWh), reflecting a robust 22% year-on-year (YoY) and 25% month-on-month (MoM) increase — the highest monthly generation recorded in the past 48 months, according to data published by the National Electric Power Regulatory Authority (NEPRA). "Power generation in April'25 surged by 22% YoY, highest in 48 months, to 10,513 GWh," wrote Arif Habib Limited (AHL). Despite this sharp rise, generation remained broadly aligned with the regulatory reference level, helping produce a positive Fuel Cost Adjustment (FCA) for the month, the first since June 2024. "Shift to expensive fuel mix resulted in the first positive FCA after June 2024," said Research Head of Optimus Capital, Maaz Azam. The uptick in generation is largely attributed to soaring electricity demand, spurred by rising temperatures and reduced reliance by industries on captive power generation. Analysts believe the shift was also influenced by lower grid tariffs, which made national grid electricity more attractive compared to captive sources. "The rise in generation is attributed to increased demand, driven by a reduction in tariffs," said Research Head of AHL, Sana Tawfiq. Cumulative power generation during the first 10 months of the fiscal year 2025 (10MFY25) reached 100,661 GWh, showing a marginal decline of 0.4% YoY from the same period last year. In terms of source-wise contribution, hydropower (hydel) led the mix with 2,306 GWh (22% share), up 11% YoY, followed by re-gasified liquefied natural gas (RLNG) at 2,157 GWh (21%) and nuclear at 1,882 GWh (18%). A notable highlight was the 59% YoY growth in local coal-based generation, which rose to 1,540 GWh, supported by increased utilisation and favourable fuel costs. Conversely, generation from imported coal and natural gas declined by 32% and 26% YoY, respectively, reflecting deliberate cost-cutting and fuel optimisation strategies. Wind and solar energy maintained a combined share of 9.2%, consistent with seasonal patterns, while residual fuel oil (RFO) re-entered the generation mix with 83 GWh at a steep cost of Rs28.77/kWh. From a policy perspective, a significant development in March 2025 was the imposition of a Rs791/mmbtu levy on gas-based captive power plants (CPPs), raising their effective gas tariff to Rs4,291/mmbtu. According to estimates by AKD Securities, this translates into a staggering generation cost of around Rs42/kWh for off-grid captive units operating at 35% thermal efficiency. This steep cost differential prompted many industrial users to switch to relatively cheaper grid electricity, which averaged around Rs28/kWh (excluding taxes and duties). While the fuel cost of power generation rose by 8% YoY to Rs9.92/kWh in April 2025, driven by a heavier reliance on expensive fuels like RLNG and RFO, the average cost of generation actually fell on a MoM and YoY basis. It dropped to Rs8.95/kWh, down 5% YoY and 8% MoM, compared to Rs9.75/kWh in April 2024reflecting improved fuel mix efficiency and lower reliance on imported fuels. According to Optimus Capital Management, the total generation of 10,513 GWh in April was slightly below the reference level of 10,550 GWh, a shortfall of just 0.4%. However, changes in the fuel mix were stark. Hydel power dropped by 28.6% versus its reference (3,228 GWh), while coal-fired generation soared by 48.6%, with imported coal usage jumping 115.1% and local coal rising 22.5%. Meanwhile, RLNG generation grew by 42.1%, and nuclear generation fell by 22.3%. The cost impact of this fuel mix shift was significant. RLNG's contribution to fuel cost jumped to Rs4.98/kWh, up from a reference of Rs3.31/kWh. Local and imported coal together contributed Rs3.30/kWh, while nuclear (Rs0.38/kWh) and hydel (zero marginal cost) remained low-cost contributors. The net result was a positive FCA of Rs1.27/kWh, calculated against a reference fuel cost of Rs7.68/kWh. This marked change in fuel mix, particularly the increased reliance on RLNG and coal, alongside stable generation levels, led to the country's first positive FCA adjustment in 10 months, a noteworthy development for both consumers and the broader energy sector.
Khaleej Times
26-03-2025
- Business
- Khaleej Times
UAE: Ras Al Khaimah real estate transactions surge 25,000% in 7 years
The real estate market in Ras Al Khaimah has grown significantly, with transaction volumes increasing by nearly 250 times or 25,000 per cent over the past seven years, according to the latest data from the Ras Al Khaimah Statistics Centre. The total value of real estate transactions in June 2024 reached Dh2,535,067,291, up from Dh10,113,300 in June 2017. Similarly, mortgage values rose to Dh3,475,928,534 in July 2024, compared to Dh15,836,398 in July 2017, an increase of approximately 21,849 per cent. This reflects growing investor confidence and the emirate's position as a real estate hub. The transaction increase comes as Ras Al Khaimah continues to attract investment through strategic initiatives, including the expansion of Ras Al Khaimah International Airport, significant hospitality and entertainment projects, and a growing focus on sustainable urban development. Christopher Cina, Director of Sales at Betterhomes, told Khaleej Times the surge in transactions is linked to increased development, improved connectivity, and growing demand for beachfront properties. 'The integrated gaming resort is expected to bring 4 million tourists a year to Ras Al Khaimah. Naturally, people prefer beachfront property as well,' he said. He also pointed to the rising number of completed projects and growing market confidence. 'Mortgage activity shows that lenders are taking the market seriously, and more importantly, it indicates that many developments are now complete. The numbers have gone up, and market sentiment has improved because, while there was limited development five years ago, today, there is a significant amount.' Andrei Charapenak, CEO of Major Developers, commented on the market growth: 'Ras Al Khaimah is no longer an emerging player it has established itself as an investment destination. The increase in real estate transactions and mortgage values reflects the emirate's economic development, driven by leadership, infrastructure projects, and demand for residential and commercial spaces.' He added: 'We are seeing a shift in investor sentiment, with luxury, sustainability, and lifestyle integration playing a major role in purchasing decisions. The real estate sector in Ras Al Khaimah is evolving to meet global standards, and new developments are catering to both local and international buyers.'
Arabian Business
26-03-2025
- Business
- Arabian Business
Ras Al Khaimah real estate ‘no longer an emerging player' as transactions up 25,000% since 2017
The real estate market in Ras Al Khaimah has witnessed unprecedented growth, with transaction volumes skyrocketing by nearly 25,000 per cent over the past seven years, according to the latest data from the Ras Al Khaimah Statistics Centre. The total value of real estate transactions in June 2024 reached AED2,535,067,291 ($2.535bn) an exponential leap from just AED10,113,300 ($2.8m) in June 2017. Similarly, mortgage values have soared, recording AED3,475,928,534 ($946.5m) in July 2024, compared to AED15,836,398 ($4.3m) in July 2017—an unprecedented increase of approximately 21,849 per cent. Ras Al Khaimah real estate This surge underscores the growing investor confidence and the emirate's rising prominence as a real estate powerhouse. Andrei Charapenak, CEO of Major Developers, said: 'Ras Al Khaimah is no longer an emerging player—it has cemented itself as a prime investment destination. 'The staggering increase in real estate transactions and mortgage values reflects the emirate's economic momentum, fuelled by visionary leadership, strategic infrastructure developments, and a strong appetite for premium residential and commercial spaces. 'We are seeing a paradigm shift in investor sentiment—luxury, sustainability, and lifestyle integration are driving purchasing decisions'. The surge in transactions comes at a time when Ras Al Khaimah is attracting heightened interest due to its strategic initiatives, including the expansion of Ras Al Khaimah International Airport, hospitality and entertainment investments, and a strong push toward sustainable urban development.
Observer
15-03-2025
- Health
- Observer
Madrid leader under fire after documentary on nursing home deaths in pandemic
MADRID: A documentary on the deaths of thousands of elderly nursing home residents denied hospital care in Spain's Madrid region during the Covid-19 pandemic prompted calls on Friday for the president of the region to resign over her handling of the crisis. Conservative firebrand Isabel Diaz Ayuso, a senior figure in the country's opposition People's Party, won global fame for keeping Madrid's vibrant bars and restaurants open during the pandemic, protecting the hospitality industry. But in March 2020, the region decided not to give hospital treatment to seniors at care homes with severe illnesses or disabilities in order to limit transfers to hospitals that were nearing collapse. The decision became known as the "protocols of shame". Nursing home residents with private health insurance did get hospital treatment, as did those who did not meet exclusion criteria such as limited mobility or impaired cognition. The European Committee of the Regions has estimated that Madrid had the highest excess mortality of any European region during the pandemic, at around 44 per cent above the average. The independent film "7,291", aired by state broadcaster TVE late on Thursday, refers to the commonly accepted death toll related to the protocols, based on the region's own data. "Society needs to know what happened so that it doesn't repeat itself," the documentary's director, Juanjo Castro, said. "Our elderly didn't deserve this and I hope this project will stir consciences." Nearly 3 million unique viewers watched the film that aired well past midnight, according to consultancy Barlovento. Afterwards, Transport Minister Oscar Puente described the events as a "gerontocaust" on X, where a hashtag calling on Ayuso to resign was the main trending topic. Ayuso has called the 7,291 figure "an invention" used by "the left and far left to agitate". Her administration has said the actual figure of those who died at nursing homes with a Covid diagnosis between March and April 2020 was 4,100, although tests were not widely available during the pandemic's first wave. Officials also complained about the decision by state TV to focus on Madrid instead of other regions. Relatives of 115 nursing home residents who died launched a collective lawsuit in October 2024 accusing regional authorities of denying healthcare on discriminatory grounds. Prosecutors have yet to decide whether to bring them before courts. Most of an earlier 300 lawsuits by relatives of the diseased have been dismissed and an inquiry in the regional assembly was shut down in July 2021. Ayuso defended her decision to prioritise reopening businesses and criticised the more restrictive approach by the central government of Socialist Prime Minister Pedro Sanchez in a video message on Wednesday, five years on from the pandemic. Ayuso, who has headed Spain's capital region since 2019, has a full majority in the regional assembly and does not face reelection until 2027. — Reuters
