This report addresses: Saharan Dust Storm Impact

Here’s a step-by-step guide on how to clean the noisy computer fan on your MacBook Pro:

What You Will Need:

– Soft microfiber cloth
– Compressed air canister (optional)
– Screwdriver (optional)

Step 1: Power Off and Disconnect

Before starting the cleaning process, shut down your MacBook Pro and unplug it from the power source.

In most cases, the noise is caused by a buildup of dust and debris in the fan.

Over time, dust, crumbs, and other debris can accumulate under the keys, affecting the overall performance and longevity of your keyboard.

Ensures proper functionality: Dust and debris can interfere with the mechanism beneath the keys, causing them to stick or become unresponsive.

How to Clean Suede Boots: The Ultimate Step-by-Step Guide

Discover effective tips on how to clean suede boots and ensure your favorite pairs stay looking stylish and in great condition for many years to come.

Updated on May 31, 2023   |  05:16 PM IST  |  2.2K
how to clean suede boots

Key Highlight

Suede boots have long been a staple in the world of fashion, loved for their soft and velvety texture.

This report addresses: Saharan Dust Storm Impact

Title:

Content: How to clean noisy computer fan Macbook pro?

If you own a MacBook Pro, you might have encountered a common issue: a noisy computer fan. This unpleasant noise can disrupt your workflow and even indicate a potential hardware problem. In most cases, the noise is caused by a buildup of dust and debris in the fan. Cleaning the fan can often resolve the issue and restore your MacBook Pro’s quiet operation. Here’s a step-by-step guide on how to clean the noisy computer fan on your MacBook Pro:

What You Will Need:

– Soft microfiber cloth
– Compressed air canister (optional)
– Screwdriver (optional)

Step 1: Power Off and Disconnect

Before starting the cleaning process, shut down your MacBook Pro and unplug it from the power source. This is essential to ensure your safety and prevent any potential damage to your device.

Step 2: Identify the Fan

Locate the fan on your MacBook Pro. The fan is usually found on the backside of the device. The MacBook Pro models released in recent years have a single fan, while older models may have two fans. Identify the fan before proceeding.

Step 3: Use Compressed Air

**Using compressed air is the most effective and safest way to clean your MacBook Pro’s fan.** Hold the compressed air canister upright and direct the nozzle towards the fan. Be careful not to tilt the canister, as this may release liquid that can damage your device. Give short bursts of air around the fan to dislodge the dust and debris.

Step 4: Manual Cleaning

If the compressed air does not fully remove the buildup, you can try a more manual approach. **Use a soft microfiber cloth to gently wipe the area around the fan.** Be sure to use a cloth that won’t leave any residue or fibers behind.

Step 5: Repeat if Necessary

If the fan is still noisy after cleaning, you may need to repeat the previous steps to ensure that all the debris has been removed. Dust and dirt can be persistent, so be thorough in your cleaning efforts.

Step 6: Preventive Measures

To keep your MacBook Pro fan clean and minimize noise issues, **consider implementing preventive measures**. For example, avoid using your laptop on surfaces that accumulate dust, such as carpets or blankets. Additionally, using a laptop cooling pad can help prevent excessive dust buildup.

Frequently Asked Questions:

1. How often should I clean my MacBook Pro’s fan?

It’s recommended to clean your MacBook Pro’s fan at least once every three to six months, depending on usage and environmental factors.

2. Can I clean the fan without opening my MacBook Pro?

Yes, you can clean the fan without opening your MacBook Pro by using compressed air and a soft cloth.

3. Is it necessary to use compressed air?

No, compressed air is not necessary, but it is highly recommended for a thorough cleaning.

4. Can I use a vacuum cleaner instead of compressed air?

Using a vacuum cleaner is not recommended as it can create static electricity and potentially damage your MacBook Pro.

5. Can I clean the fan with water or cleaning solutions?

No, you should never use water or cleaning solutions directly on the fan. These liquids can damage your laptop’s internal components.

6. Should I take my MacBook Pro to a professional for cleaning?

If you’re uncomfortable or unsure about cleaning the fan yourself, it’s always best to seek professional help to avoid any accidental damage.

7. Why is my MacBook Pro fan noisy even after cleaning?

If your MacBook Pro fan is still noisy after cleaning, it may indicate a more serious issue. Consider contacting Apple support or a professional technician for further assistance.

8. Can cleaning the fan solve overheating issues?

Yes, cleaning the fan can help resolve overheating issues by allowing better airflow and heat dissipation.

9. Can a noisy fan damage my MacBook Pro?

Yes, a consistently noisy fan can indicate a hardware problem that may lead to further damage if left unaddressed.

10. Are there any software solutions to reduce fan noise?

Certain software applications can help regulate fan speed and reduce noise. However, these are temporary fixes and do not address the underlying issue of a dirty fan.

11. Can using an external monitor cause fan noise?

Yes, connecting an external monitor can increase the workload on your MacBook Pro, causing the fan to spin faster and become noisier.

12. Is it normal for a MacBook Pro fan to occasionally make noise?

While some fan noise is normal during intensive tasks like video editing or gaming, consistent or excessively loud fan noise should be investigated and resolved.

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Title:

Content: How to clean under Dell laptop keyboard?

When it comes to keeping your Dell laptop in optimal condition, cleaning the keyboard is an essential task. Over time, dust, crumbs, and other debris can accumulate under the keys, affecting the overall performance and longevity of your keyboard. In this article, we will guide you through the process of effectively cleaning under your Dell laptop keyboard.

The importance of cleaning under your Dell laptop keyboard

Keeping your Dell laptop keyboard clean is crucial for several reasons. A clean keyboard:

1. Ensures proper functionality: Dust and debris can interfere with the mechanism beneath the keys, causing them to stick or become unresponsive.
2. Improves typing experience: A clean keyboard ensures smooth and accurate typing, eliminating the annoyance of keys getting stuck.
3. Prevents the growth of bacteria: Keyboards can harbor dirt and bacteria, which can impact your health. Regular cleaning helps minimize the risk of infections.

Materials you will need

Before diving into the cleaning process, gather the following materials:

1. Compressed air can: This can be purchased from most electronic or office supply stores.
2. Isopropyl alcohol solution: Ensure it is at least 70% concentration to effectively kill germs and evaporate quickly.
3. Cotton swabs or a soft brush: For detailed cleaning around and under the keys.
4. Microfiber cloth: To wipe down the surface.

How to clean under Dell laptop keyboard:

Cleaning under your Dell laptop keyboard requires a gentle touch and careful procedure. Here are step-by-step instructions to guide you through the process:

1. Turn off your laptop and unplug it from any power source.
2. Tilt the laptop to a 75-90 degree angle, ensuring the screen is facing down.
3. Gently tap the backside of the laptop to dislodge any loose debris or dust.
4. With the compressed air can, hold it upright and direct short bursts of air between the keys. Start from one end and move systematically across the keyboard. Pay extra attention to the areas around the sticky or unresponsive keys.
5. Use cotton swabs or a soft brush slightly moistened with isopropyl alcohol to clean around and under the keys. Ensure the swabs or brush are not dripping wet to avoid any damage to the keyboard.
6. If necessary, you can remove specific keys using a keycap puller or a flat, non-abrasive tool. Clean the removed keycaps individually, but be careful not to force or damage them during the removal process.
7. Once you have cleaned the keys and surrounding areas, use a clean microfiber cloth to wipe down the surface of the keyboard and remove any remaining residue or moisture.
8. Ensure all the components are thoroughly dry before turning on your laptop. Leave it in an open and well-ventilated area for a sufficient amount of time.

FAQs about cleaning under a Dell laptop keyboard:

1. How often should I clean my laptop keyboard?

It is recommended to clean your Dell laptop keyboard every 3-6 months to keep it in optimal condition.

2. Can I clean my Dell laptop keyboard with water?

Using water to clean your laptop keyboard is not advised, as moisture can damage the internal components. Stick to using isopropyl alcohol and compressed air.

3. Will cleaning the keyboard void my Dell laptop warranty?

No, cleaning the keyboard does not void your Dell laptop warranty. It is considered a regular maintenance task.

4. Can I clean my laptop keyboard with a vacuum cleaner?

Using a vacuum cleaner is not recommended, as it may generate static electricity that can harm the sensitive electronic components of your laptop.

5. How can I prevent dust and debris from getting under the keys?

You can prevent debris buildup by using a keyboard cover or by being mindful of eating or drinking near your laptop.

6. What should I do if some keys are still sticky after cleaning?

If certain keys remain sticky after cleaning, you may need to carefully remove them and clean the area underneath. Be cautious not to damage the keys or the keyboard.

7. Can I clean the keys individually without removing them?

Yes, you can clean the keys without removing them by using a cotton swab slightly dampened with isopropyl alcohol.

8. Can I use a hairdryer to speed up the drying process?

Using a hairdryer is not recommended, as the heat can damage the internal components of your keyboard. Air drying is the best approach.

9. Is it necessary to clean the laptop screen too?

While cleaning your laptop keyboard, it is a good idea to take the opportunity to wipe down the screen using a microfiber cloth and a gentle screen cleaner.

10. Are there any commercial cleaning products specifically for laptop keyboards?

Yes, there are commercial cleaning products available that are designed specifically for laptop keyboards. However, isopropyl alcohol and compressed air work effectively as well.

11. Can I use a damp cloth to wipe down the keyboard?

Avoid using a damp cloth, as excessive moisture can harm the keyboard. Stick to using a dry or slightly moistened cloth.

12. Can I clean my Dell laptop keyboard while it is turned on?

It is highly recommended to turn off your laptop and unplug it from any power source before cleaning the keyboard to avoid any electrical damage.

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Title:

Content: How to Clean Suede Boots: The Ultimate Step-by-Step Guide

Discover effective tips on how to clean suede boots and ensure your favorite pairs stay looking stylish and in great condition for many years to come.

Updated on May 31, 2023   |  05:16 PM IST  |  2.2K
how to clean suede boots

Key Highlight

Suede boots have long been a staple in the world of fashion, loved for their soft and velvety texture. But the secret to keeping them in great condition lies in knowing how to clean suede boots properly.

The origins of suede can be traced back to ancient civilizations, where it was used for its durability and warmth. Suede boots, in particular, have become iconic and can effortlessly elevate any outfit, from casual to formal. One of the distinguishing features of suede is its unique surface, characterized by a fine nap created by buffing or brushing. This texture adds depth and richness to the material, making it visually appealing.

However, suede is also known to be more delicate and susceptible to stains and damage as compared to other types of leather. To maintain the beauty and longevity of suede boots, proper care and cleaning are essential. By following the right techniques and using suitable products, you can keep your suede boots looking their best, ensuring they remain a timeless and fashionable item in your wardrobe.

What You Will Need

To clean suede boots, you will need the following supplies:

  1. Suede brush: A soft-bristled brush specifically designed for cleaning suede, it helps remove dirt, restore the nap (texture), and maintain the look and feel of the suede.
  2. Suede eraser: A specialized eraser made for suede that helps remove scuffs and stubborn stains without damaging the material.
  3. Clean towel or cloth: You need a lint-free and absorbent cloth to gently wipe the surface of the boots.
  4. Suede cleaner: If the boots have tough stains or are very dirty, you may consider using a suede cleaner specifically formulated for suede materials. Make sure to choose a cleaner that is suitable for the type of suede you have.
  5. Suede protector spray: A spray designed to create a protective barrier on the suede can be useful in guarding against stains, moisture, and other potential damage. Look for a suede protector that is appropriate for the specific type of suede you have.
  6. Water and mild soap solution: In some cases, you may need a mixture of mild soap and water for spot cleaning. However, exercise caution as excessive water can damage suede boots.

Remember to check the manufacturer's instructions or recommendations for any specific products you use, as different suede materials may require slightly different cleaning methods or products.

Simple Steps to Clean Suede Boots

Cleaning suede boots can be done with a few simple steps:

  1. Start by using a suede brush to gently brush the surface of the boots in one direction. This helps remove any loose dirt or debris. Brushing in the direction of the suede's natural nap will also help restore its texture.
  2. For scuff marks or stubborn stains, gently rub the affected areas with a suede eraser. Use light pressure and work in small circular motions. The eraser will help lift the marks without damaging the suede.
  3. If there are overall stains or tough grime, you can lightly dampen a clean towel or cloth with water or a mixture of mild soap and water. Gently blot the stained areas while being careful not to saturate the suede with excessive moisture.
  4. Allow the boots to air dry naturally away from direct heat sources. Avoid using a hairdryer or placing them near radiators, as the heat can cause the suede to warp or shrink.
  5. Once the boots are completely dry, use the suede brush again to restore the nap and texture of the suede.
  6. As a preventative measure, consider applying a suede protector spray. Follow the instructions on the spray bottle.

Note: Avoid using water unless absolutely necessary. Any suede material is sensitive to water and can easily become damaged or discolored when exposed to moisture. Whenever possible, opt for dry cleaning methods such as using a suede brush or eraser. Only use water sparingly and with caution for spot cleaning, if needed.

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  1. Store suede boots properly as proper storage can help maintain the condition of your suede boots. Keep them in a cool, dry place away from direct sunlight — this helps to prevent fading or drying out. Consider using a shoe tree or stuffing the boots with acid-free tissue paper to help retain their shape. Additionally, store them in a dust bag or breathable container to protect them from dust and dirt.

Following the above-mentioned steps will help in regular maintenance and make your boots look clean, stylish, and in top-notch condition for a long time. Remember to always check the manufacturer's instructions or consult a professional for specific care recommendations for your particular boots.

Conclusion

Cleaning suede boots doesn't have to be a daunting task. With the right tools and techniques, you can effectively remove dirt, stains, and scuff marks, and keep your boots looking their best. Remember to use a suede brush and eraser for regular maintenance, and consider a suede cleaner for tougher stains. Take care not to oversaturate the suede with water and allow the boots to air dry. Restoring the nap with a suede brush and applying a suede protector spray will help maintain their appearance and protect against future damage. Don't hesitate to consult the manufacturer's recommendations or seek professional assistance if you have specific concerns or questions about caring for your suede boots. With proper care, your suede boots can retain their luxurious texture and add a touch of elegance to any outfit.

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ALSO READ: How to Style Cropped Pants with Boots Effortlessly

FAQs

Can you clean suede boots with soap and water?
Cleaning suede boots with soap and water is generally not recommended. Excessive moisture can damage suede and cause it to become discolored or warped. It's best to use specialized suede cleaning products and techniques to clean suede boots effectively and safely. If you encounter stubborn stains or dirtiness, you may use a mild soap and water solution for spot cleaning. However, it's advisable to consult a professional cleaner or refer to the manufacturer's instructions for specific care recommendations for your suede boots.

How do you clean suede boots without a brush?
To clean suede boots without a brush, blot the surface with a clean cloth, use a suede eraser for scuff marks, gently dab with a mild soap and water solution for stains, blot away excess moisture, and allow the boots to air dry naturally.

How does vinegar clean suede shoes?
Vinegar can clean suede shoes due to its mild acidity. Dilute white vinegar with water, lightly blot the stained areas with a vinegar solution-soaked cloth, and air dry. Use caution and test on a small area first to prevent damage or discoloration.

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This report addresses: MBS and Saudi Arabia's vision of 2030

said on Thursday that Akio Toyoda would step down as president and CEO and hand over the helm of Japan’s largest automaker at a time when the company faces the challenge of adapting to zero-carbon transportation.

The issue of who would take over from Toyoda, the 66-year-old grandson of the company’s founder, had increasingly been a focus for investors.

Some speculated that the fund would sell some of its LCID stock after getting Lucid to commit to building an assembly line in Saudi Arabia.

Markets

Lucid’s Controlling Shareholder Remains in its Corner

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

  • Saudi Arabia’s Public Investment Fund, which owns 62.7% of Lucid Group (LCID), filed its quarterly 13F on May 16.

OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices.

OPEC formed the so-called OPEC+ coalition with 10 of the world's leading non-OPEC oil exporters, including Russia, at the end of 2016.

This report addresses: MBS and Saudi Arabia's vision of 2030

Title:

Content: Toyota CEO Akio Toyoda to step aside and be replaced by Lexus chief Koji Sato

Toyota Motor Corp. Chief Executive Akio Toyoda delivers a speech on the stage at the Tokyo Auto Salon, an industry event similar to the world's auto shows on Jan. 13, 2023 (Shutterstock)
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Updated 26 January 2023

Toyota CEO Akio Toyoda to step aside and be replaced by Lexus chief Koji Sato

TOKYO: Toyota Motor Corp. said on Thursday that Akio Toyoda would step down as president and CEO and hand over the helm of Japan’s largest automaker at a time when the company faces the challenge of adapting to zero-carbon transportation.

Koji Sato, a 53-year-old who is also president of Toyota’s luxury brand Lexus, will become the new CEO, the company said.

The current chairman Takeshi Uchiyamada will drop his chairman title but remain on the board. Toyoda will become chairman in a series of changes that take effect from April 1.

The issue of who would take over from Toyoda, the 66-year-old grandson of the company’s founder, had increasingly been a focus for investors. But the timing of the succession announcement was a surprise.

Under Toyoda, the automaker has followed a go-slow approach to electric vehicles, arguing that the hybrid technology it pioneered with the Prius will remain important along with investments in hydrogen.

That approach has prompted criticism from investors and activists who once widely praised its technology and environmental record.

Toyoda said Sato’s mission would be to transform Toyota into a “mobility company,” without specifying what that strategy would entail.

Sato said Toyoda had offered him the CEO job at the end of the year when both were in Thailand for an event to celebrate Toyota’s 60th anniversary of operations there. “Can you be the CEO?” Sato said Toyoda asked him.

“I didn’t know how to respond,” Sato said. “I thought it was a joke.”

The succession announcement was broadcast on a webcast through the automaker’s Toyota Times channel in a way that looked more like a talk show with a host than a formal corporate announcement.

Toyoda has pushed Toyota’s in-house media channel after complaining that the automaker’s message — including its strategy on hybrids — was not getting to the public.

Koji Endo, a senior analyst at SBI Securities, said the announcement of the leadership change was a “huge surprise” and said Toyoda would likely remain deeply involved in operations from his position as chairman.

“The next few years could be just a kind of apprenticeship for Sato as the next president,” he said.

During his more than a decade at the top, Toyoda presided over the carmaker during a period of intense change in the auto industry and rising uncertainty about how legacy automakers such as Toyota can fend off the challenge from newer — and often nimbler — challengers such as Tesla.

Toyoda, speaking at a news conference, said his term at the helm of Toyota started in 2009 with “crisis after crisis” from the effects of a global recession, to Toyota’s own recall and safety crisis to the disruption that followed the 2011 earthquake and tsunami in northern Japan.

At a shareholder meeting in June last year, Toyoda said he was “thinking about timing and the selection of a successor” when asked about succession planning.

On Thursday, he said Sato was chosen because he “worked hard to learn Toyota’s philosophy.”

“The CEO needs youth, energy, strength.”

Sato started his career at Toyota in 1992, before rising through the ranks to become chief engineer of Lexus International, a luxury auto brand of Toyota, in 2016, according to his profile on the Toyota website.

He has held positions as the president of Lexus International and Gazoo Racing Company, Toyota’s motorsport brand, since 2020. He also took on an executive role at Toyota and became its chief branding officer in January 2021.

Saudi Arabia drives growth across MEA commercial property markets

Updated 26 January 2023

Saudi Arabia drives growth across MEA commercial property markets

RIYADH: Saudi Arabia’s commercial real estate sector is witnessing an upturn as the Kingdom’s plan to diversify its economy continues to drive demand within the overall property market, according to a new report from the Royal Institution of Chartered Surveyors.

This comes as solid market conditions in the Middle East and Africa region continue to defy the broader global macro narrative, according to the firm’s Global Commercial Property Monitor.

The RICS report said that occupier and investor demand is reportedly rising across all sectors, with expectations for rental and capital value growth remain firmly positive, led by particularly upbeat feedback in Saudi Arabia, the UAE and Nigeria.

The report found that 81 percent of respondents based in Saudi Arabia believe that the market is in an upturn as the Kingdom is currently experiencing a boom within the real estate sector driven by infrastructure, housing and entertainment.

According to the report, the overall commercial property occupier demand growth was a touch down to 43 percent from the 60 percent posted in the third quarter. But it added that this figure matched the 43 percent posted in the fourth quarter of 2021, demonstrating a stable rate of strong growth over the past year.

“Like much of the MEA region, the firm trend is visible in all parts of the market in Saudi Arabia where the results for the office sector remain more positive than for the retail and industrial sectors,” said the RICS report.

Saudi Arabia’s office sector reported a reading of 59 percent, down a touch from the 64 percent reported in the third quarter, the report said. It added that retail and industrial still posted strong growth readings with 32 percent and 38 percent, respectively.

The RICS report showed that international investment demand has gathered impetus in each of the last three quarters, with all sectors seeing an uptick during this stretch. Leading the way, it said Saudi Arabia attracted strong growth in foreign buyer interest over the fourth quarter, posting a net balance of 49 percent.

Overall, the findings of the report pointed out that the Saudi Arabian commercial property market, much like its neighbor the UAE, has firm foundations for future growth, even if it becomes caught in the tailwinds of the global economic downturn.

The report further added that the UAE’s commercial property market also remains strong despite global challenges as around two-thirds of respondents feel the market is on the rise. It added that tenant demand growth in the UAE accelerated within all sectors of the market during the fourth quarter of 2022.

The outlook for the UAE’s commercial real estate market remains positive as 12-month capital value expectations continue to rise, said the RICS report, adding that foreign investment demonstrates growing confidence in the market with further growth.

Accor to run new tourist resort in Saudi Arabia Eastern Province

Updated 26 January 2023

Accor to run new tourist resort in Saudi Arabia Eastern Province

RIYADH: A new tourist resort is set for the Eastern Province of Saudi Arabia after the Tourism Development Fund signed a memorandum of understanding with two developers.

The agreement will see 440 hotel units, 41 villas, and various areas of restaurants, cafes, and recreational facilities over 262,000 sq. m. in Half Moon Beach, with the resort operated by French-based hospitality fim Accor.

The MoU was signed at the Municipal Investment Forum “Fora” by the head of the business sector at the Tourism Development Fund, Wahdan Al-Qadi, the General Manager of FTG Development DMCC, Hakan Kiskin, and the CEO of Ishraq Development and Development Company, Zaki bin Hassan Al-Omran.

Al-Omran said: “We were pleased today to sign this memorandum, which constitutes the company’s launch in supporting the tourism industry in the Kingdom and contributing to revitalizing tourism in the eastern region to make it a competitive tourist destination for regional and international coastal cities.

“The company is keen to achieve its development vision and strategy based on expanding tourism projects, upgrading methods of development and investment, and finding attractive tourism projects that contribute to providing a unique experience in tourism investment and formulating its concept according to the best international experiences, thus contributing to achieving the quality of life in the region.”

Also present was the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, and the Mayor of the Eastern Region, Fahd bin Muhammad Al-Jubeir, and the CEO of the Tourism Development Fund, Qusai bin Abdullah Al-Fakhri.

Al-Fakhri said: “This memorandum is an extension of many other memorandums that were signed with the private sector within a system of joint complementary work with the aim of empowering the private sector by attracting local and foreign capital investments that contribute to supporting the tourism sector and enriching the targeted tourist destinations.”

The Tourism Development Fund works to support investment in accordance with the national strategy for the sector, with the Kingdom aiming for 100 million visitors per year by 2030.

Saudi Arabia ranked first among Arab nations for inbound visitors as more than 18 million travelers visited the Kingdom in the first nine months of 2022, according to the UN's World Tourism Organization data.

Saudi Arabia’s tourism spending reached $7.2 billion in the first half of last year, according to data recently released by Saudi Arabia’s Ministry of Investment.

First climate change readiness index launched for MENA region

Updated 26 January 2023

First climate change readiness index launched for MENA region

RIYADH: As almost every country in the Middle East and North Africa has reduced its per capital emissions from 2015 levels, EY has launched a climate change readiness index to supplement regional efforts to fight climate change.

EY, one of the world’s largest professional services networks, aims to help MENA region assess, evaluate and boost its efforts using the innovate tool.

It measures the readiness of the six Gulf Corporation Council members — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — as well as Egypt and Jordan across various areas such as the efficiency of their adaptation and mitigation strategies as well as their ability to finance and implement these strategies.

The new index also offers scorecards to assist governments, investors, and citizens in tracking their performance relative to the global benchmarks on as much as 37 quantitative and qualitative indicators of global warming readiness.

“Climate change is a global challenge and addressing it requires collective action. The index is designed to be flexible, responsive, and personalized, allowing countries to monitor their progress over time and identify areas for improvement,” said EY MENA Climate Change and Sustainability Services Leader Yasir Ahmad, according to a statement.

It said that in terms of climate change adaptation and mitigation measures, the UAE outshone all the countries in the MENA region.

“The MENA region is already a global leader in carbon capture utilization and storage and planning for the future of circular economies. Together, with the leadership the region is taking in energy transition, the use of renewables, and development of hydrogen, MENA is on track to become a forerunner in the development of a low-carbon economy,” said EY-Parthenon MENA Leader Richard Paton.

Abu Dhabi’s ADX expects increased listings this year

Updated 26 January 2023

Abu Dhabi’s ADX expects increased listings this year

ABU DHABI: The Abu Dhabi stock exchange expects an increase in listings this year, even as global economies grapple with high inflation and rising interest rates, its chairman said.

"We have a healthy pipeline of IPOs and listings with aspirations to surpass 2022. There will always be challenges, but also opportunities," Hisham Khalid Malak, chairman of the Abu Dhabi Securities Exchange told Reuters on Wednesday.

The global picture is "starting to look better than expected, with a soft landing now forecast in the United States", he said, adding that "Europe is also starting to look better and China is opening up".

The Gulf's second-biggest market last year featured five initial public offerings and two dual listings, as well as listings for six exchange-traded funds and one blank-cheque company. It also had one listing on its secondary market, which connects investors with smaller privately owned businesses.

Abu Dhabi National Oil Co.'s gas business and Abu Dhabi-headquartered supermarket chain Lulu Group International are among those planning listings this year.

The Gulf region became a bright spot for public share sales last year, boosted by high oil prices and government-led privatization programs.

Gulf issuers raised about $16 billion from IPOs last year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows.

The ADX, with a market capitalization of about $714 billion, registered a 20 percent gain for its equities index last year, outperforming global markets.

"I don't think we can separate capital markets from the overall economic story for the region, which has benefited from higher oil prices," Malak said.

Multiple social and economic reforms have also improved the business environment and had a positive knock-on effect on the economy and markets, he added.

The ADX is working on expanding partnerships with other exchanges and increasing its institutional investor base, which swelled by 12 percent last year with participants from the top 25 global asset management firms.

A $1.4 billion IPO fund launched by the emirate to attract companies to list is also helping the exchange to grow, Malak said.

"We've seen opportunities in various sectors, including tech, and we're working with them and helping them structure their business to be ready for an IPO if they choose."

More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority

Updated 18 min 4 sec ago

More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority

RIYADH: Saudi Arabia’s General Entertainment Authority has now issued licenses for more than 24 theme parks and 421 entertainment centers, as the Kingdom steadily diversifies its economy in line with the goals outlined under Vision 2030.

GEA has also now provided 4,198 permits for entertainment events, along with 3,370 permits for live performances in restaurants and cafes, Saudi Press Agency reported, citing the total number issued up to the end of 2022.

The report further noted that GEA also approved licenses to more than 1,300 entertainment shows until the end of last year.

In the field of artistic and entertainment talent management, the authority has provided above 630 permits, the report added.

The government body also issued more than 360 crowd organizations and management certificates, besides providing over 700 licenses to operate entertainment facilities and 120 certificates for entertainment activities’ ticket sales.

The entertainment industry in Saudi Arabia has been witnessing a dramatic transformation over recent years, as GEA and the General Commission for Audiovisual Media are undertaking several initiatives to elevate the sector.

As a result of that several big players in the cinema exhibiting sector have already entered Saudi Arabia, thus opening up a new world of entertainment to spectators.

According to GCAM officials, the aim is to have 2,500 screens opened in the country over the next five years and 350 theaters which will create more than 30,000 jobs by 2030.

Earlier in January, it was reported that more than 10 million regional and international visitors attended Riyadh Season events since its launch on Oct. 21.

Staged under the title “Beyond Imagination,” the entertainment festival has offered at least 8,500 activity days and experiences in 15 diverse zones.

In a tweet, Turki Al-Sheikh, chairman of the GEA, said: “Imagination has become a reality with Riyadh Season — 10 million visitors so far.”

On Jan. 22, American pop-rock band Imagine Dragons kicked off their fourth world tour at Riyadh Boulevard, by singing “My Life” from their new album.

The band also performed “Bones,” which has already been streamed over 330 million times and hit the Billboard Hot 100.

Title:

Content: Markets

Lucid’s Controlling Shareholder Remains in its Corner

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

  • Saudi Arabia’s Public Investment Fund, which owns 62.7% of Lucid Group (LCID), filed its quarterly 13F on May 16. It didn’t sell any of its LCID stock.
  • If you’re a shareholder, that is viewed as good news.
  • However, if you’re thinking of buying, you might want to think twice.

Source: Tada Images / Shutterstock

Saudi Arabia’s Public Investment Fund (PIF) filed its Q1 2022 13F on May 16. The country’s sovereign wealth fund retained every one of its 1.015 billion shares of Lucid Group (NASDAQ:LCID). Some speculated that the fund would sell some of its LCID stock after getting Lucid to commit to building an assembly line in Saudi Arabia. This is great news for its other shareholders.

However, there’s no reason PIF — which owns 62.7% of Lucid — won’t sell some in the second quarter and beyond. Lucid needs PIF — not the other way around. If PIF were ever to cut its ownership in LCID stock in a meaningful way, you can be sure the share price would be hammered on the news.

If you’re thinking of buying, it’s crucial to remember that PIF plays an entirely different game from you or me.

Here’s why.

Ticker Company Price
LCID Lucid Group, Inc. $17.44

LCID Stock Accounts for 3% of PIF’s Assets

PIF’s website says it is one of the world’s largest sovereign wealth funds, investing approximately $600 billion in assets under management (AUM) in 13 strategic sectors. The fund’s Q1 2022 13F says it owned 37 U.S.-listed stocks valued at $43.57 billion at the end of March. LCID accounted for 59% of these holdings.

I don’t think it wants to abandon its long-term goals for Lucid, both in the Middle East and elsewhere. However, anyone thinking of buying its stock ought to remember the electric vehicle (EV) maker is just one of many investments the fund has made. Based on Lucid’s current market capitalization of $29.77 billion, PIF’s stake is worth $18.66 billion, or 3% of the fund’s AUM.

While the 13F might make Lucid appear to be a big investment for PIF, in the grand scheme of things, it likely has more significant investments that are held in private businesses.

You might want to read the fund’s five-year strategy to better understand how much influence it carries. At the moment, the investment by PIF is a blessing. But, inexorably tied to the Saudi government, it could become a curse at the flick of a switch.

Lucid Is Part of PIF’s 38 Initiatives for Vision 2030

The fund’s Vision 2030 has five industries that it wants to create at scale. The automotive sector is one of the five. Others include aerospace, logistics & transport, agriculture & food, and construction & real estate. This is part of 13 total initiatives to launch and grow its domestic sectors. It’s very forward-thinking.

The Lucid investment is part of the Kingdom’s plan to move away from oil profits. However, in 2019, Saudi Aramco, the world’s biggest energy company, stated that it would take years to replace the internal combustion engine (ICE).

“The consensus from forecasters is that the internal combustion engine will be with us for decades to come,” Saudi Aramco’s Chief Technology Officer, Ahmad Al Khowaiter, told CNBC. “We are still expecting 90 percent of vehicles to be driven by ICE by the mid-century.”

So, by rudimentary math, that’s 10% EVs by 2050. That’s good news for Lucid and its competitors. The bad news is that there is still plenty of time for the Kingdom to change its mind and bring in another EV maker.

In early March, Lucid announced that it would start construction on a plant capable of producing 150,000 vehicles later this year. It expects it to be completed by 2025. Until Lucid Airs are rolling off the assembly line in Saudi Arabia, investors can’t be confident that everything will work out as planned.

The Bottom Line on LCID Stock

Morgan Stanley (NYSE:MS) analyst Adam Jonas estimates that Lucid will produce 9,900 vehicles in 2022, well short of the company’s estimate of 12,000 to 14,000. As a result, he believes that Lucid will be looking to raise $5 billion in equity and debt financing in 2023 and 2024. Some of that presumably goes toward the plant in Saudi Arabia.

PIF may contribute some of that financing. However, that event isn’t expected to happen until 2023 sometime. In the meantime, Lucid’s relationship with Saudi Arabia could sour.

While PIF remains in Lucid’s corner, I wouldn’t take that to the bank. In the high-stakes world of sector building, PIF and the government of Saudi Arabia hold all the cards.

This is all something to consider before buying LCID stock.

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

The post Lucid’s Controlling Shareholder Remains in its Corner appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Content: DUBAI, May 24 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2 to discuss their joint oil production policy.

Below are key facts about OPEC+ and its role.

WHAT ARE OPEC AND OPEC+?

OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now it includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil.

There have been some challenges to OPEC's influence over the years, often resulting in internal divisions. More recently, the global push towards cleaner energy sources and a move away from fossil fuels could ultimately diminish its dominance.

OPEC formed the so-called OPEC+ coalition with 10 of the world's leading non-OPEC oil exporters, including Russia, at the end of 2016.

OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market. The leaders are Saudi Arabia and Russia, which produce and 9 million and 9.3 million barrels per day (bpd) of oil respectively.

Angola, which joined OPEC in 2007, quit the bloc at the start of this year, citing disagreements over production levels. Ecuador quit OPEC in 2020 and Qatar in 2019.

HOW DOES OPEC INFLUENCE GLOBAL OIL PRICES?

OPEC says its member states' exports account for about 49% of global crude exports. OPEC estimates that its member countries hold about 80% of the world's proven oil reserves.

Because of its large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global markets.

As a result, when they lower supply in response to falling demand, oil prices tend to rise. Prices tend to fall when the group decides to supply more oil to the market.

The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand.

The cuts include 3.66 million bpd by OPEC+ members to the end of 2024. A further 2.2 million bpd of voluntary cuts by some members expire at the end of June.

The June 2 meeting could decide to extend voluntary cuts by several months, sources have told Reuters.

The voluntary cuts are led by Saudi Arabia with a cut of 1 million bpd.

Despite deep production cuts Brent crude prices are trading near their lowest this year at $81 a barrel, down from a peak of $91 in April, pressured by elevated stocks and concerns over global demand growth.

HOW DO OPEC DECISIONS AFFECT THE GLOBAL ECONOMY?

Some of the producer group's supply cuts have had significant effects on the global economy.

During the 1973 Arab-Israeli War, Arab members of OPEC imposed an embargo against the United States in retaliation for its decision to re-supply the Israeli military, as well as other countries that supported Israel. The embargo banned petroleum exports to those nations and introduced cuts in oil production.

The oil embargo pressured an already strained U.S. economy that had grown dependent on imported oil. Oil prices jumped, causing high fuel costs for consumers and fuel shortages in the United States. The embargo also brought the United States and other countries to the brink of a global recession.

In 2020, during COVID-19 lockdowns around the world, crude oil prices slumped. After that development, OPEC+ reduced oil production by 10 million barrels a day, which is equivalent to about 10% of global production, to try to bolster prices.

Gasoline prices are an important political subject in the United States, where a presidential election takes place this year, and have prompted Washington to make repeated calls on OPEC+ to release more oil.

OPEC says its job is to regulate supply and demand rather than prices. The group's members depend heavily on oil revenue, with Saudi Arabia's budget balancing at an oil price of between $90 and $100 a barrel, according to various estimates.

CAPACITY DILEMMA

Besides production cuts, OPEC+ is set to debate its members' production capacity figures this year – a historically contentious issue.

The group has tasked three independent companies – IHS, WoodMac and Rystad – to assess production capacity of all OPEC+ members by the end of June.

Capacity estimates help OPEC+ to establish baseline production figures from which cuts are made.

Member countries tend to fight for higher capacity estimates to gain a higher baseline and end up with higher production quotas after cuts are applied, and hence ultimately higher revenues.

The need for new quotas comes as members such as the United Arab Emirates and Iraq expand production capacity while the biggest OPEC producer, Saudi Arabia, has scaled back additions to its output potential.

OPEC+ member Russia has effectively had its production capacity reduced by the war in Ukraine and Western sanctions.

WHICH COUNTRIES ARE OPEC MEMBERS?

The current members of OPEC are: Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Iran, Algeria, Libya, Nigeria, Congo, Equatorial Guinea, Gabon and Venezuela.

Non-OPEC countries in the global alliance of OPEC+ are represented by Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan.

Sources: Reuters News, World Economic Forum website, OPEC website, U.S. Department of State website (Reporting by Yousef Saba Editing by David Goodman )


This report addresses: MBS and Saudi Arabia's vision of 2030

said on Thursday that Akio Toyoda would step down as president and CEO and hand over the helm of Japan’s largest automaker at a time when the company faces the challenge of adapting to zero-carbon transportation.

The issue of who would take over from Toyoda, the 66-year-old grandson of the company’s founder, had increasingly been a focus for investors.

Some speculated that the fund would sell some of its LCID stock after getting Lucid to commit to building an assembly line in Saudi Arabia.

Markets

Lucid’s Controlling Shareholder Remains in its Corner

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

  • Saudi Arabia’s Public Investment Fund, which owns 62.7% of Lucid Group (LCID), filed its quarterly 13F on May 16.

OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices.

OPEC formed the so-called OPEC+ coalition with 10 of the world's leading non-OPEC oil exporters, including Russia, at the end of 2016.

This report addresses: MBS and Saudi Arabia's vision of 2030

Title:

Content: Toyota CEO Akio Toyoda to step aside and be replaced by Lexus chief Koji Sato

Toyota Motor Corp. Chief Executive Akio Toyoda delivers a speech on the stage at the Tokyo Auto Salon, an industry event similar to the world's auto shows on Jan. 13, 2023 (Shutterstock)
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Updated 26 January 2023

Toyota CEO Akio Toyoda to step aside and be replaced by Lexus chief Koji Sato

TOKYO: Toyota Motor Corp. said on Thursday that Akio Toyoda would step down as president and CEO and hand over the helm of Japan’s largest automaker at a time when the company faces the challenge of adapting to zero-carbon transportation.

Koji Sato, a 53-year-old who is also president of Toyota’s luxury brand Lexus, will become the new CEO, the company said.

The current chairman Takeshi Uchiyamada will drop his chairman title but remain on the board. Toyoda will become chairman in a series of changes that take effect from April 1.

The issue of who would take over from Toyoda, the 66-year-old grandson of the company’s founder, had increasingly been a focus for investors. But the timing of the succession announcement was a surprise.

Under Toyoda, the automaker has followed a go-slow approach to electric vehicles, arguing that the hybrid technology it pioneered with the Prius will remain important along with investments in hydrogen.

That approach has prompted criticism from investors and activists who once widely praised its technology and environmental record.

Toyoda said Sato’s mission would be to transform Toyota into a “mobility company,” without specifying what that strategy would entail.

Sato said Toyoda had offered him the CEO job at the end of the year when both were in Thailand for an event to celebrate Toyota’s 60th anniversary of operations there. “Can you be the CEO?” Sato said Toyoda asked him.

“I didn’t know how to respond,” Sato said. “I thought it was a joke.”

The succession announcement was broadcast on a webcast through the automaker’s Toyota Times channel in a way that looked more like a talk show with a host than a formal corporate announcement.

Toyoda has pushed Toyota’s in-house media channel after complaining that the automaker’s message — including its strategy on hybrids — was not getting to the public.

Koji Endo, a senior analyst at SBI Securities, said the announcement of the leadership change was a “huge surprise” and said Toyoda would likely remain deeply involved in operations from his position as chairman.

“The next few years could be just a kind of apprenticeship for Sato as the next president,” he said.

During his more than a decade at the top, Toyoda presided over the carmaker during a period of intense change in the auto industry and rising uncertainty about how legacy automakers such as Toyota can fend off the challenge from newer — and often nimbler — challengers such as Tesla.

Toyoda, speaking at a news conference, said his term at the helm of Toyota started in 2009 with “crisis after crisis” from the effects of a global recession, to Toyota’s own recall and safety crisis to the disruption that followed the 2011 earthquake and tsunami in northern Japan.

At a shareholder meeting in June last year, Toyoda said he was “thinking about timing and the selection of a successor” when asked about succession planning.

On Thursday, he said Sato was chosen because he “worked hard to learn Toyota’s philosophy.”

“The CEO needs youth, energy, strength.”

Sato started his career at Toyota in 1992, before rising through the ranks to become chief engineer of Lexus International, a luxury auto brand of Toyota, in 2016, according to his profile on the Toyota website.

He has held positions as the president of Lexus International and Gazoo Racing Company, Toyota’s motorsport brand, since 2020. He also took on an executive role at Toyota and became its chief branding officer in January 2021.

Saudi Arabia drives growth across MEA commercial property markets

Updated 26 January 2023

Saudi Arabia drives growth across MEA commercial property markets

RIYADH: Saudi Arabia’s commercial real estate sector is witnessing an upturn as the Kingdom’s plan to diversify its economy continues to drive demand within the overall property market, according to a new report from the Royal Institution of Chartered Surveyors.

This comes as solid market conditions in the Middle East and Africa region continue to defy the broader global macro narrative, according to the firm’s Global Commercial Property Monitor.

The RICS report said that occupier and investor demand is reportedly rising across all sectors, with expectations for rental and capital value growth remain firmly positive, led by particularly upbeat feedback in Saudi Arabia, the UAE and Nigeria.

The report found that 81 percent of respondents based in Saudi Arabia believe that the market is in an upturn as the Kingdom is currently experiencing a boom within the real estate sector driven by infrastructure, housing and entertainment.

According to the report, the overall commercial property occupier demand growth was a touch down to 43 percent from the 60 percent posted in the third quarter. But it added that this figure matched the 43 percent posted in the fourth quarter of 2021, demonstrating a stable rate of strong growth over the past year.

“Like much of the MEA region, the firm trend is visible in all parts of the market in Saudi Arabia where the results for the office sector remain more positive than for the retail and industrial sectors,” said the RICS report.

Saudi Arabia’s office sector reported a reading of 59 percent, down a touch from the 64 percent reported in the third quarter, the report said. It added that retail and industrial still posted strong growth readings with 32 percent and 38 percent, respectively.

The RICS report showed that international investment demand has gathered impetus in each of the last three quarters, with all sectors seeing an uptick during this stretch. Leading the way, it said Saudi Arabia attracted strong growth in foreign buyer interest over the fourth quarter, posting a net balance of 49 percent.

Overall, the findings of the report pointed out that the Saudi Arabian commercial property market, much like its neighbor the UAE, has firm foundations for future growth, even if it becomes caught in the tailwinds of the global economic downturn.

The report further added that the UAE’s commercial property market also remains strong despite global challenges as around two-thirds of respondents feel the market is on the rise. It added that tenant demand growth in the UAE accelerated within all sectors of the market during the fourth quarter of 2022.

The outlook for the UAE’s commercial real estate market remains positive as 12-month capital value expectations continue to rise, said the RICS report, adding that foreign investment demonstrates growing confidence in the market with further growth.

Accor to run new tourist resort in Saudi Arabia Eastern Province

Updated 26 January 2023

Accor to run new tourist resort in Saudi Arabia Eastern Province

RIYADH: A new tourist resort is set for the Eastern Province of Saudi Arabia after the Tourism Development Fund signed a memorandum of understanding with two developers.

The agreement will see 440 hotel units, 41 villas, and various areas of restaurants, cafes, and recreational facilities over 262,000 sq. m. in Half Moon Beach, with the resort operated by French-based hospitality fim Accor.

The MoU was signed at the Municipal Investment Forum “Fora” by the head of the business sector at the Tourism Development Fund, Wahdan Al-Qadi, the General Manager of FTG Development DMCC, Hakan Kiskin, and the CEO of Ishraq Development and Development Company, Zaki bin Hassan Al-Omran.

Al-Omran said: “We were pleased today to sign this memorandum, which constitutes the company’s launch in supporting the tourism industry in the Kingdom and contributing to revitalizing tourism in the eastern region to make it a competitive tourist destination for regional and international coastal cities.

“The company is keen to achieve its development vision and strategy based on expanding tourism projects, upgrading methods of development and investment, and finding attractive tourism projects that contribute to providing a unique experience in tourism investment and formulating its concept according to the best international experiences, thus contributing to achieving the quality of life in the region.”

Also present was the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail, and the Mayor of the Eastern Region, Fahd bin Muhammad Al-Jubeir, and the CEO of the Tourism Development Fund, Qusai bin Abdullah Al-Fakhri.

Al-Fakhri said: “This memorandum is an extension of many other memorandums that were signed with the private sector within a system of joint complementary work with the aim of empowering the private sector by attracting local and foreign capital investments that contribute to supporting the tourism sector and enriching the targeted tourist destinations.”

The Tourism Development Fund works to support investment in accordance with the national strategy for the sector, with the Kingdom aiming for 100 million visitors per year by 2030.

Saudi Arabia ranked first among Arab nations for inbound visitors as more than 18 million travelers visited the Kingdom in the first nine months of 2022, according to the UN's World Tourism Organization data.

Saudi Arabia’s tourism spending reached $7.2 billion in the first half of last year, according to data recently released by Saudi Arabia’s Ministry of Investment.

First climate change readiness index launched for MENA region

Updated 26 January 2023

First climate change readiness index launched for MENA region

RIYADH: As almost every country in the Middle East and North Africa has reduced its per capital emissions from 2015 levels, EY has launched a climate change readiness index to supplement regional efforts to fight climate change.

EY, one of the world’s largest professional services networks, aims to help MENA region assess, evaluate and boost its efforts using the innovate tool.

It measures the readiness of the six Gulf Corporation Council members — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — as well as Egypt and Jordan across various areas such as the efficiency of their adaptation and mitigation strategies as well as their ability to finance and implement these strategies.

The new index also offers scorecards to assist governments, investors, and citizens in tracking their performance relative to the global benchmarks on as much as 37 quantitative and qualitative indicators of global warming readiness.

“Climate change is a global challenge and addressing it requires collective action. The index is designed to be flexible, responsive, and personalized, allowing countries to monitor their progress over time and identify areas for improvement,” said EY MENA Climate Change and Sustainability Services Leader Yasir Ahmad, according to a statement.

It said that in terms of climate change adaptation and mitigation measures, the UAE outshone all the countries in the MENA region.

“The MENA region is already a global leader in carbon capture utilization and storage and planning for the future of circular economies. Together, with the leadership the region is taking in energy transition, the use of renewables, and development of hydrogen, MENA is on track to become a forerunner in the development of a low-carbon economy,” said EY-Parthenon MENA Leader Richard Paton.

Abu Dhabi’s ADX expects increased listings this year

Updated 26 January 2023

Abu Dhabi’s ADX expects increased listings this year

ABU DHABI: The Abu Dhabi stock exchange expects an increase in listings this year, even as global economies grapple with high inflation and rising interest rates, its chairman said.

"We have a healthy pipeline of IPOs and listings with aspirations to surpass 2022. There will always be challenges, but also opportunities," Hisham Khalid Malak, chairman of the Abu Dhabi Securities Exchange told Reuters on Wednesday.

The global picture is "starting to look better than expected, with a soft landing now forecast in the United States", he said, adding that "Europe is also starting to look better and China is opening up".

The Gulf's second-biggest market last year featured five initial public offerings and two dual listings, as well as listings for six exchange-traded funds and one blank-cheque company. It also had one listing on its secondary market, which connects investors with smaller privately owned businesses.

Abu Dhabi National Oil Co.'s gas business and Abu Dhabi-headquartered supermarket chain Lulu Group International are among those planning listings this year.

The Gulf region became a bright spot for public share sales last year, boosted by high oil prices and government-led privatization programs.

Gulf issuers raised about $16 billion from IPOs last year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows.

The ADX, with a market capitalization of about $714 billion, registered a 20 percent gain for its equities index last year, outperforming global markets.

"I don't think we can separate capital markets from the overall economic story for the region, which has benefited from higher oil prices," Malak said.

Multiple social and economic reforms have also improved the business environment and had a positive knock-on effect on the economy and markets, he added.

The ADX is working on expanding partnerships with other exchanges and increasing its institutional investor base, which swelled by 12 percent last year with participants from the top 25 global asset management firms.

A $1.4 billion IPO fund launched by the emirate to attract companies to list is also helping the exchange to grow, Malak said.

"We've seen opportunities in various sectors, including tech, and we're working with them and helping them structure their business to be ready for an IPO if they choose."

More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority

Updated 18 min 4 sec ago

More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority

RIYADH: Saudi Arabia’s General Entertainment Authority has now issued licenses for more than 24 theme parks and 421 entertainment centers, as the Kingdom steadily diversifies its economy in line with the goals outlined under Vision 2030.

GEA has also now provided 4,198 permits for entertainment events, along with 3,370 permits for live performances in restaurants and cafes, Saudi Press Agency reported, citing the total number issued up to the end of 2022.

The report further noted that GEA also approved licenses to more than 1,300 entertainment shows until the end of last year.

In the field of artistic and entertainment talent management, the authority has provided above 630 permits, the report added.

The government body also issued more than 360 crowd organizations and management certificates, besides providing over 700 licenses to operate entertainment facilities and 120 certificates for entertainment activities’ ticket sales.

The entertainment industry in Saudi Arabia has been witnessing a dramatic transformation over recent years, as GEA and the General Commission for Audiovisual Media are undertaking several initiatives to elevate the sector.

As a result of that several big players in the cinema exhibiting sector have already entered Saudi Arabia, thus opening up a new world of entertainment to spectators.

According to GCAM officials, the aim is to have 2,500 screens opened in the country over the next five years and 350 theaters which will create more than 30,000 jobs by 2030.

Earlier in January, it was reported that more than 10 million regional and international visitors attended Riyadh Season events since its launch on Oct. 21.

Staged under the title “Beyond Imagination,” the entertainment festival has offered at least 8,500 activity days and experiences in 15 diverse zones.

In a tweet, Turki Al-Sheikh, chairman of the GEA, said: “Imagination has become a reality with Riyadh Season — 10 million visitors so far.”

On Jan. 22, American pop-rock band Imagine Dragons kicked off their fourth world tour at Riyadh Boulevard, by singing “My Life” from their new album.

The band also performed “Bones,” which has already been streamed over 330 million times and hit the Billboard Hot 100.

Title:

Content: Markets

Lucid’s Controlling Shareholder Remains in its Corner

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

  • Saudi Arabia’s Public Investment Fund, which owns 62.7% of Lucid Group (LCID), filed its quarterly 13F on May 16. It didn’t sell any of its LCID stock.
  • If you’re a shareholder, that is viewed as good news.
  • However, if you’re thinking of buying, you might want to think twice.

Source: Tada Images / Shutterstock

Saudi Arabia’s Public Investment Fund (PIF) filed its Q1 2022 13F on May 16. The country’s sovereign wealth fund retained every one of its 1.015 billion shares of Lucid Group (NASDAQ:LCID). Some speculated that the fund would sell some of its LCID stock after getting Lucid to commit to building an assembly line in Saudi Arabia. This is great news for its other shareholders.

However, there’s no reason PIF — which owns 62.7% of Lucid — won’t sell some in the second quarter and beyond. Lucid needs PIF — not the other way around. If PIF were ever to cut its ownership in LCID stock in a meaningful way, you can be sure the share price would be hammered on the news.

If you’re thinking of buying, it’s crucial to remember that PIF plays an entirely different game from you or me.

Here’s why.

Ticker Company Price
LCID Lucid Group, Inc. $17.44

LCID Stock Accounts for 3% of PIF’s Assets

PIF’s website says it is one of the world’s largest sovereign wealth funds, investing approximately $600 billion in assets under management (AUM) in 13 strategic sectors. The fund’s Q1 2022 13F says it owned 37 U.S.-listed stocks valued at $43.57 billion at the end of March. LCID accounted for 59% of these holdings.

I don’t think it wants to abandon its long-term goals for Lucid, both in the Middle East and elsewhere. However, anyone thinking of buying its stock ought to remember the electric vehicle (EV) maker is just one of many investments the fund has made. Based on Lucid’s current market capitalization of $29.77 billion, PIF’s stake is worth $18.66 billion, or 3% of the fund’s AUM.

While the 13F might make Lucid appear to be a big investment for PIF, in the grand scheme of things, it likely has more significant investments that are held in private businesses.

You might want to read the fund’s five-year strategy to better understand how much influence it carries. At the moment, the investment by PIF is a blessing. But, inexorably tied to the Saudi government, it could become a curse at the flick of a switch.

Lucid Is Part of PIF’s 38 Initiatives for Vision 2030

The fund’s Vision 2030 has five industries that it wants to create at scale. The automotive sector is one of the five. Others include aerospace, logistics & transport, agriculture & food, and construction & real estate. This is part of 13 total initiatives to launch and grow its domestic sectors. It’s very forward-thinking.

The Lucid investment is part of the Kingdom’s plan to move away from oil profits. However, in 2019, Saudi Aramco, the world’s biggest energy company, stated that it would take years to replace the internal combustion engine (ICE).

“The consensus from forecasters is that the internal combustion engine will be with us for decades to come,” Saudi Aramco’s Chief Technology Officer, Ahmad Al Khowaiter, told CNBC. “We are still expecting 90 percent of vehicles to be driven by ICE by the mid-century.”

So, by rudimentary math, that’s 10% EVs by 2050. That’s good news for Lucid and its competitors. The bad news is that there is still plenty of time for the Kingdom to change its mind and bring in another EV maker.

In early March, Lucid announced that it would start construction on a plant capable of producing 150,000 vehicles later this year. It expects it to be completed by 2025. Until Lucid Airs are rolling off the assembly line in Saudi Arabia, investors can’t be confident that everything will work out as planned.

The Bottom Line on LCID Stock

Morgan Stanley (NYSE:MS) analyst Adam Jonas estimates that Lucid will produce 9,900 vehicles in 2022, well short of the company’s estimate of 12,000 to 14,000. As a result, he believes that Lucid will be looking to raise $5 billion in equity and debt financing in 2023 and 2024. Some of that presumably goes toward the plant in Saudi Arabia.

PIF may contribute some of that financing. However, that event isn’t expected to happen until 2023 sometime. In the meantime, Lucid’s relationship with Saudi Arabia could sour.

While PIF remains in Lucid’s corner, I wouldn’t take that to the bank. In the high-stakes world of sector building, PIF and the government of Saudi Arabia hold all the cards.

This is all something to consider before buying LCID stock.

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

The post Lucid’s Controlling Shareholder Remains in its Corner appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

LCID

Latest Markets Videos

InvestorPlace

InvestorPlace is one of America’s largest, longest-standing independent financial research firms. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers.

Learn More

Title:

Content: DUBAI, May 24 (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2 to discuss their joint oil production policy.

Below are key facts about OPEC+ and its role.

WHAT ARE OPEC AND OPEC+?

OPEC was founded in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an aim of coordinating petroleum policies and securing fair and stable prices. Now it includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil.

There have been some challenges to OPEC's influence over the years, often resulting in internal divisions. More recently, the global push towards cleaner energy sources and a move away from fossil fuels could ultimately diminish its dominance.

OPEC formed the so-called OPEC+ coalition with 10 of the world's leading non-OPEC oil exporters, including Russia, at the end of 2016.

OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market. The leaders are Saudi Arabia and Russia, which produce and 9 million and 9.3 million barrels per day (bpd) of oil respectively.

Angola, which joined OPEC in 2007, quit the bloc at the start of this year, citing disagreements over production levels. Ecuador quit OPEC in 2020 and Qatar in 2019.

HOW DOES OPEC INFLUENCE GLOBAL OIL PRICES?

OPEC says its member states' exports account for about 49% of global crude exports. OPEC estimates that its member countries hold about 80% of the world's proven oil reserves.

Because of its large market share, the decisions OPEC makes can affect global oil prices. Its members meet regularly to decide how much oil to sell on global markets.

As a result, when they lower supply in response to falling demand, oil prices tend to rise. Prices tend to fall when the group decides to supply more oil to the market.

The OPEC+ group is currently cutting output by 5.86 million bpd, equal to about 5.7% of global demand.

The cuts include 3.66 million bpd by OPEC+ members to the end of 2024. A further 2.2 million bpd of voluntary cuts by some members expire at the end of June.

The June 2 meeting could decide to extend voluntary cuts by several months, sources have told Reuters.

The voluntary cuts are led by Saudi Arabia with a cut of 1 million bpd.

Despite deep production cuts Brent crude prices are trading near their lowest this year at $81 a barrel, down from a peak of $91 in April, pressured by elevated stocks and concerns over global demand growth.

HOW DO OPEC DECISIONS AFFECT THE GLOBAL ECONOMY?

Some of the producer group's supply cuts have had significant effects on the global economy.

During the 1973 Arab-Israeli War, Arab members of OPEC imposed an embargo against the United States in retaliation for its decision to re-supply the Israeli military, as well as other countries that supported Israel. The embargo banned petroleum exports to those nations and introduced cuts in oil production.

The oil embargo pressured an already strained U.S. economy that had grown dependent on imported oil. Oil prices jumped, causing high fuel costs for consumers and fuel shortages in the United States. The embargo also brought the United States and other countries to the brink of a global recession.

In 2020, during COVID-19 lockdowns around the world, crude oil prices slumped. After that development, OPEC+ reduced oil production by 10 million barrels a day, which is equivalent to about 10% of global production, to try to bolster prices.

Gasoline prices are an important political subject in the United States, where a presidential election takes place this year, and have prompted Washington to make repeated calls on OPEC+ to release more oil.

OPEC says its job is to regulate supply and demand rather than prices. The group's members depend heavily on oil revenue, with Saudi Arabia's budget balancing at an oil price of between $90 and $100 a barrel, according to various estimates.

CAPACITY DILEMMA

Besides production cuts, OPEC+ is set to debate its members' production capacity figures this year – a historically contentious issue.

The group has tasked three independent companies – IHS, WoodMac and Rystad – to assess production capacity of all OPEC+ members by the end of June.

Capacity estimates help OPEC+ to establish baseline production figures from which cuts are made.

Member countries tend to fight for higher capacity estimates to gain a higher baseline and end up with higher production quotas after cuts are applied, and hence ultimately higher revenues.

The need for new quotas comes as members such as the United Arab Emirates and Iraq expand production capacity while the biggest OPEC producer, Saudi Arabia, has scaled back additions to its output potential.

OPEC+ member Russia has effectively had its production capacity reduced by the war in Ukraine and Western sanctions.

WHICH COUNTRIES ARE OPEC MEMBERS?

The current members of OPEC are: Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Iran, Algeria, Libya, Nigeria, Congo, Equatorial Guinea, Gabon and Venezuela.

Non-OPEC countries in the global alliance of OPEC+ are represented by Russia, Azerbaijan, Kazakhstan, Bahrain, Brunei, Malaysia, Mexico, Oman, South Sudan and Sudan.

Sources: Reuters News, World Economic Forum website, OPEC website, U.S. Department of State website (Reporting by Yousef Saba Editing by David Goodman )


This report addresses: Slow Food Movement

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Global Wood Vinegar Market: Key Players

Producers of wood vinegar are doing research to find new ways to make wood vinegar using various raw materials.

It is anticipated to garner a 6.3% CAGR from 2023 to 2031 and by 2031 the market is likely to attain US$ 9.6 billion by 2031.

Now, for the most common reason we purchase the electric pressure cooker, pressure cooking is made simpler because it is electric, is food safe by adjusting for altitude for time of the recipe and by setting the proper time for pressure according to the recipe.

Other food safe features are the low-, normal- and high-pressure settings, and the lock on the lid to prevent opening during the pressure stage.

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Tequila: 5 easy ways to tell what’s quality and what’s not when buying your next bottle

This is what makes a quality tequila

As a category gets more popular, a specific universe expands, and the details inside can get a little hazy.

Look for additives

This is easier said than done, and we’ll likely see more certifications and symbols on labels in the future, but there are still some things to look out for.

This report addresses: Slow Food Movement

Title:

Content: Wood Vinegar Market is Projected to Reach USD 9.6 billion, Garnering a 6.3% CAGR from 2023 to 2031: Transparency Market Research, Inc.

The rise in the wood vinegar market in recent years may be attributed in large part to an increase in government programs involving biobased products.

Wilmington, Delaware, United States, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global wood vinegar market was projected to attain US$ 5.5 billion in 2022. It is anticipated to garner a 6.3% CAGR from 2023 to 2031 and by 2031 the market is likely to attain US$ 9.6 billion by 2031.

Governments are devoting more and more time to studying the benefits of wood vinegar versus synthetic substitutes. The applications of organic wood vinegar in agriculture include transportation of fertilizer, addition to composting, and soil conditioning. It is also used as a feed addition, silage additive, and treatment for manure and stable bedding.

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Global Wood Vinegar Market: Key Players

Producers of wood vinegar are doing research to find new ways to make wood vinegar using various raw materials. Companies have also tried combining two or more already-existing substances to produce wood vinegar with unique scents.

The following companies are well-known participants in the global wood vinegar market:

  • Dongying Runyi Biotechnology Co. Ltd.
  • Merck KGaA (Sigma Aldrich)
  • Canada Renewable Bioenergy Corp
  • Kerry Group PLC
  • Frutarom Industries Ltd.
  • Agribolics Technology Sdn Bhd
  • VerdiLife LLC.
  • Red Arrow International LLC
  • B&G Foods, Inc.
  • Baumer Foods, Inc.
  • TAGROW CO. LTD.
  • New Life Wood Vinegar

Compared to cowpea farmers who use wood vinegar topically, those who soak their cowpeas in wood vinegar are likely to get larger net returns on their investment.

Key Findings of the Market Report

  • The increasing usage of wood vinegar in a variety of sectors is driving its market share globally.
  • It serves as an organic fertilizer, a bio-pesticide, an antibacterial agent, and a growth-stimulating agent for plants in agriculture.
  • The growing unpopularity of genetically modified crops, industrial fertilizers, and pesticides has led to the emergence of wood vinegar as an alternative to already recognized approaches in these domains.
  • One key factor driving their use in agriculture has been the rise in public awareness of synthetic components in the food chain.
  • Since wood vinegar contains short-chain fatty acids that prevent the formation of dangerous germs, it is used in medications.
  • It promotes the growth of prebiotics while inhibiting the growth of protozoa and enteropathogenic bacteria.

Market Trends for Wood Vinegar

  • Manufacturers of food and drink goods are reformulating and offering clean label items these days. Manufacturers of processed foods are concentrating their efforts on building new plants and investing in the development of their current facilities to boost the production of processed foods like meat and seafood products. The market for liquid smoke and wood vinegar, which are used to give some processed foods a unique flavor, is thus anticipated to grow as a result.
  • Wood vinegar producers must effectively satisfy the needs of diverse end customers in a range of applications while guaranteeing the availability of the necessary goods, as good quality and results are crucial.

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Global Market for Wood Vinegar: Regional Outlook

  • Sales are expected to be dominated by Asia Pacific throughout the projection period, with Europe and North America following closely behind. The demand for beef products is rising due to the rapid population growth and broad Westernization in Asia Pacific. This is anticipated to lead to a rise in the region's need for wood vinegar and liquid smoke for taste and preservation as processed meat products are consumed more often.
  • One interesting finding is that consumers in Western nations, such North America and Europe, usually order smoked food, but individuals in other regions, like Asia and Africa, would rather not have smoked food. Applications in the food processing industry are expected to increase as a result throughout North America and Europe.

Some key developments by the players in this market are:

  • Leading wood vinegar manufacturer PyroAg asked organic farmers in Australia to adopt sustainable farming methods in the country's agricultural industry by lowering the price of its wood vinegar in December 2022.
  • Two engineers in northern Gaza created a wood vinegar distillation apparatus in June 2022, saying it would address the region's issues with soil fertility.
  • Byron Biochar introduced biochar + frass, a new product, to the market in May 2020. This product, which is 80% charcoal and 20% frass, is perfect for use as a fertilizer as well as soil conditioner.

Global Wood Vinegar Market Segmentation
Production Method

  • Rapid Pyrolysis
  • Intermediate Pyrolysis
  • Slow Pyrolysis

End User

  • Food and Beverages Industry
  • Agriculture Industry
  • Animal Feed Industry
  • Pharmaceutical Industry
  • Cosmetics & Personal Care Industry

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Title:

Content: If you own an electric pressure cooker, you are probably aware this countertop appliance promises to take on a variety of meal cooking tasks. With more than seven different functions, it may be overwhelming to begin. To give you a basic understanding of the functions, here are a few to become comfortable with no matter which brand you own.

As a slow cooker, an electric pressure cooker can be used without the pressure feature and cook pulled pork to a tender meal. It may take a little longer than a Crock Pot slow cooker, but the multi-use features replace many other appliances. Adjust all recipes for altitude by adding 5 percent time for every 1,000 feet above 2,000 feet. For example, to adjust for the altitude in Idaho Falls, increase cooking time by plus-10 percent.

Now, for the most common reason we purchase the electric pressure cooker, pressure cooking is made simpler because it is electric, is food safe by adjusting for altitude for time of the recipe and by setting the proper time for pressure according to the recipe. There are pre-set buttons on the electronic face of the cooker for many food items and instructions for mixed dishes.

Other food safe features are the low-, normal- and high-pressure settings, and the lock on the lid to prevent opening during the pressure stage. Use caution when releasing pressure through quick or natural release to prevent steam burns. Most of the electric pressure cooker parts are dishwasher safe so check your model use guide for specific instructions. Don’t forget to clean the condensation cup below the lid of some models. This is where the water goes that collects in the well on the cooker base.

For more information or programs to use an electric pressure cooker, contact your local University Extension office or their publication department.

Julie Buck, EdD, RDN, is a registered dietitian, who is employed as a family and consumer sciences educator at the University of Idaho Extension, Bingham County. She can be reached at 208-785-8060 or jhbuck@uidaho.edu.

Title:

Content: Skip to main content

Tequila: 5 easy ways to tell what’s quality and what’s not when buying your next bottle

This is what makes a quality tequila

As a category gets more popular, a specific universe expands, and the details inside can get a little hazy. It makes sense — more players, more opportunities for some makers to cheat the system or pursue profit over quality.

Tequila’s moment has turned into a bonafide era. The agave spirit continues to do well, with an ever-increasing number of premium producers entering the field and getting their products stateside. And you, the savvy consumer, want to know what you’re drinking, right?

Lately, the hubbub has been about additives in tequila, but really, there’s murk elsewhere, too. So, we decided to put together a handy guide to shopping smarter when buying tequila. Here are a handful of easy ways to virtually guarantee a better bottle and one you know much more about.

Look for additives

This is easier said than done, and we’ll likely see more certifications and symbols on labels in the future, but there are still some things to look out for. Now, brands are innovative. They won’t outwardly advertise that they add things like food coloring and sweeteners to their tequilas. In fact, you can still stress the additive-free-ness of your product while adding up to one percent of those very additives (which are used to add flavor or change the hue of the tequila so it looks more aged).

This is changing. There’s an alliance devoted to the purity of the spirit and in the marketing material of a growing number of brands, you’ll see an explicit statement related to the subject that’s usually pretty honest.

Pay attention to process

Generally, the more traditional the process, the better chance you’re getting a well-made product. Proud producers wear the process on their sleeves and should go into detail about it. After all, there are a lot of players, and how you make the stuff can stress your singularity. It’s like slow food in that. Generally, the less hurried the approach, the better the tequila. That allows the tequila to come together naturally over time without sacrificing any details in flavor.

Gauge agave type and region

To be called a Tequila, the liquid must originate from one of five Mexican states (Guanajuato, Jalisco, Michoacan, Nayarit, and Tamaulipas). Tequila also must be made with at least 51% blue Weber agave. Generally, the better producers go all-in with this agave type. Cheaper producers will meet the minimum and use a neutral spirit or something else to make up the difference. Again, producers can be crafty about how they market this, but the premium producers tend to like to show off not only their all-in (look for things like “100% agave” on the label) but also the regionality of the stuff.

And this is where it gets fun. There’s a terroir element to tequila. While two producers may be using 100% blue Weber agave, if they’re operating out of different regions with different microclimates and different soils, and different elevations, the resulting tequilas will almost certainly taste quite different. It’s a lot like wine in that way and a reminder to seek out regional info on the label.

Opt for smaller producers

Smaller producers tend to operate in a more traditional fashion. Larger ones like to go the industrialized route, farming in less environmentally friendly ways to increase yields or adding food coloring to sell an “aged” product at a higher price, without actually aging anything. Smaller producers know the only way they can get into a game this crowded is with something truly of quality. They’ll never have the market share of Jose Cuervo, but that doesn’t mean they can’t enter the field.

Look for things like “small-batch” and “limited-run” on labels. Again, big dogs can say the same, but it can be an indicator. Look for individual batch or bottle numbers or details on the size of the agave farm they work with. Play it safe and shop at specialty stores with wise staff who can point you in the right direction.

Look for specific words

As with most things, it pays to do your homework online first (or while in your wandering the tequila aisle). You can get a lot of useful context this way. On the label or on the website as you carry out your due diligence, look for things “maestros tequileros” or makers with a pedigree, as in fourth or fifth-generation. This is not proof that you’re getting a quality bottle, but the chances are better if you’re dealing with an experienced maker and one that honors the heritage of the craft. A great indicator is the NOM, or norma oficial Mexicana. This is a four-digit number issued by Mexico’s Tequila Regulatory Council. This government arm makes sure that tequilas they put their stamp of approval on are making quality options and adhering to certain standards. Find this number, and you’re in good shape. As reported, of the some 1,600 registered producers, only about 160 or so meet these standards.

Want more in the way of agave? Check out the best tequilas for Palomas and the best top-shelf tequilas. Or, check out some of our favorite mezcal bottles out there.

Editors' Recommendations

Mark Stock is a writer from Portland, Oregon. He fell into wine during the Recession and has been fixated on the stuff since…
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