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Reliance Acquires REC Solar Towards Achieving Zero Net Carbon

Photo: Al Bawaba

Indian conglomerate Reliance announced that it has taken over the Chinese REC Solar, focused on solar panel manufacturing, with the acquisition valued at $771 million. Such efforts and investments are focused towards the company’s net carbon zero goal by 2035. Reliance’s total investment into clean energy amounts to $10.1 billion over the next three years.

MACROECONOMIC DATA ANALYSIS

The annual urban consumer price inflation in Egypt has increased from 5.7% in August to 6.6% in September, mainly explained by the surge of vegetable and meat prices. Although the rate still remains well within the 5% to 9% target range set by the central bank, the increase has been higher than anticipated by most analysts.

British business minister Kwasi Kwarteng indicated that the United Kingdom is planning on how to support its energy-intensive industries damped by escalating gas prices. Steel, glass, ceramics and paper sectors among others may be forced to halt production before the government initiate some action to lower energy prices.

CURRENCIES

The U.S. dollar edges slightly lower but remains steady & firm, amid a weak American employment report released on Friday, as investors remain positive that the disappointing U.S. report will not affect the Federal Reserve’s early asset-tapering scheme. The dollar index dropped 0.11% to 94.115.

GOLD

Gold prices trade slightly higher but remain stable coming out of a quite volatile week, due to an underwhelming U.S. September jobs report. Investors are still awaiting the Federal Reserve’s asset-tapering initiative, with the precious metal futures currently priced at $1,756 an ounce.

OIL

Crude oil prices jump higher as of Friday to end the first week of October, amid rising global demand for energy & natural gas with shortages on an international scale. Brent oil climbed 0.72% to price at $82.54 a barrel, comfortably trading past the $80 level, and WTI oil has soared 1.63% to trade at $79.58 per barrel.

INDICES

USA: S&P500 -0.19%, Dow Jones Industrial Average -0.03%, Nasdaq Composite -0.51%

Europe: FTSE 100 +0.25%, DAX -0.29%, CAC 40 -0.61%

Asia: Nikkei 225 +1.34%, Hang Seng +0.55%, CSI 300 +1.31%, Nifty 50 +0.59%

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