Industry Update

Google, Microsoft, and Amazon have been very vocal about their efforts to reduce the world's dependence on fossil fuels. But as The Wall Street Journal and Gizmodo have reported, these same companies are currently teaming up with fossil fuel industry to help them squeeze as much oil and gas out of the ground as possible. Oil has always been hard to find and hard to extract, and so the industry has teetered precariously on the edge of profitability several times over the course of its history. Just when things look bleakest for black gold, new technology swoops in to keep the industry afloat.

Source: https://www.arabianbusiness.com/video/437019-video-google-amazon-are-now-in-the-oil-business

Online food ordering company Takeaway.com has won the battle for the UK-listed Just Eat with a £5.9bn all-share offer. The deal will create one of the world's largest meal delivery companies. Dutch giant Takeaway.com was bidding against tech investment firm Prosus. The merged company, which will be led by Takeaway chief executive Jitse Groen, will have its headquarters in Amsterdam and a listing in London. The joint group will bring together businesses that process 360 million annual orders worth €7.3bn (£6.6bn).

Source: https://www.bbc.com/news/business-51065886

General Motors is bringing back the Hummer, nearly a decade after the brand became defunct. This time, the Hummer will live a new life as an all-electric pickup truck. General Motors is also investing in a splashy ad campaign. It'll show the Hummer in a Super Bowl ad in February, a source familiar with the plan confirmed to CNN Business. The Wall Street Journal, which first reported the story on Friday, says the company has signed on basketball star LeBron James to help. The Super Bowl is a common battleground for car brands like Kia, Mercedes-Benz and GM to show off their vehicles. The new Hummer pickup truck is slated to hit the market in early 2022 and will be sold under the GMC truck and SUV brand in small quantities, the same source confirmed.

Source:https://edition.cnn.com/2020/01/11/cars/gm-electric-pickup-hummer/index.html

Saudi Arabia’s utility developer ACWA Power plans to invest about $10 billion this year as it seeks out new projects in 10 countries, Reuters reported, citing Chief Executive Officer Paddy Padmanthan. The company operates in a dozen countries and is now bidding for projects in new markets including Ethiopia, Tunisia, Cambodia, Azerbaijan and Uzbekistan, Reuters reported, citing Padmanthan at an energy event in Abu Dhabi. Saudi Arabia’s Public Investment Fund plans to boost its stake to 40% from 25%, it added.

Source:https://www.bloomberg.com/news/articles/2020-01-11/saudi-arabia-s-acwa-power-plans-10b-of-investments-reuters

 A new interim board has been appointed for Dubai-based Noor Bank as its acquisition by Dubai Islamic Bank (DIB) gathers pace. Following approvals received from the regulators and the shareholders of Dubai Islamic Bank and Noor Bank, DIB said it is now progressing with the acquisition of Noor Bank. To ensure smooth acquisition of the transaction and achieve seamless integration of Noor Bank into DIB, it has been decided to reconstitute Noor Bank's board.

Source:https://www.arabianbusiness.com/banking-finance/437067-dubai-islamic-bank-reveals-new-noor-bank-board-as-acquisition-nears

Masdar is set to reveal further expansion plans at the 2020 edition of Abu Dhabi Sustainability Week (ADSW) next month, according to the renewable energy giant’s CEO Mohamed Jameel Al Ramahi. The Abu Dhabi-based company currently has a footprint across 25 countries and operates over 5GW in capacity. Al Ramahi told Arabian Business Central Asia will be an area of interest for the company along with South East Asia and there will also be a particular focus on growing the company’s presence in the USA.

Source: https://www.arabianbusiness.com/energy/436257-masdar-to-reveal-expansion-plans-at-abu-dhabi-sustainability-week

The popular UAE-developed mobile application ToTok has returned to the Google Play Store after it was removed on claims it was being used for government spying, the company said Saturday. Google and Apple removed the app from their online marketplaces last month after The New York Times reported ToTok allowed the UAE government to track the conversations, movements and other details of people who installed it on their phone. "We are happy to inform you #ToTok is now available for download on the Google Play Store," a statement on ToTok's Twitter account said.

Source: https://www.arabianbusiness.com/technology/436677-totok-returns-to-google-play-store-after-spyware-denial

Dubai Taxi Corporation, part of the Roads and Transport Authority (RTA), has lifted more than one billion passengers since starting operations 25 years ago, it has been announced. Mattar Al Tayer, director-general and chairman of the RTA, also revealed that the number of journeys made by Dubai Taxis has reached 682 million since 1995. He said in a statement that that the taxi fleet has grown from 81 to 5,201 vehicles in the same period while the number of drivers has increased from 886 to 11,500.

Source: https://www.arabianbusiness.com/transport/436674-dubai-taxi-corp-passes-1-billion-passenger-milestone

The Jeep Wrangler is famous for its ability to tackle brutal off-road conditions. It's also known for the fact that, generally, it doesn't change too much. Today's flat-sided Wrangler is clearly a descendant of the boxy Jeep that slogged through the battlefields of World War II. But Jeep will soon undergo one of the biggest transformations of its 79-year history. At the CES technology show in Las Vegas next week, Fiat Chrysler Automobiles will unveil plug-in hybrid versions of the Jeep Wrangler, Cherokee and Compass. The plug-in models will bear a new 4xe badge, which is a play on the term 4x4 used to denote four-wheel-drive vehicles. Fiat Chrysler CEO Mike Manley has said previously that a plug-in hybrid Wrangler will go on sale later in 2020.

Source: https://edition.cnn.com/2020/01/02/cars/jeep-plug-in-hybrids/index.html

Google has revoked a Chinese tech giant's access rights after a user was able to view the feed from a stranger's security cameras on his device. A user in the Netherlands alleged that his Google Home Hub began displaying photos from unidentified locations on its smart screen when he accessed his camera, made by Xiaomi. Among the stills to appear was a sleeping baby. Xiaomi said it had identified the cause and was working on a permanent fix. Reddit user Dio-V said when he attempted to view images from his own security camera on his Google Home Hub, which lets owners control all their smart devices on one display, it showed photos from unidentified camera feeds. The images included a man sleeping on a porch, what appeared to be a shop security camera, a stranger's kitchen, and a child resting in a cot.

Source: https://www.bbc.com/news/technology-50981993