Category: MENA

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Steel decarbonisation to redefine supply chains by 2050

Wood Mackenzie report says new metallic hubs will emerge as steel industry accelerates carbon abatement efforts

LONDON and HOUSTON and SINGAPORE, Oct. 19, 2023 (GLOBE NEWSWIRE) — According to the latest Horizons report from Wood Mackenzie, the steel industry is set to undergo a significant transformation as decarbonisation efforts accelerate. Titled Metalmorphosis: how decarbonisation is transforming the iron and steel industry the report highlights the emergence of new metallic hubs and the reshaping of steel production and global trade patterns.

Wood Mackenzie’s latest report says electric-arc furnace (EAF) technology, increased use of green feedstock, and evolving carbon policies will play a crucial role in this transformation. Low-carbon intensive EAF production accounts for 28% of global steel output, projected to rise to 50% by 2050. An investment of US$130 billion will be required to achieve this goal.

The shift towards less carbon-intensive steel will drive the demand for greener feedstocks such as DRI (Direct Reduced Iron) and high-grade scrap. Wood Mackenzie predicts that the share of these feedstocks in total metals demand will increase from 36% to 54% by 2050, leading to new production, processing, and trading hubs for low-carbon iron and scrap.

DRI production and trade rise will create investment and revenue generation opportunities across the value chain. Wood Mackenzie forecasts a doubling DRI capacity within 30 years, requiring an estimated US$80 billion investment. This projection does not include potential investments in green hydrogen, smelters for low-grade DRI, pellet hubs, and shipping.

Wood Mackenzie indicates that the location of new green Direct Reduced Iron (DRI) centres will be determined based on their proximity to low-carbon hydrogen production. This is particularly important given the uncertainties surrounding the transportation and storage of traded hydrogen. The Middle East and Australia are well-positioned to take advantage of this opportunity, and the number of projects in these regions is increasing.

Quality will take precedence over quantity as the cost of lower-carbon steel rises. In markets with high carbon prices, importing green DRI to manufacture low-carbon steel using EAFs will become more favourable than importing finished steel from emissions-intensive producers like China and India.

Decarbonising the iron and steel industry, which currently accounts for approximately 8% of global carbon emissions, is a challenging but achievable goal. With the right levels of investment and policy support, this transformation has the potential to redefine trade patterns and the value chain.

Editor’s notes:
Read more information here. To request the report and arrange an interview with the authors, please contact Wood Mackenzie’s media relations team.

About Wood Mackenzie
Wood Mackenzie is the global insight business for renewables, energy and natural resources. Driven by data. Powered by people. In the middle of an energy revolution, businesses and governments need reliable and actionable insight to lead the transition to a sustainable future. That’s why we cover the entire supply chain with unparalleled breadth and depth, backed by over 50 years’ experience in natural resources.

Contacts:
Hla Myat Mon
PR Manager – APAC
hla.myatmon@woodmac.com

GlobeNewswire Distribution ID 1000864826

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TOP RANKED ROSEN LAW FIRM Encourages Integra LifeSciences Holdings Corporation Investors to Secure Counsel Before Important Deadline in Securities Class Action – IART

NEW YORK, Oct. 18, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Integra LifeSciences Holdings Corporation (NASDAQ: IART) between March 11, 2019 and May 22, 2023, both dates inclusive (the “Class Period”), of the important November 13, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Integra common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Integra class action, go to https://rosenlegal.com/submit-form/?case_id=19078 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 13, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period defendants made false statements and/or concealed that Integra had failed to take sufficient measures to remediate the violations identified by the U.S. Food and Drug Administration (“FDA”) in the November 2, 2018 Notice of Inspectional Observations on Form 483, the March 6, 2019 FDA issued warning letter, and the November 12, 2021 FDA issued Form 483. As a result of those deficiencies, since March 2018, all products manufactured in the Company’s manufacturing plant located in Boston, Massachusetts (the “Boston Facility”), including SurgiMend, PriMatrix, Revize, and TissueMend, had the potential for higher-than-permitted levels of endotoxin and would need to be recalled. Moreover, Integra was not making progress towards obtaining its premarket approval (“PMA”) indication for SurgiMend, in part, because the manufacturing site that would produce the PMA product, the Boston Facility, was in continued violation of the FDA standards that Integra failed to rectify years after the initial notice of the violations and as a result the facility had to be shutdown to correct those ongoing deficiencies. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Integra class action, go to https://rosenlegal.com/submit-form/?case_id=19078 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8951866

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ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Capstone Green Energy Corporation Investors to Secure Counsel Before Important Deadline in Securities Class Action – CGRN

NEW YORK, Oct. 18, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Capstone Green Energy Corp. (NASDAQ: CGRN) (OTC: CGRNQ) between June 14, 2021 and September 22, 2023, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 12, 2023.

SO WHAT: If you purchased Capstone Green Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Capstone Green Energy class action, go to https://rosenlegal.com/submit-form/?case_id=19761 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 12, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had engaged in “bill and hold transactions” with customers; (2) that these transactions were not reported pursuant to generally accepted accounting principles (“GAAP”); (3) that, “as a result of apparent errors primarily related to revenue recognition associated with bill and hold transactions” the Company lacked a reasonable basis to report certain financial results and was reasonably likely to restate its financial statements; and (4) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Capstone Green Energy class action, go to https://rosenlegal.com/submit-form/?case_id=19761 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8951799

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Bybit Celebrates MIBR’s 20th Anniversary with Exclusive ‘Phygital’ NFTs Collection Drop

DUBAI, UNITED ARAB EMIRATES – Media OutReach – 18 October 2023 – Bybit, the world’s third most visited crypto exchange, is proud to support partners Made in Brazil (MIBR) in launching a range of NFTs to celebrate the esports team’s 20th birthday. Phygital NFTs are so-called because they are tied to real-life apparel.

Bybit will exclusively host the launch of MIBR’s inaugural NFT collection, set to roll out on October 24th, with two fresh NFTs unveiled every subsequent week. The collection showcases an elite series of 12 legendary jerseys, capturing MIBR’s triumphant journey throughout the years.

The collectible jerseys come in different levels of rarity. The standard editions have a capped print of 250, whereas ultra-rare versions are limited to just five units each. Remarkably, six of these coveted NFTs will be up for grabs at no cost, with the rest open for acquisition on Bybit’s user-friendly platform. Dive deeper here:  http://www.bybit.com/MIBR-NFT.

Fans who complete the full NFT collection will be gifted an autographed, tailor-made MIBR jersey. Those securing 11 NFTs, will get a personal shoutout from their preferred MIBR figure, and those owning between 7 and 10 jerseys will get an exclusive MIBR store discount and a special $BRZ bonus on Bybit.

“It’s an honor to facilitate the fusion of the dynamic worlds of esports and cryptocurrency,” said Ben Zhou, co-founder and CEO of Bybit. “By joining the physical and digital worlds with this ‘phygital’ NFT collaboration with MIBR, we are not only celebrating their rich history but also setting a precedent for the future of fan engagement and phygital collectibles. It’s a testament to our commitment to offering innovative experiences to our global community.”

“This collaboration enables us to celebrate and immortalize MIBR’s two-decade journey,” said Roberta Coelho, CEO of MIBR. “We’re thrilled to share this milestone with our global fans through Bybit’s next-level crypto exchange.”

#Bybit / #TheCryptoArk

About Bybit

Bybit is a top-five cryptocurrency exchange established in 2018 that offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For media inquiries, please contact: media@bybit.com

For more information please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

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Bybit and DMCC Join Forces for a Stellar Showcase at the Future Blockchain Summit in Dubai

DUBAI, UNITED ARAB EMIRATES – Media OutReach – 18 October 2023 – Bybit, the world’s third most visited crypto exchange, held a remarkable collaboration with Dubai Multi Commodities Centre (DMCC) at the Future Blockchain Summit from Oct. 15-18 at the Dubai Harbor.At the Future Blockchain Summit, Bybit and DMCC’s booth was more than just a display; it was a window into the concept of The Crypto Ark, where anyone who wants to part of Web3 can find a home. Their shared space was a tangible representation of two titans in the crypto realm.

Bybit’s collaboration with DMCC is more than just a partnership; it’s a shared dream of making Dubai a pivotal point in the global crypto map. With Bybit’s investment of AED 500,000 earmarked to support 15 budding crypto ventures, they’re not just making a statement; they’re taking action. From hackathons to webinars, Bybit is hands-on in fostering education and growth in the crypto space.

The Blockchain Summit was the perfect venue for the team, with over 150 exhibitors from around the globe converging to explore crucial subjects like crypto security and Web3’s integration with gaming. And with COP28 on the horizon, discussions on eco-friendly Web3 innovations couldn’t have been more timely.

As part of their deepening alliance, Bybit is already sponsoring the much-anticipated hackathon: “Web3 Unleashed: Crypto Innovation Challenge,” which is now open for new entrants to joining the 51 projects already registered at the official page. The final is set for Nov. 22, 2023, with $100,000 up for grabs.

“The way Bybit and DMCC came together at the summit wasn’t just collaboration; it was a melding of visions,” said Ben Zhou, co-founder and CEO of Bybit. “We’re genuinely excited to join with DMCC as we further our ‘Grow With The Crypto Ark’ initiative with new educational content, AI trading bots, and affiliate portal.”

#Bybit / #TheCryptoArk

About Bybit
Bybit is a top-five cryptocurrency exchange established in 2018 that offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For media inquiries, please contact: media@bybit.com
For more information please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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MENA’s trade prospects get a boost from Asia and Africa

Growth in MENA will dip in 2023, followed by a gentle recovery

DUBAI, UAE – Media OutReach – 18 October 2023 – Atradius, a global trade insurance leader, has today released its 2023 Regional Economic Outlook report, which presents growth forecasts for key markets in the Middle East and North Africa, including differentiated outlooks for oil-exporting and energy-importing countries, and detailed expectations around trade activity and the impact of the global energy transition.

“Oil price fluctuations meant the MENA region could not maintain the 5%+ growth rate in GDP seen in 2021 and 2022,” said Rupa Jagannathan, Managing Director, Middle East, Atradius. “However, while growth will be weak this year, a rebound is likely in 2024, fueled by investments and economic diversification, as well as stronger trade partnerships with Asian markets and other African economies.”

Here are the main takeaways from Niels de Hoog, Senior Economist, Atradius. The full report is available to download here.

Overall MENA macro-economic outlook

  • Following a strong performance in 2022, the MENA region will see growth weaken in 2023 in line with the overall global economic slowdown, as falling oil prices had an adverse effect on oil-exporting countries in the region.
  • Several supportive factors, including a likely stabilization in oil prices, should drive a rebound from 2024 – although oil price swings and climate change present significant risks.
  • Oil exporting countries – Saudi Arabia, the UAE, Bahrain, Oman, Kuwait and Qatar – will experience a drop from 7.6% GDP growth in 2022 to just 1.4% this year, but growth will pick up thanks to the development of diversified, non-oil sectors, and a recovery in oil prices.
  • Oil importing countries – Morocco, Jordan, Lebanon, Tunisia and Egypt – will grow more slowly than the oil exporters, as they struggle with high inflation and interest rates, low government spending and the influence of overall global economic weakness.

Liquidity will make a difference

  • Assuming oil prices remain elevated, growth among Gulf Cooperation Council (GCC) countries in areas other than oil will experience only a mild slowdown, with governments using petrodollars to support household consumption and investment projects.
  • Saudi Arabia and UAE, in particular, have recorded impressive growth in real gross fixed investment, with a focus on balancing the funding of fossil fuels with meeting sustainability targets and diversifying their economies.
  • Meanwhile, energy importing countries face a more subdued outlook as inflationary pressures remain, worsened by currency depreciation and monetary policy missteps. Any rise in the oil price could scupper the recovery process.

Robust trade with Asia to benefit

  • All MENA countries, especially those in the GCC, will benefit from trade and strong relations with key Asian markets, particularly China and India.
  • Apart from the energy trade, GCC countries are performing well on non-fuel exports, mainly chemicals, manufactured goods and machinery, along with services, in line with strategic decisions to diversify away from hydrocarbon trade.
  • Oil-importing countries’ main export partner is a slower-growing Europe, meaning it will benefit to a relatively lesser extent from trade.

Energy transition will influence trade strategies

  • With an increased focus on sustainability, a number of MENA markets are turning to African countries for importing critical metals, which serve as inputs for renewable energy technologies. China remains a major supplier of solar panels and other technologies supporting the region’s energy transition.
  • The global energy transition will lead to a rise in demand for natural gas as a transition fuel from places such as China and Europe, while oil exports will see a gradual decline. To capitalise on the opportunity, gas producers like Qatar are investing in expanding capacity.

About Atradius

Atradius is a global provider of credit insurance, surety and collection services, with a strategic presence in over 50 countries. The credit insurance, bond and collection products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world. You can find more information online at www.atradius.com.hk