Blockchain creating 'Internet of value': Crypto Oasis co-founder – Arab News
DUBAI: Blockchain technology is transforming “internet of information into internet of value,” according to Saqr Mashhor Ereiqat, the co-founder of Crypto Oasis. 
While speaking at a session in the Top CEO Forum, Ereiqat also noted that the majority of the people use the Internet, but do not know how it works.
Ereiqat added that he used to advise governments on how they can use blockchain to benefit them. He, however, made it clear that governments like to control the network they offer.  
Ereiqat also noted that blockchain provides a way to trace a value from beginning to end. 
Franck Mandon, chief operating officer of Nujumz, during the session told that blockchain is going to transform the way humans trusted each other. 
However, Paritosh Ghambir, partner audit KPMG, noted that most clients need education about blockchain. 
Gambhir added: “Just because it is a blockchain does not mean it could be fully trusted.” 
RIYADH: Tight Covid-19 controls are seen exacerbating China’s economic stance. America’s Goldman Sachs revised the Asian country’s gross domestic product downwards to 4 percent. The country’s stocks also fell on Wednesday due to the lockdown consequences. On top of this, several factories and plans are expected to leave the country in light of rising labor costs, worsening trade tensions with the US, and Covid-19 impacts. Meanwhile, some buyers are eyeing liquified natural gas demand rebound as covid-19 is expected to unwind soon.
·      American multinational investment bank and financial services company Goldman Sachs Group Inc. has revised China’s GDP downwards to 4 percent, down from 4.5 percent previously, Bloomberg reported, citing economic data from April. In addition to this, the investment banking company also cut forecasts for the second quarter to 1.5 percent year-on-year, down from 4 percent originally. 
·      China’s stocks dropped on Wednesday amid fears that government stimulus and policies will not be enough to help the economy recover from COVID-19 repercussions. This comes as China’s blue-chip index, also referred to as CSI300, lost 0.4 percent while the Shanghai Composite Index lost 0.3 percent.
·      Several factories and plants might leave China amid rallying labor costs, exacerbated US-China trade tensions, and tight Covid-related controls, CNBC reported, citing multiple firms and analysts. However, the issue that prevails is that supply chain diversification is difficult to implement, CNBC reported, citing Nick Marro, global trade leader at The Economist Intelligence Unit.
·      Some Chinese buyers are contemplating the purchase of LNG cargoes from August onwards on the hopes that virus restrictions will ease thus raising demand for the fuel once again in the process, Bloomberg reported. Nevertheless, spot prices will still have to further drop before any deals are sealed. 
RIYADH: Outdoor advertising provider Arabian Contracting Services Co., known as Al Arabia, has more than doubled its profits during the first quarter.
Profits of the Riyadh-based firm, partly owned by media giant MBC group, soared to SR64.9 million ($17.3 million) in the first quarter from SR29.6 million during the same period last year, a bourse filing revealed.
Economic recovery, along with a continued digitization push in the Kingdom, led to a 93 percent increase in revenues year-on-year to SR287 million.
Al Arabia said that digital transformation led to an expansion in its client base in the current year to include new sectors, which in turn propelled solid first-quarter figures.
RIYADH: Saudi stocks ended the day higher on Wednesday as major companies released their earnings, causing investors to shrug off some concerns.
The Saudi main stock index,  TASI, gained 0.19 percent to close at 12,713, while the parallel market, Nomu, added 0.64 percent at 22,832.
Red Sea International Co. surged 10 percent to lead the gainers, while Al Hassan Ghazi Ibrahim Shaker Co. shed 9.91 to lead the fallers.
Anaam International Holding Group gained 9.97 percent, following its shareholders’ approval to raise its capital to SR315 million ($84 million).
Dar Al Arkan Real Estate Development Co. grew 2.89 percent, after reporting a profit surge of 675 percent in the first quarter.
Saudi Aramco, the largest player on the Saudi oil market, closed Wednesday’s trading down 1.21 percent.
The Saudi Electricity Co. dropped 7.76 percent, after it reported a 10 percent decline in quarterly profit.
Methanol Chemicals Co. rose 3.44 percent, after it reported a 244 percent spike in profits in the first quarter.
In the financial sector, the Kingdom’s largest valued bank, Al Rajhi, edged up 0.21 percent, and Alinma Bank edged down 0.41 percent.
Both pharma giants saw gains, as Nahdi Medical Co. added 3.04 percent and Aldawaa Medical Services Co. added 0.38 percent.
Brent crude settled at $113.96 a barrel, while US West Texas Intermediate crude traded at $115.14 a barrel, as of 3:22 p.m. Saudi time.
RIYADH: Saudi Technology Ventures has partnered with Meta — formerly Facebook — to scale up the tech ecosystem in the Kingdom and the Middle East and North Africa region.
The $500 million technology venture capital fund plans to do so through building its technical capability and enabling its portfolio companies, it said in a statement. 
As part of the deal Meta will provide strategic and financial incentives to serve STV’s objectives towards its portfolio and the broader ecosystem.
Denmark: Four European Union countries plan to build North Sea wind farms capable of producing at least 150 gigawatts of energy by 2050 to help cut carbon emissions that cause climate change, Danish media reported Wednesday.
Under the plan, wind turbines would be raised off the coasts of Belgium, the Netherlands, Germany and Denmark, daily Danish newspaper Jyllands-Posten said.
The project would mean a tenfold increase in the EU’s current offshore wind capacity.
“The North Sea can do a lot,” Danish Prime Minister Frederiksen told the newspaper, adding the close cooperation between the four EU nations “must start now.”
European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, Dutch Prime Minister Mark Rutte and Belgian Prime Minister Alexander De Croo are scheduled to attend a North Sea Summit on Wednesday in Esbjerg, 260 kilometers (162 miles) west of Copenhagen.
In Brussels, the Commission moved Wednesday to jump-start plans for all the 27-nation bloc to abandon Russian energy amid the Kremlin’s war in Ukraine, proposing a nearly 300 billion-euro ($315 billion) package that includes more efficient use of fuels and faster rollout of renewable power.
The investment initiative by the EU’s executive arm is meant to help the bloc’s 27 countries start weaning themselves off Russian fossil fuels this year.
The goal is to deprive Russia, the EU’s main supplier of oil, natural gas and coal, of tens of billions in revenue and strengthen EU climate policies.
“We are taking our ambition to yet another level to make sure that we become independent from Russian fossil fuels as quickly as possible,” von der Leyen said in Brussels when announcing the package, dubbed REPowerEU.
The EU has pledged to reduce carbon dioxide emissions by 55 percent compared with 1990 levels by 2030, and to get to net zero emissions by 2050.
The European Commission has set an overall target of generating 300 gigawatts of offshore energy of by 2050.
Along with climate change, the war in Ukraine has made EU nations eager to reduce their dependency on Russian natural gas and oil. In 2021, the EU imported roughly 40 percent of its gas and 25 percent of its oil from Russia.
At a March 11 summit, EU leaders agreed in principle to phase out Russian gas, oil and coal imports by 2027.