Economy

BAPCO Energies is the first national energy company in the world to publish a sustainability financing framework.

Published

3 months ago

July 12, 2023

BAPCO Energies is the first national energy company in the world to publish a sustainability financing framework.

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Babco Energies was launched; Integrated Energy, which is leading the energy transition in the Kingdom of Bahrain, said its financial framework for sustainability will enable the company to link its funding to carbon reduction targets, in line with the Kingdom’s commitment to supporting efforts to protect the environment and climate. “COP26” at the United Nations Conference on Climate Change in Glasgow to fulfill the promise of the Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa on the challenges of climate change.

The company revealed its goals related to reducing carbon emissions, for which BAPCO Energies is not directly responsible, as an important step in supporting efforts to combat climate change and challenges. This financing has served as a stable structure in the structure.

Babco Energies can benefit in a strong and transparent manner from a growing investor and lender base in the field of environmental, social and corporate governance, and with the support of Standard Chartered, has a comprehensive “Sustainability Linked Funding Framework”. ISS’s review shows that the structure is consistent with the principles of sustainability-linked bonds, the “SLBP”, issued by the International Securities Markets Association (ICMA), and the Sustainability Lending Principles (SLLP).

Mark Thomas, Group Chief Executive Officer, BAPCO Energies, said: “We are proud to publish our financial framework for sustainability reviewed by the ISS and to be the first national energy company to reveal our ambitious targets for decarbonisation. We need to implement this practice in the world with a detailed announcement confirming our commitment.” It helps support the Kingdom of Bahrain’s efforts to achieve zero neutrality by 2026 by providing a successful and effective model in energy transition planning.

For his part, Standard Chartered, Bahrain and Middle East CEO Dr. Boutros Klink added: “We are pleased to consolidate our long-standing strong relationship with BAPCO Energies and continue to support the ambitions of the Kingdom of Bahrain. We are proud to have been part of Bahrain’s economic growth over the past century by establishing a sustainability-linked financial structure that reflects our market-leading financial capabilities, and Hopefully that will continue for years and decades to come.”

The financing framework reviews Bapco Energy’s detailed targets for reducing net emissions intensity in the first and second scopes, with 2017 as the starting point for work to 15% by 2025, 25% by 2030 and then 50. % by 2040. and 75% in 2050, so that by 2060 the Kingdom of Bahrain will achieve net zero emissions of the first and second domains.

Regarding the third objective, BAPCO Energies will reduce absolute level emissions within the Kingdom of Bahrain by 30% by 2035 from 2017; To achieve zero neutrality by 2060.

It is noteworthy that Standard Chartered has a long-standing commitment to sustainable financing, which is supported by a strong framework and a commitment to assessing, managing and mitigating environmental and social risks. The first phase of sustainable funding includes $1 billion by December 2030. It aims to achieve sustainable financing returns by 2025 and finance-related emissions to net zero emissions by 2050.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

4 new AI tools you can use to edit photos on Instagram

Published

7 hours ago

September 30, 2023

Nadia Barnett

4 new AI tools you can use to edit photos on Instagram

As part of Meta’s Connect conference last Wednesday, Mark Zuckerberg revealed several creative AI features that will be useful for some content creators and influencers. For example, users will be able to use Meta’s AI technology, revealed as Emu. In the Instagram app.

Zuckerberg said Meta will begin rolling out these photo-editing and generative AI tools to Instagram “in about a month,” and Meta’s Emu technology will take seconds to generate images, Zuckerberg said during the Connect conference.

In addition to photo editing tools, Meta is already releasing AI stickers that use Emu and Llama 2 technology, and advanced applications of AI will soon appear in Meta apps in the form of chatbots or AI-powered assistants. Meta will begin testing the beta feature immediately.

Here’s a full rundown of the new AI features Meta brings to Instagram:

– New photo editing tools in the Instagram app:

Like many apps and generative AI filters that are ubiquitous on TikTok, Instagram is adopting its own generative AI tools. Users can also edit photos by “re-styling”, which changes the artistic style of the photo, similar to altering the photo. A watercolor, or “background,” that allows users to replace the background of the image with an illustration.

Any image edited using these tools “represents the use of artificial intelligence,” Mitta wrote in a blog post.

– AI-generated stickers for use in direct messages:

Instead of sticking with Instagram’s existing preloaded stickers or emojis, Meta is rolling out a new tool that lets users create unique stickers using AI. Meta wrote in his blog post that the feature will be rolling out to “select English users next month.”

AI stickers are also available in Instagram features like Live Messages and Stories, and other apps like WhatsApp, Messenger and Facebook’s Stories feature.

– Interactive AI bots – or characters:

In addition to its general AI assistant called “Meta AI,” Meta is working with celebrities and influencers to develop 28 AI chatbots. The first cast uses celebrities and popular influencers like Tom Brady and Kendall Jenner. MrBeast, LaurDIY, and Charli D. Amelio and the AI characters will have their own profiles on Instagram and Facebook.

– Creators will be able to build their own robots in the future:

“We’re building a platform to build AI that can help you do things or have fun,” Zuckerberg said. “The way it works is that people can interact with these AI systems across the entire product universe. .”

Zuckerberg pitched these AI bots as a potential way for creators to “engage” with their communities. The creator of these bots should be “authorized” and “directly controlled,” Meta wrote in a blog post. Already, many startups have released AI tools. Similar applications allow creators to create AI versions such as Afterparty or Render Media.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

Inflation in the euro zone fell to its lowest level in a year

Published

15 hours ago

September 30, 2023

Nadia Barnett

Inflation in the euro zone fell to its lowest level in a year

Economic data released today on Friday showed that the euro zone’s core inflation rate fell to its lowest level in nearly a year this month, bolstering expectations that the European Central Bank will keep interest rates on hold at its next meeting to assess. The consequences of an unprecedented campaign to raise interest rates throughout the past.

European statistics agency Eurostat reported today that sales, excluding highly volatile items such as food and energy, fell to 4.5% this September, while analysts polled by Bloomberg News had expected a drop of 4.8%, compared with 5.3%. In the month, in the past.

At the same time, the headline inflation rate eased to 4.3% this month from 5.2% last August, the lowest level in nearly two years and well below expectations, thanks to a fall in energy prices. Accelerating rate of rise in prices of services.

The data released today is a strong indication that core inflation, a key measure for the central bank’s monetary policymakers, is on a downward path following a period of statistical deterioration over the summer months.

Despite the decline, general and core inflation rates have been more than twice the central bank’s target of 2% annually.

At the same time, there is a wide disparity in inflation rates between the euro zone’s twenty member states, with the inflation rate in Germany falling to its lowest level in two years this month, while the rate in Spain rose by more than 3. % again.

The current September consumer price inflation rate showed a new decline, reaching its lowest level in more than a year and a half, with the Italian statistics office saying the inflation rate fell to 5.3 for the current month. % y/y compared to 5.4% last month, while the core inflation rate, excluding highly volatile food and energy prices, fell to 4.6% this month, down from 4.8% last month.

Nadia Barnett

“Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator.”

Economy

Meta unveils new artificial intelligence products

Published

23 hours ago

September 29, 2023

Nadia Barnett

Meta unveils new artificial intelligence products

Mark Zuckerberg, CEO of MetaPlatforms, has introduced a group of new products powered by artificial intelligence, including smart glasses that can answer questions and broadcast live on Facebook, as well as “bot” programs to create images and an advanced headset for virtual reality. .

Zuckerberg described the products as bridging the virtual and real worlds, and asserted that low-cost or free artificial intelligence in what Meta offered could be integrated into daily routines.

The MetaQuest virtual reality headset is one of the most popular in the burgeoning virtual reality industry, and company executives described it as the best value in the industry, marking the imminent launch of an expensive headset from Apple.

Speaking from the central courtyard at Meta’s sprawling campus in Silicon Valley, Zuckerberg said Meta’s new generation of Ray-Ban smart glasses will launch on October 17 for $299.

The device will have a new assistant from Meta that works with artificial intelligence and will be able to live-stream what the user sees on Facebook and Instagram, a feat compared to the previous generation’s ability to take pictures.

Earlier during the presentation, Zuckerberg said that the latest mixed reality headset (Quest) will start rolling out on October 10.

Zuckerberg’s statements came at the MetaConnect conference, the social media company’s biggest event of the year and the first to be held in person since the start of the Covid pandemic.

It launched the first consumer-oriented generative artificial intelligence products, in which a chatbot (meta AI chatbot) can generate text responses and realistic images.

Zuckerberg emphasized: “It’s not just about answering inquiries. It’s about helping people do things for entertainment and interacting with the people around you.”