Fintech PR

Aramco completes acquisition of 10% stake in Horse Powertrain Limited

Published

2 days ago

December 2, 2024

Following the signing of definitive agreements on June 28, 2024, Aramco has completed its acquisition of a 10% equity stake in Horse Powertrain Limited (“Horse Powertrain”), based on an enterprise value of €7.4 billion
Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% equity stake in Horse Powertrain
The investment solidifies a key strategic partnership between Horse Powertrain and Aramco, leveraging their collective expertise and resources to pursue advances in powertrain technologies, synthetic fuels, and lubricants
The partnership builds on Aramco’s research and development (R&D) efforts in lower-carbon mobility solutions, aims to contribute to transport emission reductions, and helps to pursue Horse Powertrain’s vision of becoming a consolidated powertrain Tier 1 supplier to accelerate the energy transition

DHAHRAN, Saudi Arabia, Dec. 2, 2024 /PRNewswire/ — Aramco, one of the world’s leading integrated energy and chemicals companies, through a directly and wholly owned subsidiary, Aramco Asia Singapore Pte. Ltd., has completed the purchase of a 10% equity stake in Horse Powertrain, a global leader in hybrid and internal combustion powertrain solutions. The transaction builds on Aramco’s efforts to develop new mobility solutions with the potential to reduce transport emissions.

The transaction’s completion follows the signing of definitive agreements on June 28, 2024, and receipt of all applicable regulatory approvals. Aramco’s investment is based on a €7.4 billion enterprise valuation of Horse Powertrain, in which Renault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% stake.

Ahmad O. Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, said: “Addressing transport emissions requires a wide range of approaches that consider the diverse nature of the global vehicle fleet, broad disparities in transport infrastructures, and the specific needs of motorists in different countries. At Aramco, we are pursuing a number of potential innovative solutions, from lower-carbon synthetic fuels to more efficient internal combustion engines, as we look for opportunities to make a difference. Our investment in Horse Powertrain builds on our considerable R&D in this field. In joining forces with two of the world’s leading carmakers, we aim to leverage our collective knowhow to take lower-emission mobility solutions forward.”

Matias Giannini, Chief Executive Officer of Horse Powertrain, said: “We are delighted that Aramco has closed its investment in Horse Powertrain. Aramco’s expertise in alternative and synthetic fuels makes Aramco the ideal partner for us to deliver lower-emission powertrain solutions. By strengthening our technology leadership with this partnership, Horse Powertrain will only become more valuable as a partner to automotive brands looking to benefit from our expertise and global production footprint.”

Jamal Muashsher, Chief Executive Officer of Valvoline Global Operations, said: “As a technical partner and supplier to Horse Powertrain, we look forward to applying Valvoline Global’s 150-plus years of automotive expertise and tradition of innovation to advance future-ready solutions in internal combustion engine technology, fuels, and lubricants. Our newest joint effort with Horse Powertrain and Aramco builds on Valvoline Global’s strong history in original equipment manufacturer partnerships. Through collaboration, we are helping to shape the next generation of mobility.”

Aramco’s investment is expected to accelerate Horse Powertrain’s efforts to develop next–generation ICE and hybrid powertrains, along with complementary technologies like alternative fuel and hydrogen solutions. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants. Thanks to its technology leadership, global manufacturing and economies of scale, Horse Powertrain will further solidify its value proposition to automotive and transportation groups worldwide. Horse Powertrain aims to become a peerless partner for accessible cutting-edge hybrid and ICE powertrain solutions, helping to reduce global vehicle emissions.

The Board of Directors of Horse Powertrain is now composed of seven members:

Three directors from Geely: Daniel Donghui Li (Vice Chairman of Geely Auto and CEO, Geely Holding) will become Chairman of the Board, Jerry Gan (CEO, Geely Auto Group) and Andy An (President, Geely Holding and Chairman, Geely Auto Group)
Three directors from Renault Group: François Provost (Chief Procurement, Partnerships, and Public Affairs Officer at Renault Group), Thierry Charvet (Chief Industry and Quality Officer at Renault Group), and Denis Le Vot (CEO, Dacia and Chief Supply Chain Officer at Renault Group)
One director from Aramco: Ali A. Al Meshari (Aramco Senior Vice President of Technology Oversight & Coordination)

Horse Powertrain factsheet:

17 global plants
10 industrial customers in 130 countries, including vehicle manufacturers
Five R&D centers
c. 19,000 employees
Strategic footprint focused on China, Europe, and Latin America
Expected c. 5 million powertrain units per year
All types of powertrain solutions covered – full hybrids, long-range plug-in hybrids, and internal combustion engines that use alternative fuels such as ethanol, methanol, LPG, CNG, hydrogen, etc.

About Horse Powertrain

Horse Powertrain is a global leader in hybrid and combustion powertrain solutions. It consists of two divisions, Aurobay and HORSE. Headquartered in London, UK, the company employs 19,000 people globally across 17 plants and five R&D centers. Horse Powertrain was officially created on May 31, 2024. www.horse-powertrain.com

About Aramco

As one of the world’s leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. www.aramco.com

About Renault Group

Renault Group is at the forefront of a mobility that is reinventing itself. Strengthened by its alliance with Nissan and Mitsubishi Motors and its unique expertise in electrification, Renault Group is comprised of four complementary brands – Renault, Dacia, Alpine and Mobilize – offering sustainable and innovative mobility solutions to its customers. Established in more than 130 countries, the Group has sold 2.235 million vehicles in 2023. It employs more than 105,000 people who embody its purpose every day, so that mobility brings people closer.

Ready to pursue challenges both on the road and in competition, Renault Group is committed to an ambitious transformation that will generate value. This is centered on the development of new technologies and services and a new range of even more competitive, balanced, and electrified vehicles. In line with environmental challenges, the Group’s ambition is to achieve carbon neutrality in Europe by 2040. www.renaultgroup.com

About Zhejiang Geely Holding Group

Zhejiang Geely Holding Group (Geely Holding) is a global automotive group that owns several well-known international automotive brands, with operations spanning the automotive value chain, from research, development, and design to production, sales, and servicing. Founded in 1986 by Eric Li, the company’s Chairman, in the city of Taizhou in China’s Zhejiang province, Geely Holding launched its automotive business in 1997 and is now headquartered in Hangzhou, China. Today, Geely Holding operates a number of brands, including Geely Auto, Lynk & Co, ZEEKR, Geometry, Volvo Cars, Polestar, Lotus, London Electric Vehicle Company, Farizon Auto, and Cao Cao Mobility. Geely Holding sold close to 2.8 million vehicles in 2023, with Volvo Cars sales reaching 708,716 units globally and Geely Auto Group’s Hong Kong listed entity reporting sales reaching 1,686,516 units. Geely Holding employs over 130,000 people globally and has been listed in the Fortune Global 500 for the past 10 years. For more information regarding Zhejiang Geely Holding Group, please refer to the official website at www.zgh.com.

About Geely Automobile Holdings Limited

Geely Automobile Holdings Limited (the “Geely Auto” and its subsidiaries, collectively the “Geely Auto Group”) (SEHK stock code: 175) is an automobile manufacturer that focuses on the development, manufacturing, and sales of passenger vehicles. The Geely Auto Group sells most of its products in the Chinese market and has also expanded its sales through export to other countries over the past few years. The Geely Auto Group has production bases in various parts of mainland China and has more than 60,000 employees. Geely Auto is listed on the main board of the Stock Exchange of Hong Kong Limited (“SEHK”) and has been a constituent of the Hang Seng Index since 2017. The controlling shareholder of Geely Auto is Zhejiang Geely Holding.

Disclaimer

The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “can have,” “likely,” “should,” “could,” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco’s ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco’s growth; the management of the Company’s subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco’s exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.

ARAMCO MEDIA RELATIONS @aramco

View original content:https://www.prnewswire.co.uk/news-releases/aramco-completes-acquisition-of-10-stake-in-horse-powertrain-limited-302319619.html

Fintech PR

Costa Rica’s digital identity reflects its international growth

Published

3 hours ago

December 4, 2024

CISION (PR Newswire)

costa-rica’s-digital-identity-reflects-its-international-growth

A study by the international firm Bloom Consulting indicates a remarkable growth in searches in both sectors.

SAN JOSÉ, Costa Rica, Dec. 4, 2024 /PRNewswire/ — A new analysis of Costa Rica’s identity and digital footprint reveals that the country has consolidated its position by showing significant growth in tourism and exports, according to the 2022-2023 study conducted by Bloom Consulting for esencial COSTA RICA.

Based on more than 12.4 million searches, this report highlights how Costa Rica has managed to capture global interest in key areas such as tourism, investment, and exports. In addition, it underlines the country’s alignment with the principles of sustainability, a central issue for Costa Rica at the global level. In particular, the aspects of renewable energy, carbon neutral and sustainable products occupy a prominent place in international searches, reflecting the growing perception of the country as a leader in the fight against climate change and in the use of clean technologies, aligning with the 2035 Strategy of esencial COSTA RICA that seeks to consolidate the country as a world leader in sustainability.

“This fingerprint study is an invaluable tool to understand how Costa Rica is perceived globally and which aspects generate the most interest in key sectors. It allows us to fine-tune our strategies, projecting the value of Costa Rica in a way that connects with those seeking authentic and reliable experiences in a destination of quality and sustainability, “commented Adriana Acosta, Director of esencial COSTA RICA.

Tourism-related searches reached 11 million, positioning Costa Rica as one of the most attractive destinations in the world. The United States leads with almost 50% of these searches, followed by Canada and Germany. Ecotourism, surfing, and luxury tourism niches remain strategic, and searches related to sustainable activities, such as bird watching, hiking, and tourism in national parks.

In addition to its strong performance in tourism, Costa Rica has recorded a significant 8% increase in export-related searches. Products such as coffee, flowers and cocoa are the most sought after, with notable increases such as 20% in cocoa searches and 16% in coffee. This shows the competitiveness of Costa Rican exportable supply in international markets, particularly in Europe and North America.

Investment searches grew 17%, highlighting topics such as “labor costs,” “port infrastructure,” and “clean energy.” These data confirm the growing interest of international investors in Costa Rica, positioning it as an attractive destination for the development of its operations.

One of the highlights of the study is the strength of Costa Rica’s digital footprint. Content generated by official sources in the country appears in 83% of searches, which ensures that international perception is aligned with Costa Rica’s real offer.

The institutions that are part of the governance of the Country Brand play a key role in this positioning, managing reliable and up-to-date information in strategic sectors such as tourism, investment and exports.

The analysis also shows how Costa Rica has recovered and surpassed pre-pandemic levels of global interest, particularly in tourism, with a 42% growth in searches. This increase is driven by the reactivation of tourism in key markets such as the United States and Europe, which indicates a strong return of this activity after the pandemic.

“One of the objectives of the 2035 Strategy of esencial COSTA RICA is for our country to consolidate its global positioning as an example of sustainability and fight against climate change; and this new digital footprint study allows us to continue evaluating the perceptions of consumers who seek Costa Rica for different objectives, to continue working on those messages,” Acosta concluded.

With a robust digital identity and an effective content strategy, Costa Rica continues to consolidate its presence in key markets, attracting both tourists and investors and exporters from all over the world, which generates new opportunities for economic development and well-being for Costa Ricans.

Photo – https://mma.prnewswire.com/media/2572530/shutterstock_1703256913.jpg

View original content:https://www.prnewswire.co.uk/news-releases/costa-ricas-digital-identity-reflects-its-international-growth-302323145.html

Fintech

Fintech Pulse: Your Daily Industry Brief (Axos Bank, Global Trading Network, Fonepay, Compass Plus Technologies, Instacoins)

Published

4 hours ago

December 4, 2024

Peter Tolan

fintech-pulse:-your-daily-industry-brief-(axos-bank,-global-trading-network,-fonepay,-compass-plus-technologies,-instacoins)

Axos Bank Partners with Way.com to Address Rising Car Costs

Axos Bank has teamed up with Way.com to help customers mitigate increasing car expenses. This partnership focuses on vehicle refinancing and aims to offer savings through integrated digital solutions. By combining Way.com’s auto services with Axos’ financial products, users can streamline their vehicle-related expenses, from insurance to payments. This move reflects Axos’ strategy to enhance its consumer offerings by leveraging partnerships in niche sectors.

Source: Axos Bank.

Brazil’s Largest Drug Gang Under Investigation for Fintech Infiltration

Brazilian authorities are probing the country’s largest drug gang for using fintech platforms to launder money. This investigation highlights concerns over the growing use of digital financial tools by organized crime. The gang allegedly exploited fintech’s lack of stringent oversight compared to traditional banking, raising red flags about regulatory gaps in the digital financial landscape.

Source: Bloomberg.

GTN Appoints New CEO to Drive European Expansion

Global Trading Network (GTN) has appointed Christopher Gregory as CEO for Europe, marking a pivotal step in its strategic expansion across the continent. Gregory, known for his expertise in fintech and capital markets, is expected to lead GTN’s efforts in diversifying its product offerings and enhancing its market presence. This leadership shift underscores GTN’s commitment to capitalizing on Europe’s burgeoning fintech market.

Source: PR Newswire.

Fonepay and Compass Plus Launch Nepal’s First Virtual Credit Card

Nepal’s digital payments ecosystem takes a leap forward with Fonepay partnering with Compass Plus Technologies to introduce the nation’s first virtual credit card. This innovation aims to promote cashless transactions and enhance financial inclusion by offering secure, contactless payment options. This development aligns with Nepal’s digital transformation goals and is set to redefine consumer payment experiences in the region.

Source: Fintech Futures.

Instacoins Partners with Luxury Brands for Digital Payments

Instacoins is expanding its footprint in the luxury market by partnering with high-end brands to enable cryptocurrency payments. This initiative is designed to offer affluent customers a seamless digital payment option, blending traditional luxury shopping with modern fintech solutions. The partnership also reflects the increasing adoption of cryptocurrency in mainstream commerce.

Source: PR Newswire.

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Fintech

Bety Unveils Enhanced Offer of 20,000+ Crypto Games and Sportsbook Events

Published

4 hours ago

December 4, 2024

Peter Tolan

bety-unveils-enhanced-offer-of-20,000+-crypto-games-and-sportsbook-events

Bety is a decentralized casino and sportsbook platform that supports Bitcoin deposits and withdrawals. It is owned and operated by 12 Stars International Gaming Solutions Limited, a company established in Seychelles.

Bety, one of the leading Web3 betting platforms with a decentralized approach to casinos and sportsbooks, has unveiled its enhanced offer, boasting over 20,000 crypto casino games, sports, and eSports events. The platform aims to become one of the top Bitcoin casinos with a fair, transparent, and unmatched gaming experience for everyone

Blockchain technology is a catalyst for innovation in all sectors, and online casino gaming is no exception. The growing adoption of cryptocurrency into the mainstream supports the emergence of groundbreaking platforms in digital entertainment. Bety is one of the major players spearheading this revolution by offering secure and accessible gaming experiences to change how people interact with online gambling services.

The Advantages of Web3 Betting

Traditional online casinos have been around since the early days of the Internet. However, they have always faced the same challenges, such as slow payouts and high deposit/withdrawal fees. Moreover, users have often complained about the improvable fairness of game bets and their outcomes.

Web3 betting solves these issues and takes online casino gaming to the next level through blockchain gaming. Its use of decentralized ledger technology ensures a transparent gaming experience for all users. It also accelerates deposit and withdrawal times at considerably lower costs than what traditional casinos practice.

The processing times for deposits at traditional and crypto casinos are similar, often occurring instantly. However, there is a significant difference in withdrawal times between conventional online casinos and blockchain-based casinos.For example, traditional casinos can take several days to process withdrawals. Users often have to wait up to 3 days to transfer winnings to their credit/debit cards and 7 days via bank transfers. On the other hand, crypto casinos process payouts in only a few minutes, sometimes instantly, depending on the blockchain network’s congestion. This remarkable speed allows players to access their earnings faster and enhances the user experience.

The Rise of Blockchain Gaming

Blockchain gaming is a game-changer for the online casino experience. This technology offers unprecedented levels of trust and transparency. Thanks to its decentralized nature, players from various regions can play in complete anonymity and privacy. Furthermore, the lack of a centralized authority enhances game insights. It sets the stage for provably fair game mechanics, thus empowering players to make informed choices.Bety is an innovative blockchain gaming platform that employs the Provable Fairness concept, which is fundamental for Web3 betting. The platform ensures that game outcomes are determined randomly and cannot be manipulated by the operator or any other party. Therefore, Bety guarantees equal winning odds for all players.

Innovation and Accessibility

Bety stands out as a popular crypto casino with a rich selection of classic casino games and sports events catering to high-end players. The platform excels through its user-centered approach, which includes various bonuses, an exclusive VIP program, and 24/7 customer support.Moreover, Bety embraces the latest technological advances by incorporating the many benefits of blockchain networks, such as Bitcoin payments. The platform supports quick Bitcoin deposits and withdrawals, offering higher privacy and accessibility than traditional payment methods, such as debit or credit cards.

Hash Games at Bety Casino

Blockchain technology increases the gaming offer for online casinos, providing games not supported by traditional casinos. For example, conventional casinos rely on the classic offer of vintage games with limited scalability and versatility potential. On the other hand, blockchain provides a fertile ground for boundless creativity, spurring innovative concepts, such as play-to-earn and hold-to-earn.Gaming diversity is one of the most exciting aspects of building a Web3 betting platform on blockchain technology. In addition to offering traditional casino games such as slots, poker, blackjack, and roulette, Web3 casinos also provide hash games.Hash games are fast-paced, simple games that mimic classic casino games while adding a pinch of excitement. The game mechanics use hash value calculation and blockchain algorithms to deliver a thrilling, straightforward gaming experience. Players must wager on a predicted hash interval and win if their prediction is correct. Hash games involve various betting options that broaden the winning odds.Bety has several hash games in its versatile blockchain gaming offer, including Hash Banker Player, Hash Bull, 3-Min Bull, 1-Min Banker Player, and more. These games function by simple, easy-to-understand rules and ensure provable fair outcomes with appealing RTP rates.

A Unique Classic Casino Gaming Offer

In the most recent offer upgrade, Bety reveals an enhanced gaming offer, including slots, live casino, table games, lottery games, and sports events. Users can pick from over 10,000 casino games from leading brands, such as PGSoft, Evolution Gaming, Evoplay, Yggdrasil, Red Tiger, EG Games, Spribe, JILI, AE Sexy, Ezugi, and PNG. This stellar collection of games from reputable brands ensures players have non-stop access to the latest games and live events while enjoying a cutting-edge gaming experience.Bety offers a versatile library of over 10,000 slot games from more than 100 leading brands. Many of these games involve highly appealing bonuses, making the playing experience even more exciting. The platform replicates an authentic casino experience through its live casino that players can enjoy without leaving their homes. Also, the table games section includes many traditional and fan-favorite games, such as poker, blackjack, baccarat, craps, roulette, and more.

Promotions & Bonuses

Bety also provides several promotions for new and veteran players to make the gaming experience even more thrilling and fulfilling. The platform offers bonuses on the first 4 deposits and 7-day and monthly bonuses. Furthermore, referring friends to Bety entitles players to additional bonuses and earning opportunities.

The VIP Program

Bety invites players to explore its large blockchain gaming selection. They can quickly make transparent and instant Bitcoin deposits to play these games and boost their profiles on the platform. In time, the most loyal players can enter Bety’s VIP program and enjoy several advantages, including cash back incentives, free chests, free spins, and personal VIP assistants. Moreover, the platform also supports instant Bitcoin withdrawals.

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