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In 2021, Enel had the world at its feet. Thanks to early bets on wind and solar by Francesco Starace, chief executive since 2014, the Italian utility was worth $105 billion and it seemed all set to be a major winner from the energy transition. Fast-forward two years, and Starace has been ousted by the Italian government, Enel’s 24% shareholder, the group’s net debt has ballooned due to energy crisis troubles, and it’s now only worth $65 billion. ....
Saudi Arabia has done it again. The de facto leader of the world’s main oil producer club sent crude prices spiking on Monday after proposing a further cut to crude production. Given the Organization of the Petroleum Exporting Countries’ position of strength, the muscle-flexing is more logical than surprising. ....
Saudi Arabia has joined the Western bank bagholder club. Saudi National Bank (SNB), 37% owned by the kingdom’s $600 billion Public Investment Fund, admitted on Monday that its $1.4 billion swoop for 10% of Credit Suisse had gone sour after the latter collapsed into the arms of UBS . The good news for SNB Chairman Ammar Al Khudairy is that his $1 billion-plus loss is neither the first nor the last time an eastern investor will take a big bath on a U.S. or European financial group. ....
Divya urged the filmmaker to give her a chance to audition if not a web show or a movie offer. However, her idea of reaching out to the filmmaker through social media didn’t go down well with the netizens. ....