The Emir of Qatar and Elon Musk speak during the 2nd day of the Qatar Economic Forum | Economic News

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani and businessman Elon Musk were among the speakers on the second day of the Qatar Economic Forum, on the global economic recovery after the COVID-19 pandemic and the challenges facing the world. Rising as food insecurity and diversified energy needs were high on the agenda.

“Supporting the economy, investments and innovation while keeping shared values ​​and maintaining peace is the way to build capacity to overcome the challenges facing humanity as a whole,” said Emir Sheikh Tamim bin Hamad Al Thani of Qatar said in his opening remarks Tuesday.

He added: “Qatar has a responsibility to be a partner in the global community in the face of global change and its impact on people.

The forum hosted by Bloomberg will focus on the need to diversify the world economy and develop the renewable energy sector, Al Jazeera’s Jamal Elshayyal, reported from the event.

“But the forum not only looked at things from a financial perspective, but also discussed adjacent topics like the environment or the role of politics and human rights in developing economies,” said Elshayyal. speak.

From Twitter to Tesla

Appearing virtually at the event, Musk, the world’s richest person according to Forbes magazine, talked about his recent offer to buy Twitter and the issues surrounding the social media platform, including the number the number of spam users on the system and the relationship between debt. part of the agreement.

“We’re still waiting for a resolution on that, and it’s a very important one,” he said, reiterating doubts over Twitter’s claims that fake or spam accounts represent less. five percent of daily active users can earn. “And of course, the question is, will the debt portion of the round come together? And then the shareholders will vote in favor? ”

Talking about Tesla, the electric car company he is chief executive officer of, Musk said it will reduce its salaried workforce by about 10% over the next three months. Musk said the cuts would reduce the total number of employees at the company by about 3.5 percent.

His comments come as two former Tesla employees filed a lawsuit against the company alleging its decision to implement “mass layoffs” violated federal law because the company failed to notify the cuts in advance. job.

The lawsuit was filed late Sunday in Texas by two workers who said they had their contracts terminated with Tesla’s gigafactory in Sparks, Nevada, in June. According to the lawsuit, more than 500 employees were terminated at the Nevada factory.

Musk considers the lawsuit “trivial”. “Let’s not read too much into a pre-emptive lawsuit that has no place,” he said.

“It seems like anything related to Tesla gets a lot of clicks, no matter how small or important. I’ll put the case you’re referring to as trivial. “

Market volatility

At another Forum panel, ExxonMobil CEO Darren Woods said it will take time for the energy market volatility to end and expected the fairly tight oil market to last from 3 up to 5 years. Woods added that the company has asked the US government for a more efficient investment process and focused efforts on reducing carbon.

QatarEnergy CEO Saad al-Kaabi also announced that ExxonMobil will be the latest international company to join Qatar in the Northern Fields Expansion project.

Qatar is partnering with international companies in the first and largest phase of a nearly $30 billion expansion that will propel Qatar into the world’s top LNG exporter.

The two companies are expected to sign an agreement late Tuesday.

The move comes after TotalEnergies, Italy’s Eni and ConocoPhillips also joined QatarEnergy in the project.

Referring to the issue of global finance, Kuwait Investment Authority (KIA) CEO Ghanem al-Ghenaiman is waiting for the next expected drop in the global market before launching an investment. and believe it will happen before the end of the year.

Ghenaiman said he believes the market will “go further down from here.”

KIA’s sovereign wealth fund has more than $700 billion in assets, according to the Sovereign Asset Fund Institute. It manages two funds – one is a nest for when oil prices dry up, the other is used to cover Kuwait’s budget deficit.

On the sidelines of the event in Doha, the head of Kuwait Petroleum Corporation said the Gulf producer is likely to meet its OPEC quota and is turning to production abroad first as it invests to meet oil demand. Future.

“We are making the necessary investments to ensure that we can accommodate any new increase in allocation and also in demand,” said Sheikh Nawaf Saud al-Sabah. Saud al-Sabah said. “We always want to maintain about 10% to 15% higher spare capacity where we need it to prevent supply disruptions around the world.”

Kuwait received its first offshore rig a week ago and it will be ready to start drilling soon, he said, without giving an exact schedule.

“We have been manufacturing onshore for almost 90 years and now we are moving to offshore production for the first time,” he said. “We’ll have good news on that soon.”

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