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Google creates new parent company

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(Last Updated On: October 25, 2022)

Move to place businesses under new firm Alphabet to allow reporting of results of diversified operations separately.

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Google, the US technology company, is reorganising under a new moniker – Alphabet – in a move underscoring its founders’ ambitions to pursue ventures far beyond the company’s internet search core, from self-driving cars to cutting-edge medical research.

It will still use the Google name for its popular internet search engine, mapping service and related products.

However, Larry Page, Google’s CEO and co-founder, said on Monday the creation of the new holding company will provide more independence for divisions like Nest, which makes internet-connected home appliances, and Calico, which is researching ways to prolong human life.

Analysts said the move may also be an attempt to satisfy Wall Street’s demands for more fiscal accountability: As part of the reorganisation, Page said the company will begin reporting financial results by segments.

Google reported more than $14bn in profit on $66bn in sales last year, most of it from lucrative internet advertising, while other ventures have required large investments without showing immediate returns.

The company’s stock has surged in recent weeks after a new chief financial officer announced other moves to rein in corporate spending.

Rise of Sundar Pichai

The reorganisation cements the rise of Sundar Pichai, a longtime Google executive, who will become CEO for the core Google business.

Page will be CEO of the new holding company, with his co-founder Sergey Brin serving as president.

Google’s executive chairman, Eric Schmidt, will have the same title at Alphabet.

“Sundar has been saying the things I would have said (and sometimes better!) for quite some time now,” Page wrote in a blog post announcing the changes.

Pichai, 43, who was named overall chief of Google products last autumn, is viewed by many as a potential successor to Page.

Pichai was part of the team that launched the Chrome browser in 2008 and also worked on various search products, including Google Toolbar, Desktop Search, Gadgets and Google Gears, according to the company.

Before joining Google, Pichai worked as an engineer at manufacturer Applied Materials, followed by a stint in management consulting at McKinsey & Company.

Originally from Tamil Nadu province in southeast India, Pichai received a B Tech from the Indian Institute of Technology (IIT) Kharagpur.

He also has a Master of Science from Stanford University and a Master of Business Administration from the Wharton School of the University of Pennsylvania.

More authority

With the reorganisation, Page indicated that he wants to give more authority to CEOs of the companies that will be part of the new entity known as Alphabet.

“Our company is operating well today, but we think we can make it cleaner and more accountable,” he wrote.

“We believe this allows us more management scale, so we can run things independently that aren’t very related.”

Businesses that will operate separately under the Alphabet umbrella include Calico, which Google established to conduct health research in 2013; Nest, which Google acquired in 2014; Fiber, which is building high-speed broadband networks in several cities; and the Google X, the research lab responsible for Google’s self-driving car venture and previously developed its controversial Internet headset, known as Glass.

Alphabet will also oversee Google Ventures and Google Capital, two corporate investment entities that focus on early- and growth-stage start-ups.

Google’s YouTube video division, however, will remain part of the core business under Pichai, although Page made a point of praising its chief, Susan Wojcicki, another longtime ad executive.

Written by: Aljazeera

Source: Agencies

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Minister of mines says minerals must be processed in Afghanistan before exported

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(Last Updated On: April 29, 2024)

Acting Minister of Mines and Petroleum Shehabuddin Delawar has said in a meeting with officials of a Chinese company that the export of raw minerals for processing abroad is no longer allowed.

He said the ministry will work with foreign mining companies as long as they also process the minerals in Afghanistan.

Delawar said this during a meeting with China’s state-owned company MCC Holoda, and Chinese officials from the company contracted to extract copper from Mes Aynak.

The Ministry of Mines and Petroleum said in a statement that MCC Holoda is one of the largest mining and processing companies in China for copper, lead and zinc.

According to the statement, the company has expressed an interest in investing in copper, lead and zinc mines in Afghanistan.

Delawar welcomed their interest and said there are lead and zinc mines in Bamyan, Kandahar and Ghor provinces, and if the company agrees to process minerals inside Afghanistan, the ministry will cooperate with it.

Delawar also discussed the Mes Aynak copper project and called for acceleration of work at the mine.

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Afghanistan Humanitarian Trust Fund report highlights problems tackled

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(Last Updated On: April 29, 2024)

Mohammad Jamal Alsaati, Special Advisor to IsDB President and IsDB Coordinator for Afghanistan Humanitarian Trust Fund (AHTF), said this week that 14 projects, signed in 2023, have materialized at a total cost of $35.35 million.

He said in a statement issued Sunday that of this, $24.14 was from contributions from AHTF with a further $12.21 million provided by implementing partners and other international organizations.

Alsaati said all the services provided have created job and capacity building opportunities for the people of Afghanistan and that as of March 2024, pledges to the fund totaled almost $35 million, with more funding expected.

Alsaati’s comments were in a statement issued by the Islamic Development Bank, (IsDB), after it released the first comprehensive report on the achievements of the AHTF.

The report highlights the coordinated efforts by the IsDB, its partners, and stakeholders towards “Promoting Self Reliance and Resilience” in Afghanistan.

The AHTF’s mission is to provide initial humanitarian aid but then to prioritize development and self-reliance to move beyond emergency assistance – promoting reconstruction, empowerment and sustainable development.

IsDB President and Group Chairman, Muhammad Al Jasser meanwhile said following the release of the report that after receiving generous contributions, the AHTF “sprung into action, delivering essential aid to Afghanistan’s most vulnerable communities.”

He said the fund was able to tackle food insecurity, offer child nutrition programs, provide healthcare, innovative education, clean water, sanitation and hygiene services.

“Our projects are making a tangible difference on the ground,” Jasser said.

The Secretary General of the Organization of Islamic Cooperation (OIC), Hissein Brahim Taha also reacted to the report and said: “We are very pleased to see several humanitarian and development-focused projects are underway in Afghanistan – driven by the IsDB in collaboration with its regional and global partners.

“But much work still lies ahead, so we look forward to further help and support from our Member States, in addition to continued financial assistance for the AHTF from international aid and relief agencies,” said Taha.

The fund was established at a Council of Foreign Ministers of the OIC on 19th December 2021.

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Baradar visits Pashdan Dam, as work on project resumes

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(Last Updated On: April 29, 2024)

Mullah Abdul Ghani Baradar, deputy prime minister for economic affairs, has said the Pashdan Dam in Herat province is a key national project that the Islamic Emirate is committed to completing as soon as possible.

Speaking at an event marking the resumption of construction on this hydroelectric dam, which was started more than 10 years ago, Baradar said building dams was a priority for the Islamic Emirate.

Once complete the Pashdam Dam will not only generate electricity but also irrigate about 65,000 hectares of agricultural land, in turn providing work to thousands of people.

The dam will cost an estimated $117 million once finished and according to officials, at least 85% of work has been completed.

Officials expect the dam to be operational by the end of this solar year.

The construction of Pashdan Dam is being carried out by a domestic company in cooperation with an Azerbaijani company.

Engineers said the dam will mostly be used for agriculture purposes and for potable water. They also said about 73 kms of canals will be built to irrigate land.
This dam will store 54 million cubic meters of water. Currently, about 400 people are employed to work on the project.

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