RIYADH: The newly appointed EY advisory leader for Africa, India and the Middle East (AIM), Gerard Gallagher, has said that cyber threats are one of the top challenges facing businesses in the emerging markets.
“EY is in the process of establishing a cybersecurity operations center in MENA to help (its) clients against online threats,” Gallagher said in an interview with Arab News.
He said that EY AIM advisory services would cater to a diverse number of industries in the public and private sectors.
“These clients will benefit from access to over 7,000 consultants and 280 partners in EY member firms based in 50 countries,” Gallagher said.
He said that the new borderless services would help EY clients benefit from streamlined, cross-border sector-specific advice, facilitating greater growth and efficiency across these three markets, which have a combined gross domestic product (GDP) of more than $5 trillion.
“Our objective is to help our clients solve their problems with an understanding of how to deliver in the context of these regions. We expect these three markets — Africa, India and the Middle East — to become increasingly important in terms of their global clout,” he said.
Gallagher said that these regions are focused on supporting economic diversification, job creation, regional integration and improving their global positioning.
He said EY helped conceptualize and launch the first digital bank in Africa and is helping an integrated power and utility provider in MENA to develop and implement a digital grid strategy.
‘Cyber attacks pose challenge to emerging markets’
‘Cyber attacks pose challenge to emerging markets’
European gas prices ease as market seeks clarity on Qatari LNG supply
OSLO: Dutch and British gas prices were slightly lower on Wednesday morning, after soaring earlier this week, but could remain volatile as the market tries to gauge how long Qatari supply of liquefied natural gas (LNG) will remain disrupted.
The benchmark Dutch front-month contract at the TTF hub was down €1.02 at €53.27 per megawatt hour by 10:18 a.m. GMT, data from the Intercontinental Exchange showed.
It hit an intraday day high of €65.79/MWh, its highest level since January 2023 on Tuesday but fell by €10 again by the end of the day.
The British April contract was down 3.92 pence at 137.07 pence per therm, ICE data showed.
The gas market has been jolted by the US-Israeli war on Iran and retaliatory attacks across the Middle East, halting Qatari LNG production and shipping through the Strait of Hormuz. The US Navy could begin escorting tankers through the Strait of Hormuz if necessary, President Donald Trump said on Tuesday, but analysts questioned whether this really could revive energy transports that have ground to a halt.
“As long as Iran is able to launch missiles and drones over the water, we doubt that this will materially improve the situation,” said Arne Lohmann Rasmussen, chief analyst at Global Risk Management.
Outbound LNG volumes through the Strait of Hormuz are expected to account for around 17 percent of global supply in 2026, or roughly 337 million cubic meters per day, said Ross Wyeno, head of LNG short-term analysis at S&P Global Energy.
“Of those volumes, we estimate that around 170 mcm/day will be delivered to buyers that will need to immediately source replacement cargoes from the global spot markets or existing long-term contracts,” he added.
This is around 30 percent of expected European imports in 2026, Wyeno added for comparison.
The EU has told its member countries it does not see any immediate effect from the conflict in Iran on the security of natural gas supply, and is not currently planning response measures at national or EU level.
Meanwhile, the Russian-flagged liquefied natural gas tanker Arctic Metagaz, sanctioned by the US and Britain, caught on fire in the Mediterranean, with Russian on Wednesday blaming the incident on a Ukrainian attack.
EU gas storage sites were last 29.9 percent full, with depletion having slowed as milder weather limited demand, Gas Infrastructure Europe data showed.
In the European carbon market, the benchmark contract was down €1.13 at €72.20 a tonne.
