INSEAD Day 4 - 728x90

Energy

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia 

ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...

Business

OPEC Fund provides US$50m loan to support agriculture in quake-hit Türkiye

VIENNA, AUSTRIA – The OPEC Fund for International Development (OPEC Fund) is extending a US$50 million loan to Türkiye to...

Geostrategy
Business

California sues oil giants, alleges environment, climate-risks deception

The US state of California sued five of the world's largest oil companies, alleging the firms caused billions of dollars...
  • The suit follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change.
  • The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California.
Business

Oil prices at a crossroads as production cuts persist

Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to...
  • Oil stocks drop as Saudi Arabia and Russia extend a 1.3 million barrel per day oil supply reduction, leading to an anticipated market deficit until 2023-end, says a report
  • Refineries grapple with material changes and disruptions as Russia's diesel export reduction boosts futures prices and OPEC+ cuts drive high oil prices during Q3 of 2023
Business

Turkey-China nuclear power plant deal possible soon: Minister

Dubai, UAE -- The talks between Turkey and China to build a nuclear power plant in eastern Thrace are progressing and...
  • Senior officials from the Chinese government visited eastern Thrace and saw the sites where the construction is planned, Middle East Eye reported.
  • Russia is already building a power plant in Akkuyu that will become partly operational next year.

Turkey casts doubt on need for new Russian gas hub

Putin first raised the idea of creating "a gas hub in Turkey for supplies to other countries" during talks with...
  • Turkish Energy Minister Alparslan Bayraktar told a group of reporters on Thursday that Turkey already had a well-functioning gas trading platform
  • Russia currently ships gas to Turkey via two pipelines running under the Black Sea and Turkey sends some of that gas onto southeastern European countries
Economy

Saudi and Russian oil cuts to cause big supply shortfall: IEA

The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this...
  • The warning comes a day after oil prices jumped following OPEC's own update
  • Saudi Arabia and Russia said that they would extend voluntary cuts until the end of the year
Geostrategy

IEA forecasts energy demand to reach record high this decade

The IEA's annual World Energy Outlook, due out next month, will show that "the world is on the cusp of...
  • The shift will have implications for the battle against climate change as it will bring forward the peak in greenhouse gas emissions, IEA executive director Fatih Birol said.
  • "This is the first time that a peak in demand is visible for each fuel this decade," he wrote in FT, adding that this was happening sooner than anticipated.
Geostrategy

Building less, repurposing more key to low construction sector emissions

The industry is responsible for 37 percent of global carbon dioxide emissions and growing urbanization is spurring the construction of...
  • Mushrooming urban environments -- which add new buildings in an area equivalent in size to Paris every five days -- damage life-sustaining ecosystems.
  • Building less and repurposing existing structures generates 50-75 percent fewer emissions than new constructions, a report said.
Geostrategy

150 dead in Libya after storm Daniel results in floods

"At least 150 people were killed as a result of flooding and torrential rains left by storm Daniel in Derna,...
  • The storm struck eastern Libya on Sunday afternoon, notably the coastal town of Jabal al-Akhdar but also Benghazi, where a curfew was declared.
  • Images filmed by residents of the disaster area showed massive mudslides, collapsed buildings and entire neighborhoods submerged under water.
Business

ENEC inks MoU with OSGE

Aim is to help in decarbonization of the Polish power sector.
  • One of the aims of the agreement is exploring opportunities to invest in Small Modular Reactors.
  • Nuclear energy is recognised by both the UAE and Poland as an essential clean energy resource.
Business

Iran-US non-oil trade reaches US$31m in January-July 2023

TEHRAN, IRAN - The US Bureau of Statistics in its latest report said the trade between Iran and the United...
  • Trade between Iran and the US in January- July 2023 registered a 26 percent growth compared to the same period last year.
  • Iran and the United States had traded US$24.7 million worth of non-oil products from January to July 2022.

TAQA, JERA sign pact with SATORP to develop plant in Saudi Arabia 

ABU DHABI, UAE – Abu Dhabi National Energy Company (TAQA), together with JERA Co., Inc on Thursday announced that they...
Business

Company News

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Clean energy largest driver of Chinese GDP growth in 2023: report

China is the world's biggest emitter of greenhouse gases driving climate change, but it is also the top producer of...

France flooded with applications for electric car leasing scheme

Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
Business

Shell halts Red Sea shipments over attack fears, say report

WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of...
Geostrategy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Geostrategy

EU worried Red Sea attacks could spark inflation

European Union economy commissioner Paolo Gentiloni warned that violence in the Red Sea sparked by Houthi attacks on shipping could...
  • Gentiloni said that "what is happening in the Red Sea... is not for the moment apparently creating consequences on energy prices and inflation".
  • Tensions in the Red Sea have soared after the United States and Britain carried out strikes on Houthi rebels in Yemen.
Economy

Saudi Arabia to highlight role in dealing with global challenges at WEF meet

RIYADH, SAUDI ARABIA – Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef said that the Kingdom’s participation in the...
  • Saudi Arabia’s participation in the annual meet underscores its pivotal role in the transition toward carbon neutrality.
  • The Kingdom’s engagement provides an opportunity for communication with key players in the private sector globally.
Business

Biggest fuel refinery plant of Africa begins production

Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...
  • The 650,000 barrel-per-day Dangote refinery could be a game changer when fully operational by helping end Nigeria's reliance on fuel imports.
  • The facility sits on 2,635 hectares (6,500 acres) of land at the Lekki Free Zone on the edge of Lagos city and cost an estimated $19 billion.