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.

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

ENEC and General Atomics to collaborate on use of technology for nuclear energy

Abu Dhabi, UAE--The Emirates Nuclear Energy Corporation (ENEC) today announced that it has signed a Memorandum of Understanding (MoU) with...

Science
Business

Oil majors still profitable even if 2022 super profits gone

From BP to ExxonMobil to TotalEnergies, none of the oil and gas majors have repeated the exceptional profits posted in...
  • Before it, the US giant ExxonMobil saw its second-quarter profits tumble 56 percent to $7.9 billion, while rival Chevron saw a similar fall to $6 billion.
  • Shell saw a 64 percent drop in net earnings to $3.1 billion, while TotalEnergies fared better with just a 28 percent slide to $4.1 billion.
Geostrategy

UK to issue hundreds of new oil and gas drilling licenses in North Sea

The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies....
  • "Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence," PM Rishi Sunak's office said.
  • "The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply," it said.
Geostrategy

UAE oil giant ADNOC pledges to ‘accelerate’ zero-carbon plan

ADNOC "is accelerating its decarbonization plan to advance its net-zero ambition to 2045, compared to its previous target of 2050,"...
  • ADNOC said it has "reduced its greenhouse gas emissions" by about 5m tons in 2022, mostly through the use of solar and nuclear energy, to power all of its onshore operations.
  • ADNOC CEO Sultan Al Jaber, who will head up COP28, has argued that fossil fuels will continue to play a key role, and that carbon capture technologies will contain emissions.
Business

National Leasing’s profits hit $2.37m

A jump of 28 percent in net profit vis-a- -vis H1 2022.
  • National Leasing Holding was established in 2003
  • It was listed on QSE in 2003 with a capital of $135.9 million.
Arts & Culture

Egypt energy-saving measures evoke satirical reaction among citizens

Sweltering without air conditioning during the day and plunged into darkness at night, many Egyptians have responded with anger and...
  • After 11 days of daily blackouts, Prime Minister Mostafa Madbouli ordered civil servants to work from home once a week.
  • He announced scheduled power outages at least through August, and proposed other solutions to Egypt's energy crisis.
Economy

Fire at substation in Iraq sparks nationwide power outage

Baghdad, Iraq--A fire at an electricity substation in southern Iraq triggered a nationwide power outage Saturday, authorities said, just as demand peaks...
  • In spite of the country's vast oil reserves, Iraq continues to suffer from frequent power outages with its power grid incapable of meeting peak demand
  • The electricity ministry said in a statement that the power grid experienced a total shutdown due to a fire that affected a transmission substation
Business

Aramco, 5 local firms to jointly work on project in Pakistan

ISLAMABAD, PAKISTAN - Five Pakistani state-owned companies are set to collaborate with Saudi Arabia’s Aramco to execute a $10 billion...
  • The proposed joint venture will establish a mega refinery in Gwadar with a capacity of 400,000 barrels per day.
  • The government of Pakistan has already approved a refinery policy for new projects in the country.
Business

ExxonMobil Q2 profits $7.9bn

Profits fell on lower refining margins, natural gas prices.
  • Natural gas prices are down sharply from the year-ago period following a mild winter.
  • The comparative weakness in refinery margins reflects sluggish economic conditions.
Business

Major energy firms post sliding profits as oil and gas prices dip

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by...
  • Shell on Thursday said its profit after tax came in at $3.13 billion in the second quarter (Q2), down 80 percent compared with Q2 last year.
  • French group TotalEnergies said its net profit dropped 28 percent to $4.1 billion in the second quarter from a year earlier.
Economy

Kuwait posts fiscal surplus after almost a decade, says finance ministry

Kuwait recorded its first surplus in nine years for the 2022-2023 fiscal year which ended in March, the finance ministry...
  • More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.
  • Oil revenues for the fiscal year which started in April 2022 stood at $87 billion, a 64 percent increase from the previous year, the ministry said.

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

Company News

Latest News

Energy companies to test CO2 capture in Brazil undersea oil field

PARIS, FRANCE  - A consortium of Brazilian, British, French and Chinese energy firms will test new technology aimed at capturing CO2...
Business

UK announces Europe’s first high-tech uranium fuel plant

HALEU fuel is needed to power many of the next generation of advanced nuclear reactors, including so-called small modular versions...
Geostrategy

UAE announces reduction in fuel prices for January

ABU DHABI, UAE - The prices of petrol and diesel are set to decrease in the country in January following...
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Geostrategy

5 WEF reports shaping your 2024 agenda

From AI to the future of jobs and slow climb to gender parity, WEF reports provide insights into some of...
  • Buffeted by a global energy crisis, inflationary pressures and geopolitical instability, the move to clean energy has faced a challenging time.
  • This year's top 10 emerging technologies will likely become increasingly familiar in the years ahead as they help tackle some of our biggest challenges.
Geostrategy

Iran asserts peaceful nuclear agenda amid western concerns

Tehran, Iran - Iran's nuclear program remains peaceful, said Nasser Kanani, the spokesman for the Iranian Ministry of Foreign Affairs,...
  • Iranian foreign ministry spokesman Nasser Kanani reaffirmed the country's commitment to continuing cooperation with the IAEA
  • Kanani said that Iran views negotiation and diplomacy as the best methods for resolving any unfounded concerns about its nuclear program
Geostrategy

Russia redirected most oil exports to China and India, says Novak

After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a...
  • India has been able to snap up discounted crude from Russia before refining it and selling it to European customers, reports say
  • Russian Deputy PM Alexander Novak said he expected Russian oil and gas revenues will amount to almost nine trillion rubles ($98 billion) this year