Author: omc_admin

Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from cheap Russian oil imports during the war in Ukraine, describing the practice as “arbitrage” and condemning it as unacceptable.”They are just profiteering. They are reselling,” Bessent told CNBC’s “Squawk Box” in an interview. “This is what I would call the Indian arbitrage — buying cheap Russian oil, reselling it as product.””They’ve made $16 billion in excess profits — some of the richest families in India,” Bessent said.India buys Russian oil at a discount due to sanctions, refines it into gasoline and diesel, and then sells the product back to…

Talos Energy Inc. said it has appointed Zachary Dailey as the company’s CFO, effective Aug. 18. Talos has also appointed William Langin as executive vice president for exploration and development, effective Sept. 29, and promoted Megan Dick to the role of chief human resources officer, the company said in a news release. Dailey succeeds Gregory Babcock, who will step down as interim CFO. Babcock will continue to serve in his longstanding role as the company’s vice president and chief accounting officer, according to the release. Dailey joins Talos with over 17 years of oil and gas experience, most recently serving…

Choking smoke spewed by wildfires is far more dangerous than previously thought, a new study has found, with death tolls from short-term exposure to fine particulates underestimated by 93%.Researchers found that 535 people in Europe died on average each year between 2004 and 2022 as a result of breathing in the tiny toxic particles known as PM2.5 that are released when wildfires rage.Under standard methods, which assume PM2.5 from wildfires is as deadly as from other sources, such as traffic, they would have expected just 38 deaths a year.The study comes as wildfires ravage southern Europe, and new data from…

New Delhi: There is a potential for upside to Reliance Industries Ltd provided it operates at lower leverage and strengthens non-energy revenue streams, S&P Global Ratings said on Tuesday.S&P had last week raised the issuer credit ratings of Reliance as well as companies such as Oil and Natural Gas Corp (ONGC), NTPC and Tata Power to ‘BBB’ from ‘BBB-‘ following upgrade in India’s sovereign rating to ‘BBB/A-2’ from ‘BBB-/A-3’ on economic resilience and sustained fiscal consolidation. “There is a potential for upside in RIL’s rating. It is at ‘BBB+’… This (rating going up by a notch) would require stand alone…

Spotify’s ad business is floundering.”We have simply been moving too slowly,” CEO Daniel Ek said on the company’s latest earnings call.Spotify has said it wants advertising to make up 20% of its overall revenue. As of June, that figure stood at 11% — a share that has barely budged over time. Second-quarter ad revenue was down 0.7% versus the prior year, and media industry analyst Brian Wieser pondered in a recent note to clients whether it had plateaued.Chris Camacho, CEO of the ad agency Cheil UK, said cracks in Spotify’s ad business have been visible for some time. That contrasts…

OpenAI CEO Sam Altman, pictured, speaks with SoftBank Group CEO Masayoshi Son at an event in Tokyo on Feb. 3, 2025.Tomohiro Ohsumi | Getty Images News | Getty ImagesGPT-5 just launched. GPT-6 is already on the way.That’s the message OpenAI CEO Sam Altman delivered to reporters in San Francisco last week, offering a rare glimpse into the company’s evolving product road map, as well as its missteps.Altman didn’t give a release date for his company’s next artificial intelligence model, but he made clear that GPT-6 will be different and that it will arrive faster than the gap between GPT-4 and…

The United States Department of Energy (DOE) extended emergency orders aimed at strengthening Puerto Rico’s electric grid. Issued in May, the orders have enabled Puerto Rico’s government to fix and restore lines and ensure sustained energy resilience. DOE said in a statement that extending the orders would ensure this critical work could continue throughout the peak summer demand season. “A reliable and secure power grid is essential for modern life, and the residents of Puerto Rico deserve solutions now. Thanks to President Trump’s leadership, we are able to take action, moving from years of instability toward measurable, lasting progress”, U.S.…

The U.S. Energy Information Administration (EIA) has revealed its latest average Henry Hub natural gas spot price forecasts in its August short term energy outlook (STEO), which was released on August 12. According to that STEO, the EIA sees the Henry Hub spot price averaging $3.61 per million British thermal units (MMBtu) in 2025 and $4.34 per MMBtu in 2026. The EIA’s previous July STEO projected that the Henry Hub spot price would average $3.67 per MMBtu this year and $4.41 per MMBtu next year. Both STEOs highlighted that the 2024 Henry Hub spot price averaged $2.19 per MMBtu. A…

Air India CEO and Managing Director Campbell Wilson said that the company is committed to support the GoI’s initiatives to promote sustainable development in the aviation sector Air India and Indian Oil Corporation Ltd (IOCL) on Tuesday signed a Memorandum of Understanding (MoU) to collaborate on the supply of Sustainable Aviation Fuel (SAF). According to the official press release, the move is part of efforts to reduce emissions in Indian aviation and aligns with the country’s target of achieving 5 per cent SAF blending target by 2030.The airline said that it is pursuing measures such as fuel efficiency, route optimisation,…

One Austin-based startup may have the answer to a crucial problem that the AI industry is still stuck on: how to power it all.Aalo Atomics says the answer isn’t the hulking nuclear plants of decades past. Instead, it’s betting on mass-manufactured smaller reactors built to sit beside the data centers they’ll fuel.That pitch earned the company a hefty check. Aalo recently closed a $100 million Series B, CEO Matt Loszak told Business Insider. Valor Equity Partners led the round, and Harpoon Ventures, Alumni Ventures, and others participated, bringing Aalo’s total funding to north of $136 million.The startup’s trajectory shows just…