Author: omc_admin

OPEC+ Set to Finalize July Output — Traders Brace for Supply Clues All eyes are on OPEC+ as the group prepares to finalize production quotas for July. Sources indicate that a baseline increase of 411,000 barrels per day is on the table, although this has yet to be confirmed. Russian Deputy Prime Minister Alexander Novak stated Monday that discussions on raising output have not yet occurred, signaling potential pushback from some members. Adding to the uncertainty, OPEC+ will hold its ministerial meeting online Tuesday, while the subgroup of eight members implementing voluntary cuts is now expected to meet a day…

EU banking supervisor The European Banking Authority (EBA) announced the release of new proposed amendments to Pillar 3 disclosure requirements for banks, including simplifications and clarifications around ESG risk-related reporting, particularly for small and medium-sized banks. The EBA said that its new proposals align with the initiatives of the European Commission to simplify sustainability reporting, such as the Commission’s Omnibus package. The EBA said: “In line with the European Commission’s omnibus proposal to reduce reporting costs and simplify sustainability reporting, the EBA has designed a proportionate approach for ESG disclosures based on the institution’s type, size and complexity, with simplified…

New Delhi: Patel Engineering Ltd (PEL), in a joint venture, has secured a contract worth ₹958.33 crore from the Maharashtra Krishna Valley Development Corporation for the construction of a pipe distribution network linked to the Nira Deoghar Right Bank Main Canal between KM 87 and KM 135 and its distributaries.The project is located in Kalaj village, Taluka Phaltan, District Satara, Maharashtra, and is scheduled to be completed within 36 months. The scope of the contract includes excavation and refilling of pipe trenches, construction of structures, supplying, jointing, lowering and laying of pipes, installation of various types of valves, chambers and…

Equinor ASA and Polenergia SA have reached financial close securing over EUR 3 billion for Baltyk II and over EUR 3 billion for Baltyk III (around $6.81 billion in total), after the 50-50 co-venturers reached a final investment decision to proceed with the wind projects on the Polish side of the Baltic Sea. “Financial close means that the conditions precedent to loan disbursement have been fulfilled”, Warsaw-based Polenergia, a renewable power developer and distributor, said in an online statement. Equinor manager for Poland Michal Jerzy Kolodziejczyk said in a separate press release, “The Baltyk 2 and 3 offshore wind farms represent…

Until now, Lithium-CO2 batteries have faced setbacks in efficiency – wearing out quickly, failing to recharge and relying on expensive rare materials such as platinum. However, researchers from Surrey have found a way to overcome these issues by using a low-cost catalyst called caesium phosphomolybdate (CPM). Using computer modelling and lab experiments, tests showed this simple change allowed the battery to store significantly more energy, charge with far less power and run for over 100 cycles.    The study, published in Advanced Science, marks a promising step toward real-world applications. If commercialised, these batteries could help cut emissions…

In a release posted on its site recently, Bilfinger announced that Bilfinger UK has secured a contract with National Gas, which Bilfinger said will play a vital role in maintaining gas flow along the National Transmission System (NTS). This contract will create up to 100 jobs, with Bilfinger UK undertaking the role of Principal Designer and Principal Contractor at key locations, Bilfinger stated in the release. “As part of the Control System Refurbishment Project, funded by Ofgem, Bilfinger will undertake a multi-disciplinary design and construction program including the design and manufacture of panels, whilst also operating as Principal Contractor ensuring…

Great swathes of the planet’s oceans have become darker in the past two decades, according to researchers who fear the trend will have a severe impact on marine life around the world.Satellite data and numerical modelling revealed that more than a fifth of the global ocean darkened between 2003 and 2022, reducing the band of water that life reliant on sunlight and moonlight can thrive in.The effect is evident across 75m sq km (30m sq miles) of ocean, equivalent to the land area of Europe, Africa, China and North America combined, and disturbs the upper layer of water where 90%…

The CEO of Tencent and Sequoia-backed payments startup Airwallex said that if he had to start over, there are three things he would do differently.Jack Zhang said his mistakes include not outsourcing to a good recruiter in the early days, expanding overseas too quickly, and not prioritizing company culture. The Airwallex cofounder and CEO spoke on an episode of the “20VC” podcast aired on Monday.”I hired the first 100 people in Airwallex by myself on LinkedIn,” Zhang said of his first mistake. “Obviously, there’s a lot of benefit of doing that, but I could have hired a good recruiter just…

Iwas in a particularly sour mood at an old job one afternoon when a notification popped up in Slack, reminding me to fill out my Peakon, the employee engagement survey our HR department used. In exchange for our candor, the HR team promised total anonymity and assured us that our concerns and comments would be heard by top brass.I liked my job, so I typically filled these surveys out with a perfunctory four-out-of-five-star acquiescence, never eager to rock the boat. I truly cannot recall now what had made my day so bad, but I decided to take it out on…

A Hyundai Heavy Industries shipyard in Ulsan, South Korea, has held a steel-cutting ceremony for 17 liquefied natural gas (LNG) tankers ordered by Qatar Gas Transport Co. Ltd. (Nakilat), marking the start of construction. Designed with a capacity of 174,000 cubic meters (6.14 million cubic feet) each, the vessels will be deployed for QatarEnergy as part of the state-owned LNG major’s fleet expansion and modernization program. “This achievement marks a pivotal step in enhancing the company’s capacity to meet the growing demand for LNG transportation and further solidifying its leading position in the industry”, Nakilat said in an online statement.…