Author: omc_admin

Samsung Electronics reported a worse-than-expected earnings projection for the second quarter, worrying investors about the company’s ability to compete in the chip war.On Tuesday, the South Korean memory chipmaker said it expected a 56% plunge in second-quarter profit compared with last year. The company estimated that its operating profit would be 4.6 trillion Korean won, or $3.37 billion.Samsung attributed the profit miss to US export curbs on advanced AI chips to China. The company reports full second-quarter earnings on July 31.Analysts have said that Samsung has been losing out to competitors because of factors other than the US export restrictions.In…

Environmental advocate group Greenpeace has spoken out against the African Energy Chamber (AEC) and Africa’s energy sector, citing the continent’s efforts to accelerate development as a coordinated attack on the right to dissent, the AEC said on Monday.  Using the example whereby a jury in North Dakota issued a landmark ruling, ordering Greenpeace to pay $660 million in damages for malicious interference with the Dakota Access Pipeline, the organization has declared that companies such as the African Energy Chamber utilize Strategic Lawsuit Against Public Participation – SLAPP suits – to intimidate and silence critics. “Let us be clear:…

Sequoia Capital, one of the largest and oldest global VC firms, is facing pressure over a partner’s online remarks.Signatories self-identified as founders, investors, and tech workers have signed an open letter calling for Sequoia Capital to take disciplinary action against one of its high-profile partners after he called New York City mayoral Democratic nominee Zohran Mamdani an “Islamist” on X.As of writing, the letter appeared to have hundreds of signatures, though at least several of them appeared to be trolls using made-up or fake names.The list includes some business leaders who have previously raised capital from Sequoia-linked funds. That includes…

The Petroleum and Natural Gas Regulatory Board (PNGRB) is planning to facilitate the creation of an exchange for trading petroleum products such as aviation turbine fuel (ATF), naphtha, fuel oil and bitumen, in a bid to promote fair and transparent pricing in the domestic market.”The concept is being designed to provide a transparent, efficient, and regulated environment for the trading of petroleum products, facilitating fair and transparent pricing, supply-demand balance, and market competitiveness,” the downstream regulator said in its action plan for the current fiscal year.PNGRB aims to put in place an enabling regulatory framework for the exchange, as is…

Tesla CEO Elon Musk formally launched his new political organization over the weekend — the “America Party” — and on Monday morning the markets reacted.Tesla shares fell nearly 7% and shed roughly $21 per share as of market closing at 4 p.m. ET.The launching of his political party was just another move in Musk’s very public feud with President Donald Trump, whom the SpaceX CEO donated at least $277 million to support during the 2024 presidential campaign.As a result, the world’s richest man’s net worth is $15 billion less than it was on Sunday, according to the Bloomberg Billionaires Index,…

If Elon Musk ever had to write a cover letter, he might say that he’s the kind of leader who identifies an important problem and launches into action to find a solution — regardless of the odds.He wouldn’t be lying. It’s one of his primary traits as a business leader.Musk has a long history of founding and leading companies designed to tackle issues he feels need to be addressed. The latest example is his announcement over the weekend that he was moving forward with plans to create a new political party, the America Party for the “80% in the middle,”…

The melting of glaciers and ice caps by the climate crisis could unleash a barrage of explosive volcanic eruptions, a study suggests.The loss of ice releases the pressure on underground magma chambers and makes eruptions more likely. This process has been seen in Iceland, an unusual island that sits on a mid-ocean tectonic plate boundary. But the research in Chile is one of the first studies to show a surge in volcanism on a continent in the past, after the last ice age ended.Global heating caused by the burning of fossil fuels is now melting ice caps and glaciers across…

Ted Cruz has had quite a week. On Tuesday, the Texas senator ensured the Republican spending bill slashed funding for weather forecasting, only to then go on vacation to Greece while his state was hit by deadly flooding, a disaster critics say was worsened by cuts to forecasting.Cruz, who infamously fled Texas for Cancun when a crippling winter storm ravaged his state in 2021, was seen visiting the Parthenon in Athens with his wife, Heidi, on Saturday, a day after a flash flood along the Guadalupe River in central Texas killed more than 100 people, including dozens of children and…

(Oil Price)– A new oil pipeline to Canada’s Pacific coast is highly likely to make it to the federal government’s list of projects of national interest, Canadian Prime Minister Mark Carney told Calgary Herald in an interview published this weekend. “I would think, given the scale of the economic opportunity, the resources we have, the expertise we have, that it is highly, highly likely that we will have an oil pipeline that is a proposal for one of these projects of national interest,” Carney told the publication. A new pipeline out of the top oil-producing province of Alberta to the British…

Algeria’s state-owned oil company Sonatrach and Italy’s Eni have signed a 30-year production sharing contract to explore and develop the Zemoul El Kbar region of Algeria, Sonatrach said in a statement Monday.  Image: Sonatrach During a meeting on Monday in Algiers, Eni and partner Sonatrach signed a new hydrocarbons contract for the Zemoul El Kbarunder area, in the framework of the Law no. 19-13 governing hydrocarbons activities. The contract, with a duration of 30 years, is estimated at a value of $1.35 billion, and covers a development and exploration area of about 4200 sq km (~1622 sq mi)…