Author: omc_admin
Zurich-based Carbon removal solutions provider Climeworks announced today that it has raised $162 million in a new equity funding round, with proceeds from the financing aimed at further developing its direct air capture (DAC) technology to reduce the cost of removals, and to expand its carbon removal portfolio service. Founded in 2009 by Christoph Gebald and Jan Wurzbacher, Climeworks provides carbon removal solutions for companies, including its own DAC technology, with the company operating the world’s first two DAC plants, Orca, opened in 2021, and Mammoth, which began operations in 2024. DAC technology extracts CO2 directly from the atmosphere for…
Saudi Arabia led a surge in crude exports from stalwart oil-producing giants in the Middle East in June. The flood may reflect a race by Riyadh – along with neighboring Kuwait and the United Arab Emirates – to expedite barrels out of the Persian Gulf while a conflict between Israel and Iran threatened the region’s shipping corridor. While the trio are entitled to raise crude production under an OPEC+ accord, their exports appear to have climbed even further. The three nations loaded 11.9 million barrels a day onto tankers in June, ship-tracking compiled by Bloomberg shows. Their collective seaborne exports were the highest…
Maintenance at some LNG export facilities last month drove U.S. exports of the commodity lower—to the second-lowest monthly, according to data from LSEG cited by Reuters.The June total stood at 8.4 million tons of liquefied gas last month, which was down from 8.9 million tons in May and from 9.3 million tons for April. The April total was an all-time high.June saw regularly scheduled maintenance at Cheniere’s two LNG export facilities, in Sabine Pass and Corpus Christi, which have a combined daily capacity of 6.9 billion cu ft of natural gas. The Cameron LNG plant in Louisiana also underwent maintenance…
Anzana Electric Group has signed a tentative deal with Ruzizi III Holding Power Co. Ltd. (RHPCL) to acquire up to 10 percent in a hydroelectric project that would serve Burundi, the Democratic Republic of the Congo (DRC) and Rwanda. The agreement for the 206-megawatt Ruzizi III Regional Hydropower Project was part of over $2.5 billion in deals and commitments between African and American partners signed during the United States-Africa Business Summit in Luanda, Angola, according to the U.S. State Department. The $760-million project is planned to rise on the Ruzizi River between DRC in Central Africa and Rwanda in Eastern…
BARCELONA, Spain (AP) — Two people died in Spain in a wildfire that spread quickly before firefighters brought it under control, authorities said, as a European heat wave sent thermometers soaring again on Wednesday.The blaze broke out in the rural province of Lleida. It created an enormous thick plume of ash and smoke that reached 14,000 meters (45,000 feet) of altitude, making it the largest registered by firefighters in Catalonia, a northeastern region of Spain.Firefighters said that the fire spread at 28 kph (17 mph) at one point, making it one of the fastest fires registered in Europe, they said.Catalan…
More than 80% of UK farmers are worried that the “devastating” effect of the climate crisis could damage their ability to make a living, a study has found.Farmers have warned that global heating risks Britain’s supplies of home-grown food amid wild swings in weather conditions, in new research carried out by the Energy and Climate Intelligence Unit (ECIU).The study found that 87% of farmers have experienced reduced productivity in the face of recent extreme weather, 84% had suffered a fall in crop yields, and more than three-quarters had taken a hit to their income.The survey of 300 UK farmers found…
One scoop to start: Matthew Freud is looking at options to sell his eponymous PR consultancy after 40 years as one of London’s top spin-doctors and corporate fixers.And another scoop: Ken Griffin’s hedge fund Citadel has been outshone by smaller rivals so far this year, as the firm was stung by the market volatility unleashed by Donald Trump’s trade war.And one more scoop: A two-year-old Swedish artificial intelligence start-up that promises to make programming an app as easy as writing a few sentences is nearing a valuation of almost $2bn, in the latest sign of investor fervour for AI coding…
Political cowardice is hindering European efforts to face up to the effects of the climate crisis, even as the continent is pummelled by a record-breaking heatwave, the EU’s green transition chief has warned.In an interview with the Guardian, Teresa Ribera said that although the effects of the climate emergency were becoming increasingly obvious, they were still not translating into proper action.“When you see the map of Europe, it’s dreadful,” said Ribera, speaking amid a heatwave with unprecedented June temperatures from Spain and Portugal to the UK.“We saw it in [the southern Spanish province of] Huelva, where it was 46C on…
When Iran attacked a US airbase in Qatar – a response to strikes on its nuclear facilities – many feared a global war may be imminent. But there was one market that didn’t break a sweat: oil. It’s typically a commodity that surges at the first sight of conflict in the Middle East. This time though, oil traders bet that the conflict involving Iran, Israel and the US would be short-lived. The FT’s energy editor Malcolm Moore explains how traders called the outcome correctly. Clips from ABC News, Al Jazeera, Associated Press, CBS News, Fox 9 Minneapolis St Paul, ITV…
TikTok and ByteDance employees are bracing for possible layoffs after the company informed staff it would announce “organizational and personnel changes” early Wednesday morning, according to a memo viewed by Business Insider.The changes would impact workers in the company’s global e-commerce business, TikTok Shop, which has had several rounds of layoffs this year.”Over the past month, we have assessed how we can best support our evolving Global E-commerce business in alignment with our mission and evolving goals in the market,” the company wrote in the memo.These changes come from “careful analysis of how to create more efficient operating models for…