Author: omc_admin

The European Commission announced today a new proposed climate target, aiming to reduce net greenhouse gas (GHG) emissions across the EU by 90% by 2040, compared to 1990 levels. The new target introduces several key proposed changes from the EU’s current goals, including the ability to utilize international carbon credits to achieve a portion of the 2040 target, and for carbon-intensive industries in the scope of the EU Emissions Trading System (EU ETS) to use domestic carbon removals for allowances to compensate for residual emissions from hard to abate sectors. The Commission said that the proposal marked a “more pragmatic…

A statement posted on the White House website on Tuesday said the Senate “delivered a resounding victory for American workers, farmers, and small businesses by passing President Donald J. Trump’s One Big Beautiful Bill”. The White House statement described the bill as “a transformative legislative package that locks in historic tax relief, delivers border security, reforms welfare, funds critical infrastructure, and more”. The statement linked to an X post by the “Official Rapid Response account of the Trump 47 White House” which noted that Vice President JD Vance “cast[ed]… the deciding vote as the Senate approve[d]… the One Big Beautiful Bill -…

The federal government looks like it is taking a page out of Silicon Valley’s playbook.The US Office of Personnel Management issued a memo on June 17 announcing sweeping reforms to performance management in the federal government. And the move to cut low performers looks a lot like what’s been happening at major tech companies.The memo is another step in the Trump administration’s effort to transform the federal workforce. In this case, it’s meant to address “poor performers” while also rewarding those who demonstrate success above and beyond their track records. The memo sets guidelines for employee ratings, addresses poor performance, and…

New Delhi: Global oil supply is expected to exceed demand by 1.2 million barrels per day (b/d) in the second half of 2025, while annual demand growth is projected to be the weakest since 2001—excluding crisis years—at 870,000 b/d, according to S&P Global Commodity Insights.The energy research firm also forecasts a surplus of 800,000 b/d for the full year 2026, driven by rising output from OPEC+ countries and continued weak demand.“The underlying fundamentals of the global oil market remain profoundly unchanged. OPEC+ members are continuing with the accelerated unwinding of production cuts. There will be more oil supply coming from…

The One Big Beautiful Bill will kill wind and solar power tax credits—and pit humans against AI in a battle for scarce electricity. President Trump’s One Big Beautiful Bill Act – assuming the version Senate Republicans passed on Tuesday becomes law–would cut the legs out from under the renewable energy industry. The biggest hit: The bill would quickly phase out federal tax credits that have for years enabled wind and solar developers to offset 30% or more of project costs. Yes, it could have been even worse. At the last minute, the Senate’s Republican leadership ditched a proposed excise tax…

Dollar Softness Supports, but Inventory Build Adds Caution The dollar fell to a 3-1/2-year low on Wednesday, typically supporting crude by making it cheaper for non-dollar buyers. Traders are watching Thursday’s U.S. non-farm payrolls for clues on potential Fed rate cuts that could spur economic activity and demand. Late Tuesday, API data showed U.S. crude inventories rose by 680,000 barrels, counter to usual summer drawdowns, adding caution ahead of EIA data due later today. China Demand and Russian Premiums Offer Underlying Support China’s factory activity returned to expansion in June, pointing to firm demand from the world’s second-largest oil consumer.…

As she canvassed for Zohran Mamdani in New York City on Tuesday last week, Batul Hassan should have been elated. The mayoral candidate – a 33-year-old state assemblymember – was surging in the polls and would within hours soundly defeat Andrew Cuomo on first preference votes in the Democratic primary election.But Hassan’s spirits were hampered by record-breaking temperatures. In Crown Heights, where she was the Mamdani campaign’s field captain, the heat index soared into the triple digits.“I couldn’t think about anything but the heat,” she said. “It was so dangerous.”Early that Tuesday morning, Hassan visited a public school polling site,…

Chinese refiners continue to buy high volumes of crude oil from Iran, with first-half imports at the major port clusters estimated at nearly 1.4 million barrels per day (bpd), according to oil flow tracking data from Kpler cited by Bloomberg.Ports near industrial clusters Qingdao, Dalian, and Zhoushan are importing crude from Iran in several legs from the Persian Gulf via Malaysia with ship-to-ship (STS) transfers using shadow fleet vessels and tankers blacklisted by the United States.Officially, China’s customs data show there haven’t been any crude imports from Iran since 2022. Unofficially, China buys nearly 90% of all of Iran’s crude…

By: Lorenzo Saa, Chief Sustainability Officer, Clarity AI Something shifted in the first half of 2025. The era of vague optimism and feel-good ESG slogans is over. What comes next demands harder questions, sharper tools, and a deeper tolerance for uncomfortable answers and trade-offs. We’re not watching a collapse; we’re witnessing a necessary reset. Regulation is fragmenting, political winds are shifting, and markets are sobering up. But if we lean in, armed with materiality, smarter data, and clearer intent, 2025 could mark not a retreat, but a reinvention. The Policy Environment: Fragmenting, Localizing and Creating a Void In our outlook…

MEXICO CITY (AP) — Hurricane Flossie has strengthened into a powerful Category 3 hurricane off Mexico’s southwestern Pacific coast with maximum sustained winds of 115 mph (185 kph), according to the U.S. National Hurricane Center in Miami. The hurricane center said Flossie would begin weakening later Wednesday. The center said Flossie was about 315 miles (505 kilometers) south-southeast of Cabo San Lucas and was moving west-northwest off the Mexican coast at 10 kph (17 mph). It was expected to skirt the coast for a few days while dropping rain on several Mexican states. While its center is forecast to remain…