Business

US Oil Production Could Reach Historic Levels This Year

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U.S. oil production could break an all-time high of 10 million barrels per day by the end of the year, according to a new report. Michael Bastasch The Daily Caller Analysts at Rystad Energy are predicting U.S. crude oil output could top an old record set in November 1970 by the end of the year. Production is currently growing at 95,000 barrels per day per month this year, largely thanks to hydraulic fracturing into shale… US Oil Production… Read More »

UnionBank gears up for digitization to take on ‘fintechs’

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Aboitiz-led Union Bank of the Philippines (UnionBank) is pursuing a three-point plan that will digitize its operations and bring it onto a level playing field with the “fintechs,” or… MAYVELIN U. CARABALLO, TMT The Manila Times In a roundtable discussion with The Manila Times on Tuesday, UnionBank President and Chief Operating Officer (CEO) Edwin Bautista said the main threat to local banks amid the… Fintech, or financial technology, is an… UnionBank gears up… Read More »

New motto of Ukraine: ‘No coal, no power – no problem’

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The power outages Kiev feared due its blockade of Donbass coal failed to materialize — because the blockade also unexpectedly set back Ukraine’s industrial production, writes Marko Marjanovic in… DONi News Agency No coal, no power – no problem. This could be the new motto of new… Months ago Ukraine declared an end to coal imports from Donbass utterly gutting its… New motto of… Read More »

UK achieves solar power record as temperatures soar

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A record amount of solar power was generated on Friday as Britain basked in sunshine and temperatures of up to 28C, the National Grid has said. BBC It said 8.7 gigawatts (GW) had been generated at lunchtime, representing 24.3% of total generation across the UK. The level tops the previous record of 8.48GW set on 10 May. Duncan Burt, head of control room operations at National Grid, called it the “beginning of a new era”… UK achieves solar… Read More »

Lloyd’s begin post-Brexit financial exodus with shock decision that will delight Juncker

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LLOYD’S of London have started their post-Brexit financial exodus by opening up a new financial hub in Brussels, the capital of the European project. Oli Smith Express Inga Beale, chief executive officer at Lloyd’s of London, picked Brussels to set up the new post-Brexit financial centre. The decision to move jobs to Brussels will fly in the face of Brexiteers who rejected the EU – including the insurer’s chairman Lord Blackwell, who is a well-known pro-Brexit… Lloyd’s begin post… Read More »

Twiggy Forrest’s philanthropy is great. But he could have just paid more tax

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It’s true philanthropy is more common in the USA. So is tax minimisation, citizens without health insurance and homelessness Kristina Keneally The Guardian Fortescue Metals Group founder and billionaire Andrew “Twiggy” Forrest and his wife Nicola made the single biggest philanthropic donation by a living person in Australian history on… For that, they are to be congratulated… Twiggy Forrest’s philanthropy… Read More »

Theresa May could waive rights to 95 per cent of British waters after Brexit, fishermen fear

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Fishermen fear Theresa May could waive the rights to almost 95 per cent of British waters after failing to make any solid promises over sovereignty of the seas in the Tory manifesto. Christopher Hope  The Telegraph A desire to take back control of Britain’s waters was a constant theme for Leave campaigners ahead of last year’s EU referendum. They believe Britain has legal rights to all fish within 200 miles of the… * Theresa May could… Read More »

Russia, Saudi Arabia call to extend oil output deal

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The world’s biggest oil producers Russia and Saudi Arabia on Monday called for the extension of an output reduction deal ahead of an OPEC meeting later this month. Daily Sabah with wires “To underscore the determination of oil producers to ensure market stability, predictability and sustainable development, the joint actions of participating producers should be… The statement added that Russian… Russia, Saudi Arabia… Read More »

Total’s plans for Brazil’s new oil frontier snagged on Amazon reef

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As French oil giant Total seeks to conduct oil exploration in Brazil’s Foz do Amazonas Basin area, which some geologists say may contain around 14 billion barrels of petroleum, environmentalists fear it could damage the eco system in the… Reuters OIAPOQUE Daily Sabah Deep beneath the waters of the Atlantic off Brazil’s most northern coast, French major Total SA is hunting for what it hopes will be… Metal drill bits, pipes and Total’s plans for… Read More »

EU ponders invisible Irish border after Brexit

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Nobody wants a return to a hard border in Northern Ireland but avoiding one is easier said than done. MAÏA DE LA BAUME AND SIMON MARKS  Politico WICKLOW, Ireland — When is a border not a border? That is the politically-charged riddle Brexit negotiators will grapple with when they come to discussing Northern Ireland and its frontier with the Republic of Ireland to the… EU ponders invisible… Read More »

Dutch open world’s largest offshore wind farm

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Dutch officials on Monday opened what is being billed as one of the world’s largest offshore wind farms, with 150 turbines spinning in action far out in the North Sea. FRENCH PRESS AGENCY – AFP THE HAGUE Daily Sabah Over the next 15 years, the Gemini windpark, which lies some 85 kilometers (53 miles) off the northern coast of The Netherlands, will meet the energy needs of about 1.5… At full winds the windpark has a… Dutch open world’s… Read More »

Sudanese-Italian economic forum held in Rome

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May 9, 2017 (KHARTOUM) – The third Sudanese-Italian economic and investment forum has been held Tuesday in Rome with the participation of 135 Italian companies. In a statement seen by Sudan Tribune, Sudan’s foreign ministry said the chairman of the Italian Federation of Industries Giovanni Otati praised the enormous economic potential enjoyed by the Sudan. Otati, who addressed the… Read More »

Israel’s Delek group seeks to conduct natural gas exploration in Turkey

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After discovering the Tamar and Leviathan natural gas reserves, the largest ever discovered, Israel’s Delek group hopes to conduct exploration work for Turkey, as the country starts its activities in the Mediterranean. Daily Sabah with Anadolu Agency Citing the likely presence of significant oil and natural gas resources in the eastern Mediterranean, Israeli oil and gas exploration firm Delek Drilling and… The CEO of Delek Group Yossi Abu said that they… Israel’s Delek group… Read More »

José Ramos-Horta calls on Australia to abandon ‘unsubstantiated’ claim in Timor Sea

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Former Timor-Leste president warns government not to harm relations by pushing to extend borders to control the Greater Sunrise oil field Naaman Zhou The Guardian The former Timor-Leste president José Ramos-Horta has told the Australian government to abandon its “unsubstantiated” legal case to extend its borders into the… Speaking at a Labor party-hosted event in… José Ramos-Horta… Read More »

The supermarket that shook Croatia

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Croatian Prime Minister Andrej Plenković’s coalition has fallen apart over a rescue plan for a food and retail giant. ZORAN RADOSAVLJEVIĆ Politico  It’s the supermarket group that’s too big to fail. But attempts to save it brought down Croatia’s ruling center-right coalition and may force an early parliamentary election. The story of Agrokor, a food and retail concern that employs around 60,000 people across southeastern Europe, has… The supermarket that… Read More »

Michael Heseltine: ‘Signing article 50 is the worst decision we’ve made’

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Lord Michael Heseltine, 84, the senior politician and businessman, reflects on what he owes his dyslexia, his fears over Brexit and why he has no plans to… Tim Adams The Guardian At my age there is no such thing as a good winter. There is a wonderful day in mid-March when you feel the sun on your back for the first time, and it straightens… I was no good at games and the only time I came top of the ... Read More »