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Exxon sues California over climate disclosure laws
Exxon Mobil filed a lawsuit against California on Friday challenging two state laws requiring large companies to disclose their greenhouse gas emission and climate-related risks. Exxon filed a complaint in the U.S. District Court of the Eastern District of California arguing that Senate Bills 261 and 253 violated its First Amendment rights because they force Exxon "to serve as a mouthpiece" for ideas it does not agree with. The company asked the court to stop the state of California enforcing these laws. Exxon claims that the Californian frameworks for reporting climate change are misleading and counterproductive. The oil giant claims it reports climate risks and emissions voluntarily and is opposed to California's frameworks. California, a state ruled by Democrats, has had some of strictest environmental regulations in the past in areas such as vehicle fuel efficiency standards and policy planning. This is after it passed a climate law in 2006. California passed two laws that will require companies to report publicly their greenhouse gas emission and climate-related risks in 2023. Apple, Ikea, and Microsoft supported the California laws, while other major companies such as the American Farm Bureau Federation, the U.S. Chamber of Commerce and others called them "onerous". SB 253 mandates that public and private companies active in the State and generating revenue greater than $1 billion per year publish an extensive account regarding their carbon emissions beginning in 2026. The law requires that companies disclose their own emissions as well as indirect emissions from suppliers and customers. SB 261 mandates that companies operating in the state and with revenues exceeding $500 million disclose financial risks related to climate change, as well as strategies to mitigate those risks. Exxon also claimed that SB 261 is in conflict with federal securities laws which regulate what publicly-traded companies are required to disclose about financial and environmental risk. Exxon Mobil said that the First Amendment prohibits California from pursuing its policy of stigmatization, which would force it to describe the activities of its non-California businesses using the state's preferred framing. California Department of Justice or California Air Resources Board didn't immediately respond to our request for comment. Reporting by Chandni in Bengaluru, and Mike Scarcella from Washington. Editing by Deepa and Matthew Lewis.
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Exxon sues California over climate disclosure laws
Exxon Mobil filed a lawsuit against California on Friday challenging two state laws requiring large companies to disclose their greenhouse gas emission and climate-related risks. Exxon filed a complaint in the U.S. District Court of the Eastern District of California arguing that Senate Bills 261 and 253 violated its First Amendment rights because they force Exxon "to serve as a mouthpiece" for ideas it does not agree with. The company asked the court to stop the state of California enforcing these laws. Exxon claims that the Californian frameworks for reporting climate change are misleading and counterproductive. The oil giant claims it reports climate risks and emissions voluntarily and is opposed to California's frameworks. After passing a climate law in 2006, the Democrat-ruled California had long been known for its strict environmental regulations in areas such as vehicle fuel efficiency standards. California has passed two laws that will require companies to report publicly their greenhouse gas emissions as well as climate-related financial risk. Apple, Ikea, and Microsoft all supported the California laws, while other major companies, such as American Farm Bureau Federation, Chamber of Commerce and American Farm Bureau Federation, opposed them, calling them "onerous." SB 253 mandates that public and private companies active in the State and generating revenue greater than $1 billion per year publish a detailed account of their carbon emission starting in 2026. The law requires that companies disclose their own emissions as well as indirect emissions from suppliers and customers. SB 261 mandates that companies operating in the state and with revenues exceeding $500 million disclose financial risks related to climate change, as well as strategies to mitigate those risks. Exxon argued SB 261 is in conflict with federal securities laws that regulate what publicly-traded companies are required to disclose about financial and environmental risk. California Department of Justice or California Air Resources Board didn't immediately respond to our request for comment. (Reporting from Chandni in Bengaluru, and Mike Scarcella at Washington; editing by Deepa Babyington)
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Protesters call on regional Spanish leader to resign after deadly floods
On Saturday, tens of thousands marched in Valencia, a city located in eastern Spain. They demanded that conservative regional leader Carlos Mazon resign for his handling of the flash floods which killed 229 people last year. Protesters gathered in the center of Valencia, Spain, for the 12th consecutive time, since the flash flooding occurred exactly one year earlier. They displayed banners with messages like "Mazon, to prison", and chanted, "They did not die, they were murders." "I've lost everything but what really matters is the human loss, not the material." Cristina Guzman Trabero, 71, a flood survivor from the city of Trabero said: "They could have been prevented." "And we are here demanding justice. "We don't want any other thing." Residents in the affected area accuse the regional authorities of having issued an alert too late, after many buildings had already been submerged and people drowned in the worst floods in Europe since 1967. An investigation by the court is underway into emergency response. The court summoned on Thursday a local reporter who had lunched with Mazon the day after the floods, October 29, 2024. The Spanish authorities announced on Thursday that a 56 year old man's body was found buried under mud, a full year after it had been swept by water. Climate change is believed to be increasing the frequency of this destructive weather pattern, locally known as DANA. This system occurs when cold and warm air collide and create powerful rain clouds. Reporting by Miguel Gutierrez and Guillermo Martinez; editing by Leslie Adler
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Tunisia's capital Tunisia witnesses a large protest against the worsening pollution crisis
On Saturday, hundreds of Tunisians marched in the Tunisian capital to protest the severe environmental crisis that has been caused by the pollution from the state chemical plant at Gabes. Protests began outside the southern city. This protest is part of a growing series of demonstrations that highlight the frustration of the public over the government’s handling of pollution, and the worsening of the state of the public services. It marks the biggest challenge for President Kais Saied ever since he took power in 2021. Residents in Gabes report an increase in respiratory diseases, osteoporosis, and cancer. They blame toxic gases released by the state chemical group’s phosphate factories, which discharge thousands of tons waste daily into the sea. This month, dozens of Gabes schoolchildren were affected by breathing problems caused by toxic fumes coming from a plant which converts phosphates to phosphoric acids and fertilizers. Tunisian protesters carried banners and shouted slogans to show solidarity with Gabes residents, calling the authorities' response "repression." The government claimed it had arrested people who were violent. Hani Faraj is a protester with the "Stop Pollution campaign" who said, "It's as simple as that, the people of Gabes just want to breath." "Gabes's slowly dying... We won't remain silent." We will intensify our peaceful protests." Saied's government fears that protests in Tunisia's capital will spark unrest in other parts of the country, adding to its pressures as it battles a prolonged economic slump and political instabilities. Saied blames the criminal policies of a former government for the "environmental assassination" in Gabes. To quell protests, he called for immediate repairs to industrial units in order to stop leaks. Mustapha Ferjani, the Health Minister, said that this week that the government will build a new cancer hospital in Gabes due to an increase in cases. The protesters, however, reject the temporary fixes and demand that the polluting facility be permanently closed and relocated. Environmental groups have warned that Chatt Essalam is dumping tons of industrial waste into the ocean every day, causing severe damage to marine life. Local fishermen report a steep decline in fish stock over the last decade, which threatens a vital income source for many in the area. (Reporting and editing by Deepa Babyington, Tarek Amara)
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First Export Cable Laid at Scotland’s 1.1GW Offshore Wind Farm
Enshore Subsea has installed the first of two offshore export cables at Inch Cape offshore wind farm, using the CMOS Installer cable laying vessel.Operating from the Port of Blyth, the vessel installed the first of two 85-kilometre export cables for the 1.1 GW offshore wind farm, being built off the east coast of Scotland.The 220 kV, three-phase export cable was installed in three 28-kilometre sections.Once operational, the cable will transmit power from the offshore wind farm to the project’s new onshore substation under construction at Cockenzie, East LothianThe cable required two offshore joints which were completed using North Sea Giant and will shortly be buried in the seabed.Manufactured by Ningbo Orient Wires & Cables (Orient Cable), the 2000 mm2 cable is among the largest AC export cables in the world. The second 85-kilometre export cable will also be installed by Enshore Subsea in three 28-kilometre sections during a later campaign in 2026.Inch Cape is well into its offshore construction phase with both the offshore substation platform and the first export cable installed, and the first of its XXL monopiles delivered to the Port of Leith.In 2026, the plan is to install monopile and jacket foundations along with the first of 72 Vestas 15MW turbines and to complete the onshore substation, according to developers.The project is on track for first power in late-2026 and full commercial operations in 2027.Inch Cape is owned in a 50-50 equal joint venture by ESB and Red Rock Renewables, and once complete will generate almost 5 terawatt hours (TWh) of energy each year or enough to power half of the homes in Scotland.
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Equinor Grants Contracts for Offshore Crew Transportation Services
Equinor has awarded new contracts for crew transportation services to CHC Helikopter Service and Lufttransport RW, to serve its oil and gas installations offshore Norway.The two companies will operate a total of five helicopters, serving such as Troll, Gullfaks, Oseberg, Martin Linge, Statfjord, Kvitebjørn, and Valemon installations. The contracts have an estimated total value of $428 million, including options, and will take effect in early May 2026.The fixed term runs until December 31, 2028, with the possibility of extension until the end of 2030.”The safety of everyone traveling to and from offshore work is always our highest priority. CHC and Lufttransport are experienced operators we already work with, and they know the crew transportation service and safety requirements on the Norwegian continental shelf. With these contracts, Equinor’s helicopter base in Bergen will have a safe and robust solution,” said Ørjan Kvelvane, head of Operations Support at Equinor.CHC will operate three Sikorsky S-92 helicopters. Two of these are already under contract with Equinor and will be relocated from Sola to Bergen. The relocation is made possible by the introduction of AW189 helicopters at Sola. In addition, CHC will add one more S-92 helicopter - also currently flying on the Norwegian continental shelf - to the Bergen base.Lufttransport will operate two AW139 helicopters. These will later be replaced by two AW189 helicopters, scheduled for factory delivery in 2027. Lufttransport is approved by the Civil Aviation Authority Norway to operate both helicopter types and has experience flying AW139 for Equinor as a passenger transport helicopter to Troll from Bergen in 2024.Equinor and its operators transport approximately 320,000 passengers annually to and from installations on the Norwegian continental shelf. This corresponds to more than 24,000 flight hours per year.In 2024, Equinor carried out a total of 10,934 passenger flights from Stavanger, Bergen, Florø, Kristiansund, Brønnøysund, and Hammerfest.The Bergen helicopter base at Flesland handles the highest traffic, with nearly 5,000 flights in 2024.
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US orders Talen Power Plant in Maryland to exceed limits until end 2025
Energy Secretary Chris Wright issued an order on Friday allowing a part of Talen’s oil-fired Wagner plant in Maryland to operate above its limits until the end of 2025. He said it would improve the grid's reliability. On the first day he was in office, Donald Trump declared "energy crisis". He has, however, taken a number of steps to reduce tax breaks and support for renewable energies and he has also favored the use of fossil fuels in aging power stations. Wright approved a request from the PJM Regional Grid Manager to allow the 400 megawatt unit to operate above its limits in July. The unit was one of many at Wagner which were set to close permanently in May, but federal energy regulators decided that it could remain open until 2029. The Energy Department stated on Friday that the "growing concern about resource adequacy" PJM cited as part of their July request, "still exists today." Wright has ordered a Michigan Coal plant A Pennsylvania plant that runs off of natural gas or petroleum will remain open.
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Brazil's Petrobras announces record oil exports for the third quarter, as production rises
Petrobras, the state-run Brazilian oil company, reported record exports in the third quarter of 814,000 barrels per day, thanks to a surge in production and the start of 11 new wells, the firm announced on Friday. This was a 36% rise in oil exports over the same period last year. China received 53% of the company's shipments during the period. This is an increase of 14 percentage points compared to a year earlier. Asia, excluding China received 19%, an increase of 5 percentages. The share of Petrobras oil exported to the United States fell to 3%, and the share to Europe to 15%. Petrobras' output and sales report attributed the change to a decrease in demand from the U.S. and an increase in sales to India and South Korea. The Brazilian company's total exports including derivatives of gas and oil reached 1,04 million barrels. This is a 29% increase compared to July-September last year. Petrobras produced 2,52 million bpd in Brazil during the third quarter, an increase of about 18%. The firm also said that the increase in output was due to a floating production vessel achieving peak production, another increasing its capacity, and four ramping-up. The company's total production of oil, gas, and gas liquids was 3.14 million barrels per day. This is an increase of almost 17% year-over-year. The total sales of oil, natural gas, and oil derivatives increased by nearly 10% during the period to 3,26 million bpd. Petrobras will release its third quarter earnings on November 6, 2018. Reporting by Fabio Téixeira and Marta Nogueira, with additional reporting from Andre Romani in Sao Paulo. Editing and production by Natalia Siniawski, Rosalba Brien and Natalia Siniawski.
Middle East dispute keeps markets nervous ahead of China's reopening
International stocks started Tuesday on a careful note while oil costs stayed elevated as the escalating conflict in the Middle East sapped threat appetite ahead of China's highly expected resuming after a long holiday.
The benchmark 10-year U.S. Treasury yield held above 4% in early Asia trade, as a robust U.S. labour market prompted traders to greatly scale back their expectations for Federal Reserve rate cuts.
Hezbollah on Monday fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to broaden its offensive into Lebanon, one year after the disastrous Hamas attack on Israel that sparked the Gaza war.
Heightened fears of a widespread dispute and interruptions to supply sent out Brent crude futures rising above $80 a. barrel for the very first time in over a month in the previous. session.
It was last 0.09% higher at $81.00 per barrel, while U.S. crude futures rose 0.14% to $77.25 a barrel.
The worldwide standard struck USD80/bbl as expectations grow. that Israel will target Iran's oil infrastructure in retaliation. for a rocket attack recently. President Biden's comments. didn't ease these fears, said experts at ANZ in a note.
We still think a direct attack on Iran's oil facilities is. the least most likely of Israel's retaliation alternatives.
Still, the dour mood kept stocks on tenterhooks on Tuesday.
MSCI's broadest index of Asia-Pacific shares outside Japan. fell 0.05%, while Tokyo's Nikkei opened. 0.79% lower.
S&P 500 futures added 0.03% while Nasdaq futures. lost 0.01%.
But the mindful relocations in stocks could alter once Chinese. markets resume after a week-long vacation later in the day. Gains. and volatility might be on the cards, given Singapore-traded. FTSE China A50 futures have rallied some 14% because. China's money markets closed on Sept. 30.
Hong Kong's Hang Seng China Enterprises index was up. 11% over the same period, pointing to a catch-up rally for the. mainland.
Before the break, China revealed its most aggressive. stimulus procedures considering that the pandemic, in a relocation which sent out the. CSI300 soaring 25% over five sessions and sparked a. rally throughout global share markets.
Focus will also be on an interview from the nation's. National Development and Reform Commission due at 0200 GMT, for. further details around the stimulus pledges that drove the. market craze.
Whether the result fulfills any expectations will identify. if the Hong Kong market can go up further, stated Richard Tang,. China strategist and Hong Kong head of research at Julius Baer.
Foreign investors had taken up their positions recently,. driving a strong rally. The second leg of the rally will likely. be driven by mainland Chinese purchases.
FED BETS
In the more comprehensive market, financiers were likewise considering the. future path of the Fed's easing cycle in the wake of Friday's. blockbuster U.S. jobs report.
Any possibility of another outsized 50-basis-point rate cut next. month has given that been erased and traders are even pricing in a. 14.6% opportunity that the Fed might keep rates on hold. Simply 50 bps. worth of cuts are priced in by December.
Reflecting the less aggressive Fed reducing expectations, the. two-year U.S. Treasury yield hovered near its highest. level in over a month on Tuesday and last stood at 3.9764%.
While confidence about another 50bp cut is justifiably. dampened ... the Fed rate cut cycle is far from hindered, stated. Vishnu Varathan, head of macro research for Asia ex-Japan at. Mizuho Bank.
Undoubtedly, the all-around hit tasks report is. sensible cause to reassess overzealous 'pivot bets' on. front-loaded, outsized cuts.
Still, the U.S. dollar stopped working to get a more lift on the. revised Fed expectations, having already had a strong run last. week also owing to safe-haven gains connected to the Middle East. dispute.
It was on the back foot in early Asia trade, falling 0.17%. against the Japanese yen to 147.97, while sterling. increased 0.03% to $1.3089.
Against a basket of currencies, the greenback reduced 0.02% to. 102.44, though it hovered near a seven-week high hit on Friday.
In other places, spot gold was little changed at $2,643.33. an ounce.
(source: Reuters)