Latest News
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MODEC, Eld Energy Advance FPSO Offshore Fuel Cell Pilot
MODEC has entered into a contract with Eld Energy, a Norwegian fuel cell system company, to design and manufacture a solid oxide fuel cell (SOFC) system pilot unit intended for installation on one of the MODEC-operated floating production, storage and offloading (FPSO) units.In February 2025, MODEC awarded a feasibility study contract to Eld Energy, marking the beginning of Phase 1 activities of SOFC development as one of the critical decarbonization initiatives.Following the successful completion of Phase 1, MODEC decided to proceed with Phase 2 activities with Eld Energy, which include engineering, manufacturing, installation, and offshore pilot testing of a 40 kW SOFC system.The unit, to be manufactured by Eld Energy at its facility in Norway, is scheduled for installation in 2026.This deployment marks a significant step toward demonstrating the viability of solid oxide fuel cells in offshore environments – offering a cleaner, more efficient alternative to traditional power sources.This phase follows the successful feasibility study, during which the two companies collaborated on system design and integration studies. As part of the study, a successful laboratory test was conducted using simulated produced gas, including heavier hydrocarbons – a critical milestone that enabled the progression to Phase 2.Eld Energy’s solution is said to offer high-efficiency power generation with low emissions, aligning with the maritime and energy sectors' drive toward more sustainable operations.By integrating advanced SOFC systems into offshore infrastructure, the companies aim to reduce environmental impact while maintaining operational reliability. The Phase 2 pilot test represents the first real-world implementation of SOFC technology on an FPSO.“We are thrilled to take this step-ahead with Eld Energy in the innovation of SOFC as an alternative power generation system.“Although we foresee technical hurdles to overcome in this R&D journey, we are committed to pioneering into it with a strong will to provide solutions that deliver stable energy with low GHG emissions,” said Koichi Matsumiya, Chief Technical Officer of MODEC.
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Saab Delivers Another Seaeye Falcon ROV to Subsea Specialist
Saab UK has delivered its 600th Seaeye Falcon remotely operated vehicle (ROV) produced in Fareham, built for international subsea specialist DISA International.The latest addition joins DISA’s growing fleet of Saab Seaeye vehicles and contributes to DISA’s high-performance inspection and survey operations across Europe.The newly delivered Falcon is already at work supporting offshore wind energy operations in Germany, where it is conducting balance of plant inspections and general visual inspections (GVI).The vehicle will soon be deployed to further projects in the Netherlands and Belgium, playing a key role in offshore inspections and measurement tasks.This latest purchase brings DISA’s fleet of Saab Seaeye vehicles to eight, including the Panther XT Plus, Cougar, Lynx and multiple Falcons.“DISA International’s decision to continue investing in the Seaeye Falcon is a testament to the trust our customers place in the reliability, performance and flexibility of our systems. Delivering our 600th Falcon to a long-term partner like DISA International is a suitable milestone in the manufacturing of British designed and built subsea vehicles,” said Jon Robertson, Managing Director at Saab Seaeye.“The Falcon is our go-to vehicle for operations from smaller vessels. It’s compact, easy to set up, and can be launched with an onboard crane, making it ideal for rapid mobilization. Performance-wise, we’ve always been very satisfied,” added Didier De Graaff, Managing Director at DISA International.
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Nestle, Barry Callebaut and re.green restore areas in Brazil’s cocoa and coffee regions
Nestle announced environmental restoration projects on Thursday in partnership with reforestation startups re.green in Brazil and chocolateier Barry Callebaut, with the aim of planting millions of trees where it sources its key ingredients. Why it's Important The initiative is part a wave corporate investments that are scaling up Brazil's Reforestation Industry and aligns Nestle's goals to achieve net zero by the year 2050 while restoring ecosystems critical for cocoa production and coffee production. By the numbers, both companies have said that they will plant 11,000,000 trees on 8,000 hectares. This is equivalent to 19,768 acres. The 30 year re.green plan involves planting 3.3 millions trees from native species of Brazil's Atlantic coastal rainforest in Bahia, the state located to the northeast of Brazil. The project is expected to generate approximately 880,000 carbon credits. Separately, the partnership with Barry Callebaut aims to restore 6,000 ha in Bahia & Para. The majority of these hectares will be converted into cocoa agroforestry. KEY QUOTES Barbara Sapunar, director of Business Transformation and ESG at Nestle Brasil, said: "These projects will help us achieve our carbon reduction targets but our sustainability strategies goes beyond carbon removal." We want to regenerate regions in the regions where we source our ingredients. "Environmental restoration increases supply chain resilience," she said. Thiago Piccolo, CEO of Re.green, said that the initiatives show how companies can invest in landscapes linked to their supply chain and go beyond carbon offsets. Brazil is the fifth largest chocolate market in the world, and the world’s biggest coffee exporter. Nestle said it would fully fund the re.green initiative and cover 60% for the Barry Callebaut project. The company's goal is to plant 200 million trees in the regions it sources its ingredients, such as milk, coffee and cocoa. Re.green has the backing of billionaire Joao Salles from Brazil and Gavea, an asset manager founded by Arminio Fraga, former governor of the Brazilian central bank. Barry Callebaut, based in Switzerland, is the top chocolate maker in the world. Gabriel Araujo is the reporter and Marguerita Choy is the editor.
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Nikkei falls on ASML warning after Japan's chip shares are sold off
The Nikkei 225 index in Japan fell on Thursday as a result of a decline in shares related to chip-making tools after Dutch supplier ASML issued a warning about revenue. As of 0214 GMT the tech-heavy Nikkei index was down 0.3% to 39,544.62. The two largest drags on the index were chip-sector giants Tokyo Electron (down 0.3%) and Advantest (down 0.3%). Topix as a whole, on the other hand, only managed a 0.1% increase. Seven & i Holdings was the Nikkei’s largest decliner, in terms of percentage. It fell 7.8% when Alimentation Couche-Tard (Canada) ended its bid to take over the 7-Eleven convenience stores chain. Tokyo Electron, a chip-making equipment maker with a large market share, lost almost 2%. Lasertec, whose shares are smaller and less well-known fell 5.4%. Advantest is slipping 1.8%. ASML warned that revenue growth may not be achieved in 2026, as manufacturers of chips building factories in the U.S. wait for clarity about the impact of potential tariffs. In a research note, Jefferies analysts noted that "quarterly orders will fluctuate, but based on a 12-month moving-average, orders haven't yet entered a phase of recovery, similar to ASML." The orders for the extreme ultraviolet lithography, which is a critical component in the chipmaking process, have "stalled" after increasing "sharply", in the first half last year. However, a recovery will likely occur in 2026. TSMC, a Taiwanese semiconductor manufacturer, is scheduled to release its earnings at 0530 GMT during Japanese market hours. This could move the market. The Nikkei 225 component index saw 115 components fall, compared to 108 that rose. Two components traded flat. The index was boosted by a weakening Japanese yen in the first half of the week. However, the currency is now trading slightly higher than 24 hours ago after rebounding from a low set three-and-a-half months earlier. The energy sector was hit by a decline in crude oil, and the Topix coal and oil sub-index fell 1.44%. It was the worst performing industry group among 33. The mining subindex, which includes oil exploration companies, fell by 1.40%.
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Copper prices fall as investors prepare for US tariffs
The price of copper in London and Shanghai fell slightly on Thursday as the markets continued to be under pressure in anticipation of the United States' imposition on August 1st a 50% tariff on imports. As of 0123 GMT the three-month copper price on the London Metal Exchange fell 0.07%, to $9,628 a metric ton. The most traded copper contract on Shanghai Futures Exchange also declined 0.04%, to 77,930 Yuan ($10,855.12) per ton. ANZ stated that the U.S. market will likely draw from existing stocks, putting downward pressure COMEX and LME Copper prices in the short-term. In an interview with Real America's Voice, Trump stated that the U.S. was very close to reaching a deal with India. An agreement with Europe could also be possible, but it's too early to tell if a deal will be struck with Canada. Copper stocks in LME registered warehouses will be depleted by Wednesday The LME warehouses in Hong Kong that began formal operations on Tuesday received 5,975 tonnes of copper. Nickel - 396 Tonnes 100 Tons of Zinc 25 tonnes of tin . These warehouses were built by the LME to enhance its presence in Hong Kong. Hong Kong is the gateway into China, which is the largest metal consumer on the planet. LME tin rose 0.67%, to $33,020 per ton. Zinc fell 0.35%, to $2,701.5. Lead dropped 0.13%, to $1,974. Aluminium was down 0.12%, at $2,574.5. SHFE nickel dropped 0.8% to 119.640 yuan per ton. Tin fell 0.32% at 262,640, lead was off 0.27% to 16,850, zinc grew 0.32% at 22,085 and aluminium gained 0.1% to 20,450. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 UK Claimant Enem Chng. HMRC Payrolls May 0600 EU HICP Final June 0900 US Retail Sales MM and Import Prices June 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 1230 12 30 US Philly Fed Business Index July
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South Korea pounded by heavy rains, 1 dead and over 100 evacuated
Safety ministry reports that one person died and over 100 people were evacuated after torrential rains pounded South Korea on Thursday. The Ministry of the Interior and Safety reported that as of Thursday morning some areas of the South Chungcheong Region, south of the capital Seoul, had received over 400 millimetres (15,7 inches) of rainfall since Wednesday. According to the Korea Forest Service, the Korea Forest Service has raised the alert level of landslide dangers to the highest possible level in several areas including Chungcheong due to heavy rains. The Yonhap News Agency reported that two people who were trapped in a South Chungcheong landslide had been rescued. (Reporting and editing by Joyce Lee, Ju-min Park, and Jack Kim)
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G20 Finance chiefs meet in South Africa under a tariff cloud
The G20 finance chiefs are meeting in South Africa this Thursday, under the shadow cast by President Donald Trump’s tariff threats. Questions will be raised about their ability to work together and tackle global challenges. Since years, the club has been hampered by disagreements among its key players, exacerbated in part by Russia's conflict in Ukraine and Western sanctions against Moscow. Under its motto of "Solidarity Equality Sustainability", the host South Africa has sought to promote an African agenda. Topics include high capital costs and funding climate change action. The G20 is a group that aims to coordinate policy, but its agreements are not binding. U.S. Treasury Sec. Scott Bessent won't attend the two-day gathering of finance ministers, central bank governors and other officials in Durban. This is his second absence at a G20 meeting in South Africa in this year. Bessent skipped the Cape Town meeting in February, when several officials from China and Japan were absent. Washington will assume the rotating G20 presidency at the end the year. Michael Kaplan, acting U.S. undersecretary of state for international affairs, is Washington's representative at the meetings. G20 delegate who requested anonymity said that Bessent's lack of presence was not ideal, but the United States were engaging in discussions about trade, global economy, and climate language. The finance ministers of India, France and Russia will also miss the Durban Meeting. Lesetja Kganyago, the governor of South Africa's Central Bank, said that it was important to represent. What matters is that there is a person with a mandate behind the flag, and is everyone represented by someone behind the banner? Kganyago said. U.S. officials are not saying much about their plans to assume the presidency in the next year. However, a source who is familiar with Washington's plans says that Washington will reduce the number non-financial groups and streamline the summit agenda. Brad Setser said that he was expecting it to be a "scaled-back G20, with less expectations of substantive results." 'TURBULENT TIMES' Trump's tariff policy has rewritten the rules of global trade. The tariffs will be implemented on August 1 with a 10% base rate on all U.S. imported goods and rates up to 50% on steel, aluminium and autos. The threat of further tariffs of 10% on BRICS countries -- eight of which are G20 members -- raised concerns about fragmentation in global forums. German sources in the German Finance Ministry said that on Tuesday, Durban would be a meeting to strengthen global relationships during "turbulent" times. Duncan Pieterse, South Africa's Treasury director general, said that the group hoped to release the first communiqué under the South African G20 Presidency by the end the meetings. The G20 last issued a communique that was agreed upon by all members in July 2024. They agreed on the necessity to resist protectionism, but did not mention Russia's invasion into Ukraine. Reporting by Olivia Kumwenda Mtambo, Kopano Goko, Colleen GOKO, Philip Blenkinsop in Durban and Andrea Shalal, Washington. Writing by Olivia Kumwenda Mtambo. Editing by Philippa FELTCHER
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Oil prices rise as economic data and demand expectations lift sentiment
Oil prices rose in early trade on Thursday, reversing the previous session's losses, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Brent crude futures were up 27 cents or 0.39% to $68.79 per barrel at 0000 GMT. U.S. West Texas Intermediate Crude Futures rose 31 cents or 0.47% to $66.69. Both benchmarks dropped more than 0.2% the previous session. The Energy Information Administration reported that U.S. crude oil inventories dropped by 3.9 millions barrels, to 422.2 million last week. This was a greater decline than the forecast of a 552,000 barrel draw. This suggests increased refinery activity, tighter supplies, and higher demand. The favorable margins associated with the refinery sector provide "some support". John Paisie of Stratas Advisors said that product spreads are still wide across all regions. The price increases were capped by the fact that gasoline and diesel inventories rose more than expected. The latest snapshot of the U.S. economy released by the central bank on Wednesday showed that activity has picked up in recent months. The outlook, however, was "neutral or slightly pessimistic", as businesses reported higher import tariffs pushing up prices. Data from China showed that growth in the second quarter slowed, but not as much as was previously thought. This is partly due to front-loading in order to beat U.S. Tariffs. Data also revealed that China's crude oil throughput in June was up 8.5% compared to a year earlier, suggesting a stronger fuel demand. John Paisie said that "the positive news regarding some easing in trade tensions between China & the U.S., with President Trump lifting his ban on the sales of AI chips to China as well as the announcement of an Indonesian trade agreement" has also been supportive. Donald Trump, the U.S. president, expressed renewed optimism regarding the prospect of a drug-related deal with Beijing. He hinted at a very near-term trade agreement with India, and that an agreement with Europe could be possible. Tariffs on trade could dampen global economic growth and, in turn, put downward pressure on fuel prices. (Reporting by Anjana Anil in Bengaluru; Editing by Sonali Paul)
US agency blocks California EV repeal vote
The Government Accountability Office stated on Thursday that the Biden administration’s approval of California’s landmark plan to stop the sale of gasoline only vehicles by 2035 does not require review or possible repeal by Congress.
The U.S. Environmental Protection Agency, under President Donald Trump, sent the approval last month to Congress stating that it was correctly considered a regulation under the Congressional Review Act. The GAO stated that the decision is an order, and therefore not subject to review.
Trump pledged as a candidate to revoke waivers granted to California by the EPA in accordance with the Clean Air Act, to demand more EVs, and stricter vehicle emission standards. These rules were adopted by 11 other states, including New York Massachusetts and Oregon.
The EPA has said that it believes the actions taken by California, as a result of three waivers granted by the EPA last month, should be considered by Congress to be rules that can be repealed.
California's rule requires 35% of cars in 2026 to be zero-emission models. Automakers claim this figure is impossible to achieve given current sales. This number will rise to 68% by 2030. California says that the rule is essential to achieving greenhouse gas reduction targets and reducing smog-forming pollution.
Shelley Moore Capito, chair of the Senate Environment and Public Works Committee, said that Republicans are evaluating next steps.
Adam Schiff, a California Democrat Senator, said that the GAO's ruling was "clearly consistent" with previous decisions and will "enormously help in protecting California’s ability to protect their citizens."
Under former president Joe Biden, the EPA took the position the waiver wasn't a rule so it couldn't be reviewed by Congress.
California announced its first plan in 2020, requiring that by 2035, at least 80% new cars sold are electric models and up to 20% hybrid plug-ins.
In December, the EPA granted a waiver of California's "Omnibus", low-NOx regulations for heavy-duty highway vehicles and off-road engines. It also submitted this waiver to Congress.
Separately, the U.S. Transportation Department has taken steps to reverse aggressive fuel efficiency rules that Biden had adopted. (Reporting and editing by Chris Craft, Diane Craft and Chris Shepardson)
(source: Reuters)