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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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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.
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Dmitriev, Putin's envoy to Ukraine and the US, says that all three countries are close to finding a 'diplomatic' solution on war
Kirill Dmitriev is the special envoy of Russian President Vladimir Putin for investment and economic co-operation. He said that he believed his country, United States, and Ukraine were close to finding a diplomatic solution in order to end Russia's conflict in Ukraine. Dmitriev told CNN that, despite what the U.S. President said, a meeting between Donald Trump, the Russian president, and Putin has not been cancelled. The two leaders are likely to meet at a future date. The summit was postponed on Tuesday after Russia rejected an immediate ceasefire, casting a shadow over any negotiations. Trump cancelled his planned meeting with Putin because he felt the timing of the event was not right and that diplomatic efforts to end the war had not progressed. Dmitriev said on Friday that "I think Russia, the U.S., and Ukraine are in fact quite close to a solution diplomatically." Dmitriev did not provide any details in his remarks. European nations have been working with Ukraine to develop a new ceasefire proposal along the current battle lines. This week, European diplomats said that the idea was based on ideas already being discussed and pushed for the United States to play a key role. Dmitriev said that President Zelenskiy's move to acknowledge the battle lines was a major one. "His previous position was to leave Russia completely. So, in fact, I believe we can work out a diplomatic solution." In February 2022, Russia began its massive invasion of Ukraine. Last week, Trump announced that he would be meeting with Putin in Hungary soon to try and end the war. Putin, however, has refused to make any concessions. Russia has demanded for years that Ukraine cede more land before any ceasefire. Dmitriev’s long-planned visit to the United States coincides with the newly announced U.S. sanction on two of Russia’s largest oil companies, a move meant to press Putin to end this war. Dmitriev stated that despite the decision, the dialogue between Russia and United States would continue. Dmitriev said earlier that "it is certain only possible if Russia’s interests are considered and treated with respect". Dmitriev refused to reveal who he met and predicted the U.S. sanctions on oil would have a negative impact. Dmitriev stated that the new taxes will increase the price of gasoline at American gas stations. Axios, a U.S.-based news outlet, reported that Dmitriev will meet Trump's special envoy Steve Witkoff on Saturday in Miami. Dmitriev was quoted by the Russian state news agency TASS as saying he will also meet with other people whom he didn't name.
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Stocks rise after US inflation data, but US dollar remains flat
The major stock indexes rose Friday. All three major U.S. indexes posted record closing highs following news that U.S. Inflation rose less than anticipated last month. Meanwhile, the U.S. Dollar Index was almost flat. After a 0.4% increase in August, the U.S. Consumer Price Index increased by 0.3%, which was slightly below the 0.4% expected. This reinforced expectations that Federal Reserve policymakers will reduce interest rates during their next meeting. "Today's data on inflation shows that we are not in a similar crisis to 2022. Prices are rising, but in a controlled manner. Callie Cox is the chief market strategist for Ritholtz in Charlotte, North Carolina. The Fed is expected to reduce rates two more times this year, with a quarter-percentage-point cut baked in for the October 28-29 meeting, according to LSEG calculations using rate futures. The Canadian dollar barely responded to the announcement by U.S. president Donald Trump on social media, that he would end all trade negotiations with Canada. Last week, the Canadian dollar was almost flat against the greenback. Wall Street indexes were also lifted by positive earnings reports. Ford Motor shares rose 12.2% as the company exceeded third-quarter profit estimates. Analysts expect the S&P 500 to grow earnings by 10.4% on an annual basis in the third quarter. According to LSEG, this is an increase from the estimated growth of 8.8% at the beginning of the month. The Dow Jones Industrial Average rose by 472.51 points or 1.01% to 47,207.12. The S&P 500 gained 53.25 points or 0.79% to 6,791.69, and the Nasdaq Composite jumped 263.07 points or 1.15% to 23,204.87. The S&P 500, Nasdaq and blue-chip Dow both recorded their biggest weekly percentage gains since the month of August. Apple and Microsoft are among the five of the seven U.S. firms at the heart of the artificial-intelligence boom. The U.S. market has soared this year and some analysts are predicting a bubble. MSCI's index of global stocks rose 6.28 points or 0.63% to 1,001.37, and reached an all-time record of 1,002.96. The U.S. inflation figures were also a boost to the European share market, which closed at an all-time high. The pan-European STOXX 600 ended the day up 0.23%. The dollar index (which measures the greenback in relation to a basket currency) fell by 0.02%, falling to 98.92. Meanwhile, the euro rose 0.1%, reaching $1.1629. The dollar gained 0.14% against the Japanese yen to reach 152.8. Data showed that the business activity in the Eurozone grew more rapidly than expected in October. Euro zone government bond yields rose. Treasury yields in the United States were barely changed, but modestly higher. The benchmark 10-year yield briefly fell after the CPI report, but it was up 1.2 basis point (bps) to 4% at its last update. The yield was however down by about one basis point (bps) on the week. This is its fourth consecutive weekly decline. The oil prices that had risen by 5% on the previous Thursday, after the U.S. announced sanctions against major Russian oil companies began to fall on Friday, as doubts spread on the market regarding the Trump administration's willingness to enforce the sanctions. U.S. crude oil fell 29 cents, settling at $61.50 per barrel. Brent crude eased 5 cents, settling at $65.94. Spot gold dropped 0.57%, to $4101.29 per ounce.
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
(source: Reuters)