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Bezos' methane satellite lost in space
The group operating the satellite said that an $88 million satellite that was backed by billionaire Jeff Bezos and that detected emissions from the oil and gas industries of the powerful greenhouse gas, methane, has been lost in orbit. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president of EDF. She said: "We see this as a setback and not a failure." "We have made so many progresses and learned so much that we would not have these learnings if we had not taken this risk." Launching MethaneSAT on March 20, 2024 marked a major milestone in EDF's campaign to hold more than 120 nations accountable for their pledges to reduce methane emissions in 2021. The report also sought to enforce a promise made by 50 oil and gas firms at the Dubai COP28 Climate Summit in December 2023, to eliminate methane emissions and gas flaring. Methane has a powerful greenhouse gas. Its warming power is 80 times greater than that of carbon dioxide in a period of 20 years. Scientists believe that capping oil and gas leaks in wells and on equipment is one of the fastest and most effective ways to combat global warming. MethaneSAT is not the only satellite project that publishes data on methane emission sources. However, it's supporters claim it provides more details on these emissions and has partnered with Google in order to create an publicly available global map of emissions. ENGINEERS INVESTIGATING EDF said that it reported the lost satellite on Tuesday to federal agencies, including the National Oceanic and Atmospheric Administration (NOAA), Federal Communications Commission and U.S. Space Force. According to the EDF, the cost of building and launching the satellite was $88 million. The Bezos Earth Fund had granted $100 million to the organization in 2020. Arnold Ventures and the Robertson Foundation, as well as the TED Audacious Project along with EDF donors also provided major financial support. The project also had a partnership with the New Zealand Space Agency. EDF stated that it has insurance to cover any losses and that its engineers are investigating the incident. The organization stated that it would continue to use resources, such as aircraft equipped with methane detection spectrometers to search for methane. The company also stated that it is too early to determine whether or not it will launch another satellite, but MethaneSAT was a proof of concept for a highly sensitive tool "that could see total methane emission, even at very low levels, across wide areas." The United Nations reported in a recent report that despite efforts to increase transparency about emissions, "super-emitters of methane" rarely take action when they are alerted. As the United States, under Donald Trump's second term in office, has ended its program to collect data on greenhouse gases from major polluters as well as rescinded Biden era regulations aimed at curbing Methane, there is less pressure to act. (Reporting and editing by Barbara Lewis, Alison Williams, and Valerie Volcovici)
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Bezos' methane satellite lost in space
The group that operated the satellite said on Tuesday that an $88 million satellite, backed by billionaire Jeff Bezos, that measured the emissions of powerful greenhouse gases methane from the oil and gas industries had been lost in the space. Environmental Defense Fund, who led the initiative, stated that MethaneSAT was collecting emission data and images at drilling sites, pipelines and processing facilities in the world since March. However, it went off track around 10 days ago. EDF stated that it does not expect the satellite to be recovered, as it has lost power. Amy Middleton is the senior vice president of EDF. She said: "We see this as a setback and not a failure." "We have made so many progresses and learned so much that we would not have these learnings if we had not taken this risk." MethaneSAT was launched in March last year as part of a campaign that EDF has been running for years to hold more than 120 countries accountable who in 2021 committed to reduce their methane emission. The report also sought to enforce a promise made by 50 oil and gas firms at the Dubai COP28 Climate Summit in December 2023, to eliminate methane emissions and routine gas flaring. Methane has a powerful greenhouse gas. Its warming power is 80 times greater than that of carbon dioxide in a period of 20 years. Scientists believe that capping oil and gas leaks in wells and on equipment is one of the fastest and most effective ways to combat global warming. MethaneSAT is not the only satellite project that publishes data on methane emission sources. However, it's supporters claim it provides more details on these emissions and has partnered with Google in order to create an publicly available global map of emissions. EDF said that it reported the lost satellite on Tuesday to federal agencies, including the National Oceanic and Atmospheric Administration (NOAA), Securities and Exchange Commission and U.S. Space Force. According to the EDF, the cost of building and launching the satellite was $88 million. The Bezos Earth Fund had granted $100 million to the organization in 2020. Arnold Ventures and the Robertson Foundation, as well as the TED Audacious Project along with EDF donors also provided major financial support. The project also had a partnership with the New Zealand Space Agency. EDF stated that it has insurance to cover any losses and its engineers are investigating the incident. The company said that it will continue to use all of its resources to search for methane leaks, including aircraft equipped with methane detection spectrometers. The United Nations reported in a recent report that despite efforts to increase transparency about emissions, "super-emitters of methane" rarely take action when they are alerted. As the United States, under Donald Trump's second term in office, has ended its program to collect data on greenhouse gases from major polluters as well as rescinded rules established by Biden to curb methane emissions, there is less pressure to act. (Reporting and editing by Barbara Lewis; Valerie Volcovici)
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Investors assess data and Powell's comments as they lower the dollar and stocks
The dollar and global shares both fell for the ninth consecutive session on Tuesday as investors analyzed a torrent of U.S. data and Jerome Powell's comments to determine the timing of interest rate cuts. Powell said that he couldn't say whether July was too soon for a rate reduction, but "it will depend on the data and we go meeting by meeting". According to CME's FedWatch Tool, market expectations for a cut in July have increased to 21,2% from 18,6% the previous session. The Dow Jones advanced on Wall Street but the S&P 500, Nasdaq and Nasdaq retreated to record lows after a fall of over 5% by Tesla. This was due to the threat of U.S. president Donald Trump of cutting off billions in federal subsidies for Elon Musk's businesses. The Dow Jones Industrial Average fell 227.77, or 0.52% to 44,322.06, while the S&P 500 dropped 19.78, or 0.32% to 6,185.17, and the Nasdaq Composite declined 181.49, or 0.89% to 20,190.00. MSCI's global stock index dropped 1.69 points or 0.18 percent to 916.20, while the pan-European STOXX 600 fell by 0.3%. Concerns about the impact of tariffs and the global economy were reignited as the deadline of July 9 neared. According to the Institute for Supply Management, U.S. manufacturing data for June showed that the industry was still in contraction territory. The Job Openings and Labor Turnover Survey (JOLTS) report showed that the number of openings had increased by 374,000, to 7.769 millions, on the last day in May. However, a decrease in hiring suggested the market might have slowed. Brian Jacobsen is the chief economist of Annex Wealth Management, based in Menomonee falls, Wisconsin. "Despite the large increase in job openings, the economy remains stuck in Powell's equilibrium, which states that there are no new hires and no firings." It's not stable and the ISM Manufacturing data may indicate a weaker employment market this summer. Investors are closely watching the key government payrolls data due out on Thursday, a day sooner than usual because of the Independence Day holiday. This report will help to shape their expectations about rate cuts by the Fed. After the data, U.S. Treasury rates reversed their course and rose. The yield on the benchmark U.S. 10 year notes increased by 2.9 basis points to 4.25%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve has risen 4.3 basis points, to 3.764%. The markets were also waiting for a resolution on Trump's tax cut and spending legislation that the Senate Republicans in the United States were battling to pass. The dollar index (which measures the greenback versus a basket currencies) rose by 0.09%, to 96.85. The euro fell 0.08%, at $1.1776. The pound fell 0.17%, to $1.3709. The dollar fell 0.34% against the Japanese yen to 143.52. The Bank of Japan’s tankan business sentiment index showed that the largest economies in the region are likely to weather the tariff storm at least for now. A separate survey of the private sector revealed the manufacturing sector in Japan expanded for the first time since 13 months in June. U.S. crude climbed 0.48%, to $65.42 per barrel. Brent rose 0.27% to $66.92 a barrel.
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Kpler data show that Saudi Arabia increased crude exports to the United States in June.
Saudi Arabian oil exports reached their highest level in over a year during June, as the country shipped more crude into overseas storage amid fears that supply disruptions could be caused by conflict in the Middle East. OPEC’s largest producer has intervened on oil markets since decades ago to supply more oil when there are disruptions in the market or reduce output when they feel that the market is oversupplied. Kpler data show that crude exports increased by 450,000 barrels a day (bpd), from the level of May to 6.33 millions bpd, in June. Kpler predicts that there could be an increase to almost 7.5 millions bpd in July. The rise in prices last month came against the backdrop of concerns about disruptions to supply due to conflict between Israel, Iran and a U.S. strike on Iranian nuclear sites. OPEC+ sources claim that Saudi Arabia and the OPEC+ producer groups are looking to increase market share following years of production cuts. The June increase coincided also with a June decision by OPEC+ that it would raise its oil production quotas by 411,000 bpd. (Reporting and Editing by David Goodman).
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Trump highlights 'Alligator Alcatraz,' Florida deportations ahead of the bill deadline
U.S. president Donald Trump arrived in Florida Tuesday to open a remote migrant center in the Everglades, dubbed “Alligator Alcatraz”, as he presses lawmakers to pass a spending bill that would increase deportations. The facility is located about 60 km (37 miles) south of Miami, in a subtropical wetland filled with crocodiles, alligators and pythons. This is a frightening symbolism that the White House uses to demonstrate its determination to remove migrants who it believes were wrongfully allowed to remain in the United States under the former president Joe Biden's Administration. Karoline Lavitt, White House spokesperson, said at a Monday news briefing that there is only one way in and only one way out. The area is remote and is surrounded by dangerous animals and harsh terrain. "This is a low-cost and efficient way to carry out the largest deportation campaign ever undertaken in American history." Trump issued an official warning on Tuesday about the wildlife in the area. Trump told reporters that he would not like to run for a long time through the Everglades. Congressmen are discussing the details of a new bill that would increase funding for deportations. Trump has been adamant about pushing the bill through Congress before the Independence Day holiday on July 4. It includes his tax and spending plans, as well as tens billions in funding for immigration enforcement. HARDLINE POLICIES Since a decade, the Republican president who lives in Florida has made border policies that are hardline a central part of his political agenda. One out of eight voters in the 2024 U.S. elections said that immigration was their most important concern. Trump's pledge to deport up to 1 million people a year has been met with protests from the affected communities, legal challenges and employer demands for low-cost labor. Lawyers representing some of the migrants detained have questioned the legality and conditions of temporary detention centers. Government data shows that the number of federal immigrants in detention has increased dramatically to 56,000 on June 15 from 39,000 at the time Trump assumed office. His administration is also pushing to find additional space. White House officials have said that the detentions were necessary for public safety. Some of the migrants detained had criminal records. However, U.S. Immigration and Customs Enforcement statistics show an increase of eight times in the arrests of those charged with only immigration violations. Trump has praised the vast prisons that El Salvador has built and his administration has detained some migrants in the Guantanamo Naval Base, located in Cuba. This base is best known for housing suspects of foreign terrorism following the September 11th, 2001 attacks on the United States. U.S. officials used social media to promote the opening of this facility by posting images of alligators in hats from Immigration and Customs Enforcement. Florida Republican Party sells gator themed clothing and beer koozies. Rep. Debbie Wasserman Schultz (a Democrat from a nearby congressional district) said in a statement sent via email that "Trump, and Republicans desperately need this wasteful dangerous mass misery distraction." This is in reference to a bill which would result in residents of the state losing their health insurance benefits. Officials estimate that the complex at Dade Collier Training and Transition Airport in southern Florida could cost up to $450 million per year and house 5,000 people. Florida Governor Ron DeSantis said that he would send 100 National Guard soldiers to the area. Federal Emergency Management Agency (the U.S. government's disaster recovery service) is expected to provide a portion of funding. Local leaders, including those from nearby Miccosukee or Seminole Tribes, have protested the construction of the facility and pointed out the sensitive environment in the area. Demonstrators have gathered in large numbers to protest the construction. Tom Homan, Trump's border czar, said in an interview Monday that the facility was "great". "We need to add more beds." "We need to pass the beautiful, big bill."
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Dominion Energy is allowed to continue operating South Carolina nuclear plants until 2062
Dominion Energy has received approval from the U.S. Nuclear regulator to extend its operating license for its V.C. The utility has announced that it will continue to operate the Summer power station in South Carolina until 2062. After decades of stagnation in the U.S., nuclear power is undergoing a revival. This is due to a record-breaking demand for data centers that are used by artificial intelligence technologies as well as electrifying industries like transportation and manufacturing. President Donald Trump signed Executive Orders In late May, the U.S. Nuclear Regulatory Commission was directed to reduce regulations and expedite new licenses for power plants and reactors. Originally, the V.C Summer Nuclear Power Station was licensed for 40 years of operation from 1982 to 2022. In 2004, the NRC granted a license extension to continue operation for another 20 years, until 2042. Dominion Energy announced that the unit's license can be renewed until 2062. Dominion Energy received approval last year to extend operating licenses. North Anna Nuclear power plant in Virginia for another 20 years. The Richmond-based company will also seek NRC approval for the extension of Millstone Power Station's operating license in Connecticut. (Reporting and editing by Shahal Kuber, Sahal Muhammed, and Pooja Menon from Bengaluru)
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Gold gains over 1% due to weaker dollar ahead of July 9 tariff deadline
Gold prices rose more than 1% Tuesday, helped in part by the weaker dollar as well as economic uncertainty before President Donald Trump's deadline of July 9 for reintroducing higher tariffs. As of 1003 am EDT (1403 GMT), spot gold was up 1.4% at $3,348.96 an ounce. This is the highest price since June 24. U.S. Gold Futures rose 1.6% to $3361.30. The U.S. Dollar weakened on Monday as Trump's tax-cut bill and spending bill combined with concerns over trade agreements weighed on sentiment. Rhona O’Connell, StoneX's head of EMEA & Asia market analysis, explained that gold is being moved by bargain hunters, dollar weakness, and continued uncertainty over what will happen on July 9. O'Connell said that gold is likely to be around $3000/oz in the fourth quarter, and could even fall lower by year's end. U.S. Senate Republicans struggled to pass Trump's sweeping spending and tax bill in the early morning, amid deep divisions among the party. They were concerned that the legislation would add $3.3 trillion to America's debt. Gold has traditionally been considered a hedge in times of political or economic uncertainty. Treasury Secretary Scott Bessent warned on Monday that, despite the good faith negotiations in trade agreements, countries may be informed of sharply increased tariffs as an approaching deadline, July 9, approaches. Investors will also be watching the U.S. ADP Employment data, due Wednesday, as well as Thursday's Payrolls data to get a sense of how the Federal Reserve is going to set its interest rate policy. Jerome Powell, Fed chair, spoke at a conference in Portugal and said that the U.S. was in an excellent position. He said that, excluding tariffs and other factors, the inflation rate was performing as expected. The markets are expecting two rate reductions totaling 50 basis point this year. Gold's appeal is boosted by lower rates, as it pays no interest. Palladium rose 1.2% to $1.111.04 per ounce while platinum fell 0.1% to 1,350.78.
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Mediterranean Sea temperatures rise due to a marine heatwave
A marine heatwave in June saw temperatures in the Mediterranean Sea soar, and a Greek scientist warned that some species were under threat. This was likely a period of record highs. Copernicus Marine Service, a service of the EU's Copernicus Climate Change Service, reported that data from Copernicus Climate Change Service showed sea surface temperature on June 22, was more than 5 degrees Celsius higher than the average for this season. It said that the most intense warming of what it called "a marine heatwave" occurred in the western Mediterranean basin. This included the Balearic Sea off Spain and the Tyrrhenian Sea off the west coast Italy. Christos Spyrou is an associate researcher with the Academy of Athens' research centre for atmospheric science. He said: "We saw temperatures that we expected in mid-August being recorded in early June.... This is why this year is considered to be a record for temperatures in Mediterranean Sea." He stated that the sea temperature average in June was 3-6 degrees above the 1982-2023 average, which was used to compare the two periods. Spyrou stated that specific temperatures are not yet available. Some species may not be able reproduce or survive under these conditions, particularly with increasing temperatures. According to Copernicus data, Europe is the continent that warms up the fastest, with temperatures rising twice as fast as the global average. Extreme heatwaves are therefore more likely to occur earlier in the season and last into the later months. France closed scores of schools, and Spain confirmed that last month was its hottest ever June as a severe, heatwave gripped Europe. Christos, a Greek resident aged 69 who identified himself as Christos, said that he noticed the warm waters near Athens. "I've been coming here since 11 years. I think the sea is a bit warmer than in other years." "Every year, it gets warmer both in the winter and summer," said he (Reporting & Editing by Alison Williams).
Weight loss drug manufacturers are lining up to take advantage of a lucrative market, as the competition heats up
Novo Nordisk, Eli Lilly, and other pharmaceutical companies are in competition for the next generation of treatments for obesity.
In recent quarters, Eli Lilly’s Zepbound gained market share against Novo’s Wegovy -- a trend that led, in part to the Friday ouster of Novo CEO Lars Fruergaard Jorgensen.
Here is a list with weight loss drugs that are being developed by Novo, Lilly, and other companies in search of the next big treatment.
NOVO NORDISK
The Danish pharmaceutical company is developing several experimental weight loss drugs. These include a pill, a new-generation injection, called amycretin and a drug called CagriSema.
In an early stage trial last year, Novo's Amycretin, taken daily, led to a 13.1% weight reduction after only 12 weeks.
Early-mid-stage trials found that the shot version of amycretin caused patients to lose 22% of weight within 36 weeks.
CagriSema - touted as the potent successor of Wegovy - showed less-than-expected results in two late-stage studies. In one trial, the drug helped overweight patients reduce their weight by 22,7%. This was below Novo's expectation of 25%.
Novo intends to submit CagriSema to regulatory approval during the first quarter 2026.
Novo also has licensing agreements for drugs that are still in the testing stage, such as the $2 billion deal it signed with China's United Laboratories to develop a drug for weight loss called "triple G" which targets three hormones.
ELI LILLY
In a late-stage study, Lilly's weight-loss drug orforglipron has helped type 2 diabetics lose nearly 8% their body weight in 40 weeks.
This compares well with Novo's injectable drug Ozempic. Ozempic at the highest dosage for diabetic patients caused them to lose 6% of their weight.
Lilly plans to submit an application for orforglipron regulatory approval by the end the year.
Lilly reported that a mid-stage study of its next generation obesity drug candidate (a weekly injection retatrutide) led to a weight loss of as much as 24.2% in 48 weeks.
Lilly signed an agreement with China's Laekna biotech last year for the development of a drug to treat obesity that helps patients to lose weight and maintain muscle.
PFIZER
Pfizer stopped developing the experimental weight loss pill danuglipron in October after a patient who was undergoing a clinical trial experienced a potential drug-induced injury to the liver that resolved when the medication was discontinued.
In March, Roche acquired the rights to Zealand Pharma’s petrelintide obesity treatment in a possible deal worth up to $5,3 billion.
Carmot Therapeutics, a Swiss pharmaceutical company, acquired CT-388, an experimental drug for obesity, as part of a $2.7 billion purchase of Carmot Therapeutics that will take place in 2023. Carmot's injection, which is administered once a week, belongs to the same category as Lilly's Mounjaro or Zepbound.
The company announced last year that the early-stage trials of a second drug candidate purchased from Carmot had yielded positive outcomes.
In a year-long, mid-stage study, Amgen's MariTide drug helped obese patients lose up to 20% of body weight.
Amgen says that MariTide late-stage research will begin before the middle of this year.
Analysts say MariTide has similar weight loss benefits to Wegovy and Zepbound but slightly more side effects.
Merck signed an agreement in December worth up to $ 2 billion to license Hansoh Pharma’s oral experimental drug for treating obesity. Merck is now a late competitor to the race to provide a weight loss pill that can replace weekly injections.
The drug HS-10535 is a GLP-1 agonist similar to Wegovy or Zepbound.
ASTRAZENECA
AstraZeneca’s experimental weight loss pill, licensed from China’s Eccogene a year earlier for up to $ 2 billion, has been found safe and tolerable during an early-stage study in November 2024.
The drugmaker has announced that it is moving the once-daily pill AZD5004 into mid-stage clinical trials.
ALTIMMUNE
Altimmune's experimental weight-loss drug pemvidutide helped reduce weight on average by 15.6% and showed weight loss continued at the end treatment.
Some patients, however, experience mild to moderate nausea and vomiting.
VIKING THERAPEUTICS
Viking Therapeutics reported last year that its experimental drug VK2735 helped patients achieve a 14.7% weight loss mean after 13 weeks in a midstage study. The study enrolled 176 obese adults with at least 1 weight-related comorbidity.
The company reported that in November, nine patients who were given the highest dose of 100 milligrams lost an average of 8.2% body weight within 28 days of an early-stage study.
ZEALAND PHARMA
A Danish biotech company, Zealand Pharma, said that a high-dose of petrelintide (its weight-loss drug-candidate) helped reduce weight on average by 8.6% in an early stage study.
In August 2024, the company announced that it would begin talks with other pharmaceutical firms in the second half this year about potential partnerships for developing and commercializing petrelintide.
Therapeutics of Structure
Structure Therapeutics reported last year that its experimental oral weight loss drug reduced weight by an average of 6.2% at the end 12 weeks in a study conducted during mid-stage.
(source: Reuters)