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Norway's Northern Lights CCS Project starts with the first CO2 injection
Shell, Equinor, and TotalEnergies announced on Monday that the first volumes of CO2 have been injected into and stored in Norway's Northern Lights Carbon Capture and Storage (CCS) Project, marking the beginning of operations. Companies said that the CO2 was being stored in a 2,600 meter reservoir (8,530 feet) below seabed. This marks a significant milestone for CCS. In a press release, Anders Opedal said that the industry of carbon capture transport and storage is scalable. The facility is a part of the heavily-subventioned Longship carbon storage and capture project in Norway, which aims to commercialise CCS to reduce CO2 emission levels. This is especially important for sectors that are dependent on fossil fuels and difficult to decarbonise. The CO2 that is now being stored was originally shipped from Heidelberg Materials' Brevik cement plant in southern Norway. It was first unloaded into tanks onshore, then sent via a 100-kilometer pipeline to the storage facility. Phase 1 of Northern Lights is now complete. It can inject 37,5 million metric tonnes of CO2 in a period of 25 years, or 1,5 million tons each year. The project has been fully booked. Partners also agreed to invest $743.93 million in a second phase that targets an extra 3.5 million tonnes a year.
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Sasol makes a profit from higher chemical prices and lower write-downs
Sasol, a South African petrochemical company, announced on Monday that it had achieved an annual profit due to higher chemical prices and tighter cost control. The company that produces fuels and chemicals out of coal and gas posted basic earnings per shares of 10.60 rand ($0.6070), compared to a loss per share 69.94 rand last year. Sasol received a payout of 4.3 billion rands from Transnet after claiming in a lawsuit that the state-owned logistic firm overcharged oil transport over a period of several years. The company reported a 9% drop in its revenue, due mainly to a reduction in sales volume and rand oil price and margins. The capital expenditure of 25.4 billion rand, which was 16 percent lower than last year, is a result of the fact that it has managed to keep its cash fixed costs below inflation. Sasol recorded a significantly lower impairment of 20.7 billion Rand, compared to 74.9 billion Rand the previous year. Asset writedowns for the 2025 financial years were related to its Secunda liquid fuels refinery, Mozambique Gas Production Sharing Agreement and Exploration Project, as well as Italian chemicals business. Sasol's U.S. chemicals operations were hit hard by low prices and weakening demand. Sasol skipped another dividend payment as its $3.7 billion in net debt was above the debt cap of $3 billion under its dividend policy. (1 dollar = 17.4620 rand). (Reporting and editing by Nelson Banya, Himani Sarkar, and Subhranshu Shu.)
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Battery technologies that compete with RPTs shape the EV Industry
Startups around the world are racing to create new battery technologies that use materials such as sodium and sulfur, or other innovative chemistries. They aim to reduce costs and reduce dependence on certain minerals for electric vehicles (EVs). China controls 90% of raw material processing for two of the most popular lithium-ion variants in today's electric vehicle market. The battery technology is constantly evolving, but its basic principles remain unchanged. It has three components: a cathode anode, and an electrolyte. Here are some of the battery types that are currently being used or developed by car manufacturers as they weigh their long-term options. Use in batteries with 6 or 12 Volts to power car starters. Cons: Not cheap, but works well in extreme conditions. Cons: Low energy and heavy. NICKEL-CADMIUM (NI-CD) Rechargeable batteries. NICKEL-METAL HYDRIDE (NI-MH) Toyota's 1997 Prius was the first hybrid car. SODIUM NICKEL CHLORIDE The French Postal Service has used Venturi Automobiles in its fleet. This battery is smaller and can be installed in existing vehicles without the need to convert them. Cons: Maximum speed is limited to only 100 km/h. Range is limited to just 100 km. LITHIUM METAL POLYMER (LMP) Use in Bollore Pininfarina's BlueCar, the Parisian Autolib car-sharing program, are both discontinued. The technology is now mainly used for stationary storage and buses and trams. Benefits: The "dry" technology based on the principle of capacitors is easier to industrialize. Cons: Battery must be preheated and maintained at a specific temperature. LITHIUM-ION Sony was the first to commercialize this technology in 1991. It is now used in many devices including mobile phones, laptop batteries, electric vehicles, and other devices. Lithium, the second-most energetic metal in the world after uranium. No charge memory and fast or slow charging are possible. Cons: They are heavy and sensitive to the external environment (cold or vibrations), as well as "liquid" batteries that require careful monitoring of their temperature. Two Li-ion technology families dominate the EV market NMC (Nickel Manganese Cobalt) has a high energy density, but is more suitable for large vehicles. Cobalt is mainly sourced from the Democratic Republic of Congo where conditions of extraction pose ethical and strategic issues. LFP (Lithium Iron Phosphate), Benefits: Reduces the cost of technology and eliminates cobalt. Cons: Lower energy densities than NMC SODIUM-ION Cons: Replaces lithium, nickel, and cobalt with aluminium, manganese, and iron, which are metals in high demand. Because sodium is more abundant than lithium and easier to extract and provide, it's cheaper. Non-flammable and can handle up to 50,000 cycles of recharge, which is five to ten times more than the lithium-ion. Cons: Low energy density and a lack of supply. Interest is linked to lithium prices. LNMO (Lithium Nickel Manganese Oxide) Eliminates cobalt. Renault claims that the technology it plans to introduce by 2028 combines NMC's energy density with the safety and cost of LFP and recharge times less than 15 minutes. Cons: Still in development. LITHIUM-SULFUR Pros: Stellantis'-backed U.S. company Lyten, who bought the majority of assets from bankrupt Swedish battery manufacturer Northvolt, claim that this technology is more than twice as energy dense as lithium-ion. It eliminates the requirement for nickel, manganese, and cobalt. This also ensures greater autonomy, since some raw materials can be manufactured locally in North America and Europe. Cons: No deployment before 2028. SOLID STATE BATTERIES Lithium-ion batteries are now powered by a solid electrolyte, which replaces their liquid counterpart. Cons: Lighter, higher energy density and non-flammable. Cons: Still in development. No large-scale production. Sources: futurasciences.com; Plastec (TotalEnergies); Renault, Arkema and other companies. (Gilles Guillaume with additional reporting from Nick Carey. Translated by Alessandro Parodi, Marie Mannes and Matt Scuffham. Edited by Matt Scuffham, Susan Fenton and Susan Fenton.
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Gamuda and Gentari will jointly develop 1.5 GW renewable energy capacity
They announced on Monday that Malaysian builders Gamuda, and clean energy solutions provider Gentari would work together to develop around 1,5 gigawatts in renewable energy capacity for the country's hyperscale data centres. In a joint press release, the companies said that they will develop solar photovoltaic energy plants coupled with battery storage systems through their subsidiaries Gamuda Energy, and Gentari Renewables. According to the statement, hyperscale data centers are expected to need over 5 GW in reliable power by the year 2035. This highlights the urgent necessity to increase renewable energy capacity in order to meet this rising demand. Malaysia's digital economic growth is accelerating, and with it the demand for reliable and sustainably powered energy. Low Kian Min said that expanding renewable energy capacity was not only crucial for meeting this need but also important to drive long-term growth. Joshua Kong, Gamuda Energy's director, said that their combined strength and bankability can help their data centre partners by providing a pipeline with renewable energy so their facilities can run with a lower carbon footprint. (Reporting and editing by Ashley Tang)
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The EV industry is shaped by the competition between battery technologies
Startups around the world are racing to create new battery technologies that use materials such as sodium and sulfur, or other innovative chemistries. They aim to reduce costs and reduce dependence on certain minerals for electric vehicles (EVs). China controls 90% of raw material processing for two of the most popular lithium-ion EV variants. The battery technology is constantly evolving, but its basic principles remain unchanged. It has three components: a cathode anode, and an electrolyte. Here are some of the battery types that are currently being used or developed by carmakers as they consider long-term solutions. Use in batteries with 6 or 12 Volts to power car starters. Cons: Not cheap, but works well in extreme conditions. Cons: Low energy and heavy. NICKEL-CADMIUM (NI-CD) Rechargeable batteries. NICKEL-METAL HYDRIDE (NI-MH) Toyota's 1997 Prius was the first hybrid car. SODIUM NICKEL CHLORIDE The French Postal Service has used Venturi Automobiles in its fleet. This battery is smaller and can be installed in existing vehicles without the need to convert them. Cons: Maximum speed is limited to only 100 km/h. Range is limited to just 100 km. LITHIUM METAL POLYMER (LMP) Use in Bollore Pininfarina's BlueCar, the Parisian Autolib car-sharing program, are both discontinued. The technology is now mainly used for stationary storage and buses and trams. Benefits: The "dry" technology based on the principle of capacitors is easier to industrialize. Cons: Battery must be preheated and maintained at a specific temperature. LITHIUM-ION Sony was the first to commercialize this technology in 1991. It is now used in many devices including mobile phones, laptop batteries, electric vehicles, and other devices. Lithium, the second-most energetic metal in the world after uranium. No charge memory and fast or slow charging are possible. Cons: They are heavy and sensitive to the external environment (cold or vibrations), as well as "liquid" batteries that require careful monitoring of their temperature. Two Li-ion technology families dominate the EV market NMC (Nickel Manganese Cobalt) has a high energy density, but is more suitable for large vehicles. Cobalt is primarily sourced from the Democratic Republic of Congo where conditions for mining the metal raise ethical and strategic issues. LFP (Lithium Iron Phosphate), Benefits: Reduces the cost of technology and eliminates cobalt. Cons: Lower energy densities than NMC SODIUM-ION Cons: Replaces lithium, nickel, and cobalt with aluminium, manganese, and iron, which are metals in high demand. Because sodium is more abundant than lithium and easier to extract and provide, it's cheaper. Non-flammable and can handle up to 50,000 cycles of recharge, which is five to ten times more than the lithium-ion. Cons: Low energy density and a lack of supply. Interest is linked to lithium prices. LNMO (Lithium Nickel Manganese Oxide) Pros: No need for cobalt. Renault claims that the technology it plans to introduce by 2028 combines NMC's energy density with the safety and cost of LFP and recharge times less than 15 minutes. Cons: Still in development. LITHIUM-SULFUR Pros: Stellantis'-backed U.S. company Lyten, who bought the majority of assets from bankrupt Swedish battery manufacturer Northvolt, claim that this technology is more than twice as energy dense as lithium-ion. It eliminates the requirement for nickel, manganese, and cobalt. This also ensures greater autonomy, since some raw materials can be manufactured locally in North America and Europe. Cons: No deployment before 2028. SOLID STATE BATTERIES Lithium-ion batteries are now powered by a solid electrolyte, which replaces their liquid counterpart. Cons: Lighter, higher energy density and non-flammable. Cons: Still in development. No large-scale production. Sources: futurasciences.com, Plastec (TotalEnergies), Saft, Renault, Arkema and other companies.
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The 'Why' behind rallies and rate cuts
Wayne Cole gives us a look at what the future holds for European and global markets. Asian markets have managed to cheer Jerome Powell’s apparent dovishness last week. The Nikkei is up, and Chinese stocks are continuing their recent rally. The blue-chip index in China has risen almost 10% this month, reaching new heights not seen since mid-2022. This is despite the fact that domestic demand remains weak and companies lack any pricing power. The power of momentum is indisputable. Why do shares go up? People are buying shares. Why do they buy? They're going up. After Friday's euphoria the mood of European and U.S. stocks has changed. This may be due to the realization that the U.S. economic situation must worsen for the Fed, even though inflation is heading towards 3% or higher. It's important to understand the "why". The "why" is important. It's not enough to relax policy because inflation has cooled. You also need to do so to help the economy and prevent an increase in unemployment. Powell said that the tariffs would likely have a temporary impact on prices. However, this could sound like the label "transitory", which was given to the initial price spike post-COVID. A reading of 3.0% would be a sticker shock to the long end Treasury curve. This week the Street will also have to deal with $183 billion of new supply, a huge amount for a market as large as this one. Nvidia, a company with a $4 trillion market capitalization that is close to the value of the Nikkei index, will report on Wednesday. The bar is set high, as the expectations are a 48% increase in earnings per share based on revenues of nearly $46 billion. Options may imply a chance for a 6% change in share price depending on results. Last week, it was noticeable that the tech sector stumbled as people began to question whether or not hundreds of billions in AI investments will ever yield a return. Or is this just another dotcom bubble? The proposed deal between President Trump and Nvidia, in which Nvidia pays 15% of its profits on certain chips sold to China as a reward for export licenses, will certainly be watched closely. Analysts are unsure of the constitutionality and few details are available. But that's State Capitalism in America for you. Market developments on Monday that may have a significant impact Ifo Business Survey for August. U.S. July New Home Sales, Chicago and Dallas Fed Manufacturing Surveys Federal Reserve Bank of New York president John Williams and Fed Bank of Dallas president Lorie Logan both speak
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Shanghai copper reaches a new high in a week, tracking the weak dollar
Shanghai copper prices reached a record high of more than a week on Monday. This was due to a weakening dollar, after the U.S. Central Bank chief hinted at a rate cut in January. Demand in China, the world's largest metals consumer remained positive. As of 0334 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 0.9% to 79,390 Yuan ($11,087.68), per metric tonne. The contract had previously reached a high of 79.480 yuan ($11,087.68) per metric ton, the highest level since August 13. After a pivot to the dovish side from Federal Reserve Chairman Jerome Powell, it fell more than 1% Friday. The copper prices rose after Powell hinted at a rate cut during the September meeting of the Central Bank, but did not commit to it. According to Sugandha Sachdeva of SS WealthStreet in New Delhi, a research firm, a lower interest rate environment stimulates economic activities, thereby boosting the demand for copper. Prices of red metal, used in the power and construction sector, rose on hopes of a stronger seasonal demand from China's top consumer. SHFE aluminium gained 0.4%. Nickel was up by 0.5%. Tin firmed up 1.13%. Zinc gained 0.67%. Lead advanced 0.7%. The London Metal Exchange closed on Monday, July 16th for the Summer Bank Holiday. ($1 = 7.1602 Yuan) (Reporting and editing by Mrigank Dahniwala, Subhranshu Saghu, Brijesh Pate in Bengaluru).
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Gold drops from two-week high as dollar rises
Gold fell on Monday, from a two-week high as the dollar crept up. However, increased expectations of U.S. rate cuts after Federal Reserve Chair Jerome Powell’s dovish turn last week gave some support to gold. As of 0256 GMT spot gold was down 0.2%, at $3,364.29 an ounce. It had reached its highest level since August 11, on Friday. U.S. Gold Futures for December Delivery eased by 0.3% to $3.409.60. After dropping to its lowest level in four weeks, the U.S. Dollar Index rose by 0.2% versus its rivals. This made gold less appealing to foreign buyers. Matt Simpson, senior analyst at City Index, said that there was a good level of support in the short term for gold, around $3350, as Powell's dovish remarks allowed gold to make a notable swing low on Friday. A sustained rally will likely require softer PCE inflation in the future and weaker employment statistics. Gold's gains may be limited if inflation remains high. Powell said on Friday that the U.S. Central Bank may cut rates at its meeting next month. He noted that the risks for the U.S. job market are increasing, but that inflation remains a concern. Powell also stated that the decision was not final. According to CME FedWatch Tool, the markets are pricing in a 87% chance that a quarter point rate cut will be announced at the September 17th policy meeting. This would result in a 48 basis point reduction by year's end. In an environment of low interest rates, gold tends to increase in value. This reduces the cost of holding bullion that does not yield. Investors celebrated the likelihood of a resumption in rate cuts by the U.S. on Monday, which led to a rally among Asian stock markets. Investors are now awaiting a reading of U.S. consumer prices for Friday. It is expected that core inflation will creep up to its highest level since late 2023, at 2.9%. Other than that, silver spot was down by 0.1% to $38.77 an ounce. Platinum fell 0.4%, to $1356.39, and palladium dropped 0.4%, to $1122.
Israel attacks on Yemeni capital Sanaa kills four and wounds dozens
Israeli airstrikes hit Yemen's capital Sanaa Sunday as a retaliation to Houthi missiles that were fired at Israel. Houthi officials said the attack had killed four and injured 67 people.
These strikes are part of an ongoing spillover of the Gaza war, which has seen Israel and Houthi militants engage in direct attacks and counter-attacks.
Israeli officials said that the Israeli military targeted a compound housing the Presidential Palace, two power plants, and a fuel-storage site. A Houthi spokesperson for the health ministry said that four people were killed and 67 injured in the strikes, which he described as a "near final toll".
The Israeli military released a statement saying that the strikes were carried out in response to the repeated attacks of the Houthi terrorists against Israel and its citizens, including the launch of UAVs and surface-to-surface rockets towards Israeli territory.
The Houthis claimed to have fired a ballistic rocket at Israel on Friday in their latest attack. They said it was in support for Palestinians in Gaza. On Sunday, an Israeli Air Force official stated that the missile was likely carrying several submunitions which were "intended to detonate upon impact."
The official stated that "this is the first launch of this type of missile from Yemen."
The Houthis, who are aligned with Iran, have been attacking vessels in the Red Sea since Israel's Gaza war against the Palestinian militant Hamas began on October 20, 2023. They describe their actions as an act of solidarity for the Palestinians.
Several of their missiles have also been fired at Israel. Most have been intercepted. Israel responded by striking Houthi controlled areas in Yemen, including Hodeidah Port.
Abdul Qader al-Murtada said that the Houthis would continue to show solidarity with Palestinians living in Gaza. The Houthis control a large part of Yemen.
"(Israel) should know that no matter what sacrifices we make, we will never abandon our brothers living in Gaza," he told X.
(source: Reuters)