Max Financial, India reports cyber-threat at unit
India's Max Financial Services announced on Wednesday that Axis Max Life Insurance received information about an unauthorized access of some customer data. The communication came from an anonymous sender. Max Financial announced that the company had begun a data log and security assessment. In a press release, the company stated that "a detailed investigation was also…
Germany supports cross-border gas deal with Netherlands
The German cabinet backed a deal on Wednesday with the Netherlands that would support the extraction of gas from a reservoir located in the North Sea. Berlin is looking to increase its domestic gas production. After the Ukraine conflict and Germany's decision not to import Russian gas, the government is now focusing on alternative solutions, such as increasing domestic exploration and extraction.
Palmettos end higher due to better demand and likely lower production in June
The price of Malaysian palm oils futures rose on Wednesday. This ended two sessions of consecutive losses. Supported by higher demand, the rally in soya oil and the potential for lower production levels in June, they were boosted by higher prices, higher demand, higher soya oil prices, and heightened expectations of lower production. The benchmark palm-oil contract for…
Shares of European renewable energy companies rise following revised US Senate bill
The shares of European renewable energy companies increased on Wednesday, after the U.S. Senate approved on Tuesday a revised version of its budget bill which was more favorable for wind power than an earlier version. The "Big Beautiful Bill", signed by Donald Trump, makes it more difficult to develop solar and wind energy projects in the U.S. The end date for wind and solar projects that start construction after this is 2027.
The price of EUROPE GAS has recovered after a loss earlier in the week
The wholesale gas prices in both the Netherlands and Britain rose on Wednesday morning after falling earlier in this week. LSEG data shows that the benchmark Dutch contract for August deliveries at TTF hub rose 0.86 euros to 33.30 Euro per megawatt-hour at 0813 GMT. The Dutch contract was 0.43 euros higher, at 34.83 Euro/MWh. The British contract in August increased by 2.03 pence to 80.35 cents per therm.
RPT-Pakistan is looking to sell surplus LNG in the face of a glut in supply that has slowed down local gas production - Document
According to a presentation by a government official who is familiar with the issue, Pakistan is looking for ways to sell surplus liquefied gas (LNG). This could result in losses of $378 million per year to domestic producers. A second official confirmed that the country imports LNG from Qatar, but has a surplus of at least three cargoes. It has no immediate need for these LNG, so it is selling them at steep discounts.
Senate bill still deals a big blow to renewables despite last-minute amendments
Industry advocates and legislators said that the massive U.S. Senate budget bill passed on Tuesday would make it more difficult to develop solar and wind energy projects despite the removal some controversial provisions. After last-minute talks with Republican senators who wanted better terms for renewable energy, the Senate dropped its proposed excise taxes on solar and wind projects that didn't meet strict criteria.
Pakistan Explores Selling Excess LNG
Pakistan is exploring ways to sell excess liquefied natural gas (LNG) cargoes amid a gas supply glut that could cost domestic producers $378 million in annual losses, according to a presentation and a government official familiar with the matter.The country has at least three LNG cargoes in excess that it imported from top supplier Qatar and has no immediate use for…
Document: Pakistan wants to sell its excess LNG due to a glut of supply that is reducing local gas production.
According to a government official and a presentation, Pakistan is looking for ways to sell surplus liquefied gas (LNG). This could result in losses of $378 million per year to domestic producers. A second official confirmed that the country imports LNG from Qatar, but has three cargoes left over. It has no immediate need for them, so it is selling them at steep discounts.
Users of rare earth magnets are compelled to pay premium prices for ex China supply
Rahim Suleman has been reaching out to automakers, and other potential customers, for years to sell the rare earth magnets produced by the factory his company is building in Estonia. It's one of only a few outside the dominant producer China. Suleman's sales pitch was retired after Beijing placed new restrictions on super-strong magnets in wind turbines and electric vehicles, effective April 4. He no longer needed it.
Palm slips due to weak crude and soyoil, lack of fundamentals
The price of Malaysian palm oil futures fell for the second consecutive session on Tuesday. This was due to the weakness in soyoil prices at the Dalian and Chicago exchanges and the lack of any fundamental triggers. The benchmark palm-oil contract for September delivery at Bursa Malaysia's Derivatives exchange lost 16 ringgit or 0.4% to $3,970 ringgit (US$946.14) per metric ton.
Malaysian data centres face higher electricity costs and unclear pricing
The operators of energy-hungry data centres in Malaysia are scrambling to reassess costs after steeper-than-expected power tariffs kicked in on Tuesday, industry players said, clouding prospects for the Southeast Asian hub of digital investments. Malaysia's competitive electricity rates, which make up the majority of data centre operating costs, have made it a magnet for companies such as Microsoft and Google, who invest billions in Malaysia.
Palm oil falls due to weak competition and lack of fundamentals
The Malaysian palm futures continued to fall for the second consecutive session on Tuesday. This was due to the weakness of rival oils on the Dalian and Chicago market and the softer crude prices as a result of a lack fundamental triggers. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 29 ringgit or 0.73% to 3,957 Ringgit ($944.62) per metric ton.
Canada exports first LNG cargo from Pacific Coast
A spokesperson for Shell-led LNG Canada confirmed on Monday that Canada's first LNG export cargo was shipped from its Pacific Coast to Asia. The cargo was loaded on the tanker Gaslog Glasgow at LNG Canada's Kitimat site, British Columbia. This happened just over a weeks after the facility had confirmed its first production. It became the first large commercial LNG operation of the country.
Investors flock to Europe due to the stability of the bloc, compared with US concerns
Peter Roessner feels both sides of Donald Trump’s trade war. Investor interest in European projects has increased despite the fact that tariff risks have forced H2Apex, a Luxembourg-based firm specializing in hydrogen, to stop relying on U.S. manufacturers for a project worth more than 200 millions euros ($235 million). He said that investors in the hydrogen industry…
Report: Trade risks are reducing Australia's resource earnings.
A government report released on Monday said that Australia's mining exports and energy earnings will continue to decline over the next two-years due to increased risks of trade barriers and falling bulk commodity prices, as well as a weakening global economy. According to the June-quarter report of Australia's Department of Industry, Science and Resources, uncertainty over U.S.
Report: Trade risks are reducing Australia's resource earnings.
A government report released on Monday said that Australia's mining exports and energy earnings will continue to decline over the next two-years due to increased risks of trade barriers and falling bulk commodity prices, as well as a weakening global economy. According to the June-quarter report of Australia's Department of Industry, Science and Resources, uncertainty over U.S.
South Korea's Lee appoints Koo Yun Cheol as finance minister and makes other choices
His office announced on Sunday that South Korea's President Lee Jae Myung had appointed a former Vice Finance Minister, Koo Yun Cheol, as his new Finance Minister. Kang Hoon Sik, Lee's chief-of-staff, said that Koo was a well-known policy expert who has held various positions in the government. He is also an author of books about South Korea's growth and innovation, including a recent book on artificial intelligence.
Senate bill accelerates the end of wind and solar tax credits
Renewable energy advocates said that the latest version of the Senate’s massive budget bill, which the Senate will vote on as early as Saturday, deals a death blow to the use tax credits established since 2005 to encourage more wind and solar power. It would also impose a brand new tax for the first-time on these projects. The Senate's leadership introduced a new version…
Baker Hughes reports that the US oil/gas rig counts fell for a fourth month, to a low of Oct 2021.
Baker Hughes, a leading energy services company, said that the U.S. has cut its number of operating oil and gas rigs for the fourth consecutive month to the lowest level since October 2021. The number of oil and gas drilling rigs, a good indicator of future production, dropped by seven in the week ending June 27. Baker Hughes reported that the number of rigs is down by 34 this week, or about 6% from this time last year.
