There’s a growing movement in Aberdeen for the region to lead the transition from Big Oil to Big Energy, using its deep-sea expertise to construct floating wind farms alongside offshore rigs. “I think 2015 was the wake-up call that Aberdeen actually needed to say, ‘This ain’t going to be around […]
Finance
Boris Johnson government’s 2021 budget aims to build back after the pandemic
The business community’s fears that Johnson was more interested in delivering a hard version of Brexit that Euroskeptics could celebrate than mitigating pain for firms were not alleviated when he entered Downing Street in 2019. “This government does not seem to have shown much interest in what business thinks but […]
Elon Musk is now worth more than ExxonMobil
As of Monday’s close, Musk’s net worth was $289 billion, according to the Bloomberg Billionaires Index, which surpasses the $272 billion market value of ExxonMobil (XOM), the company most associated with the fossil fuel industry he’s seeking to destroy. The Tesla CEO’s jump in worth can be attributed to two […]
January 6 insurrection and Facebook: Internal docs paint a damning picture
Asked by CNN about Sandberg’s quote and whether she stood by it, a Facebook spokesperson pointed to the greater context around Sandberg’s quote. She had been noting that Jan. 6 organization happened largely online, including but not limited to on Facebook’s platforms, the spokesperson said. One of Haugen’s central allegations […]
Premarket stocks: WeWork is finally going public. A lot has changed
“What happened to WeWork is not just a failure of this particular set of individuals,” wrote Shira Ovide, a New York Times columnist who was at Bloomberg at the time. “It’s a consequence of the last decade of easy money that has made investors throw money at assets promising to […]
North America’s biggest container port faces record backlog
“We have about two weeks’ worth of work sitting at anchor right now,” Seroka said in an interview with CNN’s Jake Tapper. “The question right now is how do we segment this cargo.” Easing the backlog is crucial during the final months of the year because retail items are in […]
Storage containers are scarce, so toymakers are focused on small, squishy toys for the holidays
But not this year. Not in a year in which 20-foot and 40-foot shipping containers became scarce and more expensive to deliver goods from factories overseas to US ports and back. The spot rate of booking a 40-foot container from Shanghai to Los Angeles hit $10,229 the first week of […]
Evergrande crisis shines a light on China’s millions of empty homes
For weeks, the ailing Chinese real estate conglomerate has made headlines as investors wait to see what will happen to its enormous mountain of debt. As the slow-moving crisis unfolds, analysts are pointing to a deeper underlying issue: China’s property market is cooling off after years of oversupply. Chinese authorities […]
Premarket stocks: Investors want clarity. They might not like what they see
“The market is tip toeing forward lost as it is in the fog and trying to find its way,” Sebastien Galy, senior macro strategist at Nordea Asset Management, said in a research note. Investors may be about to get some direction, however. Earnings season kicks off in earnest on Wednesday, […]
Chinese coal prices hit record high and power cuts continue
Heavy rains have forced the closures of 60 coal mines in Shanxi province, China’s largest coal mining hub, according to a statement released Saturday by the provincial government’s Emergency Management Bureau. The province is home to a quarter of the country’s coal production. The adjacent Shaanxi province, which ranks third […]