Category: News

July 12 2017

Mitsubishi UFJ to Take on Wall Street Banks in Lending Push

Mitsubishi UFJ Financial Group Inc. is expanding its U.S. investment-banking unit to look more like its bigger Wall Street rivals. The Japanese firm is pushing into areas of lending now dominated by U.S. rivals such as Wells Fargo & Co. and JPMorgan Chase & Co., Jon Lindenberg, Mitsubishi’s deputy head of investment banking in the […]

July 12 2017

Billionaire Tom Steyer Kicks Clean Coal While It’s Down

With a $7.5 billion effort to build America’s first-ever “clean coal” power plant officially over, billionaire environmentalist Tom Steyer said the idea is a political pipe dream anyway. “Donald Trump has used the phrase ‘clean coal’ probably a thousand times, and it doesn’t exist in the real world right now,” Steyer said in an interview […]

July 11 2017

Siemens, AES Join in $2.5 Billion Storage Market Opportunity

Siemens AG and AES Corp., the Virginia-based independent power producer, are forming a venture to focus on technology that’s revolutionizing electricity markets: battery-based energy storage. The new venture, called Fluence, will market and service storage systems manufactured by AES and Siemens. They will each own 50 percent of Fluence once the deal is finalized, which is […]

July 11 2017

Saudi Arabia Exceeds Oil-Production Cap for First Time

Saudi Arabia told OPEC it pumped 10.07 million barrels a day in June, a person with knowledge of the data said, exceeding its production limit for the first time since brokering a deal to curb global crude supply to counter a glut. The world’s biggest oil exporter boosted output from 9.88 million barrels a day in May, […]

July 11 2017

London’s Iconic Black Cab Company Rebrands for Electric Future

Hundreds of London’s black cabs will start appearing on the roads of Amsterdam next year, powered by batteries instead of diesel fuel, marking the first international sale for Geely Automobile Holdings Ltd.’s new electric taxi. Rotterdam Mobility Center agreed a 225-vehicle deal for the new all-electric hackney cab that will meet new pollution rules in […]

July 11 2017

Thyssenkrupp to Eliminate Up to 2,500 Staff to Reduce Costs

Thyssenkrupp AG will cut as many as 2,500 office workers as Germany’s biggest steelmaker expands efforts to reduce costs and boost profit. Administrative costs of 2.4 billion euros ($2.7 billion) are “clearly too high” and will be lowered by 400 million euros by September 2020, the company said in a statement on Tuesday. That will […]

July 11 2017

Banks Heed Carney’s Call to Tackle Risks of Climate Change

Eleven major banks including Barclays Plc, Citigroup Inc. and UBS AG said they’ll seek ways to address the financial risks of global warming, after Bank of England Governor Mark Carney urged investors to act on the threat. The group, representing more than $7 trillion, started a pilot project to implement the recommendations of a taskforce set […]

July 11 2017

Remember Peak Oil? Demand May Top Out Before Supply Does

When Bob Dudley, chief executive officer of British oil giant BP Plc, was asked at a recent conference when oil demand will peak, he had a precise answer: June 2, 2042. The audience at the annual St. Petersburg International Economic Forum burst into laughter, knowing it’s impossible to predict such an event down to the day. […]

July 11 2017

Electricity Overtook Fossil Fuels in Push for Investment in 2016

Electricity drew in more investment than fossil fuel supply for the first time last year as the energy industry prepared for electrification of everything from cars to buildings and industrial processes. Power generation and electricity grid expansions took in $718 billion, 42 percent of the $1.7 trillion invested in energy last year, according to a […]

July 11 2017

Tesla’s Australian Battery Fix Comes at ‘Big Price,’ Analyst Says

Billionaire Elon Musk’s plan to install a giant battery to help fix a power crisis in South Australia will come at a “big price” with installation costing 60 percent more than alternative open cycle gas plants, according to Wood Mackenzie Ltd. Musk’s Tesla Inc. won a tender Friday to build what the entrepreneur said is […]