Author: starbpo

In response to sanctions from the US and UK, the London Metal Exchange (LME) has announced a ban on the delivery of newly produced Russian metal, effective April 13. This decision, aimed at adhering to international restrictions, leaves room for the acceptance of existing Russian metal, provided it meets verification criteria to ensure compliance with sanctions. The move by LME mirrors the limitations imposed by the US and UK governments, sparking renewed discussions within the exchange regarding the handling of Russian metal amidst geopolitical tensions. While some advocate for a blanket ban on all Russian material to prevent market inundation…

INTC Republican lawmakers in the United States expressed anger towards the Biden administration after Chinese telecom giant Huawei introduced a laptop featuring a new Intel AI chip. This move reignited criticism regarding the administration’s stance on Huawei amid ongoing trade restrictions. Huawei, placed on a trade restriction list in 2019 for violating Iran sanctions, requires suppliers to obtain special licenses before shipping goods. Despite calls to revoke such licenses, a previous permit allowed Intel to supply processors for Huawei laptops, set to expire this year. The recent launch of Huawei’s AI-enabled MateBook X Pro, powered by Intel’s latest Core Ultra…

China’s central bank is unveiling a significant initiative, establishing a $70 billion re-lending programme aimed at bolstering the nation’s science and technology sectors. This initiative, disclosed in a statement on Sunday, underscores China’s commitment to fostering innovation and technological advancement. The programme, totaling 500 billion yuan, will facilitate loans through 21 banks to small and midsize technology enterprises at an attractive interest rate of 1.75%. Moreover, these one-year loans are eligible for extension twice, each time for up to a year, as detailed in the statement. Amid challenges posed by a property crisis and tensions with major trading partners, China’s…

ASML  U.S. demands that chipmaking giant ASML stop servicing some equipment it has sold to Chinese customers are a diplomatic and business headache for the Dutch government, but signs are it will continue to align with Washington on export restrictions. Although Prime Minister Mark Rutte’s government is reluctant to make a blanket decision, its public statements and national security interests suggest it will be slow to approve Chinese maintenance requests in the future and quick to deny them. “That would be a setback for China’s attempts to build up its domestic chip industry, because ASML gear is almost impossible to…

In the last year, the Liberian government has authorized the sale of approximately 10% of the country’s land — amounting to 10,931 square kilometers (4,220 square miles) — to Dubai-based company Blue Carbon. The aim is to conserve forests that might otherwise be subjected to logging and agricultural activities, crucial for the livelihoods of many communities. Blue Carbon intends to profit from this conservation effort by selling carbon credits to polluters to offset their emissions from burning fossil fuels. While some experts question the climate benefits of this model, activists denounce it as “carbon colonialism.” Local activists argue that the…

Amidst escalating tensions, two vessels have been targeted southwest of Yemen’s Aden, according to reports from the United Kingdom Maritime Trade Operations (UKMTO) agency and British security firm Ambrey. The incidents occurred in the volatile Gulf of Aden, with one vessel reportedly attacked near Mukalla and another experiencing a missile landing near it, southwest of Aden port. Ambrey, in its statement, warned vessels in the vicinity to exercise caution and report any suspicious activity following the attack. However, details about the perpetrators or further specifics of the incident were not provided. Similarly, UKMTO confirmed a missile landing near a vessel…

President Biden aims to increase taxes on the wealthiest Americans, proposing a minimum 25% tax on individuals with assets surpassing $100 million. This move is primarily directed at individuals like Elon Musk and Jeff Bezos, whose vast fortunes often evade taxation under existing laws. Although Biden argues for the fairness of his plan, experts question its practicality and effectiveness. The proposal would impact approximately 10,700 of the wealthiest Americans, potentially generating $400 billion in revenue over a decade. Tax experts highlight the ambiguity surrounding the proposal, particularly concerning the differentiation between taxing income and taxing wealth. Biden’s plan suggests taxing…

Gasoline costs have surged dramatically in California, far outpacing the national trend, leaving drivers grappling with record-high prices. According to AAA data, California’s average gas price soared by $0.23 per gallon in just one week, hitting $5.27 per gallon on Friday, while the national average stood at $3.54 per gallon, marking a $0.04 increase during the same period. Tom Kloza, global head of energy analysis at OPIS, attributes California’s price surge to refinery issues, notably the shutdown of a crucial Phillips 66 refinery in the Bay Area, opting for renewable diesel production. “Combine this with planned maintenance at two key…

Pakistan’s Liberty Power Holding is making a substantial $125 million wager on the country’s beleaguered power sector, anticipating substantial returns. The company recently finalized a deal to acquire the thermal energy assets of Engro Corp, including Pakistan’s premier coal producer, Sindh Engro Coal Mining Company. “We believe Thar Coal is the energy future of Pakistan, it’s indigenous, it’s cheap and it’s base load,” stated Zain Mukaty, Chief Operating Officer of Liberty Power, emphasizing the significance of the coal deposits in the Thar desert. The power sector in Pakistan has long struggled with issues like power theft and distribution losses, leading…

NTGY.MC Naturgy Energy Group SA has reportedly paused its intention to sell the Australian assets held by its renewable energy arm, Global Power Generation, citing concerns over valuation. According to insiders familiar with the matter, initial interest from potential buyers failed to meet Naturgy’s valuation expectations, prompting the Spanish energy conglomerate to halt the sale process. Naturgy had aimed to generate approximately A$4 billion ($2.6 billion) from this divestment, as indicated by sources requesting anonymity due to the confidentiality of the matter. Prospective buyers included infrastructure-focused investment funds and renewable energy firms. Although the sale process has been put on…