Browsing: Business

As the first of a new fleet of long-range stealth nuclear bombers for the United States Air Force, Northrop Grumman Corp unveiled its next-generation B-21 Raider jet. In Palmdale, California, the B-21 was unveiled during a dramatic ceremony at Northrop’s Plant 42, allowing the public to see the new aircraft for the first time. Using long-range and mid-air refueling capabilities, the B-21 has a similar flying wing shape as its predecessor, the B-2, and can carry conventional as well as nuclear weapons. A 2010 estimate estimated the aircraft would cost approximately $550 million each, or $750 million today in inflation-adjusted…

According to an official from the Indian Oil Ministry, the country will continue to purchase Russian crude oil even after the embargo and price cap are implemented on December 5. India has consistently stated its intention to purchase whatever crude oil makes the most financial sense for the import-heavy nation. According to an Indian Oil Ministry official cited by Attaqa, the sanctions placed on Russian oil won’t apply to India, since they will use non-Western services to transport crude oil into the country. The Russian government has promised to stop shipments to any country using the price cap. India, however,…

The EU agreed with the G7 to cap Russian oil prices to deprive the Kremlin of funds for its Ukraine war, as Putin said strikes on Ukraine’s infrastructure were “inevitable”. With an EU embargo on Russian crude oil from Monday, the $60 per barrel price cap, previously agreed on a political level with the United States and the G7 group of wealthy democracies, will come into effect. Russian crude shipments to the EU will be prohibited by the embargo, which accounts for two thirds of imports and could deprive Russia’s war chest of billions of dollars. Poland refused to back…

On Thursday, Ford Motor Co announced that it was recalling 634,000 sport utility vehicles (SUVs) worldwide over the possibility that their fuel injectors may be cracked and that owners should have their cars inspected. A recall has been issued by America’s No. 2 automaker by sales for models of the 2020-2023 model year Bronco Sport and Escape SUVs equipped with 3-cylinder, 1.5-liter engines. Many of these vehicles were also recalled in April due to the possibility of an oil separator housing cracking and causing an oil leak. It has been reported that vehicles that have already been repaired under the…

In the wake of Tesla Inc.’s rapid selloff, most Wall Street analysts’ price targets have become obsolete. Tesla shares must rally 80% to reach the median analyst target price, the second-biggest gap on the Nasdaq 100 Index behind Baidu Inc. Elon Musk’s company’s stock has dropped 52% this year to $167.87, while analysts have a median 12-month target price of $302. A 0.5% gain on Tuesday would end a four-day streak of declines for the stock. As a result of Musk’s shift in focus including turning around Twitter Inc. and China’s return to Covid Zero curbs, Tesla has been facing…

There will be a Pacific-Rim summit taking place in the capital of Thailand this week that will focus on competition between great powers in Asia, inflation, food and energy shortages. Two closed-door sessions will be held Friday and Saturday between the leaders of the 21 member countries of the Asia-Pacific Economic Cooperation Forum. Some will attend this third face-to-face meeting in two weeks, though Vice President Kamala Harris instead of President Joe Biden is representing the U.S. in Bangkok. APEC promotes regional economic integration as its official mission. During the summit, most business is conducted in side meetings, such as…

In a landmark report released by Masdar and Abu Dhabi Sustainability Week (ADSW) on the sidelines of the UN Climate Change Conference (COP27) in 2022, the continent could capture as much as ten percent of the global green hydrogen market, creating 3.7 million jobs and adding as much as US$120 billion to the continent’s GDP. Using Africa’s abundant solar and wind resources, 30 to 60 million tonnes of green hydrogen (mtpa) can be produced by 2050, approximately 5 to 10% of global demand, according to the report “Africa’s Green Energy Revolution: Hydrogen’s role in unlocking Africa’s untapped renewables,” prepared with…

As forecasters warned of many months of contraction ahead, the British economy shrank in the three months to September, official statistics showed on Friday. Despite a smaller-than-expected contraction, gross domestic product fell by 0.2% between July and September, signaling the beginning of a long recession, according to the Office for National Statistics. According to the statistics office, GDP shrank by 0.6% in September and by 0.1% in August. Among the reasons for the decline were a decline in manufacturing output and an extra holiday to mark Queen Elizabeth II’s death, which contributed to “a notable drop in retail.” As a…

The Clean Energy Business Council (CEBC) has welcomed Aldar Properties as a Partner member and will work closely with the organisation to improve energy efficiency. By connecting the public and private sectors, CEBC accelerates the transition towards clean energy in the MENA region. By reducing construction and operational emissions and working with communities to adopt more sustainable standards of living, the real estate industry can contribute greatly to decarbonisation. The Aldar Group recognizes its responsibility to support clean energy transition initiatives as one of the region’s largest real estate developers and managers. It has AED30 billion in assets under management.…

Binance canceled its acquisition plans for FTX on Wednesday. Binance said in a tweet that it couldn’t help with the problems. FTX, which was valued at $32 billion earlier this year, is now at risk. Sam Bankman-Fried’s crypto empire is on the verge of collapse after Binance backed out of its acquisition plan. FTX reversed course one day after Binance CEO Changpeng Zhao announced the company had reached a non-binding agreement to buy its non-U.S. operations for an undisclosed sum. Private investors valued FTX at $32 billion earlier this year. “In the beginning, our hope was to be able to…