Exxon names GM's former president to lead oil and gas business
Exxon Mobil announced on Tuesday that Dan Ammann - the former president of General Motors will be taking over its most profitable and largest business in early 2013. Ammann, who joined Exxon in 2012 to lead its Clean Energy Unit, Low Carbon Solutions (Low Carbon Solutions), will replace Liam Mallon, a 34-year veteran of Exxon, as president and CEO of Exxon’s Oil and Gas Pumping Business, starting on February 1, 2025. Ammann's appointment and that of Barry Engle…
Wall Street Journal, Dec 3,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. A Delaware judge ruled Monday that Tesla CEO Elon Mots is not entitled to a $56 billion package of compensation despite the fact that shareholders of the electric car company voted to reinstate it in July. Intel CEO Pat Gelsinger was forced to resign less than four months after taking over the company.
Trump's Victory Lifts Small-Caps, Banks
Donald Trump's second term as U.S. President on Wednesday lifted equity markets, on the back of bets on lower corporate taxes, favorable tariffs, and deregulation. This lifted shares of local small-cap companies, banks, and Trump Media.Elon Musk, the CEO of Tesla Motors, was appointed to head a government efficiency panel after Trump endorsed the billionaire during his election campaign. This led to an increase of 12.6% in Tesla's shares.Futures linked to the Russell 2000 small-cap index surged by 6%.
After Nevada lithium deal GM looks for other sources of minerals to supply EVs
General Motors plans to increase its North American investment in lithium and other minerals that are used in the production of electric vehicles, after increasing its investment to almost $1 billion in a Nevada mining operation earlier this week. The U.S. carmaker announced on Wednesday that it will form a joint-venture with Lithium Americas in order to develop the largest lithium mine in North America, the Thacker pass lithium mine.
Sources: Rio Tinto is in negotiations to purchase lithium miner Arcadium.
Rio Tinto is in talks with Arcadium to purchase its lithium mine, according to three sources who have direct knowledge of these negotiations. This would make Rio Tinto the third largest producer of battery metal for electric vehicles. One source said that talks have continued and been ongoing in London during the LME Week Conference. According to a second source, an offer should be forthcoming in the near term. The sources stated that talks are continuing and could not necessarily lead to a deal.
US mineral projects close down government loans in fear of Trump
U.S. battery and miner recyclers have been rushing to close billions-dollar government loans before January, out of fear that the former president Donald Trump, if elected, would block funding necessary to boost American production of vital minerals for energy transition. The falling prices of lithium, nickel, and other minerals this year, along with lower than expected EV sales have scared private financiers. This has put the conservative mining industry into an unusual position…
Trump Won't Seek to Roll Back CA Vehicle Rules
President Donald Trump will announce the U.S. Environmental Protection Agency will revive a review of the feasibility of strict fuel efficiency standards through 2025, but will not seek to withdraw California's authority to set its own vehicle rules, a White House official said late on Tuesday. Reuters reported on Monday the administration planned to announce the review on Wednesday as Trump heads to Michigan, home of the U.S. auto industry.
Trump to Announce Emissions Rule Review
U.S. President Donald Trump is expected to visit the Detroit area on Wednesday to hold an event with the chief executives of U.S. automakers to announce a restart of a review of vehicle fuel efficiency rules sought by the industry, according to two sources briefed on the matter. Trump is expected to visit Ypsilanti, Michigan, a Detroit suburb, to tout his administration's decision to revive a review of the feasibility of the 2022 through 2025 vehicle emissions rules…
Wind Surpasses Hydro as Largest US Renewable Energy Source
Wind energy has surpassed hydropower as the biggest source of renewable electricity in the United States following the sector's second-biggest quarter ever for new installations, a wind industry trade group said on Thursday. Wind installations totaled 82,183 megawatts at the end of 2016, enough to power 24 million homes, the American Wind Energy Association said in its fourth-quarter market report. By comparison, U.S. hydroelectric capacity stands at about 80,000 megawatts, according to the federal Energy Information Administration.
GM, Honda to announce Fuel Cell Technology Advance
General Motors Co and Honda Motor Co are expected on Monday to announce an expansion of their collaboration on fuel cell technology development, people familiar with the plans said following a notice of a press conference. GM and Honda on Friday said two senior executives would hold a news conference in Detroit with Michigan's Lieutenant Governor, Brian Calley. Mark Reuss, GM's executive vice president for global product development and Toshiaki Mikoshiba…
Exxon Case Revives Debate Over Corporate Climate Disclosures
Public corporations are supposed to warn investors about the risk to their businesses from climate change, but the tone and wording of those disclosures vary widely among big U.S. manufacturing, automotive and energy companies, according to company documents, and legal and corporate governance experts. Pressure on companies to inform investors about risks associated with climate change was intensifying even before New York state's attorney…
ExxonMobil to Produce Synthetic Oil in Singapore
ExxonMobil is expanding its operations in Jurong to produce synthetic lubricants, including Mobil 1TM, the company’s flagship synthetic engine oil. The expansion will further strengthen the company’s manufacturing capabilities and ability to meet the growing demand for ExxonMobil synthetic products in the Asia Pacific region. When completed in the second half of 2017, the facility will be the only plant in the Asia Pacific producing Mobil 1, the world’s leading synthetic motor oil.
Husain appointed ABB’s CTO
ABB, the leading power and automation technology group, has appointed Bazmi Husain as Chief Technology Officer (CTO), effective January 1, 2016. Husain, an expert in power and automation who has been with ABB for more than 30 years, will report to CEO Ulrich Spiesshofer. Husain is currently Managing Director of ABB India Ltd. In his new role, he will be based in Bangalore, India, with an office in Switzerland. His successor will be announced in due course.
Australia's LNG Challenge: Russell
With commodity prices slumping, the local currency slipping and manufacturing jobs disappearing, Australians are starting to question whether they've backed the wrong economic horse. The country's wealth and unbroken 24 years of economic growth have largely been built on exploiting natural resources and the happy coincidence of being close to China just as its demand for iron ore, coal and other minerals exploded. But with China's growth…
After Iran Deal, U.S. Firms Outside Looking In
Within hours of the announcement of an Iran nuclear deal early on Tuesday, lawyers around Washington were fielding calls from U.S. corporate clients eager to know what the 159-page deal would mean for their business prospects. In the near term, the answer for most of them is: not very much. U.S. companies face losing out to foreign competitors in Iran as they wait for signs that Tuesday's historic nuclear agreement is sticking and that U.S.
Chinese Firms Active While Ven's Factories Remain Idle
Five years after Chinese home appliance maker Haier agreed to build a $912 million factory in Venezuela, its washing machines and refrigerators are almost the only ones available in the country's department stores. Those appliances, however, are not made in Venezuela. They are instead imported from Haier factories in China and paid for through an oil-for-loans deal dating from 2007 under which China lends cash and is repaid in crude and fuel.
CMR US Appoints New Managing Director
Asif Rashid has been appointed as the new managing director of control instrumentation and electrical engineering specialist, CMR U.S. His appointment comes as the company moves ahead in the North American market to meet the increasing demand for more sophisticated instrumentation for natural gas applications and changes in diesel emission regulations. Investment is also being made in equipping the workforce with the skills required to meet the demands of emerging engine technologies and reciprocating machinery. Prior to his U.S.
U.S. Biofuel Lobby Gains Momentum
In a long-running battle between oil refiners and the U.S. farm lobby over the future of ethanol fuel, biofuel producers may have just made a small, but important dent in big oil's formidable defenses. Over the past few months, privately held retailers Kum & Go and Sheetz have become the first significant chains to announce plans to start selling E15, a gasoline with 15 percent of ethanol, 50 percent more than the typical U.S. blend. By the end of 2016, those two retailers plan to add E15 at pumps at 125 stations.
GM's Electric Bolt now with Expanded Range
GM shows Bolt electric vehicle concept with 200-mile driving range. General Motors Co on Monday showed its Chevrolet Bolt concept car with an electric driving range of more than 200 miles and a $30,000 price tag, offering a view into where the U.S. automaker is pushing in development of electric vehicles (EV). The all-electric Bolt is a concept car not currently slated for production, but Chief Executive Officer Mary Barra said the company is committed to developing an affordable…
Oil Prices Weigh on Alternative Fuel Sector
With gas pump prices lingering near their lowest levels in five years, greener, cleaner alternative fuels are taking a hit. Makers of biodiesel, a fuel made from vegetable oil or animal fats, are slashing prices and margins in a bid to stay competitive with the price of diesel fuel, which is down more than 20 percent from a year ago. Shippers are delaying purchases of trucks that run on natural gas, and sales of electric vehicles are down, while demand for less fuel-efficient SUVs is up. Wall Street is also punishing the sector.
