S&P 500 and Nasdaq close at record highs after Netflix earnings, tech stocks and other factors.
The S&P 500, Nasdaq and other technology stocks ended the day higher Friday. This was largely due to a surge in Netflix stock shares fueled by earnings and wider gains amongst technology stocks. The Dow Jones Industrial Average closed largely unchanged, a day after it posted a record-breaking closing high. Netflix shares jumped after it surpassed Wall Street's estimates for new subscribers and stated that they expect to continue growing through the end the year.
S&P, Nasdaq boosted by tech stocks. Netflix soars following results
S&P 500, Nasdaq and other technology stocks all gained on Friday. This was due to a surge in Netflix stock shares fueled by earnings and wider gains amongst technology stocks. The Dow Jones Industrial Average, which had just posted a record-breaking closing high the day before, was largely unchanged. Netflix shares jumped by 10.5%, reaching a new record high. The streaming giant exceeded Wall Street's…
Southeast Asia is expected to increase coal trade as China nears its peak
Industry officials predict that Southeast Asian countries like Vietnam and Philippines will boost coal consumption and trade in this decade even as China, the top consumer, is approaching its peak demand. In a speech at the Coaltrans Asia Conference, Priyadi, the Chairman of the Indonesian Coal Miners Association, said that the Association expects China and India's coal imports to reach a peak in 2025. This will end the growth in the global seaborne trade volume for the polluting fuel.
Southeast Asia is expected to increase coal trade as China nears its peak
Industry officials predict that Southeast Asian countries like Vietnam and Philippines will boost coal consumption and trade in this decade even as China, the top coal consumer, is approaching its peak demand. In a speech at the Coaltrans Asia Conference, Priyadi, the Chairman of the Indonesian Coal Miners Association, said that the Association expects China and India's coal imports to reach a peak in 2025. This will end the growth in the global seaborne trade volume for the polluting fuel.
China Solar Group and regulator propose reforms in tendering to increase prices
The Chinese industry ministry and the solar sector association are proposing changes to power plant tendering in order to combat falling equipment prices which has led to manufacturers making losses. China's solar panels producers are calling for government intervention to boost prices that have been kept low due to overcapacity, even though China's trading partner have complained about overproduction's effects on their domestic industries.
Case Study: Acoustic Tech Help Offshore Wind Industry Adapt
Nortek is supporting metocean survey and consulting company Partrac to provide floating windfarm developers with detailed and accurate data on metocean conditions at potential development sites. Using acoustic Doppler current profilers (ADCPs), Partrac are able to extend their capabilities and adapt to increasingly complex offshore environments.To date, virtually all offshore wind energy produced globally has come from turbines located in water shallower than 50m…
Ransomware: The IT Danger on the Horizon
Two decades into the 21st century, we’re seeing a growing and pernicious threat to global information security: ransomware. Even non-technical folk have loosely heard of it, but the broader implications haven’t yet penetrated the public consciousness. In different industries, that general lack of awareness could be a big problem—and the maritime sector is a good example.Ransomware hits at the confluence…
Worley and Arundo Launch The Data Refinery
Engineering, procurement and construction firm Worley and software company Arundo have come together to launch The Data Refinery, a hub for applied data science and machine learning solutions in the energy, chemicals and resources industry.The Data Refinery aims to bridge the gaps among operations, data science and information technology to help industrial companies transform their businesses through data-driven decisions.For the past several months…
ExxonMobil Wins 3 Blocks Off Argentina
U.S. oil major Exxon Mobil Corp said that its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.ExxonMobil has increased holdings in Argentina after its subsidiary ExxonMobil Argentina Offshore Investments B.V. and an affiliate of Qatar Petroleum won three exploration blocks during Argentina’s first offshore bid round.The award adds approximately 2.6 million net acres to its existing holdings in Argentina…
HHLA Support Energy Transition
German logistics and transportation company Hamburger Hafen und Logistik AG (HHLA) and its partners began research and development work on the publicly funded FRESH project at its Container Terminal Altenwerder (CTA).FRESH stands for flexibility management and control reserve provision of heavy goods vehicles in the harbour, said the firm which operates three container terminals at the Port of Hamburg: Altenwerder…
ConocoPhillips Announces Leadership Changes
Houston based E&P company ConocoPhillips announced it has realigned its executive leadership team following news that its executive vice president, Production, Drilling and Projects Al Hirshberg will retire.Effective January 1, 2019, Matt Fox, currently executive vice president, Strategy, Exploration and Technology, will be named executive vice president and chief operating officer, and Don Wallette…
DNV GL Rolls-out Digital Hub in Singapore
DNV GL has launched a digital hub in Singapore as part of the transformation of the oil and gas, maritime and energy industries toward digitalization, including increased cyber security and smart infrastructure.The new Singapore hub is called Digital Consulting and Smart Cities, and will include three teams covering smart cities, cyber security and digital development – including support for DNV GL’s open industry platform Veracity.The digital hub…
GE Power Releases Whitepaper on Energy Digitization
GE Power Releases Whitepaper on Digitization of Energy Transmission & Distribution in AfricaAs Africa faces emerging opportunities to help deliver efficient, affordable and reliable electricity to consumers, GE Power’s Grid Solutions business has unveiled a whitepaper on the “Digitization of Energy Transmission & Distribution in Africa.” The paper explores the opportunities and challenges faced in Sub-Saharan Africa as the new future of energy and electrification emerges.
Trump to Unveil China Tariff List
The Trump administration this week will unveil the list of Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world's two largest economies. The list of $50 billion to $60 billion worth of annual imports is expected to target "largely high-technology" products and it may be more than two months before tariffs take effect, administration officials have said. The U.S.
SEACOR Holdings Top Deck Expands
SEACOR Holdings announced that it has expanded its Board of Directors to six members and added Christopher P. Papouras to fill the newly created position. Papouras, 50, has been President of Nabors Drilling Solutions, a division of Nabors Industries Ltd. that provides oil and gas drilling services, since 2015 and served as President of Canrig Drilling Technology, Ltd. from 1998 to February 2016.
OPEC Must Think About Exit Strategy: Kemp
Smoothly exiting from the current output pact, and perhaps replacing it with another agreement, has become the most important policy question for the Organization of the Petroleum Exporting Countries and its allies. Under the current “declaration of cooperation”, issued in December 2016, OPEC with Russia and some non-OPEC countries have pledged to limit their output. Production limits were originally…
Statoil Moves Key IT Tasks from India Back to Norway
Statoil said on Friday it would move its critical information technology (IT) tasks from Indian provider HCL Technologies back to Norway to improve security. A number of IT-related security incidents in recent years, including one that disrupted oil loading at the Mongstad refinery in 2014, had led the Norwegian energy company to create a task force to assess risks. As a result of this assessment Statoil decided to strip its most "critical" tasks from provider HCL…
Third Point Adds New bets on Energy, Cuts Stake in Dow
Billionaire investor Daniel Loeb's hedge fund Third Point added new bets in the energy and information technology sectors with investments in Whiting Petroleum Corp., Facebook and Activision Blizzard Inc, according to regulatory filings on Friday. Third Point, which invests roughly $16 billion and is widely followed because of its years of strong returns, also made new bets on Tesoro Petroleum and Devon Energy Corp.
Essar’s Vadinar Refinery Wins PetroFed Award
Essar Oil’s 20 MTPA Vadinar refinery received the coveted “Refinery of the Year’’ award by Petroleum Federation of India (PetroFed). Mr Lalit Kumar Gupta, Managing Director & Chief Executive Officer, and Mr C Manoharan, Director-Refinery, accepted the award at a glittering ceremony in New Delhi on 8 August 2016. This is the second instance that the refinery has received the award, after having won it for the first time in 2011.
China, Africa Ink $17 bln Preliminary Cooperation Pacts
Chinese companies and banks agreed preliminary deals with African counterparts on $17 billion worth of cooperation in sectors including infrastructure, energy, pharmaceuticals and information technology, the official Xinhua News Agency reported on Thursday. Companies and financial institutions signed letter of intent for 39 cooperations pacts at a China-Africa economic and trade event in Beijing attended by more than 400 delegates. Xinhua did not give further details.
