The Swiss zero-rate squeeze on banks could lead to a bumpy ride for the borrowers
Analysts say that banks in Switzerland may look for ways to increase the cost of banking services or credit as they are affected by the introduction of zero interest rates. After the Swiss National Bank cut its benchmark interest rate to zero in June, the country's borrowing cost was at the lowest among major economies. It was even lower than the European Central Bank deposit rate of 2.0%.
China adopts its first standards for renewable steel, cement, and polysilicon
According to a notice published by the National Development and Reform Commission on Friday, China has set for the first-time renewable energy mandates in the steel, polysilicon, and cement industries as well as some data centres. Beijing's Renewable Portfolio Standards, or RPS (Renewable Portfolio Standards), set targets for the…
SEFE signs 3-year contract with ADNOC for LNG supply
SEFE, a German company, has signed a deal with ADNOC of the United Arab Emirates for liquefied gas. Deliveries are expected to start in 2025. After the Russian invasion of Ukraine, SEFE (Securing Energy for Europe), a state-owned company, seeks long-term supply agreements after losing most its Russian pipeline gas supplies in 2022.
UK rejects zonal energy pricing
The British government is not moving to a zoned system of wholesale energy prices, but will instead try to gain greater control over the planning process in order to determine where to build clean energy infrastructure. The UK, with some of the world's highest electricity prices, struggles to find a way to build wind and solar farms, as well as transport them to the various parts of the country.
Morocco builds data center powered by renewable energy
Morocco is planning to build a 500-megawatt data center powered by renewable energies to improve the security of data storage. This was announced by its minister for digital transition. Amal El Fallah Seghrouchni, a spokesperson for the Western Sahara Government, said that he was unable to provide any details about cost or timeline.
Copper futures rise after Trump announces a 50% tariff on imported copper
The President Donald Trump announced that he would announce a 50% copper tariff on Tuesday in order to increase U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. U.S. Comex Copper Futures jumped over 12%, reaching a new record high, after Trump announced his planned tariffs.
Trump announces a 50% tariff on imported copper
The President Donald Trump announced on Tuesday that he would announce a 50% duty on copper in the afternoon, with the aim of increasing U.S. production. Copper is a critical metal for electric vehicles, military equipment, the power grid, and many consumer products. Trump's decision imposed copper tariffs shocked the markets. It came earlier and at a greater rate than expected. After the announcement, U.S.
India's MCX launches electricity futures to hedge against weather-driven demand changes
The Multi Commodity Exchange in India will launch India's first electricity contracts on Thursday. This tool allows power generators, distributors and large industrial users to manage their risk. MCX announced in a Tuesday statement that the exchange would initially offer cash-settled contract for the current three-month period and for the next three months.
Simons is elected as the first female president of Suriname by the Suriname Parliament
Suriname's Parliament backed Jennifer Simons, the country's first female president, on Sunday. This comes six weeks after both the former ruling party's and the top opposition's legislative seats were nearly equalled. The National Democratic Party, led by Simons, won 18 seats. Chan Santokhi’s Progressive Reform Party, the current president of the country's parliament won 17 seats.
South Korea's Presidential adviser will fly to Washington before the tariff deadline
His office announced on Saturday that the South Korean presidential security advisor plans to visit Washington between July 6 and 8, 2018. Wi Sung Lac, the national security advisor to President Lee Jae Myung, will "have in depth discussions about all pending issues between South Korea & the United States", the office announced in a press release.
Australia's Santos signs LNG deal with QatarEnergy unit
Santos, an Australian oil and natural gas producer, announced on Friday that it had signed a long-term contract for the supply of liquefied gas with QatarEnergy Trading. This is a unit owned by QatarEnergy which is the largest LNG exporter in the world. Santos has agreed to supply 0.5million tonnes of LNG annually over a two-year period starting in 2026.
Clean-energy supporters blast US budget as a setback
Clean energy advocates decried Thursday the House of Representatives' final passage of the President Donald Trump tax cut bill as a reverse in the energy transition. Meanwhile, fossil fuel interests celebrated. The bill now goes to Trump's desk. Trump is expected sign the bill on Friday. The law drastically reduces the 30% tax credit that developers were relying on for their solar and wind projects.
Sources say ADNOC will restore most Murban oil to equity holders by July.
Multiple trade sources reported on Thursday that Abu Dhabi National Oil Company has restored the majority of Murban crude oil supplies going to equity holders for July, after a drastic cut in June. Traders said that partners in Murban crude producer ADNOC Onshore include BP TotalEnergies China National Petroleum Corp Inpex Zhenhua oil and South Korea's GS Energy.
In June, Russia's budget revenues from oil and gas fell by a third on an annual basis
The Finance Ministry reported on Thursday that Russia's oil-and-gas revenue in June fell 33.7% compared to the same period last year, falling to 494.8 billion Russian roubles (6.29 billion dollars), its lowest level since January 2023. This was due to weak oil prices, and a stronger rouble. The Kremlin's main source of income is oil and gas revenues…
Maurel et Prom, a French company, has acquired a stake in Colombia's Sinu-9 Gas Field
Maurel et Prom, a French oil and natural gas company, has agreed to increase its ownership stake of Colombia's Sinu-9 field by 21%, for a total cost of $79 million. This is part of its ongoing expansion in Colombia. Maurel et Prom now owns 61% of the total gas block. The remainder is owned by Canada's NG Energy International. In February, the company acquired the initial stake of 40% in the Sinu-9 field.
Trump's budget bill increases fossil fuels and hits renewable energy
The U.S. Senate approved a budget bill on Tuesday, and now the House of Representatives will debate it for final approval. This would slow down the development of solar and wind power, eliminate climate funding, and increase oil, gas, and coal production. The law drastically reduces the access to 30% tax credits for solar and wind energy projects…
Protesters block the copper route in Peru used by large mines
Leaders of the protest and a source in the industry said that a protest by informal miner's in Peru has blocked parts of an important copper corridor used by MMG, Glencore, and Hudbay. Luis Huaman said that the demonstrators who blocked the road in the Chumbivilcas Province of Cusco are pressing the Peruvian government to extend the deadline for regularizing informal mining operations.
Singapore's renewables use hits record highs as solar output and imports rise
An analysis of the most recent market data revealed that Singapore increased the share of renewables to a new record in May. The country increased renewable imports while accelerating local solar power production. Data from the National Electricity Market of Singapore revealed that domestic solar generation rose in May at its fastest rate since March 2024…
Britain Rejects Moroccan Subsea Power Project In Favor of Domestic Solutions
Britain has rejected a 25 billion pound ($34.39 billion) Moroccan renewable energy project that would have used solar and wind power from the Sahara to supply up to seven million UK homes.The British government, which is aiming to largely decarbonise its electricity sector by 2030, said on Thursday it believed domestic projects could offer better economic benefits."The government has concluded that it is no
Singapore's renewables use hits record highs as solar output and imports rise
An analysis of the most recent market data revealed that Singapore increased the share of renewables to a new record in May. The country ramped-up renewable imports while accelerating local solar power production. Data from the National Electricity Market of Singapore revealed that domestic solar generation rose in May at its fastest rate since March 2024…
