(Bloomberg) -- To see the gulf between China’s ambitious carbon-neutral goals and the desire of its companies to maintain breakneck growth, look at Shandong’s oil refineries.The coastal province, a hub for private factories with an economy the size of Indonesia’s, issued a notice urging local industry, and especially oil and petrochemical firms, not to carry out plant maintenance between April 15 and Oct. 15 in an effort to reduce the area’s awful summer smog. Yet only one of about 10 independent refineries set to do maintenance has agreed.The refineries, known as ‘teapots’ because of the shape of early plants, are usually cleaned and renovated during that period in preparation for an annual hike in prices and demand for diesel and gasoline in the second half. The cleaning process tends to release large quantities of volatile organic compounds that are a major contributor to local air pollution.It’s no small contribution. Shandong’s oil refineries account for a quarter of China’s total processing capacity. Making last-minute changes to maintenance works would raise their costs and may disrupt cash flow for upcoming tax payments in March, industry consultancy FGE said in a note.The conflict illustrates the tightrope the government has to walk in balancing the need to reduce emissions with maintaining economic growth as it strives to meet the 2060 carbon neutrality target set by President Xi Jinping. China is the largest crude oil importer in the world, and its refining capacity is expected to keep growing this decade even as its overall consumption of fossil energy is set to decline.READ MORE: China Needs to Hit Peak Oil Long Before It Reaches Net ZeroIn this case, the private oil refiners are expected to seek an exemption from the government guidance or simply go ahead with maintenance as planned, according to four oil traders familiar with the production schedules and FGE. Shandong’s advisory isn’t mandatory and “teapots have the freedom to decide when to carry out maintenance based on their profitability,” said Wang Luqing, an analyst at Chinese industry researcher SCI99.Ten private oil refiners in the province, with a combined processing capacity of over 1 million barrels per day, planned to shut all their units for maintenance at some point during the government’s blockout period, with nine of them aiming for outages in the second quarter, according to SCI99. Only one teapot has rescheduled to comply with the authority’s request, said the traders, who asked not to be named as they aren’t authorized to speak publicly.READ MORE: China’s Climate Goals Face Pushback On the Ground: Green InsightIn the Jan. 15 notice, Shandong’s ecological environment department said it issued the guidance to reduce emissions of ozone during the summer. The province also encouraged local gas stations to offer promotions at night, according to the notice seen by Bloomberg News, to help spread out evaporation during refueling. Five of Shandong’s municipalities were on the environment ministry’s list of cities with the worst air pollution last year.The department didn’t respond to an email seeking comment about the advisory. The Shandong Refining and Petrochemical Industry Association, whose members include about 30 refiners, didn’t respond to phone calls.Rescheduling maintenance in an attempt to curb pollution has previously been implemented for some state-run refiners. China National Petroleum Corp., the country’s biggest energy company, skipped planned work last summer, according to a press release on its website. For many of Shandong’s refiners, a maintenance outage is overdue. After a dip caused by the Covid-19 outbreak, demand for most oil products in China returned to normal as early as May. As global crude oil prices slumped because of the spread of pandemic in the U.S., Shandong’s teapots went into overdrive to take advantage of the low rates and a government policy setting minimum fuel prices, causing many to postpone work till this year.They’ve been operating at a record 74% capacity on average since May -- compared with an average of 51% over the past decade, data from consultancy Oilchem.net show.Persuading them to keep going for another eight months could be a tall order.(Updates with CNPC’s rescehduling maintenance last year in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Oil is heading for a fourth monthly gain with the global market tightening as investors await the OPEC+ meeting next week, watching for any changes to production strategy following a surge in prices.While oil was swept up in a broader market sell-off on Friday, futures in New York are still up 20% this month and global benchmark Brent has rallied for its best ever start to a year. As producers prepare to gather and discuss the state of the market, early signs point to differing views on strategy with Saudi Arabia in favor of keeping supply steady and Russia angling for an increase.The market is also facing an escalation in Middle East tension after the U.S. carried out airstrikes in eastern Syria on sites connected to Iran-backed groups. A pocket of Chinese demand may slow, however, after its oil storage neared capacity following a buying spree of cheap crude last year.OPEC+ will meet amid an atmosphere of buoyant optimism in the outlook, with traders and investment banks this week making a series of bullish calls and upward price revisions. The recent big freeze that halted millions of barrels of U.S. output exacerbated the market tightening and scarce supply is set to deepen in the coming months as North Sea fields undergo major maintenance.“The velocity of the demand increase over the next six months could fuel higher prices, up to $70 or $80 a barrel,” said Victor Shum, vice president of energy consulting at IHS Markit in Singapore. “World oil supply can’t keep up with rising demand unless Saudi Arabia chooses to increase production.”Exports of five key North Sea crudes -- Brent, Forties, Ekofisk, Oseberg and Troll -- will slump to a five-month low of 780,000 barrels a day in April, according to loading programs compiled by Bloomberg. Bigger declines in shipments may be in store because of work in June on the Forties Pipeline System that will slash output sharply.See also: Whispers of $100 Oil Return as Crude Shakes Off Covid’s ClaspU.S. drillers reported almost 6 million barrels of combined production losses during the cold blast last week, while Vitol Group says the market is pricing in a strong global short-term deficit as stockpile declines continue at a rate of 2 million barrels a day to 3 million barrels a day.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The leading German public broadcaster Westdeutscher Rundfunk (WDR), regional member of the ARD broadcasting group operating in North Rhine-Westphalia, has expanded its partnership with SES to secure an additional transponder for High Definition (HD) programming on ASTRA 19.2 degrees East orbital position in a multi-year contract.
(Bloomberg) -- Huawei Technologies Co. is planning to manufacture electric cars under its own brand, Reuters reported, as it shifts away from a consumer electronics business battered by U.S. sanctions.The Chinese tech giant could roll out some models this year, Reuters said, citing people with knowledge of the matter. Huawei is in talks with Chongqing Changan Automobile Co. and other carmakers to use their plants to manufacture the EVs, according to the report.A Huawei spokesman denied the company plans to design EVs or produce its own branded vehicles, Reuters said. Huawei isn’t a car manufacturer and instead aims to provide components for manufacturers, a representative for the company told Bloomberg News, reiterating comments provided to Reuters.Briefly the world’s biggest smartphone maker, Huawei has struggled to keep growing its consumer electronics business after Trump-era sanctions cut off the supply of vital semiconductors and other components. Its billionaire founder Ren Zhengfei has vowed to keep making smartphones, even after the company sold its budget Honor brand at the end of last year.Read more: Huawei’s Founder Vows To Keep Making Smartphones in Biden EraThe telecom giant is also in discussions with BAIC Group’s BAIC BluePark New Energy Technology Co. on manufacturing the vehicles, Reuters said. Huawei has previously developed technologies for EVs including in-car software systems, sensors and 5G communications hardware, and has partnerships with automakers like General Motors Co. and SAIC Motor Corp.BAIC BluePark jumped 8% in Shanghai trading on Friday. Shares of Changan Automobile gained more than 5% in Shenzhen. Changan Automobile told Bloomberg News it wasn’t aware of the plans. BAIC Group didn’t immediately respond to requests for comment.Huawei and BAIC have already been jointly developing models. BAIC’s Arcfox EV brand debuted the Arcfox HBT, a vehicle equipped with Huawei’s smart-car technology and delivery is expected in 2021.China’s technology companies are among some of the newest entrants into the increasingly crowded electric vehicle market. Search leader Baidu Inc. announced in January it’s teaming up with Zhejiang Geely Holding Group to produce smart EVs. Xiaomi Corp., Huawei’s fiercest domestic rival in consumer electronics, said in a statement Sunday that it’s watching developments in the industry, though it hasn’t initiated any formal projects.Apple Inc.’s foray into automobile manufacturing is the most closely watched, with speculation over its potential partners for the venture reaching a frenzy in recent weeks. Still, it may be at least half a decade before the world’s most valuable company launches its first self-driving electric car, Bloomberg News has reported.(Updates with company comment in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
U.S. investment company Artisan Partners joined activist investor Bluebell Capital Partners on Friday in demanding that French food group Danone finds a new chief executive. Chairman and Chief Executive Emmanuel Faber has come under growing pressure as activist shareholders push for management changes to lift returns that have lagged those of some rivals during the COVID-19 pandemic. Artisan, which has built a 3% stake in Danone, called for a split in the roles of CEO and chairman, also echoing Bluebell's demands.
A British man who snuck out of the hotel room where he was serving his Stay-Home Notice (SHN) twice last September to meet his then-fiancee was on Friday (26 February) jailed for two weeks and fined $1,000.
Lund, Sweden, February 26, 2021 – Terranet AB (Terranet/the Company), (Nasdaq: TERRNT-B.ST), developers of advanced driver-assist systems and the creators of breakthrough 3D motion awareness technology VoxelFlow™, today reported financial results for the conclusion of its fiscal year 2020, ended December 31, 2020. Corporate highlights from the fiscal year January 1, 2020 - December 31, 2020, and recent weeks: Terranet announced on January 15, 2020 the convertible loan signed in January of 2019 was paid in full. Göran Jansonan, engineer from KTH Royal Institute of Technology and Executive Board Member at The International Bateson Institute, was named Terranet’s Chairman of the Board of Directors. Terranet received a 31,000 EUR purchase order from Mercedes-Benz after its continuation of an Memorandum of Understanding (MoU) signed by both Terranet and Mercedes-Benz to prototype demonstration, product development and industrialization of advanced driver assistance systems (ADAS and anti-collision solutions).Mangold Fondkommission published a new analysis of Terranet and set a buy recommendation and a 12-month forward target price of SEK 2.50 Terranet secured a partnership with a leading Swedish-Finnish consulting and engineering firm, AFRY (previously ÅF).The signed LOI cements Terranet’s and AFRY’s long-standing partnership, with the specific mandate of promoting advanced engineering services within 3D motion perception, advanced driver assistance systems (ADAS) and autonomous driving. Johan Wångblad joined Terranet as CFO after spending over two decades at Volvo Car Group, which included positions in Research and Development and leading finance and accounting positions.On February 25, 2021, Terranet successfully presented alongside Mercedes-Benz at Startup Autobahn, an annual tech event powered by Plug & Play, Mercedes-Benz, Porsche and Bosch to provide an interface between innovative tech companies and industry-leading corporations. Fiscal results from the fiscal year January 1, 2020 - December 31, 2020 Revenue amounted to SEK 847 thousand (824) Operating profit/loss amounted to SEK -31,662 thousand (-42,194) Profit/loss for the year amounted to SEK -34,893 thousand (-46,676) Cash flow from operating activities amounted to SEK -30,387 thousand (-35,171) Diluted and undiluted earnings per share amounted to SEK -0.27 thousand (-1.67) The preferential rights issue and offset issues were registered in July. The preferential rights issue raised MSEK 35.1 in liquid assets for the company after issue cost The Board proposes that no dividend be paid for the 2020 financial year. Terranet continues to expect to achieve the following milestones during fiscal year 2021: Further develop VoxelFlow to process over a million voxels per second by the end of 2021, a significant increase from the current 250,000 voxels per second. Continue to showcase VoxelFlow’s safety capabilities within a demo vehicle. Commentary from the CEO: Commenting on the 2020 fiscal year, Pär-Olof Johannesson, Terranet’s Chief Executive Officer, said, “The Startup Autobahn Expo hosted by Mercedes-Benz on February 25, 2021, was a tremendous success for Terranet. The Expo was an opportunity for the company to showcase our first prototype, with our key customers and strategic partners in attendance. This marks the first, largest and single most important achievement in the development of VoxelFlow™. We are now closing the door on an eventful and successful year, where our development efforts have been focused on our unique, patented VoxelFlow™ technology. The interest and continued commitment from Mercedes-Benz demonstrate how important this solution will be to achieving Terranet’s vision – to contribute to the reduction in the number of road traffic fatalities. Following the successful demo at Startup Autobahn, the company’s strategic vision is for its VoxelFlow™ technology to be implemented in one of the Group’s future programs. VoxelFlow™ is an innovative, patented technology built on a unique algorithm and software that is suitable for a broad range of applications, including advanced driver-assistance systems (ADAS). This one-of-a-kind technology is designed to enable object detection and collision warning in vehicles. The technology relies on three-dimensional laser triangulation and a specialized camera sensor with real-time resolution. VoxelFlow™'s blue lasers create a 3D point cloud. Used together with sensors integrated into a vehicle’s windshield and headlights, an advanced system is created that can determine position, movement pattern and direction of travel relative to a vehicle with extreme precision. VoxelFlow™ generates data that is used by the vehicle’s automated steering and braking systems to avoid collisions with pedestrians. VoxelFlow™ is the culmination of a paradigm shift in image analysis, but it is much more than that: it is redundancy technology that simultaneously challenges the existing radar and LIDAR systems available on the market today. The ongoing development of VoxelFlow™ is being carried out in close collaboration with a number of industry partners and academic institutions. During the financial year, development efforts yielded further improvements to our VoxelFlow™ technology, going from processing about one hundred voxels per second to processing almost 250,000 voxels per second. By the end of the next financial year, the goal is for VoxelFlow™ to be able to process over one million voxels per second. We have our sights on a number of application areas for VoxelFlow™ beyond ADAS, including vehicle infotainment systems. The pandemic continues to put a couple of other business opportunities on hold, including the Imagineering project with Walt Disney. We are confident that this project will come to fruition and will ultimately be completed in its entirety. Terranet’s in-depth collaboration with the management consulting firm AFRY puts us in a strong position to take on broader assignments and expand our operations further in the service business segment. Terranet is excited to welcome a new management team with Michaela Berglund stepping in as CMO, Johan Wångblad as CFO, Simon Morris as VP Sales and new Chairman of the Board Göran Janson. The 2020 financial year also saw the company welcome two new major long-term owners. The company’s operations are now being scaled up on several levels. This primarily involves the recruitment of top talent to ensure that our established development plan can be achieved. We are extremely pleased with the trust our investors placed in us this year. Through the issue carried out last spring with the redemption of warrants in the autumn, the company raised approximately MSEK 70 in 2020, which will ensure the company has the capital it needs to scale up its operations. Going forward, we are very optimistic that we will sign additional agreements with some of the leading actors in the industry. We would like to thank all of our partners and employees for being part of what has proven to be yet another eventful year for Terranet.” To Report: http://bit.ly/3aVukHT To video about VoxelFlow™: https://bit.ly/2ZUWah7 About Terranet Terranet develops software for radio-based solutions and three-dimensional image analysis for advanced driver-assistance systems and autonomous vehicles (ADAS and AV). In-line with Scandinavia’s rich history of bringing innovative safety measures to the automobile industry, Terranet is pioneering breakthrough safety technology VoxelFlow™ for the ADAS and AV industries at its headquarters in Lund, Sweden and its development sites in Kyiv, Ukraine and Stuttgart, Germany. Terranet Holding AB (publ) is listed on the Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B.ST). For more information please contact: Pär-Olof Johannesson, CEO email@example.com +46 70 332 32 62 Michaela Berglund, CMO firstname.lastname@example.org Media contact: Sam Aurilla email@example.com FischTank PR
The worsening travel outlook and tighter restrictions brought in by countries over the last two months have threatened to ruin Europe's critical summer season and leave some carriers in need of another round of funding support, analysts warn. IAG said that the ongoing uncertainty and duration of COVID-19 meant that it could not provide a future profit forecast, illustrating the scale of the challenge for IAG's new boss Luis Gallego, who is six months into the job. UK-focused airlines were buoyed earlier this week when Britain laid out plans for travel markets to possibly reopen from mid-May, prompting a flood of bookings, but uncertainty remains over whether it will include IAG's long-haul routes.
European planemaker Airbus on Friday joined a growing list of companies outlining the environmental impact of their products, as aviation aims to reshape itself after the coronavirus crisis. Major companies are under increasing pressure from investors and climate change activists to report the emissions that result when customers use their products, known as "Scope 3". Airbus says it is the first planemaker to do so.
The legislation faces an uncertain future in the Senate, where Republicans are expected to oppose the bill
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Kidnappers have abducted schoolchildren in northwest Nigeria's Zamfara state, a spokesman for the state governor said on Friday, but declined to say how many people were taken or provide further details. A police spokesman for the state did not immediately respond to calls and messages seeking comment. This is the second such kidnapping in a little over a week in Nigeria's north, where a surge in armed militancy in the northwest has led to a widespread and worsening breakdown of security.
The reigning MVP scored 38 points as Milwaukee beat New Orleans in a thriller.
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Toyota Motor Corp said on Friday it has developed a packaged fuel cell system module, as it hopes to expand its usage and accessibility of the zero-emission technology amid the industry's shift towards electric vehicles (EVs). The world's biggest automaker, which launched a revamped Mirai in December, has not been successful in winning drivers over to fuel cell vehicles (FCV). The FCV segment remains a niche technology despite Japanese government backing, amid concerns about lack of fuelling stations, resale values and the risk of hydrogen explosions.
A British citizen was sentenced to two weeks in jail and fined 1,000 Singapore dollars ($753) on Friday for breaking a coronavirus quarantine order in Singapore. Nigel Skea is the first Briton to be jailed for flouting coronavirus rules in the city-state. Skea left his room at The Ritz-Carlton, Millenia Singapore on three occasions last September, according to charge sheets.
It’s been a difficult time to safely see friends and family, but there are more ways than ever to communicate and keep up with people online. For instance, you can follow someone on Twitter, and just succumb to the doomscrolling reality that is our lives right now. And, with the app’s latest feature, you’ll soon be able to “Super Follow” someone if you can’t get enough of their content. Twitter announced its new function during Thursday’s Analyst event. With the Super Follow tool, users can charge followers $4.99 (£2.99) a month for extra content, including subscriber-only newsletters, deals and discounts, and exclusive tweets. Screenshots tease the kind of content users can put behind paywalls, including videos and teasers. Another screenshot shows a Fleet — basically, Twitter’s version of an Instagram Story — marked with a “Super Followers” tag. Think of the feature as somewhat of a hybrid between Patreon, OnlyFans, and Instagram’s Close Friends function. So far, there have been mixed reactions to the new tool: many have argued against charging money for Twitter (or just insisted that the feature won’t take off), and some have wondered whether news outlets will use the feature as another paywall. But others have noted that popular Twitter users should have the option to easily monetise their content, just as they can on YouTube and Facebook. “We believe that content creators should get paid for the greatness that they bring to this website,” wrote Lara Cohen, Twitter’s Head of Global Partnerships. Twitter announces “Super Follow”, like Patreon but on Twitter https://t.co/5YBmEfgsUn pic.twitter.com/aY9g1ozoJz— Jane Manchun Wong (@wongmjane) February 25, 2021 Along with the Super Follow, Twitter unveiled Communities, which will function similarly to Facebook Groups or Reddit communities. Unlike Twitter’s Lists function, which allows users to create specialised feeds devoted to different topics or groups of people, Communities will let users share exclusive tweets with specific audiences. The past few months have been huge for Twitter: the site introduced Fleets in November and Spaces, their Clubhouse-style live voice chat feature, in December. The Fleet function has already been updated into the app, but Spaces are currently available to a small test group. It’s unknown when Super Follows and Communities will be instated, but I for one am just relieved that a certain avid Twitter user was banned before he could take advantage of all these new and varied ways to reach audiences. Like what you see? How about some more R29 goodness, right here?Why Is #GretaThunbergExposed Trending?Cardi B Just Got Skincare Advice From TwitterThe Reason Sylvanian Families Took Over TikTok
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The company said capacity during the final three months of the year was just 27% of 2019 levels.
The Duke of Sussex video-called Meghan and discussed his views on The Crown as he joined the TV host on a double-decker bus