Vitol broadening its Mediterranean horizons with a controlling stake in Saras LeapRate

February 13, 2024 BY Elizabeth Anderson

Vitol broadening its Mediterranean horizons with a controlling stake in Saras

Saras’s Sardinia industrial facility is the largest single-site refinery in the Mediterranean. It produces approximately 300,000 barrels per day to feed supply chains in Italy and Europe. The site’s fully integrated power generation plant supplies more than 40% of Sardinia’s electricity. Bloomberg indicated that Vitol increased its bottom lines as the COVID-19 pandemic and Ukraine…

February 13, 2024 BY Elizabeth Anderson

Global carbon markets achieved record high in 2023

Presently, the EU’s ETS makes up 87% of the global carbon market with a value of approximately €770bn. Reflecting 2022 volumes, roughly 12.5 billion metric tons of carbon permits were traded in 2023. Highs in the European and North American markets, however, reportedly gave 2023 that 2% push. Don’t miss out the latest news, subscribe…

February 13, 2024 BY PureContent

European Union revises its fiscal rules to address debt and boost investment

The revised pact allows for a looser grip on economies by the EU regarding minimum requirements for reducing deficits and debt. This change will give European countries more time and incentives for public investments. The move is a significant reshaping of guidelines which haven't been altered in two decades. It provides EU member states struggling…

February 12, 2024 BY Elizabeth Anderson

OpenAI’s Sam Altman allegedly seeking trillions of dollars to boost AI infrastructure

For some time now, Altman has highlighted the AI-chip supply gap in the face of overwhelming global demand. He claims that the lack of these semiconductors fetters OpenAI’s growth and a scheme should be launched to escalate global manufacturing and supply volumes. Altman took to X and posted: we believe the world needs more ai…

February 12, 2024 BY Elizabeth Anderson

Bell tolling for Germany’s industrial superpower era

Since 2017, production in Germany has traced a downward line, which is steadily gaining negative momentum. It seems that the country is losing its competitive edge as the US shifts its procurement focus and China rises in the manufacturing sector. Some experts believe that inexpensive natural gas from Russia may be the final nail in…

February 09, 2024 BY PureContent

China moves to revive its stock markets, sacks securities regulator

The Communist Party's central committee appointed Wu Qing as Yi's replacement, with Yi being seen by some as the fall guy for recent losses. Wu, nicknamed "Broker Butcher," is a senior official known for cracking down on brokerages. A veteran regulator with a reputation for tough actions, he previously served as the acting vice…

February 09, 2024 BY Elizabeth Anderson

Former Zipmex CEO in Thai SEC’s crosshairs

Based on his LinkedIn profile, Yimwilai headed this company, which is the Thai division of the Singapore-headquartered outfit, from August 2018 to November 2023. The SEC also indicated that its investigation picked up inconsistencies in filed company reports. Zipmex received Ministry of Finance and SEC approval to operate in Thailand in 2020. On 2 February…

February 09, 2024 BY Elizabeth Anderson

Tesla employees up against AI as managers tasked with identifying crucial positions

Based on Yahoo Finance data, Tesla lost approximately $200bn in market value over the past six months, and this move may be one of the measures aiming to revive it. Even though the US Labour Department recorded a general upsurge in hiring new employees, tech job cuts are front and centre as companies increasingly onboard…

February 08, 2024 BY PureContent

ASIC takes disciplinary action against nine SMSF auditors

The concerns included non-compliance with auditing and assurance standards, independence requirements, registration conditions, or being unfit to remain an SMSF auditor. ASIC took the disciplinary measures in the quarter ending 31 December 2023. Among the actions taken, ASIC disqualified five auditors and imposed additional conditions on two. Two auditors had their registrations cancelled. Notably, of…

February 08, 2024 BY Elizabeth Anderson

South Korean authorities clamp down on cryptocurrency looters

Reportedly, Haru Invest emphasised high-yield promises while it froze certain platform functions in June 2023. Around this time, the outfit also cut 100 jobs. The company cited issues with its partners as the reason why customers could not make deposits or withdrawals. Yonhap News described the company as a “rug pull” front for fraud, which…

Category: Market News