Cave-in occurred at artisanal mine, in an industry where fatalities are common
At least 50 people are thought to have died when an artisanal gold mine collapsed near Kamituga in the east of the Democratic Republic of Congo, a local mining NGO said.
The cave-in occurred on the Detroit mine site at around 3pm local time (13.00 GMT) on Friday following heavy rains, said Emiliane Itongwa, president of the Initiative of Support and Social Supervision of Women.
Continue reading...Major oil firms plan to grow plastic supply to counter impact of shift against fossil fuels
The war on plastic waste could scupper the oil industry’s multi-billion dollar bet that the world will continue to need more fossil fuels to help make the petrochemicals used in plastics, according to a new report.
Major oil companies, including Saudi Aramco and Royal Dutch Shell, plan to spend about $400bn (£300bn) to help grow the supply of virgin plastics by a quarter over the next five years, to compensate for the impact of electric vehicles and clean energy technologies on demand for fossil fuels.
Continue reading...Critics say plan for fields off Svalbard threatens ecosystem and relations with Russia
Norway is planning to expand oil drilling in previously untouched areas of the Arctic, a move campaigners say threatens the fragile ecosystem and could spark a military standoff with Russia.
A public consultation on the opening up of nine new Norwegian oilfields closed on Wednesday. The areas in question are much further north in the Arctic than the concessions the US president, Donald Trump, announced for Alaska this month.
Continue reading...Development raises hopes of political solution as both sides call for end to oil blockade
Libya’s UN-supported government has announced a ceasefire across the oil-rich country and called for the demilitarisation of the strategic city of Sirte, which is controlled by rival forces.
In a separate statement Aguila Saleh, the speaker of the rival House of Representatives in the east, also called for a ceasefire. The announcements came amid fears of an escalation in the more than nine-year-old conflict.
Continue reading...Some people seem to be above the law. Those people do not include the whistleblower and his lawyer, Bernard Collaery
Timor-Leste only achieved independence in 2002. It was Asia’s poorest country and desperately needed revenue. Revenue from massive gas resources in the Timor Sea was its big hope. But it needed to negotiate a treaty with Australia on their carve-up. Australia ruthlessly exploited that fact: delays from the Australian side in negotiating a treaty for the carve-up of those resources, and repeated threats of more delays, were a constant theme of the negotiations. In November 2002 the former Australian foreign minister Alexander Downer told Timor-Leste’s prime minister, Mari Alkatiri: “We don’t have to exploit the resources. They can stay there for 20, 40, 50 years.” In late 2003 Timor-Leste requested monthly discussions. Australia claimed it could only afford two rounds a year. Poor Timor-Leste offered to fund rich Australia’s expenses. Australia didn’t accept.
Related: Witness K and the 'outrageous' spy scandal that failed to shame Australia
Continue reading...Thinktank says changes to forecasts reflect accelerated shift away from fossil fuels
The world’s largest listed oil companies have wiped almost $90bn from the value of their oil and gas assets in the last nine months as the coronavirus pandemic accelerates a global shift away from fossil fuels.
In the last three financial quarters, seven of the largest oil firms have slashed their forecasts for future oil market prices, triggering a wave of downgrades to the value of their oil and gas projects totalling $87bn.
Continue reading...S&P edges towards all-time record with oil prices and hospitality stocks rising as investor optimism rebounds
US stock markets moved closer to record highs on Tuesday after investors bet on a fresh round of government spending to lift the economy and counter the effects of the Covid-19 pandemic.
The S&P 500, seen as the broadest measure of US investor sentiment, raced to a 10-point gain by mid afternoon to leave it just 16 points short of the all-time high reached in February.
Continue reading...A showdown looms in the fight for control of the country – with Africa’s largest oilfields as the prize
In August 2011, as Libya’s rebels and Nato jets began an assault on Tripoli, Colonel Muammar Gaddafi delivered a speech calling on his supporters to defend the country from foreign invaders.
“There is a conspiracy to control Libyan oil and to control Libyan land, to colonise Libya once again. This is impossible, impossible. We will fight until the last man and last woman to defend Libya from east to west, north to south,” he said in a message broadcast by a pro-regime television station. Two months later, the dictator was dragged bleeding and confused from a storm drain in his hometown of Sirte, before being killed.
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Here in Britain, roughly one in three furloughed workers returned to work in the first two weeks of July, when pubs, bars, restaurants and hotels reopened, official data from the Office for National Statistics showed today.
Businesses surveyed between 29 June and 12 July said 7% of their staff had returned from furlough within the past fortnight, while 17% remained on leave. The government-funded job retention scheme pays 80% of their salaries and covers more than 9 million people at the moment, about a third of the private-sector workforce. But it will be scaled back from Saturday and come to an end on 31 October.
Here is our full story on Airbus. The Toulouse-based planemaker has been hit hard by the collapse in air travel, and received only eight new orders between April and June, compared with 290 in the first quarter.
Related: Airbus slows plane-making as Covid-19 leads to £1.7bn loss
Continue reading...Energy giant hit by massive change in fortunes as Covid-19 crisis forces writedown in asset values
Royal Dutch Shell has reported a deep financial loss after a record writedown on the value of its oil and gas assets due to the collapse in global market prices triggered by coronavirus.
The Anglo-Dutch oil giant revealed a net loss of $18.3bn (£14.1bn) for the second quarter 2020, down sharply from a net profit of $3bn over the same period last year and $2.7bn in the first three months of 2020.
Continue reading...Gold rally cools amid profit-taking
Julie Palmer, partner at business advisory and restructuring firm Begbies Traynor, says:
The success of Greggs has been the envy of the high street in recent years, however, even the bakery chain hasn’t been immune to the impact of Covid-19 which has forced its stores to close and eaten away at its top line.
For Greggs, achieving rent reductions from landlords will be first on the tick list, and indeed this has been a priority for many on the high street. But once these costs have been reduced its push to return to success will begin. And given its track record of marketing & PR success with its famous vegan sausage roll, I wouldn’t be surprised to see another high profile campaign on the horizon that captures the sentiment of a nation experiencing seismic change.
Let’s have a look at today’s corporate news. Greggs, Britain’s biggest bakery chain (known for its vegan sausage roll) has warned that sales won’t get back to pre-pandemic levels for as long as physical distancing continues.
But it’s fared better than other retailers: sales are now running at 72% of the 2019 level. All of its 2,050 stores reopened by July, after being forced to close during the Covid-19 lockdown imposed on 23 March. Greggs made a £65.2m loss before tax in the first half, compared with a £36.7m profit a year ago.
Continue reading...The Oklahoma City-based company helped turn the US into a global energy powerhouse but ran up huge debts in the process
Chesapeake Energy, the shale gas drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection.
The Oklahoma City-based company said on Sunday that it had been forced to enter chapter 11 protection because its debts of $9bn were unmanageable.
Continue reading...If discredited president refuses to accept imminent ruling over March vote, investors likely to be scared off
Allegations of mass vote fiddling in the former British colony of Guyana may lead to the country’s discredited government being ostracised unless a court hearing next week can resolve a bitter dispute over election results.
The political stakes in Guyana have risen massively since May 2015 when Exxon Mobil discovered oil reserves potentially worth more than $100bn (£80bn) 200km (124 miles) off the coast – a find big enough to transform a Latin American country of fewer than 1 million people with a GDP of $3bn largely based on sugar, timber, molasses and bauxite. Its current income of $5,250 per head is projected to rise to above $10,000 next year alone.
Continue reading...Nigeria and Iraq also agree to cuts as prices begin to recover with coronavirus lockdowns easing
Opec, Russia and allies have agreed to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.
The group, known as Opec+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.
Continue reading...Exclusive: oil trading division of global commodities trader thought to be target of probe
Global commodities trader Trafigura is under investigation by US authorities for alleged corruption and market manipulation relating to oil trading, the Guardian has learned.
The Commodities and Futures Trading Commission (CFTC) is leading a far-reaching probe into the activities of the oil and metals trading house, including its operations in South America.
Continue reading...El confinamiento y la caída del precio del petróleo ponen en juego el futuro de un enorme yacimiento petrolífero argentino
En las próximas semanas, se esclarecerá si el mundo vuelve a los combustibles fósiles tras la pandemia o si da un paso adelante hacia una economía limpia, mientras el FMI (Fondo Monetario Internacional) y Argentina deciden si van a continuar ofreciendo su apoyo a los inmensos yacimientos de petróleo y gas de Vaca Muerta, en Patagonia.
El objetivo del proyecto es explotar el segundo depósito más grande de esquisto del planeta (después de la Cuenca Pérmica, en Texas), pero su futuro es incierto debido al confinamiento forzoso provocado por COVID-19, que ha causado el descenso más drástico en el precio del crudo de los últimos treinta años.
Continue reading...Ships able to carry 2m barrels chartered for $335,000 a day to store oil unwanted during the Covid-19 pandemic
Giant oil tankers are being used to hold record amounts of crude at sea due to a global oversupply that threatens to overwhelm the world’s storage facilities.
A record 160m barrels of oil has been stored in “supergiant” oil tankers outside the world’s largest shipping ports following the deepest fall in oil demand in 25 years because of the coronavirus pandemic.
Continue reading...Court rules accountancy firm breached code of ethics in its dealings with a refiner
A former partner at the accounting firm EY has been awarded $10.8m (£8.6m) in damages after being forced out of his job when he exposed professional misconduct during an audit of a Dubai gold refiner.
The high court in London ruled on Friday that EY had repeatedly breached the code of ethics for professional accountants in its dealings with one of its clients, Kaloti Jewellery International.
Continue reading...Firm to cut carbon intensity by selling more green energy but critics say first step must be to stop new drilling
Royal Dutch Shell plans to become a net zero-carbon company by 2050 or sooner by selling more green energy to help reduce the carbon intensity of its business.
Ben van Beurden, Shell’s chief executive, said the company must focus on the long-term “even at this time of immediate challenge” caused by the Covid-19 pandemic.
Continue reading...Saudi Arabia and Russia reach truce after collapse in demand caused by coronavirus
The world’s largest oil producers have agreed a historic deal to cut global oil production by almost 10% to protect the market against the impact of the coronavirus pandemic.
Members of the Opec oil cartel and its allies have agreed to withhold almost 10m barrels a day from next month after the outbreak of Covid-19 wiped out demand for fossil fuels and triggered a collapse in global oil prices.
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