Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand offset concerns about more supply from Iran once sanctions are lifted. Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT, while U.S. […]
Day: May 29, 2021
Oil prices little changed as Iran concerns offset rosy demand outlook
SINGAPORE (Reuters) -Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand in the third quarter offset concerns about more supply from Iran once sanctions are lifted. Brent crude futures for July fell 9 cents, 0.1%, to […]
Oil stocks are the best cyclical, economy reopening bet: Chris Wood
Investors should stick pro-cyclical commodity stocks, especially oil / energy counters, which are the best way to play the reopening of the economy, advised Christopher Wood, global head of equity strategy at Jefferies in his weekly note to investors, GREED & fear. This is despite Beijing’s recent efforts to talk down commodity prices, and despite […]
‘Govt should focus on converting 300 mn on-road vehicles to clean fuels’
The government should focus on converting around 30 crore vehicles currently running on petrol and diesel to clean fuels in a bid to improve the air quality, said Indian Auto LPG Coalition, apex body of Auto LPG stakeholders. In a statement, the industry body said that with mass adoption of electric vehicles still a distant […]
French giant Total rebranded to reflect shift to broad Energy business
French energy major Total has been rebranded to TotalEnergies to reflect a change in identity and its transformation into a broad energy company in its identity. TotalEnergies said that it produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. In tandem with this name change, […]
Govt considering FDI policy tweak to facilitate privatisation of BPCL
The government is considering a tweak in the current foreign direct investment (FDI) policy to allow overseas investors pick up majority stake in the India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), sources said. The government is privatising BPCL and is selling its entire 52.98 per cent stake in the company. For BPCL […]
MG Motor India joins hands with Attero for recycling of EV batteries
MG Motor India on Friday said it has joined hands with Attero for recycling of electric vehicle (EV) batteries in the country. The partnership is aimed at reusing and recycling the Li-ion batteries used in the automaker’s ZS EV units after their end-of-life, MG Motor India said in a statement. Noida-based Attero, which is the […]
While House encouraged by Senate Republicans’ infrastructure counter-offer
White House Press Secretary Jen Psaki said that it is encouraging to see Senate Republicans’ $928 billion infrastructure counter-offer, while noting that major concerns remain. “We are grateful for the work of Senator Capito and her colleagues on this proposal,” Psaki said in a statement on Thursday, referring to Shelley Moore Capito, a Republican Senator […]
Post-cyclone: Tata Power starts restoring electricity supply in Odisha
Tata Power on Friday said it has started restoration work in Odisha where cyclone Yaas caused disruptions. ‘Very severe cyclone’ Yaas made landfall in Balasore in Odisha on Wednesday. TPCODL and TPNODL has mobilised over 13,000 workers at different sites to ensure the quick restoration of power supply in the severely-affected areas, Tata Power said […]
Recovery in energy demand to continue despite Covid-led blip: Ind-Ra
India Ratings and Research (Ind-Ra) on Friday said the recovery in energy demand will continue despite COVID-19 led temporary blip. India Ratings and Research (Ind-Ra) has published the May 2021 edition of its credit news digest on India’s power sector. The report highlights the trends in the power sector, with a focus on capacity addition, […]
DRDO develops near-isothermal forging technology for aero-engines
The Defence Research and Development Organisation (DRDO) has announced a modest step towards achieving the ultimate aeronautical challenge, one that even resource-rich China is struggling to achieve: Developing a jet engine with the thrust to power a fighter in combat. “The DRDO established the near-isothermal forging technology to produce all the five stages of high-pressure […]
DRDO develops near isothermal forging technology for aeroengines’ parts
The Defence Research and Development Organisation (DRDO) has developed the near isothermal forging technology used in manufacturing parts for aeroengines, the defence ministry said on Friday. This technology is used to produce all the five stages of high press compressor (HPC) discs out of titanium alloy using an isothermal forge press weighing 2,000 tonnes, it […]