Top U.S. Gulf of Mexico oil producer Shell said on Thursday it halted production at three U.S. Gulf of Mexico deepwater platforms after a leak shut two pipelines connecting the platforms, adding it expected pipeline service to resume on Friday. A failure at an onshore pipeline junction in Louisiana leaked about two barrels of oil, said Chett Chiasson, executive director of Greater Lafourche Port Commission. A Shell spokesperson said the leak, approximately two barrels of oil, has been contained, and the company expects the Mars and Amberjack pipelines to return to service on Aug. 12.
Japanese vehicle maker Hino Motors Ltd and its parent, Toyota Motor Corp, have been accused of historical misconduct in a class action lawsuit brought in the United States, Hino said on Friday. The case, in the Southern District of Florida, has been filed on behalf of those who bought or leased 2004-2021 model year Hino trucks in the United States, the company said in a statement. An investigation report this month by a company-commissioned panel said Hino, Toyota's major affiliate, had falsified emissions data on some engines going back to at least 2003, or more than a decade earlier than previously indicated.
More than half of Canadians believe the metaverse will be part of everyday life within the next decade, study says
Nigeria's President Muhammadu Buhari has withheld his initial approval of Exxon Mobil's sale of local offshore shallow water assets to Seplat, his spokesman said on Thursday, after the oil regulator refused to give its consent. Buhari on Monday consented to the $1.28 billion transaction, only for the Nigerian Upstream Petroleum Regulatory Commission to say it opposed the deal, although it did not give a reason. The transaction is being closely watched by other oil majors like Shell and TotalEnergies, who have announced plans to sell some local assets.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the "Company" or "MindMed"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, today reported its financial results for the quarter ended June 30, 2022.
Russia is considering buying the currencies of "friendly" countries such as China, India and Turkey to hold in its National Wealth Fund (NWF), having lost the ability to buy dollars or euros due to sanctions, the central bank said on Friday. The bank said it was sticking to the policy of a free-floating rouble exchange rate but highlighted that it was important to reinstate a budget rule which diverts excess oil revenues into the country's rainy day fund. In a report on its monetary policy for 2023-2025, the central bank said various options on how to return to the fiscal rule and replenish the NWF are now being discussed, taking into account the Western sanctions against Russia over its actions in Ukraine.
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More than 40% of marketing professionals said voice assistant applications were the top priority trend for them to implement, the 2022 Voice Branding Trends Report from Voices, the #1 voice marketplace, found.
Plunging valuations have made biotech companies tempting acquisition targets for cash-rich Big Pharma and a flurry of deals is just what the battered sector needs to turn a corner. Pfizer's $5.4 billion acquisition of Global Blood Therapeutics, which was announced on Monday, is the fourth deal in the sector since the pharma giant bought Biohaven for $11.6 billion in May, adding to optimism that large drugmakers are back in the market to pick up cheaper firms. Industry experts predict biotech firms that are closer to getting their product to market or already have a drug approved are likely to become M&A targets for large drugmakers, some of whom are staring at patent expirations of their cash cow drugs.
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MEXICO CITY (Reuters) -Mexican leasing firm Unifin's debt restructuring is credit negative and could reflect tight refinancing conditions for Mexican financial institutions, Moody's rating agency said on Friday. "Unifin's restructuring and cessation of principal and interest payments will negatively affect Mexico's smaller finance institutions, whose own liquidity profiles and funding sources are strained by heightened global volatility and investors wary of Mexico's," non-bank financial institution sector, Moody's said in its report. Unifin's shares were down 7.21% in late trading Friday.
BERLIN (AP) — German Chancellor Olaf Scholz pledged his government won't leave citizens freezing or unable to pay their energy bills but acknowledged Thursday that his country faces considerable challenges in the coming months. Rising fuel costs sparked by Russia's war against Ukraine have put severe financial strain on many in Germany and beyond, raising concerns about a possible winter of discontent. “We will do everything to help citizens get through this difficult time,” Scholz told reporter
MEXICO CITY (Reuters) -The Bank of Mexico hiked its benchmark interest rate by three-quarters of a percentage point to a record 8.5% on Thursday, mirroring the U.S. Federal Reserve's most recent policy decision as inflation surged to an over two-decade high. The five board members of Banxico, as the central bank is known, voted unanimously for the second 75 basis point hike in a row, saying the board would "assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions." Analysts said that language gave its forward guidance a slightly dovish bias, moderating the tone of its prior monetary policy statement on June 23 when it said the board intended to continue raising rates and would "evaluate taking the same forceful measures if conditions so require."
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WASHINGTON (Reuters) -South Korea's SK Hynix aims to select a U.S. site for its advanced chip packaging plant and break ground there around the first quarter of next year, two people familiar with the matter said, helping the United States to compete as China pours money into the burgeoning sector. SK Group, South Korea's second-biggest conglomerate, owns memory chipmaker SK Hynix and announced the new plant last month as part of a $22 billion U.S.-based investment package in semiconductors, green energy and bioscience projects. The announcement, heralded by the White House, said $15 billion would be allocated to the semiconductor industry through research and development programs, materials, and the creation of an advanced packaging and testing facility.
SAO PAULO (Reuters) -Brazil and Paraguay will resume negotiations regarding conditions for the sale of energy from the Itaipu hydroelectric plant, potentially opening a door for the bi-national company to sell electricity on unregulated markets. In an interview with Reuters, Itaipu's Brazilian Director General Anatalicio Junior Risden said discussions on potential changes in the current sales framework come after the Brazilian government privatized electricity firm Eletrobras, which no longer participates in decisions regarding Itaipu. Itaipu currently sells 100% of its energy on the regulated market, and potential sales in the unregulated space would allow it to act as "a private company," he said.
WASHINGTON (Reuters) -Delta Air Lines can temporarily cut some flights at New York's LaGuardia and John F. Kennedy airports and Ronald Reagan Washington National Airport, the U.S. Federal Aviation Administration (FAA) said on Friday. The FAA said as a condition of approval Delta "should offer customers a refund or rebook them on Delta or another carrier as needed for canceled flights at the three airports." Delta did not immediately comment.
The University of Michigan's preliminary August reading on the overall index on consumer sentiment came in at 55.1, up from 51.5 in the prior month. "All components of the expectations index improved this month, particularly among low- and middle-income consumers for whom inflation is particularly salient," survey director Joanne Hsu said in a statement. Indeed, the survey's one-year inflation expectation fell to a six-month low of 5.0% from 5.2%, while its five-year inflation outlook edged up to 3.0% from 2.9%, holding within a range that has prevailed for the past year.
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