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☆ NATO Isn’t Really About Defense, and It Never Was - The New York Times
▼ + stars: | 2023-07-11 | by ( Grey Anderson | Thomas Meaney | ) www.nytimes.com time to read: +4 min

In the realm of defense, the alliance was not as advertised. The war in Ukraine, for all the talk of Europe stepping up, has left that asymmetry essentially untouched. Far from a costly charity program, NATO secures American influence in Europe on the cheap. Before Russia’s invasion of Ukraine, roughly half of European military spending went to American manufacturers. Yet already there are signs that NATO is making headway in getting Europe to follow its lead in the theater.

Persons: — Organizations: NATO, European Union, U.S . Locations: Czech Republic, Prague, United States, Ukraine, Europe, U.S, Brussels, American, America, Washington, Germany, China, South China

☆ Sam Altman explains why he's helping to take nuclear microreactor company Oklo public via SPAC
▼ + stars: | 2023-07-11 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

And if we get those, we'll be quite surprised about how different and how much better the future is," Altman told CNBC in a phone conversation on Friday. I think there's urgent demand for tons and tons of cheap, safe, clean energy at scale," Altman told CNBC. I mean, maybe we could get there just with solar and storage," Altman told CNBC. There's no lack of desire or need for this," Altman told CNBC. Some of that is the reactor's smaller size, but some of it is how the Oklo reactors have been designed.

Persons: Gensler, Sam Altman, Oklo, Jake DeWitte, Aurora, Altman, chatbot, Caroline Cochran, Jacob DeWitte, Y, OpenAI, Joel Saget, He's, We've, DeWitte Organizations: AltC Acquistion Corp, CNBC, Microsoft, Oklo, Y Combinator, Afp, Getty, Helion, Southern, Initiative, U.S . Department of Energy, Idaho National Laboratory, Nuclear Regulatory Commission, NRC Locations: ramping, OpenAI, Paris, Georgia, U.S, Southern Ohio, Idaho

☆ Investments in updating the electrical grid is entering a new phase of growth, which could benefit one stock in particular
▼ + stars: | 2023-07-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The effort to upgrade the U.S. power grid is heating up rapidly, according to UBS, which says the trend could be a driver for Quanta Services stock. Analyst Steven Fisher wrote in a Monday note that "electric grid investment is entering a new phase of growth, with renewables activity accelerating and large transmission projects gaining momentum." Fisher attributed the growth of these large scale projects to the IRA, which contained about $350 billion in funds for investments into renewable energy and updating the power grid. "For Quanta, we believe the implications of this new phase include potentially faster top-line growth, higher margins and increasing scope on projects," Fisher said. In addition to large transmission projects already planned, Fisher updated the list to include Oregon Public Utility Commission's Boardman to Hemmingway as well as Colorado's Power Pathway and Ready Wyoming .

Persons: Steven Fisher, Fisher, Boardman, Michael Bloom Organizations: UBS, Biden Locations: Oregon, Hemmingway, Wyoming

☆ US advances $6.88 billion grant for key New York tunnel project
▼ + stars: | 2023-07-06 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, July 6 (Reuters) - The Biden administration advanced a key $6.88 billion grant to help build a long-delayed new railway tunnel between New York City and New Jersey, which would be the largest ever federal transportation grant for a single project. The $17.2 billion Hudson Tunnel Project will repair an existing tunnel and build a new one for passenger railroad Amtrak and state commuter lines between New Jersey and Manhattan. The 112-year-old rail tunnel carries 200,000 passenger trips per day on New Jersey Transit and Amtrak along the Northeast Corridor. In 2010, then-New Jersey Governor Chris Christie pulled state funding for the tunnel project. Amtrak said on Thursday acceptance of the tunnel project into the engineering phase "has been years in the making, and we are thrilled to be even closer to the start of major construction on this critical Gateway Program project."

Persons: Sandy, Chuck Schumer, Cory Booker, Chris Christie, Donald Trump, Schumer, Trump, David Shepardson, Richard Chang Organizations: Biden, Amtrak, Federal Transit, Capital Investment, Gateway Development Commission, Federal Railroad Administration, New Jersey Democratic, New Jersey Transit, Democrats, Thomson Locations: New York City, New Jersey, Manhattan, New York, Washington, New, Jersey, Newark , New Jersey, Boston

☆ Factbox-Companies respond to China's curbs on gallium and germanium exports
▼ + stars: | 2023-07-06 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

REUTERS/Florence Lo/IllustrationFollowing are responses from some companies to the announcement of curbs from Aug. 1 on Chinese gallium and germanium exports. * Dowa Holdings, the world’s top producer of high-purity gallium used in products such as wafers and LEDs, said it was investigating the situation. * A spokesperson for Fujitsu said the company “is currently not active in the semiconductor business, so we are not directly impacted by the export regulations. * Microchip Technology said its initial assessment is that there will not be a material impact. * Stellantis Chief Executive Carlos Tavares said the restrictions on gallium and germanium exports should not push Western companies to “decouple” from China.

Persons: Florence Lo, chipmaker, Carlos Tavares, ” Tavares Organizations: Reuters, REUTERS, Semiconductor, Association of Japan, Dowa Holdings, Fujitsu, Nichia, Sumitomo Chemical, Nasdaq, Semiconductors, Technology, Intel, Infineon, European Union, Navitas Semiconductor Corp Locations: China, United States, U.S

☆ TSMC does not expect direct production impact from China's metal export curbs
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, July 6 (Reuters) - Taiwan's TSMC (2330.TW), the world's largest contract chipmaker, said on Thursday it does not expect any direct impact on its production from China's decision to restrict exports of two metals widely used in semiconductors and electric vehicles. That followed the U.S. decision to impose export restrictions to curb China's access to key technologies used for artificial intelligence. "After evaluation, we do not expect the export restrictions on raw materials gallium and germanium will have any direct impact on TSMC's production," Taiwan Semiconductor Manufacturing Co said in an emailed statement. China's restrictions will have a very limited impact on the company's short-term procurement and wafer production and delivery, WIN added. Visual Photonics Epitaxy said it had noticed little effect so far from China's export restrictions.

Persons: TSMC, chipmaker, Janet Yellen's, Yellen, Liao Chien, Ben Blanchard, Roger Tung, Tom Hogue, Jamie Freed Organizations: Apple, Nvidia, Taiwan Semiconductor Manufacturing, Treasury, Capital Securities Corp, WIN Semiconductors, Reuters, WIN, Visual Photonics, Photonics, Thomson Locations: TAIPEI, Beijing, U.S, Taiwan, Taipei, China, Germany, Japan

BEIJING, July 5 (Reuters) - China's Commerce Minister told foreign pharmaceuticals firms they can expect "more development opportunities" during a roundtable on Wednesday, his ministry said, as drugmakers bemoan government procurement policies pricing them out of the market. Foreign pharmaceuticals firms have struggled to cement any inroads they have made into the world's second-largest economy, with the government maintaining a drug procurement programme that forces them to slash their prices and refusing to approve the use of any foreign COVID-19 vaccines during the pandemic. But as China pursues home-grown modernisation it will also open up "more development opportunities for foreign-funded enterprises, including the pharmaceutical industry," Wang told the meeting. Wang told the meeting on Wednesday that his ministry will expand the channels of communication for responding to and solving concerns, with the meeting resulting in 25 specific suggestions to be taken forward. Reporting by Joe Cash; Additional reporting by Kevin Yao;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Takeda, Wang Wentao, Wang, Li Qiang, Li, drugmakers, Joe Cash, Kevin Yao, Elaine Hardcastle Organizations: China's Commerce, AstraZeneca, Bayer, Merck, Novo Nordisk, Pfizer, Sanofi, Moderna, Wednesday, Economic, Thomson Locations: BEIJING, China, Tianjin

☆ Germany to buy 60 Chinooks for up to 8 bln euros -lawmakers
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

BERLIN, July 5 (Reuters) - Germany will buy 60 Chinook helicopters from Boeing (BA.N) in a package that will cost up to 8 billion euros ($8.7 billion), including necessary infrastructure for the aircraft, two members of the parliamentary budget committee told Reuters on Wednesday. The sum includes the procurement of the CH-47 heavy-lift helicopters for 6.27 billion euros, 700 million euros for service, 240 million euros for national contracts and 750 million euros for infrastructure, according to earlier information. Germany said it planned to buy 60 Chinook heavy-lift helicopters from Boeing last year to replace its ageing CH-53 fleet. Originally, 6 billion euros had been budgeted. German Chancellor Olaf Scholz shifted policy in February 2022 after Russia invaded Ukraine, sharply increasing defence spending and committing 100 billion euros for the Bundeswehr, Germany's armed forces.

Persons: Olaf Scholz, Sebastian Schaefer, Holger Hansen, Sabine Siebold, Friederike Heine, Emelia Organizations: Boeing, Reuters, Wednesday, Bundeswehr, Greens, Thomson Locations: BERLIN, Germany, Holzdorf, Berlin, Poland, Russia, Ukraine

☆ Inside Ukraine's tech push to counter Russian 'suicide' drone threat
▼ + stars: | 2023-07-05 | by ( Tom Balmforth | ) www.reuters.com time to read: +6 min

One man arrived in shorts and a baseball cap with a large drone under his arm. Another participant, Yuriy, an engineer and deputy head of a Ukrainian company, said his team presented designs for new anti-drone electronic warfare systems that would be more effective against Shaheds. "This really is an unprecedented war of drones," Fedorov said, adding that Ukraine's military technology innovation had boomed since Russia's invasion. Anatoliy Khrapchynskyi, who works for a firm developing electronic warfare technology, contrasted Ukraine's approach to technological innovation with Russia's. "There were seven companies that could sell drones to the state when we began this project last year.

Persons: Yuriy Motov, Alina Smutko, Mykhailo Fedorov, Oleksandr Kubrakov, Fedorov, Oleksandr, Yuriy, Yurii, Shchyhol, Anatoliy Khrapchynskyi, ", " Fedorov, Tom Balmforth, Mike Collett, White, Gareth Jones Organizations: REUTERS, Russian, Reuters, Shaheds, Army, Defence Ministry, Thomson Locations: Ukraine, Russia, KYIV, Kyiv, Ukrainian, Yemen, Syria, Nagorno, Karabakh, China

☆ Gazprom subsidiary files lawsuits against Deutsche Bank and Commerzbank
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 4 (Reuters) - RusKhimAlyans, a subsidiary of Russian gas giant Gazprom (GAZP.MM), has filed lawsuits seeking a total of 31 billion roubles ($348 million) from Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE), Russian court documents show. RusKhimAlyans, in which Gazprom has a 50% stake, is seeking more than 22 billion roubles from Deutsche Bank and over 8 billion roubles from Commerzbank, according to the documents filed at the Court of Arbitration of St Petersburg and the Leningrad Region. In 2021, Linde and Renaissance Heavy Industries signed an engineering, procurement and construction (EPC) contract with Gazprom and its partners for the Ust-Luga gas complex. Linde notified the customer in May and June 2022 that it had suspended work under the contract due to European Union sanctions imposed after Russia sent thousands of its troops into neighbouring Ukraine. ($1 = 89.0585 roubles)Reporting by Vladimir Soldatkin; Editing by David Goodman and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Linde, Vladimir Soldatkin, David Goodman, Emelia Organizations: Gazprom, Deutsche Bank, Linde, Renaissance Heavy Industries, Ust, Thomson Locations: MOSCOW, Commerzbank, Petersburg, Leningrad Region, Baltic, Ust, Luga, Russia, Ukraine

☆ Neutral Switzerland wants to take part in Sky Shield defence project
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +2 min

ZURICH, July 4 (Reuters) - Switzerland wants to participate in the European Sky Shield air defence umbrella, the government said on Tuesday, a move which critics say is incompatible with the country's long-standing tradition of neutrality. European Sky Shield is a common air defence scheme set up by Germany in 2022 to boost European air defence, an issue which has come into sharper focus since Russia's invasion of Ukraine. "Switzerland wishes to participate in the European Sky Shield Initiative and a declaration of intent is due to be signed in Bern," the Defence Ministry told Reuters, confirming an earlier report by broadcaster SRF. Some 17 European countries have so far signed up to the Sky Shield project including Germany, Britain, Finland and Sweden. The Sky Shield move has provoked concerns from Switzerland's neutrality lobby.

Persons: Viola Amherd, Werner Gartenmann, John Revill, Gareth Jones Organizations: Sky, Swiss, Sky Shield, Defence Ministry, Reuters, SRF, Patriot, Pro Schweiz, NATO, Thomson Locations: ZURICH, Switzerland, Germany, Ukraine, Austria, Bern, Britain, Finland, Sweden, Swiss, Denmark

☆ Panasonic needs four more EV battery plants, executive says
▼ + stars: | 2023-07-03 | by ( Miho Uranaka | ) www.reuters.com time to read: +3 min

The comments by Shoichiro Watanabe of Panasonic Energy are the Tesla (TSLA.O) supplier's first clear indication of the number of additional factories it will need. "We will need to build around another four factories," Watanabe, the company's chief technology officer, said in an interview at its headquarters in Osaka on Friday. He signalled an openness to potential joint ventures for EV battery production, with automaker Mazda Motor (7261.T) among others, citing the changing nature of such projects in which investment is no longer shouldered by battery makers alone. Panasonic will not rule out the possibility of a joint battery venture with Mazda as part of a supply partnership the companies are working out, Watanabe said. They aim to sign off on it this year, and expect to supply batteries after 2025.

Persons: Shoichiro Watanabe, Miho Uranaka, Watanabe, Elon Musk, Miho Uranka, Daniel Leussink, David Dolan Organizations: Panasonic Energy Co, REUTERS, Panasonic, Reuters, Panasonic Energy, EV, Mazda, NORTH AMERICA Panasonic, U.S, Thomson Locations: Moriguchi, Osaka prefecture, Japan, Miho Uranaka OSAKA, United States, Nevada, Kansas, Osaka, North America, Oklahoma

☆ Angered by counteroffensive complaints, Ukraine's top general says the expected mission is 'not feasible at all' with just the weapons his army has now
▼ + stars: | 2023-06-30 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

But Valerii Zaluzhnyi, Kyiv's top general, doesn't want to hear complaints that it's moving too slow. The pace is grinding in some sectors of the front, but Kyiv's top general says he doesn't want to hear complaints it's going too slow. Kyiv's military is currently undergoing several offensive maneuvers along the front lines in the eastern and southern regions and has made small — but, at times, costly — territorial gains in the process. Armed with the right missiles, these aircraft could help support Ukraine's air defenses and inflict damage on Russian positions at range. "So we just need to continue to support Ukraine and ensure that Ukraine prevails as a sovereign independent nation in Europe."

Persons: Valerii, —, it's, Valerii Zaluzhnyi, Zaluzhnyi, Sasha Maslov, Ukraine doesn't, Neskucne, Ercin Erturk, Biden, Pat Ryder, Mark Milley, there's, GENYA SAVILOV, wishlist, Jens Stoltenberg, We'll, Stoltenberg Organizations: Washington Post, Service, Ukraine, Ukraine's Armed Forces, Ukrainian Air Assault Forces, Washington, Getty, NATO, Ukraine's, Pentagon, Russia, Ukrainian Army, Anadolu Agency, Getty Images, Army Tactical Missile, Artillery, Street, Pentagon Press, Air Force, Joint Chiefs, Staff Locations: Ukraine, Russian, British, Russia, Storojove, Donetsk, ATACMS, Ukrainian, Avdiivka, AFP, Denmark, Netherlands, Europe, Lithuania

HANOI, June 29 (Reuters) - Vietnam on Thursday reported faster economic growth in the second quarter, driven by the services sector, despite a slump in exports. Gross domestic product (GDP) in the second quarter grew 4.14% from a year earlier, faster than the 3.28% expansion seen in the first quarter, the General Statistics Office (GSO) said in a report. First quarter growth was revised down from 3.32%. The services sector grew 6.11% in the second quarter from a year earlier, while the agricultural sector grew 3.25%, and the manufacturing and construction sector expanded 2.50%, the GSO said. "The government's policies to encourage domestic consumption and promote tourism have contributed to the growth of the services sector," the agency said.

Persons: Kanupriya Kapoor Organizations: Gross, General Statistics Office, Thomson Locations: HANOI, Vietnam

☆ Vietnam jails former coast guard chief for 16 years for embezzlement
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

HANOI, June 29 (Reuters) - A military court in Vietnam on Thursday sentenced a former coast guard commander to 16 years in prison, after finding him guilty of embezzlement in siphoning off $2 million from military procurement deals, state media reported. Nguyen Van Son, 59, was convicted of masterminding the theft of 50 billion dong ($2.12 million) while head of the coast guard, in what the judge described as a "particularly serious case" that hurt the image of the defence services, Voice of Vietnam (VOV) reported. The six other former top coast guard officials received prison time ranging from 10 to 15 and a half years each for their involvement in the embezzlement, VOV said. They were arrested last year, according to the defence ministry, which said Son was responsible for violations between 2015 and 2020, including "financial mismanagement" and "procurement irregularities". ($1 = 23,569 dong)Reporting by Phuong Nguyen; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nguyen Van Son, Nguyen Phu Trong, VOV, Son, Phuong Nguyen, Martin Petty Organizations: Communist Party, Thomson Locations: HANOI, Vietnam, siphoning

☆ Berlin and Paris 'missing in action' as EU lacks leadership in defence, report says
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

"The crucial capability gap in European defence is still political leadership," the Munich Security Report on European Defence said. The annual Munich Security Conference, usually held in February, is an influential global gathering of top policymakers and analysts to debate defence and security challenges. The report said Germany and France in particular were "missing in action" at a time when European Commission chief Ursula von der Leyen and EU top diplomat Josep Borrell are driving EU support for Kyiv and joint procurement initiatives. "Under the (Chancellor Olaf) Scholz government, Germany has faced recurrent criticism for its absence in EU defence questions," it said. "The onus is on Germany and France to win back trust," the report said, adding that time was of the essence in speeding up defence cooperation.

Persons: Emmanuel Macron, Olaf Scholz, Sarah Meyssonnier, Ursula von der Leyen, Josep Borrell, Chancellor Olaf, Scholz, Sabine Siebold, Mark Heinrich Our Organizations: Weimar, REUTERS, Munich Security, European Defence, Munich Security Conference, European Commission, Kyiv, Thomson Locations: Paris, France, BERLIN, Germany, Europe, Ukraine, Munich, Russia

☆ 3 major companies trying to move supply chains out of China, and how they're faring in their attempts to move away from the factory of the world
▼ + stars: | 2023-06-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Ted Cannis, a senior executive at Ford, told the Financial Times in December that there is a "large-scale rethinking of logistics operations" across the auto supply chain. "The supply chain is going to be the focus of this decade," Cannis said. Among the companies Apple is relying on to make the Vision Pro is Taiwan's Foxconn — which is the main supplier shifting its supply chain away from China. The move was made after China's COVID-19 lockdowns rocked supply chain and production timelines, but prices are the real driving reason behind the move. "Right now, robustness of our supply chain also needs to be considered to ensure the stable procurement of parts."

Persons: —, Donald Trump, lockdowns, COVID, Ashutosh Sharma, Forrester, Ted Cannis, Cannis, China's, Wellsenn, Cowell, Liu Young, TSMC, Morris Chang, Chips, Dylan Patel, SemiAnalysis, Tim Cook, Fang DongxuFeature, Mazda, China's COVID, Masahiro Moro, ", Moro Organizations: Mazda, Service, Privacy, East, Ford, Financial Times, Apple, Vision, Apple's, Cowell e Holdings, Future Publishing, Reuters Locations: China, India, Zhengzhou, Henan, Vietnam, Mexico, Taiwan, Arizona, Nanjing, Fang DongxuFeature China, Japan Japanese, Japan

☆ Volkswagen China chief asks China's premier Li for clarity on data transfers
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

BERLIN, June 27 (Reuters) - Volkswagen's (VOWG_p.DE) head of its business in China said on Tuesday that the carmaker needed clarity on cross-border data transfers in a meeting with the country's Premier Li Qiang, asking how China would cooperate with Europe amid rising political tensions. "As a globalized industry, the transformation of the automotive sector highly depends on international exchange of personnel, data and knowledge. We therefore need more clarity on cross-border data transfers," executive Ralf Brandstaetter said, according to a copy of the speech held at a World Economic Forum meeting in Tianjin. "What are the major considerations of China, and how China will cooperate with Europe in this regard?" SAIC Volkswagen Automotive Co joined in the price war in March, offering 3.7 billion yuan ($512.52 million) in cash subsidies for car purchases in China.

Persons: Li Qiang, Ralf Brandstaetter, Brandstaetter, Victoria Waldersee, Matthias Williams Organizations: Volkswagen, Qualcomm, Horizon Robotics, Tesla, SAIC Volkswagen Automotive Co, Thomson Locations: BERLIN, China, Europe, Tianjin, North America, Italian, Hefei

☆ France conducts maiden test of hypersonic glider
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

The agency said a sounding rocket carrying a VMAX hypersonic glider launched on Monday from the Biscarosse missile test site on the Bay of Biscay, southwestern France. In 2019, France contracted aerospace company ArianeGroup to manage the VMAX program, aimed at developing a hypersonic glider demonstrator. Hypersonic gliders — unpowered, manoeuvring vehicles flying at speeds greater than Mach 5 (6,000km/h) — have been under study by major nuclear powers for several years. Hypersonic gliders are being designed to carry a nuclear or conventional warhead. Unlike ballistic missiles whose trajectories are fixed at launch, hypersonic gliders can change direction at high speed.

Persons: Emmanuel Macron, Stephanie, Read, Dominique Vidalon, Richard Lough, Christina Fincher Organizations: EU, International Paris Air, des, REUTERS, Thomson Locations: Paris, France, PARIS, Biscay

Roszarubezhneft's five joint ventures now must rely on PDVSA-designated intermediaries that take a large share of the revenues for their services, the people said. The joint ventures are owed about $3.2 billion from sales handled by PDVSA, one of the people said. Roszarubezhneft, Russia's oil ministry, PDVSA and Venezuela's oil and foreign affairs ministries did not reply to requests for comment. It also could help PDVSA make progress toward its goal of raising Venezuela's oil output by 40% this year. Oil production at the five joint ventures has dwindled as U.S. sanctions have hampered investment and maintenance work, and deterred many buyers of Venezuelan crude.

Persons: PDVSA's Jose Antonio, Carlos Garcia Rawlins, PDVSA, Rosneft, Nicolas Maduro's, Roszarubezhneft, Alexandra Ulmer, Marianna Parraga, Vivian Sequera, Daniel Flynn Organizations: REUTERS, Chevron, PDVSA, Reuters, Washington, U.S . Treasury, National Security, State Department, Nicolas Maduro's United Socialist Party, Assembly, Thomson Locations: PDVSA's, Anzoategui, Caracas, Moscow, Venezuela, U.S, Russia, Ukraine, Roszarubezhneft, Venezuela's, Rosneft

☆ Aramco, TotalEnergies sign $11 billion contract to build petrochemicals complex in Saudi Arabia
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: 1 min

[1/2] A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoJune 24 (Reuters) - Saudi Arabian Oil Company (Aramco) (2222.SE) and TotalEnergies (TTEF.PA) have signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia, the two companies said in a joint statement on Saturday. "Aramco and TotalEnergies today awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion "Amiral" complex, a future world-scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi Arabia," the statement read. Reporting by Hatem Maher and Omar Abdel-Razek; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Hatem Maher, Omar Abdel, Toby Chopra Organizations: REUTERS, Saudi Arabian Oil Company, Aramco, TotalEnergies, Procurement, Thomson Locations: Saudi Aramco, Saudi, Saudi Arabia, Kingdom of Saudi Arabia

☆ Italy's Maire Tecnimont wins $2 billion Saudi Arabia petrochemical contracts
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

June 24 (Reuters) - Italian engineering group Maire Tecnimont (MTCM.MI) said it has won two contracts valued at about $2 billion related to a petrochemical expansion at the SATORP refinery in Saudi Arabia. SATORP refinery, located in Jubail, Saudi Arabia, is a joint venture between Saudi Aramco and French company TotalEnergies. The engineering, procurement and construction lump sum turnkey contracts will drive the Italian oil services group's revenues growth for 2023 and beyond, the company said in a statement on Saturday. The contracts will bring its year-to-date order intake to over 2.6 billion euros ($2.83 billion), it added. Earlier on Saturday, Saudi Arabian Oil Company (Aramco) (2222.SE) and TotalEnergies (TTEF.PA) signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia.

Persons: Maire Tecnimont, Alessandro Bernini, Mrinmay Dey, Ros Russell Organizations: Saudi Aramco, Saudi Arabian Oil Company, Aramco, Thomson Locations: Saudi Arabia, Jubail, Saudi, Bengaluru

☆ Brazil's Lula calls for 'common sense' negotiations on EU-Mercosur trade pact
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +2 min

June 24 (Reuters) - Brazilian President Luiz Inacio Lula da Silva on Saturday urged the European Union and the Mercosur to set aside arrogance and negotiate the long-awaited trade agreement between the blocs with common sense. "It's important to remember that we need the EU and they need us very much. So it's important that we put a little bit of arrogance aside and we try to use common sense for us to negotiate. The clause was agreed upon by former Brazilian President Jair Bolsonaro to speed up the deal. The agreement was struck in 2019 after lengthy negotiations but was then put on hold largely due to European concerns over Amazon deforestation.

Persons: Luiz Inacio Lula da Silva, Lula, Emmanuel Macron, Jair Bolsonaro, Alexandre Caverni, Peter Frontini, Marguerita Choy Organizations: Saturday, European Union, Mercosur, France, Thomson Locations: Paris, Brazilian, Brazil

☆ Berlin plans to spend 8 billion euros in package for 60 Boeing Chinook helicopters
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

BERLIN, June 23 (Reuters) - Germany aims to purchase 60 Chinook helicopters from Boeing (BA.N) in a package that would cost up to 8 billion euros ($8.71 billion), including necessary infrastructure for the aircraft, a parliamentary source told Reuters on Friday. The sum includes the procurement of the CH-47 heavy-lift helicopters for 6.27 billion euros, 700 million euros for service, 240 million euros for national contracts and 750 million euros for the infrastructure, the source said, confirming reports by other media. Germany announced its intent to buy 60 Chinook heavy-lift helicopters from Boeing (BA.N) last year to replace its ageing CH-53 fleet. Originally, six billion euros had been budgeted for the helicopters. Germany's Chancellor Olaf Scholz shifted policy in February 2022 after Russia invaded Ukraine, sharply increasing defense spending and committing 100 billion euros for the Bundeswehr, Germany's armed forces.

Persons: Olaf Scholz, Sabine Siebold, Maria Sheahan, Tom Sims Organizations: Boeing, Bundeswehr, Thomson Locations: BERLIN, Germany, Russia, Ukraine

☆ Google’s CSO Kate Brandt on How AI Can Accelerate Climate Action
▼ + stars: | 2023-06-22 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +8 min

Kate Brandt has been working since 2015 to make Google’s operations and products more sustainable and was named its chief sustainability officer in 2018. Early in her career, Brandt worked on climate and energy in the White House, the Pentagon and the Energy Department during the Obama administration. I kind of teared up and felt really excited to see this momentous occurrence in the climate movement. We’re going to see more and more opportunities—whether that’s for governments, for businesses, for nonprofits and NGOs—to use AI to really accelerate their climate work. Google’s total carbon footprint increased last year—what happened?

Persons: Kate Brandt, Brandt, Obama, Kate, I’ve, We’ve, Ben Gomes, Rochelle Toplensky Organizations: Pentagon, Energy Department, Google, UPS, Greenlight, Rainforest, Sustainable Business, Rochelle Locations: Washington, Paris, California, Muir Beach, U.S, Hamburg, Germany

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