There are far better ways to tackle climate breakdown, but successive governments have chosen to listen to the fossil fuel companies instead The new prime minister will be looking for money? Well, here’s £21.7bn lying on the ground. The government could cancel its deranged, disastrous carbon capture and storage (CCS) programme at no cost to public welfare: in fact, it would greatly reduce the harm...
There are far better ways to tackle climate breakdown, but successive governments have chosen to listen to the fossil fuel companies instead The new prime minister will be looking for money? Well, here’s £21.7bn lying on the ground. The government could cancel its deranged, disastrous carbon capture and storage (CCS) programme at no cost to public welfare: in fact, it would greatly reduce the harm we will suffer. Sorry, did I say £21.7bn? That’s the figure the government has been putting in its press releases for spending on this programme between now and 2050. But this covers only the first phase of the project. The climate experts Dr Andrew Boswell and Simon Oldridge worked through the data produced by the government’s Climate Change Committee, which was scattered across different spreadsheets, and discovered that the projected cost of the full CCS programme between now and 2050 is £264bn . George Monbiot is a Guardian columnist Continue reading...
Crude oil futures ( CL1:COM ) ( CO1:COM ) climbed more than 2% overnight as supply concerns reignited after the U.S. and Iran traded fresh strikes, threatening their fragile truce. Iran targeted U.S. military sites in Bahrain and Kuwait on Wednesday after the U.S. launched strikes on Iran in response to attacks on three commercial vessels transiting the Strait of Hormuz. "U.S. forces struck Irania...
Crude oil futures ( CL1:COM ) ( CO1:COM ) climbed more than 2% overnight as supply concerns reignited after the U.S. and Iran traded fresh strikes, threatening their fragile truce. Iran targeted U.S. military sites in Bahrain and Kuwait on Wednesday after the U.S. launched strikes on Iran in response to attacks on three commercial vessels transiting the Strait of Hormuz. "U.S. forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait to degrade Iran's ability to continue attacking international commerce flowing through the international trade corridor," the U.S. Central Command stated. The U.S. also revoked its authorization of Iranian oil sales in the international market following the ship attacks. Iran's foreign ministry said the license revocation less than 20 days after the Islamabad Memorandum of Understanding was signed "is yet another indication of the U.S. administration's bad faith, inconsistency, and unreliability." "While the revocation doesn't fundamentally change oil market dynamics, it's important from a sentiment perspective," ING economists noted. "It heightens the risk of a breakdown in the temporary deal between the U.S. and Iran." Meanwhile, Iran's parliament speaker Mohammad Baqer Qalibaf accused the U.S. of breaching the ceasefire by "violating Iranian adjustments in the Strait, persistent threats of further strikes, reinstating oil sanctions, attacks on southern Iran and continued Zionist aggression on Lebanon." More on crude oil Commodities: Oil Bounces On Persian Gulf Re-Escalation The OPEC Oil Production Increase Announcement Is The Least Of My Concerns U.S. crude stockpiles fell 400K barrels last week, API says Crude jumps as U.S. resumes strikes on Iran, revokes Iran's authorization to sell oil
slowmotiongli/iStock via Getty Images Thesis Summary Sandisk ( SNDK ) has sold off hard in the last week, but I believe this could ultimately be a buying opportunity. NAND supply remains structurally tight, and Wall Street's price target hikes have actually accelerated. I explained in my last post why Sandisk is one of the best-positioned stocks to benefit from what comes next in AI, which is why ...
slowmotiongli/iStock via Getty Images Thesis Summary Sandisk ( SNDK ) has sold off hard in the last week, but I believe this could ultimately be a buying opportunity. NAND supply remains structurally tight, and Wall Street's price target hikes have actually accelerated. I explained in my last post why Sandisk is one of the best-positioned stocks to benefit from what comes next in AI, which is why it is first on my dip buying list. But when and where exactly do we buy the Sandisk dip? That depends on the three criteria I will lay out below: fundamentals, technicals and macro. Once one, two or all of these begin to line up, we can begin to dip our feet back into the memory trade. Fundamentals: The AI Trade Isn't Broken, It's Repricing Let's start with what has actually happened. Sandisk hasn’t crashed because its business deteriorated. There are a lot of other factors at play here. Mainly, we are seeing a broader Asian semiconductor selloff that is spilling over into the U.S. Hynix and Samsung are both getting hit hard after Samsung's preliminary Q2 print showed record operating profit but revenue missed consensus. It’s one of those sell-the-news earnings events, which in my view is more about unwinding positioning than fundamentals. For example, UBS just raised its memory outlook recently, HBM demand is now pegged at 33.1bn Gb in 2026, up 90% year over year, with 2027 all the way up to 58.7bn Gb. HBM Supply vs Demand (UBS) UBS believes there will be a 17-point gap between DRAM supply and demand by 2027, which means the shortage bleeding into consumer electronics isn't temporary. Moving into 2030, the HBM market is expected to hit just shy of $10B. HBM Market Forecast (The Business) Meanwhile, Goldman Sachs recently raised its price target on Sandisk to $2,200 from $1,200. Bernstein moved in the same direction, pushing its target to $3,000 on strengthening contract terms. Q4 is just over a month away, and management already guided revenue of $7.75-8.25B with non-GAAP ...
Anna Edwards, Guy Johnson and Paul Dobson break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Guy Johnson and Paul Dobson break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Apple Inc. lost a European Union court fight to stop its App Store and iPhone operating system being hit by the full-force of the bloc’s antitrust crackdown on Big Tech. Judges at the EU’s General Court in Luxembourg disagreed with Apple’s challenge to the services being targeted under the EU’s Digital Markets Act, saying regulators were right to draw the two services under the scope of the rules....
Apple Inc. lost a European Union court fight to stop its App Store and iPhone operating system being hit by the full-force of the bloc’s antitrust crackdown on Big Tech. Judges at the EU’s General Court in Luxembourg disagreed with Apple’s challenge to the services being targeted under the EU’s Digital Markets Act, saying regulators were right to draw the two services under the scope of the rules. The court said it “confirms the designation of Apple as a gatekeeper in relation to the App Store and iOS, and finds the actions concerning the iMessage service to be inadmissible.” Apple — seen as the biggest renegade against the EU’s crackdown — had contested the application of the law on three fronts: EU obligations to make rival hardware work with its iPhone, the regulator’s decision to drag the hugely profitable App Store under the rules, and a decision to probe whether iMessage should have faced the rules, which it later escaped. While Wednesday’s judgment can be appealed to the bloc’s top court, it could meanwhile embolden regulators’ appetite for reining in Silicon Valley firms using the DMA, which has drawn broad scorn both from Apple and Donald Trump’s White House. In a court hearing last year, Apple argued that the law “imposes hugely onerous and intrusive burdens” at odds with Apple’s rights in the EU marketplace. At the time, those claims were rebuffed by the European Commission, with the bloc’s lawyers claiming Apple’s “absolute control” over the iPhone has allowed it to generate “supernormal profits in complimentary markets where its competitors are handicapped and cannot compete with it on an equal footing.” The DMA came onto the EU’s books in 2023 and is designed to clip the wings of the world’s largest technology platforms with a slew of dos and don’ts. But since being enforced by Brussels regulators, the law has drawn the ire of US President Donald Trump and plagued EU-US trade talks. Apple’s App Store has so far faced a €500 million ($571 million) penal...
A landslide occurred in Nanhe town, Tanchang county, Longnan, Gansu province, at around 6:30 a.m. on July 7. Photo: CCTV A sudden landslide in northwest China’s Gansu province killed 21 forestry workers early Tuesday, local authorities said, marking a deadly geological disaster in the mountainous region. The workers were part of a 33-person crew that was trapped while conducting forest-clearing an...
A landslide occurred in Nanhe town, Tanchang county, Longnan, Gansu province, at around 6:30 a.m. on July 7. Photo: CCTV A sudden landslide in northwest China’s Gansu province killed 21 forestry workers early Tuesday, local authorities said, marking a deadly geological disaster in the mountainous region. The workers were part of a 33-person crew that was trapped while conducting forest-clearing and tending operations at the Minjiang Forestry General Farm in Longnan city. Rescuers extracted all 33 workers from the debris, with seven sustaining minor injuries and five escaping unharmed, Longnan Executive Vice Mayor Ma Guokai said at a Wednesday press conference.