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July 4th, driven by soaring gold production and improved foreign exchange reserves, Zimbabwes currency ZiG (Zimbabwe Gold) recorded its biggest one-day gain against the US dollar this year. According to data published on the website of the countrys central bank, ZiG rose 0.2% to 26.89 against the US dollar on Friday. The countrys only gold refinery, Fidelity Refining, said in a statement on Friday that gold production increased by nearly 46% to 20,104 kilograms in the first six months of this year. In June this year, its production rose 63% year-on-year. The countrys central bank said that the increase in gold production has tripled foreign exchange reserves. The Reserve Bank of Zimbabwe said last month that it had 3.4 tons of gold in its vaults, more than double the 1.5 tons of gold when ZiG was first issued in April last year. ZiG is the product of the countrys sixth attempt to stabilize its currency in 16 years.Indian official: Trade deal with US will be reached before July 9 only if it is in the interest.On July 4, Zhonghong Medical announced that its subsidiary Zhonghong International (Hong Kong) Trading Co., Ltd. signed an agreement with Guilin Hengbao Protection International Co., Ltd. to acquire 75% of the equity of Southeast Asia SEA3 with its own funds totaling 697 million yuan in cash. At the same time, Zhonghong Hong Kong and Hengbao International will increase capital in SEA3 by 52.9755 million yuan and 22.7038 million yuan respectively. This acquisition does not constitute a related transaction or major asset reorganization and does not need to be submitted to the shareholders meeting for deliberation.Dabrowski, monetary policy committee member of the Polish Central Bank: The key interest rate is expected to drop to 3.5% in 2026.Dabrowski, monetary policy committee member of the Polish Central Bank: The easing cycle may begin in October or November.

Exxon Sees Carbon Capture Market at $4 Trillion by 2050

Aria Thomas

Apr 20, 2022 09:37

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Carbon capture is a critical technique for reducing emissions, according to the International Energy Agency (IEA). It entails capturing CO2 from fossil fuel burning or industrial activities, transferring it by ship or pipeline, and storing it underground in geological formations or using it as a resource to generate goods.


Large oil corporations have invested heavily in making carbon capture and storage (CCS) a viable business, since international organizations such as the Intergovernmental Panel on Climate Change (IPCC) see the technology as critical for mitigating the impacts of global warming.


Exxon is under pressure from the public to lower its overall emissions since their energy transition plan excludes renewable energy sources such as solar and wind. It just recruited Dan Ammann, who formerly oversaw General Motors Co's (NYSE:GM) Cruise self-driving unit, to oversee its Low Carbon division beginning May 1.


Occidental Petroleum (NYSE:OXY), which is creating the world's biggest carbon capture and storage project, recently claimed that CCS could become a $3-5 trillion worldwide business. Occidental's Chief Executive Vicki Hollub said at a March conference that the technology may create as much revenue and cash flow as oil and gas does now.