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On August 12th, Jennifer Bailey, Apples longtime head of payments and wallet services, announced her retirement and will leave the company in October. This departure further exacerbates the trend of management turnover at Apple. Apple is facing the challenge of a number of senior executives reaching retirement age, including Kate Adams and Lisa Jackson, who have recently left the company. Meanwhile, Apple is about to undergo a larger leadership change, with CEO Tim Cook stepping down on September 1st and being succeeded by hardware head John Tenus.On August 12th, the Bank of France stated that the French economy is expected to maintain its growth momentum this quarter. Surveys indicate that third-quarter GDP will grow by 0.2%, unchanged from the previous quarter and slightly higher than the market expectation of 0.1%. The Bank of France stated that economic activity will continue to be driven by the service sector, including transportation, information, and communications. Meanwhile, manufacturing also rebounded in August. Looking ahead, the energy sector is expected to continue expanding, but the construction sector may decline further due to fewer public project contracts. The Bank of France warned that the economic outlook still faces "significant uncertainty," with risks stemming from the Middle East geopolitical situation and extreme weather. A survey of 8,500 companies by the Bank of France showed that the increase in raw material costs and sales prices slowed in July, suggesting that the transmission of spring input cost increases to end-user prices may be nearing completion. The Bank of Frances assessment indicates that the French economy presents complex signals ahead of the presidential election: the economy rebounded in the second quarter, but the unemployment rate rose to a near six-year high, and the government still faces significant budget deficit pressure.A spokesperson for the Houthi rebels in Yemen stated that the Houthi armed forces will continue their operations to combat any Saudi troops attempting to escalate the situation and gain control of Yemen through Saudi military strongholds.On August 12, local time, the U.S. Central Command stated that on August 11, local time, U.S. forces fired on the Panamanian-flagged cargo ship "VelaNova" in the Gulf of Oman. Central Command stated that the ship was en route to an Iranian port, attempting to break through the U.S. blockade against Iran. Central Command stated that after the crew of the "VelaNova" repeatedly ignored U.S. warnings, a U.S. Navy MH-60 helicopter fired two Hellfire missiles at the ships engine room. The ship is currently unable to maneuver and has stopped its journey to Iran. Central Command also stated that as of August 11, the U.S. military had forced 55 merchant ships attempting to break through the blockade to change course, rendered three uncooperative vessels immobile, and boarded and inspected two other ships. The U.S. stated that the blockade against Iran remains in full force.U.S. Treasury Secretary Bessenter: We welcome the release of Muse Glimmer by Meta, another victory for American innovation. Maintaining U.S. leadership in artificial intelligence means advancing both open and closed weight models to ensure the future is built on a trustworthy foundation.

In Colombia, natural gas consumption has outpaced production

Charlie Brooks

Jun 28, 2022 11:31


According to our most recent Colombia Country Analysis Brief, Colombia imported 14,2 billion cubic feet (Bcf) of natural gas to help meet its natural gas demand for electricity in 2020, when a drop in hydroelectric power was caused by drought.


In 2020, hydroelectricity will contribute to around 65% of Colombia's electrical generation, down from nearly 80% in earlier years. Since hydropower is Colombia's principal energy source, droughts may have a significant effect on the country's electrical producing mix.


The bulk of natural gas used in Colombia is produced domestically and employed to create electricity. In recent years, imports have progressively bridged the gap between domestic natural gas production and domestic demand. In 2020, Colombia produced 399 Bcf of dry natural gas, while domestic consumption was 413 Bcf.


Concerns over the reliability of the nation's electricity supply prompted the Colombian government to approve the Sociedad Portuaria El Cayao (SPEC) LNG import plant in November 2014. The facility started operations in November 2016. The administration has since proposed the Pacific Regasification LNG terminal as the nation's second LNG import plant.


EPM is currently developing the new hydroelectric dam project Ituango. The first of eight 300-megawatt generating units will commence operating in the second part of 2022. The whole project will have a capacity of 2.4 gigawatts when it is finished in 2025. If completed, the Ituango project would be the largest hydroelectric power plant in Colombia in terms of generating capacity. In 2020, the installed electrical production capacity of Colombia was 17 gigawatts.

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