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Norway wealth fund posts record $164 bln loss

Loss in 2022 exceeds previous record from 2008 Inflation, geopolitical tensions remain risk factors Record inflow of money from oil and gas industry OSLO, Jan 31 (Reuters) – Norway’s wealth fund, one of the world’s largest investors, posted a record loss of 1.64 trillion crowns ($164.4 billion) for 2022, bringing to an end a three-year …

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Two energy giants, two green projects: one double-booking in North Sea

BP and Orsted clash over ‘Overlap Zone’ Carbon capture project lives with windfarm Conflict could undermine UK climate goals Similar disputes could loom in North Sea LONDON, Jan 24 (Reuters) – Oil major BP plans to build a vast carbon capture project beneath the North Sea that would be crucial to Britain hitting its emissions …

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New suppliers race to plug in to electric car market

WOKING, England, Jan 23 (Reuters) – The global auto industry has committed $1.2 trillion to developing electric vehicles (EVs), providing a golden opportunity for new suppliers to grab contracts providing everything from battery packs to motors and inverters. Startups specializing in batteries and coatings to protect EV parts, and suppliers traditionally focused on niche motorsports …

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Exclusive: Geely plans to turn maker of London black cabs into EV powerhouse

COVENTRY, England, Jan 23 (Reuters) – China’s Geely (0175.HK) is planning a big investment to turn the maker of London’s iconic black taxis into a high-volume, all-electric brand with a range of commercial and passenger vehicles, executives at the unit told Reuters. London Electric Vehicle Company (LEVC) also aims to expand its suite of services, …

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Davos 2023: Moderna CEO in talks with China to supply COVID vaccines

DAVOS, Switzerland, Jan 18 (Reuters) – Moderna (MRNA.O) chief executive Stephane Bancel said on Wednesday the US company was in active discussions to supply COVID-19 vaccines to China. Speaking to Reuters on the sidelines of the World Economic Forum annual meeting in Davos, he said the talks with Beijing also covered the topic of factories, …

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Sweden’s LKAB finds Europe’s biggest deposit of rare earth metals

LKAB identifies over 1 mln tons of resources Company to apply for concession to develop site Mining of deposit still seen 10-15 years away Could in time reduce EU dependence on imports KIRUNA, Sweden/STOCKHOLM, Jan 12 (Reuters) – Swedish state-owned mining company LKAB on Thursday said it had identified more than 1 million tonnes of …

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Biden’s climate agenda has a problem: Not enough workers

Jan 11 (Reuters) – US clean energy companies are offering better wages and benefits, flying in trainers from overseas, and contemplating ideas like buying roofing and electric repair shops just to hire their workers as firms try to overcome a labor shortage that threatens to derail President Joe Biden’s climate change agenda. The Inflation Reduction …

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Powell: Fed needs independence to fight inflation, should avoid social policy

STOCKHOLM, Jan 10 (Reuters) – The Federal Reserve’s independence from political influence is central to its ability to battle inflation, but requires it stay out of issues like climate change that are beyond its congressionally established mandate, Fed Chair Jerome Powell said on Tuesday. “Restoring price stability when inflation is high can require measures that …

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Eisai, Biogen receives US FDA approval for Alzheimer’s drug, applies for full approval

Jan 7 (Reuters) – The US Food and Drug Administration on Friday approved the Alzheimer’s drug lecanemab developed by Eisai Co Ltd (4523.T) and Biogen Inc (BIIB.O) for patients in the earliest stages of the mind-wasting disease. Eisai and Biogen said on Saturday the Japanese drugmaker had applied for full FDA approval of the drug. …

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