X hits on this document





59 / 128

Triple Crunch Log                                                                                                            

Social networking site Tribe aims to secure customers and investment for entrepreneurs. Serge Bueno’s new social networking site aims to combine the mass-audience reach of eBay with the trend for grassroots funding of small businesses. Bueno said: "The idea for the Tribe is very simple. I think our world is simply dying, as capitalism is coming to an end. I think we are trapped. The other problem is most jobs are created by small companies and there are less and less of those." FT: The site “will bring entrepreneurs and business people who have projects that need funding together with a large pool of users who have registered online and are looking for new, innovative products to buy. If enough "Tribers" express an interest in a product and make a small up-front payment, its developers will be able to calculate their break-even point and decide whether to press ahead. If the product cannot reach that break-even point, everyone gets their money back. Anyone can put forward a single idea to the Tribe community for a $100 (£60) introduction fee, or an unlimited number of ideas for $500. Bueno hopes to have 50,000 users by the end of the year.” 728

23.8.10. UK reported oil leaks rise sharply, Health and Safety Executive figures show: a marked rise in the combined number of “major and significant” hydrocarbon releases over 2009-10 by UK offshore oil and gas operators, mainly in the North Sea. There were 85 major unplanned leaks over the past year, compared with 61 the year before which was the lowest level since the HSE began regulating the industry. The HSE says it will investigate more thoroughly going forward.729

BP listed 390 over due maintenance problems on the Deepwater Horizon ahead of the fire. So an investigative hearing in Houston learns. 730

Angela Merkel batts back E.ON and RWE objections to the nuclear tax she proposed in June, saying the government needs the 2.3 billion euros ($2.9 billion) in annual revenue. Bloomberg: “Merkel, whose coalition’s approval ratings are at historic lows, is taking on the utilities while crafting an energy policy for Europe’s biggest economy that includes extending the operating life of nuclear plants. E.ON and RWE, two of the worst-performing members of the benchmark DAX index this year, have threatened to close nuclear plants ahead of schedule if the tax goes ahead and said the levy would hurt investment. … Germany’s 17 nuclear plants are due to close by about 2022 under a law approved by a previous government. Merkel’s second- term government came to power in October last year on a platform that included overturning the law. The government is working on scenarios for an extension of nuclear power of four to 28 years, Merkel said”.731

British Gas launches solar PV panels scheme with '£1k a year profit' claim. 12 million homeowners could take advantage of the feed-in tariffs, the energy giant says, launching a new scheme. Guardian: “British Gas has entered the market with the launch of two schemes. If you opt for its "rent-a-roof" scheme, it will install solar panels on your roof for free and you will benefit from the electricity you generate during the day. The installation is free but you will not own the panels and so British Gas will pocket the Fits cash for the length of the scheme – 25 years. The rent-a-roof deal is limited to the first 1,500 British Gas customers who apply. Alternatively, you can install your own solar panels and British Gas will offer you a two-year interest-free loan, supplied by Hitachi Capital, with which to borrow the upfront costs. You will receive the feed-in-tariffs as well as benefit from the generation of cheaper power. BG says the upfront cost generally ranges from £10,000 to £15,000 depending on the size of the roof. With the latter deal, consumers should be aware that they will need to ensure they keep up with repayments, which could be as much as £625 per month on a £15,000 across 24 months. …. A recent Guardian Money investigation found that it makes financial sense to install the panels yourself. Current remortgaging rates are no more than around 5%-6%, and often lower, but even if you end up paying 12% interest you will still make a huge profit. Most calculations suggest buyers will be able to pay off the costs after nine to 10 years, depending on how much they pay for finance. Most households will make a risk-free profit of £20,000 over the 25 years while enjoying lower electricity bills.732

24.8.10. Fears grow that the US and other major economies are slowing sharply. Home purchases fell dramatically last month. Investors are piling into the safety of government debt, pushing UK, German and US bond yields down to record lows.733

Cairn Energy oil find sparks Greenland hopes of ditching reliance on fishing and tourism. Cairn reports signs of oil and gas bearing sands, but the hole still needs to be drilled to its target depth for a meaningful appraisal. The six wells drilled over the last 40 years had been completely dry. A one-in-seven hit rate would be exceptional: the North Sea equivalent is around one in 30.734

Russian atomic agency looks to diversify across the nuclear value chain. Rosatom plans to use its proposed majority stake in Canada’s Uranium One as the starting point for global diversification, according to Sergei Kiriyenko, chief executive. FT: “The Russian group already controls 40 per cent of the world’s uranium enrichment capacity and 17 per cent of the fuel fabrication market. It supplies fuel for 74 nuclear reactors in 15 countries, and is in talks to build 18-20 power plants.”735

Record number of UK homeowners installed solar PV panels this month: more than 2,200 homes, up from 1,700 in July and 1,400 in June, according to figures published by Ofgem. Since April, more than 6,660 solar panel installations have been built into houses, amounting to a total generating capacity of 16MW for UK homes. Sharp is doubling capacity at its solar modules factory in Wrexham, which previously exported about 98 per cent of its production. JL: “It’s a very exciting time indeed.”736

25.8.10. Macondo spill is having little impact on global drilling in deepwater, now 7% of total production. NYT: “Large offshore accidents in Mexican, British and Australian waters since the late 1970s barely slowed deepwater development, and history may well be repeating itself. … That is not to say that foreign governments, regulators and environmentalists did not take notice of the BP accident, which left 11 rig workers dead and spilled millions of barrels of oil into the gulf. Britain has stepped up inspections of offshore rigs. Brazil has announced a safety review that will take a year to complete before it makes any regulatory changes related to its fast-growing offshore drilling industry. etc …. But the limited reaction so far can be explained by the growing importance of deepwater drilling to world oil supplies, especially in countries like Norway whose production is in decline. Since 2006, nearly half the total oil and gas reserves added worldwide have been in deepwater areas. Six million barrels of oil a day, or 7 percent of total global production, is currently produced in such areas, and total deepwater world oil production is expected to double by 2030, according to IHS-CERA.”737

BP forced to abandon hopes of Greenland exploration owing to tarnished reputation from Gulf spill. We are not participating in the bid round,” says a BP spokesman, who declined to discuss its reasons for the reverse. Senior Greenland government sources confirm to the Guardian that both the Greenland government

Document info
Document views451
Page views451
Page last viewedThu Jan 19 07:19:21 UTC 2017