Plant outages push up WESM prices

Manila-based climate and energy policy group Institute for Climate and Sustainable Cities (ICSC) said that prices at the electricity spot market had gone up after the Luzon grid was placed on red and yellow alart due to thinning reserves. “While the June 18 transmission line tripping pushed the power system into the red alert level, […]

Peso sinks to 54.47 ahead of Powell testimony, BSP meeting

The peso slumped to its weakest level in over 16 years ahead of the Bangko Sentral ng Pilipinas policy meeting and largely due to the hawkish remarks of the Federal Reserve. The peso declined to 54.47 against the US dollar on Wednesday, its weakest since Nov. 21, 2005 when it closed at 54.74. It fell […]

SES to launch next-gen satellites in PH by first quarter of 2023

Satellite and ground communications solutions provider SES has promised to provide high-speed and low-latency broadband internet in the country starting early next year through its second-generation medium earth orbit satellites. SES said its new O3b mPOWER satellites would deliver high-speed and low-latency broadband internet to power digital inclusion and connect the unconnected in the Philippines. […]

Moderna says new booster candidate effective against Omicron subvariants

Moderna on Wednesday said its new Covid booster candidate, which it is hoping to get approved this fall, performed well against Omicron’s latest subvariants. The US biotech company announced earlier this month that the so-called “bivalent” vaccine, which targets the original Covid strain and original Omicron BA.1, performed better against both compared to its original […]

Iran’s oldest pistachio trader readies daughter to one day take over

by Sammy Ketz and Ahmad Parhizi Tucked away in Tehran’s famed Grand Bazaar, Iran’s oldest pistachio wholesaler quietly prepares a small revolution — he will hand his business to his youngest daughter, in a trade dominated by men. Abbas Emami, 88, began working for his own father at the age of 15. More than seven […]

Spain bets on green hydrogen in clean energy push

by Valentin BONTEMPS As Europe seeks to move way from fossil fuels, Spain is racing ahead in developing green hydrogen, aided by a growing wind and solar power complex in efforts to decarbonise its economy. Spain accounted for 20 percent of the world’s green hydrogen projects in the first quarter, second only to the United […]

Air tickets set to keep climbing from pandemic low: experts

by Tangi Quemener Propelled by inflation, the price of air tickets has begun to take off again after tumbling during the pandemic, a reversal that looks set to intensify due to environmental pressures, experts say. For members of the International Air Transport Association, gathered in Doha for their annual meeting this week, minds are focused […]

UK inflation hits fresh 40-year high

British annual inflation has hit a fresh 40-year high, official data showed Wednesday, further eroding workers’ wages and pressuring the Bank of England to keep on raising interest rates. The rate edged higher to 9.1 percent in May from 9.0 percent in April, remaining at the highest level since 1982, the Office for National Statistics […]

Oil prices plunge more than 5% on recession fears

Oil prices plunged more than five percent Wednesday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation. West Texas Intermediate lost 5.6 percent to $103.31 a barrel, while Brent was off 5.2 percent […]

Biden seeks three-month federal gas tax holiday as prices skyrocket

US President Joe Biden will ask Congress Wednesday to suspend the federal gas tax for three months as skyrocketing prices cause widespread anger among Americans just months before crucial mid-term elections. The White House wants to discontinue the 18 cents per gallon tax until September and will call on state governments to do the same […]