Energy
Inflation is still soaring — but here’s why it’s less likely to hurt some retirees
Inflation has continued to rise, but some retirees won’t feel the brunt of many soaring costs, experts say. Annual inflation jumped by 9.1% in June, growing at the fastest pace since late 1981, the U.S. Department of Labor reported Wednesday. Higher prices have many worried, even those earning six figures. Some 65% of Americans making […]
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New York judge freezes assets of Three Arrows Capital as crypto firm’s founders remain underground
A federal judge in a New York bankruptcy court has frozen the remaining assets of crypto hedge fund Three Arrows Capital following the firm’s rapid fall from prominence. The fund, founded nearly a decade ago, managed $10 billion in assets just a few months ago. Now, its two co-founders are in hiding from angry creditors, […]
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Norwegian oil giant Equinor to buy U.S.-based battery storage firm
Although it is involved in renewable energy projects, Equinor is a major producer of fossil fuels. The Norwegian state has a 67% holding in the company. Hakon Mosvold Larsen | Afp | Getty Images Norway’s Equinor is to acquire U.S.-based battery storage developer East Point Energy after signing an agreement to take a 100% stake […]
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Founders of bankrupt crypto hedge fund 3AC go missing, as investors try to recoup assets
The entire stablecoin market is now worth more than $160 billion. Justin Tallis | AFP via Getty Images The co-founders of failed crypto hedge fund Three Arrows Capital appear to be on the run from creditors, according to court documents recently filed in New York. Lawyers representing the creditors say the physical whereabouts of Zhu […]
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From $10 billion to zero: How a crypto hedge fund collapsed and dragged many investors down with it
As recently as March, Three Arrows Capital managed about $10 billion in assets, making it one of the most prominent crypto hedge funds in the world. Now the firm, also known as 3AC, is headed to bankruptcy court after the plunge in cryptocurrency prices and a particularly risky trading strategy combined to wipe out its […]
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Texas grid operator tells residents to curb power as heat hits record highs
A transmission tower is seen on July 11, 2022 in Houston, Texas. ERCOT (Electric Reliability Council of Texas) is urging Texans to voluntarily conserve power today, due to extreme heat potentially causing rolling blackouts. Brandon Bell | Getty Images Texas’ grid operator is warning residents to conserve energy for the second time this year, as […]
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India set to overtake China as the world’s most populous country in 2023, UN says
People photographed in Bengaluru, Karnataka, India. According to the UN, India is home to over 1.4 billion people. Peter Adams | Stone | Getty Images India is on track to overtake China as the planet’s most populous country next year, according to a U.N. report published on Monday. The report, from the population division of […]
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Canada to return repaired Nord Stream 1 turbine, expand sanctions on Russia
Russia says it stands ready to supply gas to Europe, describing ongoing disruption concerns as a “man-made crisis” created by Europe. Bloomberg | Bloomberg | Getty Images Canada will return a repaired turbine to Germany that is needed for the Nord Stream 1 gas pipeline and could help to ensure continued flows of energy until […]
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Gas giant Uniper submits bailout application to German government as Russia squeezes supplies
Uniper has been in talks with the German government about a possible bailout. Picture Alliance | Picture Alliance | Getty Images Embattled German gas giant Uniper on Friday submitted a bailout application for government support after running into extreme financial distress, Finnish majority owner Fortum said in a statement. Uniper was the first German energy […]
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How an Indian cement maker bought Russian coal using yuan
People walking past HDFC Bank In Kolkata, India on 19 August, 2021. An Indian cement maker’s recent purchase of Russian coal using yuan involved India’s biggest private lender, HDFC Bank, according to an invoice seen by Reuters and a source, as more details emerge of the kind of trade that could blunt Western sanctions against […]
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