Meta enters 20-year contract for nuclear energy as AI power demands increase
08:38 Commercial Property 08:38 Commercial Property
Investors and developers in search of a prime industrial investment and development...
DUBLIN The Iseq All Share opened in the red on Thursday, falling slightly by 0.02...
Long queues and midnight store openings have marked the global launch of Nintendo's...
Meta Platforms has signed a 20-year deal with the largest US nuclear power operator...
In its annual report on money flowing into the energy sector, the IEA predicted a...
Budget carrier Wizz Air on Thursday reported an annual operating profit that fell...
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Irish Independent
2 days ago
- Irish Independent
Meta may face daily fines over pay-or-consent model, EU warns
Foo Yun Chee ©Reuters Today at 05:13 Meta Platforms may face daily fines if limited changes that it has proposed to its pay-or-consent model fail to comply with an antitrust order issued in April, EU regulators warned on Friday. The warning from the European Commission, which acts as the EU competition enforcer, came two months after it slapped a 200-million-euro ($234 million) fine on the U.S. social media giant for breaching the Digital Markets Act (DMA) aiming at curbing the power of Big Tech.
Irish Times
3 days ago
- Irish Times
Why have oil prices not soared in wake of Israel and US bombing Iran?
The threat of a return to $100-a-barrel (€85 per barrel) oil , last seen in the wake of Russia's invasion of Ukraine, loomed large in recent weeks as Israel and Iran traded missile attacks. This matters because, while oil's share of global energy demand fell below 30 per cent for the first time ever last year, 50 years after it peaked at 48 per cent, the black stuff and gas still account for more than half of the energy mix, according to International Energy Agency (IEA) statistics. Goldman Sachs, which had previously been forecasting that Brent crude would average $60 this year, warned earlier this week that it could reach $110 if Iran moved to close the Strait of Hormuz, a narrow shipping lane in the Gulf through which 20 per cent of global oil and gas supplies are moved, after US president Donald Trump entered the conflict on Saturday by ordering strikes on three Iranian nuclear sites. By the time Goldman had issued its alert, crude prices had been past their recent peak above $79 – having surged 14 per cent in less than two weeks – and have subsequently fallen back to about $68 following a ceasefire. READ MORE That is below where they were before Israel launched its offensive on Iran on June 13th. [ Oil prices expected to jump after US attacks on Iran Opens in new window ] 'The markets are pricing in that the worst of the Iran-Israel conflict is behind us and that the conflict will avoid any oil supply shocks, which is why oil prices have retraced to levels they were at prior to the outbreak of the hostilities,' said Carol Schleif, chief market strategist with BMO Private Wealth in the US. The recent conflict has highlighted, too, how much less dependent the world is on the Middle East for supply than in decades past – something that is well known among oil traders. The US was the biggest producer of oil last year, having overtaken Saudi Arabia in 2018. Russia is number three, mainly supplying China and India these days as a result of western sanctions, followed by China and Canada. The effect of geopolitical tensions in the Middle East has also eased over time, too. Reuters noted that the scale of the recent spike pales in comparison to the near quadrupling of oil prices during the 1973 Arab oil embargo, the doubling of prices as a result of both the 1979 Iranian revolution and Iraq's invasion of Kuwait in 1990, and a 46 per cent surge during the second Gulf War. With the fragile Israel-Iran ceasefire appearing to hold, for now at least, the market's attention has returned to the other side of the equation: demand. The outlook for this has been weakening of late amid Trump's tariff tiffs. Earlier this month, the World Bank downgraded its global growth forecasts for this year and next to 2.3 per cent and 2.6 per cent, respectively – warning that we are facing the slowest decade for global growth since the 1960s as the effect of Trump's tariffs are felt. Crude oil prices are more than 9 per cent lower than where they were before Trump's April 2nd tariffs speech. Ipek Ozkardeskaya, an analyst with Swissquote Bank, reckons bearish investors will soon test to see if oil can fall below $65 a barrel. 'A break below this level could signal a return to the negative trend that has been building since the start of the year,' she said.
Business Post
18-06-2025
- Business Post
Irish and European markets tick lower in midday trade
The Iseq All Share has closed in the red, ending the day up 1.85 per cent since previous...
