Latest news with #green energy
Daily Mail
2 days ago
- Business
- Daily Mail
Not very green, Keir: PM joins Trump for 250-mile flight across Scotland in Air Force One for Aberdeen dinner date after meeting to discuss trade, Gaza
Keir Starmer risked the wrath of green groups and his own backbenchers tonight as he joined Donald Trump for a 250mile flight in Air Force One just so they could have dinner together. The Prime Minister waved as he boarded the US presidential Boeing 747 at Prestwick tonight after talks and a chaotic press conference at Trump's Turnberry golf resort. The president advised his 'not too liberal' friend to cut taxes and immigration if he wanted to beat Nigel Farage at the next election. And he gently pressed the PM on giving the go-ahead for new oil and gas exploration in the North Sea, while slamming funding for wind power. The PM stood up for green energy hours before boarding the ageing American behemoth, which is built for long-haul journeys rather than a short hop across Scotland. 'We believe in a mix, and obviously oil and gas will be with us for a very long time, and that'll be part of the mix, but also wind, solar, increasingly nuclear (power),' he said. The flight will land at RAF Lossiemouth, due to Aberdeen Airport having too short a runway for the 747, which burns up to 11 tons of fuel per hour. It was the PM's second flight of the day, having arrived in Scotland from Switzerland, where he watched the Lionesses retain their Women's Euros title last night. The Prime Minister waved as he boarded the US presidential Boeing 747 at Prestwick tonight after talks and a chaotic press conference at Trump's Turnberry golf resort. The PM stood up for green energy hours before boarding the ageing American behemoth, which is built for long-haul journeys rather than a short hop across Scotland. Without any awkwardness about playing one mate off against the other the president used the hour-long televised bromantic encounter to tell the PM to cut taxes and stop 'murderers and drug dealers' from coming to Britain. While Sir Keir sat beside him with an impassive look on his face he also attacked subsidies for wind power and - gently - suggested he should back fresh drilling for oil and gas in the North Sea instead. He was full of praise for the Prime Minister and the way he was running the country, despite their ideological differences, saying Sir Keir was was 'liberal ..but not too liberal' in his approach. Mr Trump added: 'I think the one that's toughest and most competent on immigration is going to win the election, but then you add… low taxes, and you add the economy. '(Sir Keir) did a great thing with the economy, because a lot of money is going to come in because of the deal that was made. But I think that, I think that immigration is now bigger than ever before.' The president had earlier told Sir Keir Britain and the rest of Europe it must stop illegal immigration to avoid 'ruin' as the two leaders met in Scotland today. Mr Farage is not meeting Mr Trump during the visit. The American leader attacked Mayor of London Sir Sadiq Khan as a 'nasty person' and hailed both Sir Keir and Nigel Farage as 'great men' as the leaders took a series of questions across domestic and foreign affairs. The president also indicated that the US may not impose heavy tariffs on British pharmaceuticals, telling reporters that 'we certainly feel a lot better' about the UK working on drugs that will be sold in the States compared to other nations. The president had earlier said that he thinks Sir Keir, who has been in office for more than a year, will be 'a tax cutter.' The president had earlier spoken out as he met Sir Keir and Lady Victoria on the clubhouse steps at his Ayrshire golf course. During the president's 'working holiday' in the country of his mother's birth he spoke to reporters as bagpipes played in the background. He spoke out about the humanitarian crisis in Gaza - which the leaders will discuss further - and had criticism for Vladimir Putin over the Ukraine war. But he also addressed the wider issue of immigration facing Europe he added that it was becoming a 'different place' - and praised Sir Keir for taking a strong stance against it. 'This is a magnificent part of the world, and you cannot ruin it, you cannot let people come here illegally,' the president said.
South China Morning Post
19-07-2025
- Business
- South China Morning Post
UK start-up Barocal wins US$1 million TERA-Award for green energy innovation
UK-based start-up Barocal, which specialises in energy storage and conversion, won the US$1 million top prize at this year's TERA-Award, created by Hong Kong tycoon Peter Lee Ka-kit. Lee is on a mission to discover unicorns in green energy development and innovation through his platform, aiming to tackle one of the world's most pressing challenges: climate change. Now in its fourth year – the TERA-Award – established by Lee's family office, Full Vision Capital, received a record 785 submissions. In the previous three years, TERA-Award received around 1,000 applications in total, according to Alan Chan, executive chairman of the TERA-Award organising committee and managing partner of Full Vision. 'The reason we established this competition is that we're looking for the next batch of unicorns who could be the super-connector, to connect people and solve the climate problem,' said Chan. Huang Wenxiao (right),CEO and co-founder of Feon Energy, winner of this year's TERA-Award silver prize. Photo: Handout Lee, the co-chairman of Henderson Land Development, is the eldest son of the recently deceased Lee Shau-kee, the founder of the company. Full Vision Capital focuses on investing in smart energy solutions and innovative environmental technologies.
South China Morning Post
18-07-2025
- Business
- South China Morning Post
Hong Kong to reclaim 190 hectares of land to make space for modern industries
Hong Kong authorities have proposed reclaiming 190 hectares of land in waters off the western New Territories for the development of four core modern industries in a bid to create future growth in a sluggish market. The Development Bureau said on Friday that the government was open to any financing model for the reclamation work in two areas, near Lung Kwu Tan and in Tuen Mun West. The land will be earmarked for developing industries such as green energy, advanced construction, the circular economy and modern logistics, with the first area of land expected to be ready as early as 2029. The area to be reclaimed is equivalent to the size of 10 Victoria Parks in Causeway Bay. 'We have to consider the market's interest in taking up the projects without any residential sites in the areas … Even if the market is more cautious, the government is planning to fund the reclamation works on its own,' a bureau spokeswoman said. 'If we cannot find any suitable model for the private market to participate in the project, the government will take up the responsibility.'
Forbes
16-07-2025
- Business
- Forbes
MP Materials Stock Up 255% On Apple's $500 Million Deal — Avoid MP
MP Materials stock may be 26% overvalued after soaring in the wake of Pentagon ownership and a $500 million Apple contract. Here's why. CANADA - 2025/06/13: In this photo illustration, the MP Materials logo is seen displayed on a ... More smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Key Facts Rare earth materials — crucial for the defense, green energy, and technology sectors — are more than 90% controlled by Chinese companies. MP Materials operates the only U.S.-based rare earth mining and processing operation. The Department of Defense announced plans to become MP Materials' largest shareholder and to lend the miner $150 million. Apple inked a $500 million deal to buy magnets from MP Materials. After rising 255% in 2025, MP Materials stock could be 26% overvalued as it faces high costs to scale, price competition from larger rivals, and excessive dependence on one customer Shares of Las Vegas, Nevada-based MP Materials — which mines rare earth in its Mojave Desert Mountain Pass facility and turns the ore into magnets in a Fort Worth, Texas plant — have risen 255% in 2025, according to Google Finance . Should you buy MP Materials stock — nearly 26% of which is sold short, according to the Wall Street Journal ? Despite much bullish news — including the Pentagon's plan to invest $400 million to take a majority stake in the company, noted Forbes , and Apple's $500 million magnet supply and recycling contract with the company, according to Forbes — the bear case is compelling. How so? Since MP Materials was bought out of bankruptcy by a hedge fund operator, the money-losing company faces two fundamental challenges: Geopolitical risks — notably China's ability to slash prices — and operational risks — including access to the technical skill essential for refining the mined materials and turning them into powerful magnets — and — notably China's ability to slash prices — and operational risks — including access to the technical skill essential for refining the mined materials and turning them into powerful magnets — and Lack of scaling expertise and capital required to supply rapidly growing demand. What's more, the company is very dependent on a single customer, Shenghe, and the stock trades well-above Wall Street's average stock price. The company is optimistic about the opportunities ahead. "MP Materials delivered strong execution across both our Materials and Magnetics divisions in the first quarter, marked by record NdPr oxide production and the initial sales of magnetic precursor materials," Founder, Chairman, and CEO of MP Materials James Litinsky, said in a May company release. "Given recent events, it is now undeniable that the United States must reshore critical industries like rare earth magnetics — something we have been building toward since day one. With rapidly intensifying engagement from both industry and government, MP Materials is leading this effort — underscoring our growing strategic and economic importance at a pivotal moment for American industrial policy." he concluded. MP Materials — acquired out of bankruptcy a decade ago by two long-time friends one of whom sold his hedge fund when he was 28, noted the Journal — has since made considerable progress. After being driven into bankruptcy as a result of price competition from Chinese rare earth producers, the former Molycorp struck a financing deal with China's Shenghe — which sold MP's ore to Chinese buyers. MP — whose revenue increased 25% in the first quarter to $61 million while losing $23 million, according to the company — developed key skills. After hiring an industry executive, the company figure out how to extract the valuable ore from the chaff. What's more, MP built and operates a plant in Texas that turns the ore into magnets used to power 'everything from cars and smartphones to missile systems,' noted the Journal . Fielding a dedicated team, MP figured out what China had already mastered — a manufacturing process called grain boundary diffusion — which enabled MP to lower the cost of producing the magnets, according to the Journal . Due to recent deals, MP's stock has been soaring. Last week, the Defense Department announced its intent to invest hundreds of millions of dollars in MP — becoming its largest shareholder — to boost magnet production 10-fold to 10,000 metric tons, the Journal reported. Moreover, the Defense Department deal set a price floor for MP's rare-earth minerals and guaranteed the purchase of MP's magnets — while leaving excess production for MP to sell to automakers or tech companies, the Journal wrote. On July 15, MP announced more good news. Apple said it would buy $500 million worth of rare-earth magnets made from recycled materials — with shipments expected to begin in 2027. General Motors contract to start taking deliveries later this year, noted the Journal . Mp Materials Bear Case Sadly, MP faces enormous challenges as well. Chinese producers are expected to boost production to lower the price of rare-earth magnets. China also has huge competitive advantages in processing chemicals and trained people for making the magnets. MP's production costs are likely to be 50% higher than China's. Moreover, due to China's export restrictions of rare-earth magnets, one U.S. 'auto supplier paid more than $15 a piece for tiny magnets that usually sell for less than 40 cents,' according to a trader the Journal interviewed. In 2022, China increased production of rare earths so much that prices fell to 20% of their previous price. A similar move prompted Jefferies to downgraded MP Materials to Hold last week. That's because China issued short-term export licenses for rare earth magnets — making it less likely rare earth prices will rise sharply. 'Even on generous assumptions — a fly-up scenario, rapid expansion, elevated ROICs longer-term, and a lower equity risk premium — we view the risk/reward as neutral, at best,' the analysts wrote, according to . As MP attempts to scale production 10-fold, the company lacks the competitive advantages China enjoys. China has many of the world's best mines; cheap processing chemicals; a large work force trained to handle toxic rare-earth waste; and policies to restrict China's rare earth scientists from sharing their knowledge, the Journal reported. Despite these challenges, if MP can scale downstream magnet production, the company's earnings could soar. The good news? 'mid-cycle earnings could scale to $650 million, and potentially $1.5 billion under a more ambitious build-out,' Jefferies estimated. However, the $4 billion in capital required and the risks of not achieving returns priced into MP's stock make the stock overvalued. The current valuation implies the market is pricing in returns of 25% to 30% 'on future magnet investments and applying a lower discount rate to MP's projected cash flows,' noted . MP stock could be significantly overvalued. With eight Wall Street analysts giving the stock a Strong Buy rating and a price target of $43.17, the shares could be 26% too high, according to TipRanks .
Yahoo
11-07-2025
- Business
- Yahoo
Albanese will meet with Xi next week on a trip focused on Australia-China business ties
MELBOURNE, Australia (AP) — Australian Prime Minister Anthony Albanese will meet with China's leader Xi Jinping on an upcoming trip he said Friday would focus on closer business ties. Albanese departs Saturday for the trip that includes stops in Beijing, Shanghai and Chengdu, and meetings with Xi, Premier Li Qiang and Chairman Zhao Leji of the National People's Congress. Details on those meetings weren't disclosed. Albanese plans to meet business, tourism and sport representatives in Shanghai and Chengdu, his office said. He will lead a business delegation and will attend a CEO roundtable. 'Certainly in areas such as green energy for example, there is a real prospect of further engagement,' Albanese told reporters in Sydney. 'We cooperate where we can and we disagree where we must and we're able to have those honest conversations about some of the disagreements that are there,' he added. It will be Albanese's second visit to China since his center-left Labor Party government was first elected in 2022. It was reelected with an increased majority in May. Albanese has managed to persuade Beijing to remove a series of official and unofficial trade barriers introduced under the previous conservative government that cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year. Beijing severed communications with the previous administration over issues including Australian calls for an independent inquiry into the origins of and responses to COVID-19. But Albanese wants to reduce Australia's economic dependence on China, a free trade partner. 'My government has worked very hard to diversify trade … and to increase our relationships with other countries in the region, including India and Indonesia and the ASEAN countries,' Albanese said, referring to the 10-member Association of Southeast Asian Nations. 'But the relationship with China is an important one, as is our relationships when it comes to exports with the north Asian economies of South Korea and Japan,' he added. Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
