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(Image: Reuters) As the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow comes to an end, battlelines have sharpened and nations remain locked in their positions as the world waits for a definitive action plan to counter global warming. Despite a series of multilateral agreements – from reducing investments in coal and eliminating deforestation to cutting methane emissions – an overall consensus on reducing carbon emissions and ensuring climate finance have hit a dead end, officials at the summit told Moneycontrol. As the last working day of the conference started, COP26 president Alok Sharma said a final text is coming soon. The Indian-origin British minister in overall charge of the talks has stressed many times over the past few days that in-principle acceptance of issues such as carbon emission reduction and climate finance have never been as widespread as now. The final agreement is expected to be released at the end of the working day on … [Read more...] about COP26: As Glasgow Summit reaches finale, both challenges and opportunities intensify

Climate activists attend a protest organized by the COP26 Coalition in London, Saturday, Nov. 6, 2021. The protest was taking place as leaders and activists from around the world were gathering in Scotland's biggest city for the U.N. climate summit, to lay out their vision for addressing the common challenge of global warming. (Andrew Milligan/PA via AP) In the aftermath of the COP26 summit in Glasgow, the developed world has been vociferous in blaming India and a handful of other developing nations for New Delhi’s strong stance against completely phasing out the use of coal in the final agreement. However, sources told Moneycontrol that India had agreed in principle to the draft agreement under assurance that climate finance would be provided even till the draft agreement stage. When this did not materialise, there was no other option to maintain India’s strategic and economic interests, they added. One of the landmark features of the draft agreement at Glasgow had been a … [Read more...] about COP26 | Promised climate finance did not materialise: Sources

Share to Twitter Share to Linkedin This episode of What’s Ahead lays out why we are in for serious power outages this summer. The problem isn’t that we’ll be experiencing an unforeseeable surge in electricity; it’s that bad government policies have created shortages. Chief among these are the mandates that utilities use more and more so-called renewable sources of energy—primarily from windmills and solar panels—while pressuring them to shut down fossil-fuel-fired generating plants and to decommission nuclear facilities. The trouble is that alternative energy sources are expensive and pose their own serious environmental hazards. And they are not replacing the output of power that those closed traditional facilities produced. It’s more than high time we had an unemotional examination of how we will realistically meet our energy needs. … [Read more...] about Blackout Warning: Energy Policy Failures May Lead To Summer Blackouts

- A + A KUALA LUMPUR (May 19): Petronas Gas Bhd’s (PetGas) net profit for the first quarter ended March 31, 2022 (1QFY22) fell 20.5% to RM410.58 million from RM516.4 million a year ago due to higher fuel gas price coupled with higher costs in gas processing, gas transportation and regasification segments. In a bourse filing, the group said gross profits declined year-on-year (y-o-y) across the board, noting that the higher fuel gas price has squeezed the profit margin of the utilities segment. The group said that the higher effective tax rate with the imposition of the Prosperity Tax for the year of assessment 2022 also contributed to the lower net profit. Meanwhile, quarterly revenue climbed 8.8% to RM1.46 billion versus RM1.34 billion in 1QFY21. The quarterly revenue growth was mainly attributed to increase in sales from its utilities segment as a result of higher product prices and higher electricity sales volumes recorded. The group declared a first … [Read more...] about PetGas 1QFY22 net profit down 20% on higher costs, declares 16 sen dividend

- A + A KUALA LUMPUR (May 19): Kobay Technology Bhd’s net profit surged to RM15.11 million for the third financial quarter ended March 31, 2022 (3QFY22), from RM7.07 million a year prior, carried by its manufacturing segment’s strong showing. Earnings per share jumped to 4.92 sen from 2.35 sen, its bourse filing on Thursday (May 19) showed. The precision metal components manufacturer’s quarterly revenue almost tripled or increased 184% to RM100.07 million from RM35.22 million a year ago, underpinned by its manufacturing segment’s improved contribution coupled with the contribution from its newly acquired pharmaceutical and healthcare products segment. Kobay’s manufacturing segment was its key contributor demonstrated by its revenue contribution of RM66.96 million, a 107% increase versus RM32.3 million a year ago. “The division delivered a strong performance compared with preceding year’s corresponding quarter, benefiting from the surge in demand from … [Read more...] about Kobay 3Q net profit more than doubles to RM15m

The newest State of the Global Climate report is bleak: Last year, the world set new records for greenhouse gas concentrations, sea level rise, ocean heat, and ocean acidification. The last seven years have been the warmest seven years on record in human history. The report, released today by the World Meteorological Organization, “is a dismal litany of humanity’s failure to tackle climate disruption,” UN Secretary-General António Guterres said in a video message at the launch event. advertisement advertisement But Guterres also laid out a clear path to action, starting with the fact that the fossil fuel era needs to end. “The global energy system is broken and bringing us ever closer to climate catastrophe,” he said. “Fossil fuels are a dead end—environmentally and economically. The war in Ukraine and its immediate effects on energy prices is yet another wake-up call. The only sustainable future is a renewable one.” To have a chance of limiting … [Read more...] about ‘Fossil fuels are a dead end’: UN Secretary-General outlines how to avoid climate disaster

KUALA LUMPUR: Petronas Gas Bhd (PetGas), which saw its net profit tumbled 20.5% to RM410.58mil in the first quarter ended March 31, has declared a first interim dividend of 16 sen per ordinary share. The dividend amounted to RM316.6mil is payable on June 16 and the entitlement date on June 7. Revenue, however, rose 8.8% to RM1.45bil in the first quarter against RM1.34mil last year mainly driven by higher revenue from the utilities segment. PetGas said its utilities revenue improved as a result of higher product prices and higher electricity sales volumes recorded. It said its pre-tax profit (PBT) declined by 12.3% or RM82.2mil in tandem with lower gross profit, partially negated by the impact of favourable foreign exchange movement. Profit for the quarter decreased by 19.0% or RM102.4mil with lower PBT as well as a higher effective tax rate with the imposition of Prosperity Tax for the year of assessment 2022. The group’s total assets at RM19bil was slightly lower by … [Read more...] about PetGas 1Q net profit falls 20% to RM410.6mil

Share to Twitter Share to Linkedin Alaska has long since been on the top of many a family’s bucket list. People dream of seeing the area’s big five— grizzly bears, moose, caribou, Dall sheep and gray wolves—as well as the incredible scenery, including miles of wilderness, untouched forests and expansive glaciers. The most popular way to see Alaska is via a cruise—the Inside Passage allows passengers to unpack once while getting a taste of many different topographies and landscapes. Covid halted many cruise lines and fear of large crowds has worried some perspective travelers. But after being cooped up for two years, many people are ready to venture out again and the wilderness of the last frontier is calling. “Covid changed the travel landscape and rather than resisting change we stepped into it,” says Captain Dan Blanchard, CEO, of Uncruise Adventures . “It has been restructuring from the inside out. We are more nimble and data-driven in everything we … [Read more...] about A Different Approach To A Bucket List Trip

Share to Twitter Share to Linkedin Eighty-five days into Russia’s wider war on Ukraine, the Kremlin’s aims have shrunk to miles and towns. If there’s an overarching strategic goal in Moscow right now, it’s to surround and destroy the handful of Ukrainian brigades around Severodonetsk, a city with a pre-war population of 100,000 in eastern Ukraine’s Donbas region. Compare that to Russia’s initial goals—to occupy Kyiv, decapitate the Ukrainian government, capture all of Donbas and Ukraine’s Black Sea coast and destroy the Ukrainian armed forces. Three months ago, Moscow planned to smash Ukraine into a leaderless, landlocked and unarmed rump state. Now, Russian leaders might settle for slightly expanding their control in Donbas and possibly eliminating a few Ukrainian brigades. Even that isn’t going well for the Russians. In the last week, Russian forces have captured a few hamlets around Severodonetsk. But the town of Lyman, which anchors … [Read more...] about The Russian Army Has Set Its Sights On A Single Small City In Eastern Ukraine

- A + A KUALA LUMPUR (May 19): Here is a brief look at some corporate announcements and news flow on Thursday (May 19) involving Tenaga Nasional Bhd, Bintulu Port Holdings Bhd, TPC Plus Bhd, Petronas Gas Bhd, Magnum Bhd, Tomei Consolidated Bhd, Hup Seng Industries Bhd, Dayang Enterprise Holdings Bhd, Kobay Technology Bhd, Southern Acids (M) Bhd, GIIB Holdings Bhd and Green Packet Bhd. Tenaga Nasional Bhd 's (TNB) unit Vantage RE Ltd enhanced TNB’s renewable energy portfolio and net-zero goals with the acquisition of a 49% stake in the UK's Blyth Offshore Demonstrator Ltd — an offshore wind farm company, from EDF Renewables and unit of French utility company Électricité de France (EDF) — on Oct 18, 2021, marking TNB’s maiden entry into the international offshore wind market. Bintulu Port Holdings Bhd has awarded an RM14.24 million contract extension to Sibu-based Sing Kiong Hong Dockyard Sdn Bhd to hire two units of 25-tonne ship handling tugs complete with crew … [Read more...] about TNB, Bintulu Port, TPC Plus, PetGas, Magnum, Tomei, Hup Seng, Dayang Enterprise, Kobay, Southern Acids, GIIB and Green Packet