Connect with us

Business

Shell Ditches Lower Oil Production Target in 2023 But Insists It’s Committed To Cutting Emissions

Published

on

shell

LONDON — In a move that might enrage environmentalists, Shell has abandoned a commitment to reduce oil production by 1-2% annually until the end of the decade. Instead, it will maintain output at present levels.

The largest energy firm in Europe asserted that it had already achieved the goal it had set for itself in 2021 through asset sales in advance of a Wednesday investor update in New York.

London-based According to Shell, production fell from 1.9 million equivalent barrels per day in 2019 to 1.5 million in 2022. For instance, when Shell sold ConocoPhillips its facilities in the U.S. Permian area two years ago, it offloaded under 200,000 barrels of daily output.

“Our target of a reduction in oil production by 2030 has not changed,” the corporation stated. We only encountered it eight years early.

The company’s new CEO Wael Sawan reiterated the objective that Shell will become a net-zero emissions energy business by 2050 while insisting that the company was still dedicated to decarbonizing its activities.

“We are investing to provide the secure energy customers need today and for a long time to come,” he said. “At the same time, we are transforming Shell to win in a low-carbon future.”

shell

Shell has abandoned a commitment to reduce oil production by 1-2% annually until the end of the decade.

The oil strategy comes as climate activists, including those who were dragged away from a protest at Shell’s London shareholder meeting last month and others who were subjected to tear gas outside TotalEnergies’ gathering days later, have increased pressure on Shell and other oil giants to do more to combat emissions.

THIS WEEK, the U.K.’s advertising authority banned a Shell marketing campaign for suggesting a sizable amount of its business was in zero carbon energy even though fossil fuels still power the “vast majority” of its activities.

Shell, a rival of BP in London, and other oil and gas firms have also aroused resentment for reporting astronomical profits after Russia’s war in Ukraine drove up energy prices, stoked inflation, and contributed to a cost-of-living problem.

Shell oil production will require investment to keep it at its current levels because the output from existing reservoirs naturally drops by about 5% per year.

According to Derren Nathan, head of equity research at stockbrokers Hargreaves Lansdown, “It (Shell) has made some meaningful nearer term pledges, including the elimination of gas flaring at its wells by 2025, but there will be some disappointment that oil production is set to remain at current levels out to at least 2030.”

Additionally, Shell announced that it would repurchase at least $5 billion worth of its shares from shareholders in the year’s second half. This announcement boosted investor confidence in the face of a relatively weak share price for the firm. Additionally, Shell announced a 15% increase in its dividend payment to shareholders.

Additionally, it established a goal to cut capital expenditures from $22 to $25 billion in 2024 and 2025 and underlying operational costs between $2 and $3 billion by 2025.

SOURCE – (AP)

Business

Toyota Recalls 280,000 Vehicles Because They May ‘Creep Forward’ In Neutral

Published

on

toyota

Toyota recalled approximately 280,000 pickups and SUVs in the United States because the engine may not fully disengage while in neutral.

“Certain parts of the gearbox may not immediately disengage when the vehicle is shifted to the neutral position,” the Japanese automaker stated on Wednesday. It said this allows some engine power to continue going through to the wheels.

As a result, the vehicle may “inadvertently creep forward at a low speed when it is on a flat surface and no brakes are applied, leading to an increased risk of a crash,” according to the manufacturer.

toyota

Toyota Recalls 280,000 Vehicles Because They May ‘Creep Forward’ In Neutral

Certain Toyota Tundra, Sequoia, and Lexus LX 600 cars made between 2022 and 2024 are being recalled. Lexus is Toyota’s luxury brand.

Toyota said it will notify owners of recalled vehicles in late April and update the gearbox software.

The business stated that the recall is one of three in the United States on Wednesday.

Toyota announced the recall of an additional 19,000 vehicles due to a software issue: “the rearview image may not display within the period of time required by certain US safety regulations after the driver shifts the vehicle into reverse, increasing the risk of a crash while backing the vehicle.”

toyota

Toyota Recalls 280,000 Vehicles Because They May ‘Creep Forward’ In Neutral

It noted that the safety recall applies to select Mirai and Lexus LS, LC, and ES models manufactured in North America between 2023 and 2024.

Additionally, about 4,000 Toyota Camry and Camry Hybrid vehicles are being recalled due to safety concerns with the head restraints on rear fold-down seats, which “increase the risk of injury during certain collisions.”

Toyota is the world’s largest carmaker by sales, yet it risks becoming embroiled in safety controversies.

In December, it recalled approximately 1 million cars and SUVs in the United States owing to a potential fault that might cause the passenger airbag to fail to deploy in a crash.

toyota

Toyota Recalls 280,000 Vehicles Because They May ‘Creep Forward’ In Neutral

The recall affected 15 Lexus cars from 2020 to 2021, including the Camry, Rav4, Sienna, RX350, and ES350.

After admitting to forging safety test results for more than 30 years, Daihatsu, a small Japanese automaker under Toyota ownership, stopped domestic production late last year.

SOURCE – (CNN)

Continue Reading

Business

Walmart To Acquire Smart TV Maker Vizio For $2.3 Billion In Bid To Boost Its Advertising Business

Published

on

walmart

Walmart is paying $2.3 billion for smart TV maker Vizio to boost its quickly growing advertising business and compete with Amazon.

If the purchase is completed, Walmart will gain access to Vizio’s SmartCast operating system, allowing the retail juggernaut to offer its suppliers the opportunity to display adverts on streaming devices.

Walmart Connect, which provides marketers with access to Walmart’s large consumer base, has helped the company grow its media and advertising business. Walmart reported on Tuesday that its global advertising business increased by nearly 28% to $3.4 billion last year.

The developments follow Amazon’s announcement last month that it will begin charging Prime members $2.99 per month to keep their films and TV series ad-free, in addition to the $14.99 per month or $139 per year Prime price.

walmart

What does Walmart stand to gain from a television manufacturer?

Vizio’s SmartCast technology has 18 million active accounts and has increased 400% since 2018. The firms claim that Vizio’s platform has over 500 direct advertisers and that ads now account for most of the company’s gross profit.

In recent years, makers of streaming gear, such as Roku and Vizio, have moved their focus to advertising revenue. Vizio established its Vizio Ads business unit in 2019, claiming to be “one of the few connected TV companies with the device penetration, consumer opt-in, and infrastructure to deliver meaningful scale.”

Walmart saw Vizio’s growing consumer base and grabbed the opportunity to develop its Walmart Connect business.

“We believe the combination of these two businesses would be impactful as we redefine the intersection of retail and entertainment,” said Seth Dallaire, executive vice president and chief revenue officer at Walmart U.S.

walmart

Who else is ramping up screen advertising?

Other large streamers, such as Netflix and Disney, have embraced the dual model, allowing them to generate revenue from commercials while simultaneously allowing customers to opt-out for a higher charge.

However, in the ever-changing streaming industry, whether consumers are prepared to pay more to see fewer commercials when they already pay subscription fees, frequently for numerous providers, remains to be seen. Many consumers “cut the cord” and ditched cable TV because they were frustrated with their ever-increasing fees.

walmart

How did the companies’ shares fare?

Vizio stock rose about 15% in the afternoon, reaching $10.96 per share.

Walmart’s stock jumped 3.1% to $175.66 per share after exceeding Wall Street’s expectations with its sales and profit on Tuesday.

Roku, one of Vizio’s primary competitors, saw its stock drop 6.4% by midday.

SOURCE – (AP)

Continue Reading

Business

Sacked Twitter Staff In Ghana Finally Get Pay-Off

Published

on

twitter

X, then known as Twitter, has finally paid out the employees it fired from its African offices more than a year ago, according to the agency that represents them.

Most had just been with the social media network in Ghana’s capital, Accra, for a few months before they were let go in November 2022.

They had threatened to sue X for failing to pay the redundancy money they said they were promised.

twitter

Sacked Twitter Staff In Ghana Finally Get Pay-Off

The corporation has yet to respond.

X previously stated that it had paid ex-employees in full.

Elon Musk, who took over the corporation in 2022, launched a large global workforce layoff, dismissing almost 6,000 individuals. He said he was losing more than $4 million (£3.5 million) daily.

The African contingent, which numbered fewer than 20, had only recently relocated to X’s new office in

Accra after eight months of working from home during the COVID-19 outbreak.

twitter

Sacked Twitter Staff In Ghana Finally Get Pay-Off

Agency Seven, the organisation providing legal representation to the workforce, stated that it had successfully obtained a redundancy settlement and repatriation fees for foreign employees but did not indicate the payout size.

“They are very pleased to finally be able to get their due, put this behind them, and look forward to the future,” Agency Seven Seven spokesperson Carla Olympio told the BBC.

Last year, terminated employees told the BBC that their treatment at X had impacted their mental health and money.

“It’s difficult when it’s the world’s richest man owing you money and closure,” one of them stated.

They claimed they were initially assured that they would be paid to work for one more month while their contracts were being terminated. However, they were instantly shut out of their emails, and no more wage payments were issued.

Since then, the crew has reported a difficult battle for compensation.

Some had migrated from adjacent nations, such as Nigeria. Their contract was terminated, leaving them and their families stuck in Ghana.

In a rare interview with the BBC last April, Mr Musk revealed that the social media powerhouse had 1,500 staff, down from just under 8,000 when he bought the company.

twitter

Sacked Twitter Staff In Ghana Finally Get Pay-Off

When the news of Mr Musk’s extreme workforce reduction broke, he tweeted that laid-off employees received three months’ severance compensation.

However, staff members in the Africa office claim they still need this.

According to Agency Seven Seven, X only started negotiating with the terminated African staff after the BBC publicised the news.

Last year, ex-employees filed a complaint in a California court accusing X of failing to pay at least $500 million in promised severance benefits.

SOURCE – (BBC)

Continue Reading

Trending