Political observers and environmental activists have told Bloomberg that the solid re-election victory for Prime Minister Shinzo Abe in Japan will promote the country’s nuclear power industry at the expense of renewables.
European stocks inched higher Monday while Asian markets fell as weak Japanese data, slumping oil prices and a hostage situation in Australia's largest city induced caution.
KEEPING SCORE: In early European trading, France's CAC 40 was up 0.3 percent at 4,120.44 and Germany's DAX gained 0.1 percent to 9,600.89. Britain's FTSE 100 added 0.1 percent to 6,307.59. Futures pointed to a rebound on Wall Street after Friday's decline, which produced the worst weekly loss in U.S. shares in more than two years. Dow futures were up 0.6 percent at 17,288 and S&P 500 futures gained 0.6 percent to 2,002.60.
OIL SLUMP: Oil inched higher after another rout on Friday that was sparked by the International Energy Agency saying that global demand will grow less than previously forecast next year. Oil has now fallen 47 percent since reaching a peak of $107 in June this year. On Monday, benchmark U.S. crude was up 41 cents at $58.22 a barrel in electronic trading on the New York Mercantile Exchange. Lower oil prices should be positive for many countries but there are also worries the recent plunge is a sign of a sickly global economy.
KANCI KULON, Indonesia (AP) — About $1 billion in loans under a U.N. initiative for poor countries to tackle global warming is going toward the construction of power plants fired by coal, the biggest human source of carbon pollution.
Japan gave the money to help its companies build three such plants in Indonesia and listed it with the United Nations as climate finance, The Associated Press has found. Japan says these plants burn coal more efficiently and are therefore cleaner than old coal plants.
Word that Japan has slipped into recession kept pressure on oil prices Monday ahead of a key OPEC meeting later this month. West Texas Intermediate crude for December delivery dropped 18 cents to settle at $75.64 on the Nymex, while in London Brent finished the trading session 10 cents lower at $79.31, Bloomberg reports.
News that Japan has fallen into a recession sent oil prices tumbling once again early Monday. West Texas Intermediate crude for December delivery dropped $1.11 to $74.71 a barrel in electronic trading on the Nymex, while in London Brent crude was 77 cents lower at $78.67, Bloomberg reports.
OKUMA, Japan (AP) — More than three years into Japan's massive cleanup of the tsunami-damaged nuclear plant, only a tiny fraction of the workers are focused on the key tasks of dismantling the broken reactors and removing radioactive fuel rods.
Instead, nearly all the workers are devoted to a single, enormously distracting problem: coping with the vast amount of water that becomes contaminated after it is pumped into the reactors to keep the melted radioactive fuel inside from overheating.
Osaka Gas Co. and Chubu Electric Power Co., which have contracted to buy gas from the proposed Freeport LNG terminal, will also supply $1.2 billion toward construction of the first unit, while $3.85 billion will come from Japanese banks, FuelFix reports.
TOKYO (AP) — Like other Japanese who were banking on this country's sweeping move toward clean energy, Junichi Oba is angry.
Oba, a consultant, had hoped to supplement his future retirement income in a guilt-free way and invested $200,000 in a 50 kilowatt solar-panel facility, set up earlier this year in a former rice paddy near his home in southwestern Japan.
Japan is hoping that it could benefit in the future from adapting technologies developed to deal with melted spent nuclear fuel in the crippled reactors at the Fukushima Dai-ichi plant, The Wall Street Journal reports.
Several Republican candidates who’ve voted to end ethanol subsidies and oppose the renewable fuel standard are set to speak to an agriculture industry gathering in Iowa this weekend, risking a backlash from America’s Renewable Future, the group that is promoting ethanol interests in the 2016 presidential campaign, The Wall Street Journal reports.
The Environmental Protection Agency’s inspector general has issued a report questioning EPA’s decision to use Title 42 authority to pay 23 employees salaries above the normal cap of $201,700 a year, The Hill reports.
House Natural Resources Committee Chairman Rob Bishop, R-Utah, is slamming the Interior Department’s “same old, same old” $13.2 billion budget request while ranking member Rep. Raul Grijalva, D-Ariz., praised the agency for bringing in more money than it spends through its energy leasing policies, The Hill reports.
Rep. Ted Lieu, D-Calif., told a hearing Thursday on the Torrance refinery explosion that he would ask the U.S. Chemical Safety Board to investigate the accident, while outside the hearing refinery workers issued warnings about safety practices, KCLA reports.
Concerns about attacks on oil facilities in Libya and Iraq pushed oil prices higher early Friday. U.S. benchmark crude increased 10 cents to $50.86 a barrel, while London Brent was 50 cents higher at $60.98, Reuters reports.
The circumstances surrounding New Jersey’s $250 million dollar settlement with Exxon Mobil over industrial pollution should be examined by a federal prosecutor, according to state Senate President Stephen Sweeney, who is skeptical about the motives of GOP Gov. Chris Christie's staff, NJ Advance Media reports.
Republican Aric Nesbitt, chairman of the Michigan House Committee on Energy Policy, has proposed ending the state's 15 years of electricity market competition, but his plan was immediately greeted by a chorus of criticism, The Associated Press reports.
Calling a truce with longtime critic ForestEthics, 3M Co. is promising to trace the source of the paper and pulp it buys and refuse purchases of material from threatened forests, the Star Tribune reports.