Upstream Share Discussion Threads

[master rsi] 11/3/2024 14:09

What is 'The Halving'? Explaining The Most Important Event In Bitcoin's History

Bitcoin operates on a deflationary model, where the reward for mining new blocks is halved every 210,000 blocks, or approximately every four years, a process known as the “halving.̶1;

This event is significant because it reduces the rate at which new bitcoin are generated, thereby limiting supply

The first reward was 50 bitcoin. Previous halving dates were:
Nov. 28, 2012, to 25 bitcoins
July 9, 2016, to 12.5 bitcoins
May 11, 2020, to 6.25 bitcoins
The next halving is expected to occur in April 2024, when the block reward will fall to 3.125 BTC.

As of March 2024, about 19.65 million bitcoins were in circulation, leaving just around 1.35 million to be released via mining rewards.

KEY TAKEAWAYS
A Bitcoin halving event occurs when the reward for mining Bitcoin transactions is cut in half.
Halvings reduce the rate at which new coins are created and thus lower the available amount of new supply.
Bitcoin last halved on May 11, 2020, resulting in a block reward of 6.25 BTC.
The final halving is expected to occur in 2140, when the number of bitcoins circulating will reach the theoretical maximum supply of 21 million.

[master rsi] 11/3/2024 13:48

AFC Energy completes factory testing of H-Power generator

(Alliance News) - AFC Energy PLC on Monday celebrated the successful factory acceptance test of its 30 kilowatt generator.

AFC Energy is a Surrey, England-based provider of hydrogen power generation technologies. Its shares were trading 6.1% higher at 17.45 pence each in London on Monday afternoon.

According to AFC Energy, the 30 kilowatt generator, otherwise known as the H-Power generator, satisfied all contractual tests and requirements of the FAT under its agreement with partner, Speedy Hire PLC.

Speedy Hire is a tools and equipment hire services company. Following completion of the tests, the zero-emission generator is now ready for sale to Speedy Hydrogen Solutions, AFC's hydrogen powered generator joint venture.

The firm added that not only are subsequent generators currently in assembly, but there has been strong interest from Speedy's customers, with a growing pipeline established.

"This is a major milestone in the delivery of AFC Energy's first H-Power Generator to Speedy Hydrogen Solutions. We continue to see growth in demand for our hydrogen power generators across the UK and Ireland in partnership with Speedy, as industry continues to transition away from diesel and strive towards decarbonising operations for a more sustainable future".

[master rsi] 11/3/2024 13:15

MARKET REPORT
LONDON MARKET MIDDAY: Europe struggles after US tech stock woe

(Alliance News) - The FTSE 100 was lower going into Monday afternoon, as last week's sell-off in US tech shares hurt risk appetite in Europe, after spilling over in Tokyo also.

A favourable inflation reading helped the Shanghai Composite achieve a 0.7% gain to start to the week, despite lingering concern for the Chinese economy. But it was the Nikkei 225 in Tokyo that was badly hit by tech share declines, giving back 2.2%. SoftBank Group closed among the worst performers, slumping 6.0%.

The FTSE 100 index fell 36.74 points, 0.5%, to 7,623.00. The FTSE 250 was down 65.24 points, 0.3%, at 19,536.54, and the AIM All-Share fell 1.42 points, 0.2%, at 739.14.

The Cboe UK 100 was down 0.5% at 763.37, the Cboe UK 250 lost 0.4% at 16,916.65, and the Cboe Small Companies fell 0.5% to 14,736.85.

In European equities on Monday, the CAC 40 in Paris was down 0.2%, while the DAX 40 in Frankfurt was 0.5% lower.

In New York, the Dow Jones Industrial Average and S&P 500 are called to open 0.2% lower, and the Nasdaq Composite down 0.3%. The Nasdaq had slumped 1.2% on Friday.

"Artificial intelligence star Nvidia was a notable underperformer as investors absorbed a mixed jobs report," AJ Bell analyst Russ Mould commented.

Mould added that Friday's nonfarm payrolls release was a mixed bag.

"The headline number was higher than expected but revisions to previous data suggested the unemployment rate was at its highest in two years. Lower wage growth will have encouraged the idea rate cuts are on the way but the hints at a cooling economy suggest the landing may not be as soft as the market would have liked," the analyst commented.

According to the Bureau of Labor Statistics on Friday, nonfarm payroll employment rose by 275,000 in February, picking up speed from a 229,000 increase in January. January's figure was downwardly revised by some degree from an initially reported 353,000. December's figure, meanwhile, was lowered to 290,000 from 333,000.

In total, nonfarm payrolls for December and January were in total 167,000 lower than previously reported.

However, for February, the figure topped the FXStreet-cited consensus of 200,000.

Focus moves to Tuesday's US inflation reading. The headline annual US inflation rate is expected to sit unchanged at 3.1% for February, according to FXStreet cited consensus. The core rate of inflation is forecast to ebb to 3.7% from the 3.9% reported for January.

The US data is reported at 1230 GMT. Before that, there is a UK unemployment reading at 0700 GMT. UK gross domestic product data follows on Wednesday.

Ebury analyst Matthew Ryan commented: "The labour market will continue to show full employment with wage gains above 6%, while the economy is expected to have returned to growth in January.

"These will be key input to the Bank of England meeting next week."

The pound was quoted at USD1.2851 early Monday afternoon, down from USD1.2860 at the London equities close on Friday. The euro stood at USD1.0942, down from USD1.0949. Against the yen, the dollar bought JPY146.62, falling from JPY147.21.

Gold rose to USD2,179.36 an ounce midday Monday, from USD2,174.74 at the London equities close on Friday. The precious metal traded off the record high of USD2,195.13 it achieved on Friday, however.

"We remain positive on the price of gold for 2024, and continue to recommend it as a portfolio hedge. We expect gold to trend higher to USD 2,250/oz, but would wait for price setbacks to gain exposure, even if these turn out to be modest and brief," UBS analyst Mark Haefele commented.

Brent oil was quoted at USD81.65 a barrel early Monday afternoon, down slightly from USD81.72 at the time London equities close on Friday.

In London, miners traded lower as a key political meeting in China drew to a close. Rio Tinto was among the worst of the lot, down 3.3%. China is a major buyer of minerals.

China's leaders admitted more was needed to revive a sluggish economy battered by an ailing housing market, poor domestic demand and record high youth unemployment figures.

Also on the decline in London, Ladbrokes owner Entain fell 2.3%. Should it end the day in the red, it would extend its losing streak to six days.

On the flip side, one stock which has seen sentiment towards it improve, Darktrace surged 9.2%. The cybersecurity firm was the best FTSE 250-listed performer. It looks poised to extend its winning streak to five days. Shares had surged 6.2% last week Thursday on the back of improved interim results.

Currys gave back 7.5%. Suitor Elliott Advisors said it will not make an offer for the electricals retailer, following "multiple attempts to engage" with the FTSE 250 listing's board.

The private equity firm said it "is not in an informed position to make an improved offer for Currys on the basis of the public information available to it". Currys in February said it rejected an upgraded takeover offer from Elliott. It said it received a proposal worth around GBP750 million or 67 pence per share from Elliott, lifted from a previous tilt of 62p.

Before the second Elliott proposal was made, Chinese e-commerce firm JD.com threw its hat in the ring. JD.com, noting press coverage, said it is mulling an acquisition of Currys. The Telegraph newspaper had reported JD.com held early talks with Currys.

Vanquis slumped 38% as it warned on its 2024 outturn, but backed guidance for 2023. The lender still expects adjusted pretax profit of GBP25 million for 2023, which would be down markedly from GBP126.6 million for 2022.

However, for 2024, it expects income to be "materially lower than market consensus expectations" of GBP538.3 million.

Vanquis said that it is not part of Financial Conduct Authority investigations in motor financing.

Nonetheless, it has seen "significant levels of third-party complaint submissions," it stated.

It cautioned that even though the "vast majority" of complaints are not upheld, rising costs of reviewing them will "materially" impact profits.

Panmure Gordon analysts Rae Maile and Ross Luckman commented: "Another material downgrade to expectations is the last thing that long-suffering shareholders needed, but we have sympathy with the company that, this time, it is not entirely its own fault.

"2025 will bear the IFRS9 provisioning costs of seeking growth, and it will be 2026 before there is any semblance of a return to 'proper' profits and profitability. That is an awfully long time to wait, especially in such febrile stock markets, and without much in the way of dividends to ease the pain the shares will be moribund at best."

[master rsi] 11/3/2024 12:26

How the UPS are performing during last month

[master rsi] 11/3/2024 12:07

How the UPS are performing today

[master rsi] 11/3/2024 10:27

NANO 20.50p (1.31 / 6.83%%) / Nanoco proposes return of GBP33.0 million to shareholders
(Alliance News) - Nanoco Group PLC on Monday said it will return GBP33.0 million to shareholders, primarily through a tender offer.

Shares in Nanoco rose 8.8% to 20.87 pence each in London on Monday morning.

The Runcorn, England-based developer and manufacturer of nanomaterials said it received the second tranche of litigation proceedings from Samsung Electronics in January. Samsung was alleged to have infringed on Nanoco's intellectual property.

Nanoco said: "The board has determined that, in order to provide flexibility and choice to shareholders, the most appropriate means of returning value is to conduct a tender offer to return up to GBP30.0 million to shareholders.

"In addition to the tender offer, the board also intends to return a further sum of up to GBP3.0 million by way of an on-market share buyback of ordinary shares."

The tender offer is being made at 24 pence per share, a 25% premium to the stock's Friday closing price.

Non-Executive Chair Christopher Richards said: "Today Nanoco is announcing an exceptional and significant return of capital to shareholders, while retaining and investing funds to support delivery of further value from commercial prospects and enhance our future growth and margin profile.

"With growing opportunities and a fully funded commercial business, we are confident in enhancing shareholder value over the medium and long term."
TENDER
· Tenders in excess of a Shareholder's Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement or do not tender any Ordinary Shares and, if necessary, excess demand will be scaled back on a pro rata basis (save that tenders from Shareholders who hold 2,000 Ordinary Shares or less will be accepted in full subject to there being capacity to purchase those Ordinary Shares in accordance with the terms of the Tender Offer).

All Eligible Shareholders on the Register of Members at 6.00 p.m. on 9 April 2024 are entitled, but not required, to tender some or all of their Ordinary Shares for purchase by Cavendish, acting as principal, at the Tender Price.

[master rsi] 11/3/2024 10:11

London Stock Exchange to allow crypto listings after UK FCA clears way

(Alliance News) - The UK Financial Conduct Authority on Monday said it won't stand in the way should recognised investment exchanges choose to create a listed market segment for crypto-asset backed exchange traded notes.

London Stock Exchange Group PLC immediately responded on Monday by saying the London Stock Exchange will start to accept applications to list bitcoin and ethereum crypto ETNs from the second quarter. It said an exact launch date will be confirmed "in due course".

LSEG shares were up 0.1% to 9,272.40 pence early Monday.

"These products would be available for professional investors, such as investment firms and credit institutions authorised or regulated to operate in financial markets only," the FCA said.

The financial regulator added: "With increased insight and data due to a longer period of trading history, the FCA believes exchanges and professional investors should now be able to better establish whether cETNs meet their risk appetite."

However, the ban on the sale of crypto-asset backed exchange traded notes to retail consumers in the UK remains in place.

"The FCA continues to remind people that crypto-assets are high risk and largely unregulated. Those who invest should be prepared to lose all their money. The FCA is collaborating with government, international partners and industry to develop the UK's crypto-asset regulatory regime and lead international standards in this space," it said.

LSEG said it will only accept applications for crypto ETNs that are physically backed, meaning non-leveraged. They must have bitcoin or ethereum as their underlying crypto assets, and they must have a market price or other value measure that is reliable and publicly available.

[master rsi] 11/3/2024 09:15

HE1 1.25p -0.235p

Was much lower earlier as the marked down from the start of the day is a pass time for the MMs.
Maybe they wanted a GAP to be filled?

[master rsi] 11/3/2024 09:00

Citi downgrades Virgin Money to 'neutral' after Nationwide offer

(Sharecast News) - Citi downgraded its stance on Virgin Money on Monday to 'neutral'/high risk from 'buy'/high risk after the shares surged on news that Nationwide Building Society had offered to buy the group in a £2.9bn deal.

Under the terms of the offer, announced on Friday, Virgin shareholders would receive 220p per share. This comprises 218p per share in cash and a 2p dividend to be paid in FY24.

"Following Nationwide's announcement that it is considering a 220p bid for VMUK, we move our target price to 220p," Citi said.

The bank noted that final confirmation from Nationwide on whether it plans to pursue a bid is required by 4 April.

Citi said it reckons the offer is "fair".

It added: "The acquisition is not subject to the passing of a resolution by Nationwide's members and while we would expect the deal to be reviewed by UK Competition and Markets Authority, we think it is likely to close under the existing terms and perimeter."

[master rsi] 11/3/2024 08:46

QBT 1.25p +0.10p

On the way up as Bitcoin has gone over $71.000

On the Chart MACD has gone positive as it has crossed up "0" and the rest of indicators moving higher from oversold.
chart...

[master rsi] 11/3/2024 08:35

Heathrow records highest February passenger numbers

(Alliance News) - Heathrow Airport Holdings Ltd recorded its busiest February for passenger numbers as demand for air travel exceeded pre-pandemic levels.

The west London airport said 5.8 million people travelled through its terminals last month.

It stated it achieved its highest February total even before the extra day due to this year being a leap year.

The airport recorded 5.2 million passengers during the same month last year, and 5.5 million in February 2019, before the coronavirus pandemic.

More than two million passengers travelled through Heathrow during the February half-term school holiday, with winter sun holidays more popular than ski trips.

Heathrow Chief Executive Thomas Woldbye warned the Treasury's failure to reintroduce tax-free shopping for tourists buying goods in the UK last week was a "missed opportunity".

He said: "It was wonderful to welcome so many passengers for the first holiday peak of 2024, setting a new Heathrow record.

"While we are serving more people, visitors to the UK are spending less since the removal of tax-free shopping, impacting businesses across the country.

"The spring budget was a missed opportunity to give the whole tourism, hospitality and retail sector the support it needs to compete internationally."

[master rsi] 11/3/2024 08:19

FTSE

Opening down 30 points but now only 8 points in the red

[apotheki] 11/3/2024 07:56

Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining

amt11 Mar '24 - 07:21 - 9714 of 9716

So does this mean its been approved by the Government and now the local council can make the final decision which presumably will give the goahead if central Government says its ok



Chief Executive Graham Clarke said:

"We are very pleased that the Committee has upheld our referral in this matter. We now look forward to re-engaging with the CRUI to facilitate the approval of the EIA for the Project. The Company maintains its conviction that the Project is world class and will provide significant value and benefit to the Khemisset region, the Kingdom of Morocco and to the Company itself.

"We will of course provide updates in this matter as soon as we are able."



Laurence Llewelyn Binliner11 Mar '24 - 07:23 - 9716 of 9716

Great start to our week, not a green light just yet, BUT referred back for reconsideration by the higher body does indicate they are happy with it at a national level, now back to regional to revisit with our new improved processes and water plans.. :o)

[apotheki] 11/3/2024 07:25

Roquefort Therapeutics plc / LSE:ROQ

Positive Results: Midkine mRNA and STAT-6 siRNA Programs
Pre-clinical development milestones

Roquefort Therapeutics (LSE:ROQ, OTCQB:ROQAF), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth oncology market, provides an update on the development of the Midkine mRNA and STAT-6 siRNA programs.

Midkine mRNA Program Milestone
Further to the announcement on 6 February 2024, where Roquefort Therapeutics announced that its mRNA therapeutics were undergoing studies in combination with proprietary lipid nanoparticle (LNP) delivery systems, the Company has continued development in validated in vivo models. These latest experiments combined the mRNA with a LNP delivery system in a validated in vivo model of liver cancer and demonstrated the safety and efficacy in reducing functional Midkine of the novel mRNA LNP combination.

This represents a significant milestone in both the discovery of a novel mRNA therapeutic and in the safe combination with an LNP to allow for the delivery of the mRNA as an anti-cancer medicine. Liver cancer is a leading cause of cancer deaths worldwide, accounting for more than 700,000 deaths each year[1]. Midkine is associated with liver cancer progression, resistance and prognosis[2]. A novel therapeutic that targets Midkine expressing liver cancers with the cutting-edge mRNA technology offers the potential for a first-in-class medicine in the $3B liver cancer market.

STAT-6 siRNA Program Milestone
On 7 August 2023 the Company announced that it had developed four additional siRNA sequences that attack the target STAT-6 (Signal Transducer and Activator of Transcription) and its SH2 (Src-homology-2) domain. The Company has continued the development of these novel STAT-6 medicines in validated in vitro models of colon cancer with the results demonstrating efficacy of the four new siRNA sequences in reducing STAT-6 expression by 40-50%.

Colorectal cancer (CRC) is the third most diagnosed malignancy and a major leading cause of cancer-related deaths worldwide with ~1.9 million new cases per year and accounted for over 900,000 deaths in 2020[3]. Despite advances in therapeutic regimens, the number of patients presenting with metastatic CRC (mCRC) is increasing due to resistance to therapy[4]. STAT-6 has been implicated in colorectal cancer development, progression, metastasis, poor survival, and resistance to treatment[5]. Therefore, a novel therapeutic that targets STAT-6 expressing colon cancers offers the potential for a first-in-class medicine in the $12B colon cancer market[6].

Roquefort Therapeutics CEO Ajan Reginald commented:
"We have made significant progress across our pre-clinical drug development programs in Q4 2023 and in Q1 2024. First with the MK cell program announced in February 2024 and today, with the results with our Midkine mRNA and STAT-6 siRNA programs. Both programs highlight Roquefort Therapeutics' ability to select and develop valuable new medicines for the most difficult to treat cancers. Successfully combining our Midkine mRNA with LNP delivery creates potential for a highly promising new medicine for liver cancer and the novel STAT-6 siRNAs have shown great promise in colon cancer.

By focusing on oncology patients with the worst prognosis, who are not well treated with existing medicines, we hope to develop new first-in-class medicines that dramatically improve survival and as a consequence, are the most valuable to potential Pharma acquirers.

Big Pharma is set to face a $200 billion[7] fall in revenue from 2024-2030 due to patent expirations while also earning record profits over the last five years. Therefore Big Pharma will have to fill this gap by acquiring new blockbuster medicines to fill this shortfall, and so it is a great time to have our portfolio of potential blockbuster medicines. We remain in active out licencing discussions with Big Pharma companies and a specialist private equity fund across the US, EU and Japan and will update the market should a binding agreement be entered into with one or more partners."

[apotheki] 11/3/2024 07:20

Tirupati Graphite plc / LSE:TGR

Madagascar Exploration Update

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, is pleased to announce the completion of its exploration and resource drilling programme at its two Madagascan flake graphite projects. An updated Competent Persons Report ("CPR") is now being prepared by SRK Consulting and is expected to be published in the near term.

Exploration Programme Overview

· Completed c.5,000 metres of diamond core drilling, 26,000 metres of auger drilling and 360 running metres of six to eight metres depth trenching across the two projects as detailed in the table below:

Exploration activities executed after 2020 CPR

Activity
Location
Number
Meterage

Assays
Meters
Graphite Intercepts
Diamond Core Drilling
Vatomina
85
4018.26
889,35
1307
Diamond Core Drilling
Sahamamy
28
803.1
191.39
52
Manual Auger Drill
Vatomina
1677
15093
4131
788
Manual Auger Drill
Sahamamy
1543
11066
626
452
Trenching
Vatomina
42
167.76
84.59
26
Trenching
Sahamamy
62
192
Data under compilation

· Drilling was undertaken using the Company's fully owned equipment - two diamond core drilling rigs, auger facilities and earthmoving machinery, used for developing access to exploration locations and trench cutting.

SRK Consulting is now working to produce an updated CPR under JORC Code 2012 to update their existing 2020 report. SRK's leadership team is currently on the ground for their customary project visit and work continues towards completion of the updated CPR with the SRK Consulting team targeting release in due course.

For reference, the JORC Code 2012 resources published under the 2020 CPR across the Company's Vatomina and Sahamamy Projects are as below:

SRK Mineral Resource Statement Vatomina Graphite Project, Madagascar, in accordance with the JORC Code (2012) as of 31 December 2019

Resource Category
Quantity
Grade

(Mt)
(GC%)
Measured
-
-
Indicated
3.2
4.3
Inferred
15.2
4.7
Total Mineral Resource
18.4
4.6

SRK Mineral Resource Statement Sahamamy Graphite Project, Madagascar, in accordance with the JORC Code (2012) as of 31 December 2019

Resource Category
Quantity
Grade

(Mt)
(GC%)
Measured
-
-
Indicated
1.4
4.1
Inferred
5.7
4.2
Total Mineral Resource
7.1
4.2

Shishir Poddar, Executive Chairman, said:

"We are extremely pleased with the extensive exploration activities conducted by our team alongside development and operations. We expect the updated CPR to show a material increase in our resource numbers underlining the long-term potential of our currently operating and expanded projects in Madagascar. We look forward to releasing the updated CPR as soon as it is available, another activity which aligns with our goal to become the leading ex-China source of natural flake graphite contributing to the energy transition economy."

"It is significant to note that the completion of current exploration phase reduces our cash use towards exploration and the team and our resources will be further focussed on achieving our goal of achieving EBDITA positive results at the corporate level in the immediate term.

[master rsi] 10/3/2024 23:52

BTC - Bitcoin

Had reached $70,000 earlier this morning and then retraced to $68,300, now back to $69.000

[master rsi] 10/3/2024 22:14

BBC - Saudi Aramco boosts dividends despite profit fall
Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023.

Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022.

But the figure is still the second-highest profit ever for the state-backed company.

The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.

Dividends will increase to $98bn, a rise of almost a third compared to 2022, when it banked a record $161bn in profit, thanks to the impact Russia's war in Ukraine was having on energy prices. Oil prices hit $130 a barrel in 2022.

The Saudi state owns nearly 95% of the company, so the bumper profits resulted in a budget surplus for the kingdom in 2022.

In 2023 oil prices fell back to $85 a barrel. Moreover, Saudi Aramco has cut back on production to help support the oil price, providing a further challenge to profits.

"In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds," Aramco's chief executive Amin Nasser said in a statement.

Saudi Arabia is aiming to diversify the country's economy, using income from its energy sector to fund the transition.

Mr Nasser said the firm would make some announcements this year on renewables investments in Saudi Arabia.

But he also said the oil giant was looking for opportunities to invest in China, where demand for oil was growing.

"So far we are in the early part of 2024, demand is healthy and growing in China," Mr Nasser told journalists.

Saudi Aramco already has investments in Chinese refineries.

He said he expects the oil market to be "fairly robust" in 2024 with demand just marginally higher than last year.

He also said discussions were taking place over a stake in the tie-up with French carmaker Renault and China's Geely which make hybrid car engines

[master rsi] 10/3/2024 21:05

SUNDAY PAPERS:

Share tips, comment and bids

Mail on Sunday (Midas Budget Special): It's time to shout from the rooftops - and invest in the Great British businesses that lead the world.

The Sunday Times (The Tipster): Invest in McBride, you could clean up.

Mail on Sunday: Nationwide must give members a vote on its planned takeover of Virgin Money, politicians and customers are demanding this weekend.

The Sunday Telegraph: Doug Putnam, the Canadian businessman who rescued HMV, is exploring a bid to buy The Body Shop out of administration.

The Observer (Comment): John Lewis is back in the black, but the glory days of big bonuses seem far away.

The Sunday Telegraph (Comment): West scrambles for ‘insurance policy’ as China raids Earth’s raw materials.

The Sunday Telegraph (Comment): Pensioners must prepare to face a hard truth.

The Sunday Telegraph (Comment): The threat that forced Google’s co-founder out of retirement.

The Sunday Times (Comment): ‘Like a cult’: How Morrisons’ new boss is shaking it up.

The Sunday Times (Comment): Will China or Elon Musk rescue McLaren?

The Sunday Times (Comment): How The North Face woke up to stop sales falling off a cliff.

Times (Comment): Is the UK really ‘the next Silicon Valley’?

[master rsi] 10/3/2024 20:12

SUNDAY PAPERS:

Business and economics

The Observer: Employers added 275,000 jobs across the US last month, as the labour market continues to grow at a clip in the face of the high interest rates.

The Sunday Times: The boss of IAG, the parent company of British Airways, is to take millions of pounds of his bonuses in cash rather than stock after failing to revive the airline group’s bombed-out share price.

The Observer: The company behind the national lottery was borrowing millions from Kremlin-owned banks when it won the UK’s largest public-sector contract, the Guardian can reveal.

Mail on Sunday: Britain's Budget watchdog has hailed the success of services exports despite an increase in post-Brexit trade barriers.

The Sunday Times: Morgan Stanley has agreed to keep its London head office at Canary Wharf in a significant boost for the district, which has been hit hard by the rise of flexible working.

Mail on Sunday: Unions are seeking urgent talks with British Steel after its auditors warned it may not be able to continue trading.

[master rsi] 10/3/2024 19:44

SUNDAY PAPERS:

Top stories

The Sunday Times: Richard Branson stands to receive at least £250m from Nationwide as an ‘exit fee’ when the building society stops using the Virgin Money brand after its takeover of the struggling challenger bank.

The Sunday Times: Direct Line’s new boss Adam Winslow is expected to bring forward some of his plans for turning round the troubled insurer as he fends off a £3.1bn takeover bid from Belgian rival Ageas.

[master rsi] 09/3/2024 23:58

Gold hydrogen: a near limitless supply of clean fuel?
Chas Newkey-Burden, The Week UK - Start-ups are scrambling to discover sources of so-called "gold hydrogen" after experts said the low-cost, low-impact energy could be an environmentally friendly game-changer.

A recent discovery means that the planet could contain "near-limitless clean fuel", said New Scientist, but experts are also urging caution as the hype builds.

So what is gold hydrogen, how much of it could be under our feet and is it really as useful as has been claimed?

How is hydrogen currently obtained?
Hydrogen will be an "essential fuel in years to come", said the BBC, because it does not produce CO2 when used as a fuel or in industrial processes. But the "big drawback", according to the Carbon Trust, is that less than 1% of current global hydrogen production is emissions-free.

Currently, we have to make hydrogen ourselves, which involves using energy and producing pollution. Grey and blue hydrogen are produced by splitting methane into carbon dioxide and hydrogen, with the CO2 captured and stored in the latter case. Black hydrogen is produced by partially burning coal and there's also pink hydrogen, made using nuclear energy.

Green hydrogen, "that elusive 1%", said the BBC, is created through the electrolysis of water into oxygen and hydrogen, but it is "relatively expensive and in short supply". So this is where gold hydrogen could come in.

What is gold hydrogen?
New geological research suggests that "cheap and plentiful supplies" of naturally occurring hydrogen could be "found right under our feet", wrote David Waltham, a geophysics professor at Royal Holloway, University of London, on The Conversation.

Gold hydrogen, also sometimes known as white hydrogen, is a naturally occurring gas trapped in pockets under the ground – in much the same way as oil and natural gas.
It is produced when the gas occurs naturally deep underground and can be harvested through drilling, with no need to expend energy on synthesis.

It is "colourless and odourless", explained New Scientist, and has "good environmental credentials" because it "burns cleanly, producing nothing but water".

Where has it been found?
In October 2023, researchers at the French National Centre of Scientific Research discovered a "particularly large reservoir" of natural hydrogen in northeastern France’s Lorraine coal basin, wrote Waltham.

The reservoir may contain 250 million tonnes of naturally occurring hydrogen – enough to provide almost as much energy as the UK's largest oil field. It may represent the largest naturally occurring deposit of the gas ever found, enough to meet current global demand for more than two years.

Other, smaller reservoirs have been found in Spain and across Europe, as well as in Mali, Namibia, Brazil and the US. None has been discovered in the UK but experts are actively considering whether to search.

Ultimately, according to modelling by the US Geological Survey, there could be trillions of tonnes available, and if just a fraction of that could be recovered, it would be enough to meet our projected hydrogen demand for many centuries to come.

'Wait-and-see' attitude
Despite the exciting possibilities, there are "reasons to be cautious", said New Scientist, because "the true amount of hydrogen the planet contains, as well as how much might be feasible to extract, remains uncertain".

The gas is found in large volumes, so it needs to be compressed or converted into other chemicals, such as liquid ammonia, before it can be easily moved. This process could require the construction of new pipelines, which is a significant undertaking.

That's why experts are still debating whether gold hydrogen will turn out to be an over-hyped fad or a potentially game-changing discovery.

"So far," said the BBC, "the major energy players are holding back", with just start-ups getting involved. Oil giants are "very interested" but they're "currently sitting on the sidelines, watching, taking a bit of a wait-and-see attitude", Geoffrey Ellis, from the US Geological Survey, told the broadcaster.

There is also the danger that exploiting natural hydrogen deposits "could be used as an excuse to foot-drag" on the need to cut greenhouse gas emissions immediately, said Waltham. So there's a "long way to go" before we can say for sure how useful these stores will be.