How Climate Change and Environmental Conservation is taking shape around the world and how we can all make a difference. Knowledge grows through sharing, download it now for free. Weve got some hot tips for your bucket list. Ah romantic corner tread hotspot for food chair and some great cultural memorials to boot. Did w travel off we go with . Oh, Boy Companies pump out unprecedented profit. Exxon mobil and chevron shatter earnings records at a time of soaring fuel costs for consumers and chits to compete with china, us lawmakers vote to spend billions to boost the countries domestic semiconductor industry. This is the w business. Im Janelle Dumas on. Welcome. We begin today with the record breaking profits from Oil Companies. Exxon mobile and chevron. Exxon mobile made 17900000000. 00. All chevron posted 11600000000. 00 in profit in the 2nd quarter. These massive earnings are coming at a time where consumers are facing spiraling fuel costs, which in turn are driving up the prices of everything else. The u. S. Oil joins, earnings have followed on the heels of European Petroleum majors like shelf to tell energies and any posting their own. I watering numbers. Teddy austro is standing by for us at the New York Stock Exchange study. As we said, those profits are coming out of time of rising fuel costs for consumers resetted a few times already on the show. Any chance that those oil giants will use those profits to help mitigate the Energy Crisis . Yeah, well, you cant stress enough. How strong these profits are bite and actually said last month that these Oil Companies are making more profits than god. Now are they investing these profits back into the industry to give more supply to try to use the Energy Crisis. Bring some of these high costs that have been eating at the consumers down. Well, it doesnt really seem like an investment is certainly not keeping up with the resurgence in demand. There appears to be a cultural shift going on over the past decade. There was a focus more on drill, drill, drill, increase the volume. Now shareholders have demanded, well, better profit margins, and thats certainly what theyre getting with Commodity Prices so high due to the supply chain disruptions of the panoramic as well as the war and ukraine. And these companies are focusing on stock share buybacks rather than investing. Now also there is the question of demand in the future for the energy transition. And these companies dont want to spend on expensive and costly projects that may not be used as demand falls in 2nd to come. Now were going to have to ask joe biden, how much, how he knows how much money god actually makes. But demand, as you say, is a softening again, or its going to soften again. What does that going to mean for Oil Companies . Well, weve already seen demand softening a little bit. Gasoline prices are incredibly high, the consumer is spending less on that gas, but it doesnt seem Oil Companies are that scared that their profits are going to come down too heavily. This is because russia well with a whole in russian supply of oil and gas, there really is a floor to how the Commodity Prices can come down, especially as opec plus struggles to up the supply to fill that gap in energy supply. Also, the Federal Reserve and its Interest Rate hikes well, economists and Analysts Expect that there might, it might induce a mild recession, while analysts believe that well, a heavy recession is what is required to really eat into these extraordinary profits. For the Oil Companies that weve seen this year. Teddy austro there, thank you for all your reporting this week. Where the world and the grip of a global micro check shortage companies throughout the us are clamoring for semiconductors. Washington has decided to green light, billions in aid for us to producers, but the aim of competing with foreign rivals like china. Its been a long time coming. The United States congress has finally passed the chips in science, which is designed to boost the Us Semiconductor industry. And that opened a new campaign in the chip war against china. The yay are 243. The naser 1871 member voting present. The motion is adopted. Hey, mean to make the United States competitive with chinese manufacturers. The legislation will provide 52000000000. 00 in subsidies for you as to manufacturers and more than 100000000. 00 in science and technology investments. From cars to cellphones, health care equipment, even to video games. To day chips are the most critical production components. Taiwan and open target for china has been the chip production of for the us for many years. Now, this is about the change as u. S. Is opening a new front in detroit war against china and chinese aware of that sir is imposing restrictions and seeking the coupling will only hurt others and ones self light caught it. In the mean time, china stresses reliance on our own efforts to drive the nations development. No restriction or suppression will hold back china cytex to one months an industrial progress. Hoover, President Joe Biden is expected to sign the bill into low soon. This will directly affect the course of global technological production for decades to come. Russias war on ukraine is being partially blame for a rise in the cost of food and fuel economy in europe is proving surprisingly resilient despite rising prices. Official data shows the eurozone economy grew more than expected in the 2nd quarter. I point 7 percent compared to the 1st quarter tourism boosted france in spain. But germany continued to be the worst affected by high inflation and fears of a gas prices triggered by your russian restrictions. Europes largest economy stagnated in the 2nd quarter, bringing it to the edge of a recession. So a lot of doom and gloom there. Earlier we spoke to thomas old from the German Economic Institute to ask how he assessed the risk of recession for the euro zone. I think the numbers look quite good. Positive can be expected. Indeed, new point 7 percent growth compared to the current price within the 1st quarter here. And if you cant, down in the shadow of those numbers, youre going which is comprised by the economy. And however, quite now, which would be a cut off, a rushing dead. But even a germany buckled under a gas crisis, German Economy minister, robert havoc said again today that putting north stream to into operation is not an option. Thats the pipeline that was meant to deliver russian gas to germany via the baltic sea. It was scrapped after russias attack on ukraine. Earlier we spoke to john sweeney, an Investigative Reporter and the author of killer in the kremlin about putting through jean. He told us that eliminating russian fossil fuels is the correct course of action. One of the dog armies of the war so far is that as much money that the west has given to ukraine to help your crime fight against the brutal invasion we have given fall to russia to pay for its oil and gas. And because because of the will the prisons fans, the price of oil and gas has gone up so. So yes, sanctions, but actually the reality is your in particular, germany in particular has kept on buying russian all and gas know, obviously this is an addiction which is hard to get off quickly. But we quickly and here are some other business news. Phony has cut if and will net profit forecast. Electronics. Conglomerate said that slowing growth in the gaming market. After the pandemic, the cost of buying game developer bungee were to blame. Tony agreed to pay 3600000000. 00 for the American Company earlier this year. Alphabet, googles Parent Company has blocked battle grounds mobile india, whenever the most popular mobile gains in the indian market alphabet, cited in order from the Indian Government for the ban battlegrounds, mobile, india has more than 100000000 active users before the bat bolivia is home to the Worlds Largest untapped preserves of lithium, a key component in electric batteries. Though its several years away from extracting the valuable wrong material. Once it does well, need to import metals like nickel and cobalt to complete the batteries. Yet a new car maker in the country is placing its bets on an electric future, hoping to expand the electric Vehicle Market in latin america. Mm. This startup is investing big. In something small. Its producing micro sized electric vehicles. Less than what we need, adler for a total for electron mobility is the micro electric mobility, which is quite different though is can we be fed into the car . Can fit up to 3 passengers. Its top speed is 55 kilometers per hour. But thats not a problem for quantum customers. Theyre not traveling long distances. And the benefits outweigh any shortcomings. None of them will mess i am as away my electric bill was more or less 10 euros per month. And sometimes i go from here all the way to suck above the, you know, kind of, i keep a charge and use it at least once a day. Youll see notable. Yes, its very low cost compared to a gas powered car and go so far. My mom puts in 10 years worth of fuel in her car per week. Whereas i put in 10 years per month. All that didnt already out of her last my its cheap to run an easy to charge and the car can be plugged into a typical wall outlet. But its electric batteries have to be imported. Thats something to start up hopes will change. Soon. Bolivia sits on the Worlds Largest deposit of lithium, bolivian president is in favor of industrialize in the indian nations lithium resources. Though many dont expect of that to happen until at least 2030 and experts still think the start up is headed down the right path. In the meant unwinnable to fever when both evil, if this is a very positive undertaking, montgomery put it in because it establishes a precedent in the country though they get a president because it introduces and generates a market for electric cars a little little hopefully these electric cars may be many, but their potential is mighty to saudi arabia now, which says its drawing a line in the sand, at least when it comes to urban planning. The kingdom has been accused of living in the distant past, but now it wants to show how futuristic it is with the line. Its a wall thats also a city, 200 meters wide and 500 meters above sea level stretching from the red sea eastward, across the desert and into a mountain range. Its part of a project called neon. It could house up to 9000000 residents and run, runs entirely on renewable energy. But like many visions of the future, critics are saying it locks the human touch. Thanks for watching. Have a great weekend. Ah. Ah, the future of human kind depends on saving nature. An increasing number of authors and artists are convinced of this in their recording their experiences in can their books save the world. Next, on d, w, the big are incredibly influential in a massive economy. The omnipotence of auditors. They also influence political decisions and lost a political power arises from economic power. They are essentially a bunch of the big for Accounting Firms under scrutiny. In 45 minutes on t w o a ended glistening place of long the mediterranean sea. Its waters connect people of many cultures. Siena almost rock and to far abdul karim drift along with exploring modern lifestyles and mediterranean, where has history left its traces, a legal hearing, their dreams of mediterranean journey in tenant those sorts. August 14th on d. W with ah, if get found, its not about whether we need the wilderness. We can also ask, what does the wilderness neosporin wounds . Emma, if you walk through a forest that seemed to baz link
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