Labour MPs fear No 10 team lack up-to-date energy insight and don’t fully recognise voters’ climate concerns
Andy Burnham was told he could face the first revolt of his premiership as Labour MPs and climate experts condemned his apparent support for renewed drilling for oil and gas.
As the UK suffers through drought, fires and heatwaves, the prime minister gave the strongest indication yet on Friday he was minded to allow new drilling. His comments came just hours before the UN secretary-general warned “every new fossil fuel project” made heatwaves more dangerous.
Live, rolling coverage as London’s biggest companies defy Middle East disruption and UK petrol prices rise to around £1.60 per litre, the highest since Donald Trump ordered renewed strikes
The story piquing the interest of the financial press this morning is that of Leopold Aschenbrenner, the AI Wunderkind (he’s German-born) who has been forced to sell off his fund in a fire sale after the AI boom ran out of steam.
The 24-year-old had persuaded a lot of people to give him a lot of money for a hedge fund, after previously working for OpenAI and the FTX Future Fund, a charitable arm of the fraudulent crypto empire of Sam Bankman-Fried, who is now in prison. Aschenbrenner ploughed that money into debt-fuelled bets on artificial intelligence companies, earning huge returns until he found out that stocks can also fall.
The trader dubbed the “Nostradamus of AI” would have been hard-pressed to foresee how quickly his high-flying hedge fund would run into trouble.
The firm’s rapid downward spiral is a familiar tale, as Silicon Valley and Wall Street once again threw their weight behind a bright-eyed but untested investor who promised this time would be different. “Everybody always wants to find the next golden child,” said one longtime hedge fund executive. “It just keeps happening.”
In less than 24 hours — which included a conversation between Griffin and Aschenbrenner — Griffin’s Citadel hedge fund reached out to Situational Awareness and snapped up the investments at a discount, according to a person familiar with the matter who asked not to be identified citing private information.
It was a startling reversal for Aschenbrenner, a former researcher at OpenAI who – before starting his hedge fund roughly two years ago — had no previous investment experience. His fledging firm has watched its assets plunge from $45bn at the start of July to about $10bn.
Satellite images have revealed new damage to Amazon data centers in the Middle East along with at least one crucial Saudi oil facility, following missile and drone attacks by Iran and its Houthi allies.
The images from Europe’s Copernicus Sentinel-2 satellites provide evidence of a widening war as the United States and several Gulf states exchange military strikes with Iran, the Houthi faction in Yemen, and Iran-backed militias in Iraq. Such satellite images also offer independent verification of claimed war damage, despite the US government having pressured US commercial firms and even Europe to restrict satellite imagery of the region.
Three Amazon data centers in the United Arab Emirates and Bahrain were already previously damaged by Iranian drone strikes on March 1. Those earlier attacks stuck Amazon with months of expected repairs and forced Amazon Web Services customers in the Middle East to migrate workloads to other cloud regions.
PM tells reporters the government cannot ignore the energy resource ‘when people are struggling’
Andy Burnham has said he will take a “pragmatic” approach to oil and gas drilling in the North Sea, saying the government could not ignore the potential energy resources it holds.
The prime minister’s comments came in response to a question about his conversation with Donald Trump on his first day in No 10. Trump had said Burnham told him he would “open up” North Sea oil, something the UK summary of the call made no mention of.
Environmentalists renew calls for windfall tax to support households after Q2 earnings rise to almost $10bn
Shell has posted its second highest quarterly earnings on record as the energy market surge caused by the Middle East crisis helped to double its net profit to almost $10bn in the three months to June.
Europe’s biggest oil and gas company reported a quarterly profit of $9.8bn (£7.4bn), more than double the figure for the second quarter last year and the highest since its record-high earnings in the months after Russia’s invasion of Ukraine.
A new look at more than two decades’ worth of archival data from NASA’s Spirit mission suggests that the Martian soil may hold iron-bearing minerals -- hematite and altered magnetite -- that were too faint for scientists to detect in real time during the mission.
Leading Australian climate policy experts say a new oil refinery in Western Australia would be an investment in “dinosaur technology” that would require public subsidy and do little to solve the country’s fuel security.
Experts told Guardian Australia doing the feasibility study was not a bad idea, but would ultimately show the project would be uneconomic and would require government subsidies.
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