After a power outage Tuesday, business leaders in Taiwan pushed the government to rethink its plan to phase out nuclear energy by 2025 and have natural gas make up 50% of the nation's power generation. "Authorities should review their energy policy and entertain the possibility of activating the Fourth Nuclear Power Plant to avoid unexpected massive blackouts and subsequent power rationing," Chinese National Association of Industry and Commerce, Taiwan Chairman Lin Por-fong said.
Final contracts are set to be signed this year on the El Dabaa nuclear power plant, Egypt's first plant, and the project is expected to be a boon to the country in more ways than just providing electricity. Construction and operation will provide jobs, Egyptians will have improved training opportunities, and the advanced technology will make the El Dabaa area a tourist destination.
International Flavors & Fragrances' flavors and fragrance divisions saw a 6% increase in second-quarter net sales, year-over-year, hitting a combined $849.2 million. The fragrance division benefited from both sales growth and recent acquisitions.
Akzo Nobel has won support from activist investor Elliott Management for its plan to spin off its specialty chemicals unit into a separate business. Elliott has agreed to give Akzo Nobel a minimum of three months to pursue the plan.
US shale drillers' ability to expand production with oil at $40 to $45 per barrel means OPEC is doomed to fail in its attempt to lift prices, because its strategy "is not sustainable over a long period," according to Citigroup's head of research, Ed Morse. To maintain growth momentum, shale producers are hedging their output for 2017 and 2018, Morse said, adding that activity in the Permian Basin will grow at a "hefty rate" this year and next.
Duke Energy has issued a request for proposals seeking to add up to 500 megawatts of installed wind capacity in North Carolina and South Carolina, according to the company. The company added that the offer is open to new and existing projects.
Nestle's half-liter bottles of water sold in the US under the Deer Park, Pure Life, Poland Spring, Ice Mountain, Ozarka, Arrowhead and Zephyrhills brands now feature the new How2Recycle label. The label reminds consumers to replace the cap before recycling the empty bottle.
A class-action complaint filed in California demands money and a corrective ad campaign and makes 11 charges -- including fraud and false advertising -- against Clorox. The suit alleges Clorox is making false claims that its Green Works line of cleaning products are made from "green" or "natural" ingredients.
US crude stockpiles fell by 9.2 million barrels in the week ended Aug. 11, compared with expectations for a 3.6 million-barrel drop, according to the American Petroleum Institute. Gasoline inventories climbed by 301,000 barrels, while distillate supplies shed 2.1 million barrels.
The number of drilled-but-uncompleted wells in the Permian Basin climbed by 135 last month to 2,330, 73% more compared with July 2016, according to the Energy Department. With the average Permian well producing about 400 barrels of oil per day, these untapped wells could boost US oil production by hundreds of thousands of barrels per day once they come online.