Russia's Fuel Exports Hit 3-Month High on Diesel, Fuel Oil Boost
Russia's exports of refined fuels in May are on track to reach a 3-month high as increased diesel and fuel oil shipments more than compensated for a slowdown in naphtha and other secondary feedstock fuel flows.
Seaborne shipments of petroleum products totaled 2.23 million barrels a day through May 24, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. That's the highest since February and 4% more than April's daily average.
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CNET
29 minutes ago
- CNET
Refurbished Tech Is Always an Option for You, and It Could Be a 'Joyful' One, Too
I've been writing about the right-to-repair movement and finding more sustainable ways to buy tech for years, but it wasn't until earlier this year on a routine Tube journey across London that I heard of Back Market, a refurbished tech marketplace originating in France. While avoiding any possible eye contact with strangers, as is good Tube etiquette, my gaze drifted up to a Back Market advert above the window pane. "Sorry, cats. Tech now has multiple lives too," it said. It was amusing and immediately made me want to know more. It turned out that I was late to the party, and this was just one of many cheeky ads that Back Market has run on the London Underground network and beyond. The aim of the company's campaigns is to normalize buying refurbished tech by making it fun, Back Market's CEO Thibaud Hug de Larauze said at SXSW London on Tuesday. Back Market projects a slogan onto the Apple Store in London. Back Market "Don't make people feel guilty, like you're a bad person because you're buying new," he said. "It's not going to work. It's not going to change people's behavior." Extending the lifespan of our phones, laptops and other tech products, whether through repair, responsible trade-ins that prioritize recycling or buying refurbished devices is critical to ensure we're not wasting precious minerals and exerting pressure on the natural world in ways that contribute to the climate crisis. It's serious stuff, but Back Market's lighthearted approach is about sparking "a joyful revolution" in the world of refurbished tech, said Hug de Larauze. Buying into this revolution is good for the planet, and for protecting the wellbeing of the people in developing countries whose health is impacted by mining for minerals or recovering them from discarded e-waste. It's also good for another reason – avoiding price rises on new tech sparked by tariffs. The repair and refurbish movement Back Market isn't the only marketplace willing to pay for your old tech and to sell you a refurbished device, but it's one part of a more widespread movement for change. Earlier this year, the company partnered with iFixit, which is equipping people around the world with the tools they need to repair their own tech while advocating for right-to-repair legislation. "We want to enable people to repair by default, if they want and if they can," said Hug de Larauze. "If they cannot, let's trade in easily and adopt a refurbished one." Together the companies are encouraging people to increase the time they hold onto their phones to five years, rather than the current average of two and a half years. They're also applying pressure to phone manufacturers to increase software support to 10 years. But Hug de Larauze has an even bigger request for tech companies, which he describes as "the next fight we need to push for." At the point when tech manufacturers cease to provide ongoing support for devices, he wants them to unleash the hardware they've made so that it can be fully divorced from the operating system. The idea is that an old iPhone, for example, could get a new lease on life as something like a baby monitor or security camera if combined with different software. This feels like a big ask for tech companies, with the main argument against the proposal likely to center around security concerns. Still, the world of refurbished tech is changing quickly. Over a million refurbished devices were purchased through Back Market last year alone and according to Hug de Larauze, there are already signs that people are holding onto their smartphones for longer and trading in more often. "For me, it's about building a global ecosystem of service for everybody to basically access to repair by default," he said. "Obviously, keep the device longer, but if for some reason you cannot, then easily trade it in and access refurbished devices instead."
Bloomberg
an hour ago
- Bloomberg
UK Could Miss 2030 Clean Power Goal, Parliament Committee Warns
The UK's goal of a clean power grid by 2030 is in danger of slipping out of reach as planning delays and infrastructure bottlenecks challenge the government. The ambition requires 'building more energy generation and network infrastructure at a faster pace than Great Britain has managed in recent years,' according to a report from the House of Lords Industry and Regulators Committee published on Wednesday.
Yahoo
an hour ago
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BlackRock Escapes Texas Oil-Boycott List After ESG Retreat
(Bloomberg) -- BlackRock Inc. was removed from Texas' blacklist of companies that boycott fossil fuels, ending a three-year standoff over the environmental policies of the world's largest asset manager. Where the Wild Children's Museums Are Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access LA City Council Passes Budget That Trims Police, Fire Spending The move means pension funds and other state-run investment accounts — which manage more than $300 billion of assets — will be allowed to purchase BlackRock shares, invest in its exchange-traded funds and hire the firm for advice and risk management. Inclusion on the list resulted in some Texas entities pulling billions of dollars of assets from the firm. State Comptroller Glenn Hegar said BlackRock had rolled back many of its green-focused initiatives, including exiting the Net Zero Asset Managers initiative and stepping back from the Climate Action 100+, a group devoted to cutting greenhouse gas emissions. The move marks a win for BlackRock Chief Executive Officer Larry Fink, who has been courting Texas leaders. Last year, he took the stage with Lieutenant Governor Dan Patrick at a summit focused on shoring up the state's energy grid, and just months ago BlackRock sponsored a table at the Black Tie & Boots Gala, a celebration of conservative politics in Texas. The company is also backing a Dallas-based Texas Stock Exchange. 'We appreciate the Comptroller's resolution of this matter,' a spokesperson for the firm said in a statement. 'BlackRock is proud to help millions of Texans retire with dignity and, on behalf of clients, invests over $400 billion in corporations, local governments, energy infrastructure and other private assets throughout the state. These investments support the continued growth of the Texas economy.' Hegar touted some of BlackRock's steps. He said while they are 'unrelated' to the listing decision, the actions 'show a real commitment to overall policy changes and a desire to act as a trusted partner in the growth of the Texas economy.' The company was a major target for conservative activists for years, with groups taking out advertisements around the country targeting the firm and Fink in particular. They argued the company was trying to influence corporate America and wider society through its support for ESG and sustainable investing. Republican officials in several states joined in that campaign, pulling money from the firm and arguing that it was harming fossil-fuel producing states like Texas. Fink himself said he would no longer use the ESG term because it had been politicized. 'We never set out to punish any of these firms, and the hope was always that any firm we included on the list would eventually take steps to ensure they were removed,' Hegar said in a statement. 'BlackRock, following the lead of many of its competitors, has finally done exactly that. While it took the company longer than others in the financial sector to make the shift, the end results are what matter.' BlackRock and a number of other financial firms including UBS Group AG and BNP Paribas SA were added to Texas' blacklist in 2022. The action followed a law that restricted business with companies that the state considered to be hostile to the energy industry. Since then, the ESG push at investment firms, pension funds and law practices has faded somewhat, partly because of efforts to avoid attacks by President Donald Trump and Republicans. BlackRock has been seeking to get off the list since it was added. The firm had always maintained it didn't run afoul of the law. At the time it was included, the company said the decision was 'not a fact-based judgment' and detailed investments of more than $100 billion in Texas energy companies. As head of Texas' finances, Hegar is required to update the list once a year and can do so as often as quarterly. And though his office reviews information on an ongoing basis, removing BlackRock is likely to be one of Hegar's last actions in the post. The three-term comptroller has been named the next chancellor of the Texas A&M University System after its current leader steps down on June 30. --With assistance from Julie Fine, Amanda Albright and Silla Brush. (Adds comment from BlackRock in fifth paragraph.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Cuts to US Aid Imperil the World's Largest HIV Treatment Program ©2025 Bloomberg L.P. Sign in to access your portfolio
