Business

Warren Buffet to Extract Lithium Now Occidental Petroleum (OXY), financed by Warren Buffett, and Buffett's Berkshire Hathaway Energy established a joint venture on Tuesday to harvest lithium from the generation of geothermal power. Early on Tuesday, OXY shares swung downward. Berkshire Hathaway Energy Renewables and Occidental Petroleum have decided to test and implement technologies to extract lithium from geothermal brine. The hot, salty water known as geothermal brine is pumped to the earth's surface and utilized to generate power. BHE Renewables' geothermal facility in Imperial Valley is testing technology from TerraLithium, a fully owned subsidiary of Occidental, as part of the joint venture. Its ability to manufacture lithium in a "environmentally safe way" has to be ascerta...

Exxon beats activist investors by large margin At the annual shareholder meeting of Exxon Mobil yesterday, the vast majority of shareholders (95%) backed the company's viewpoint. This much anxiety in a virtual conference is probably the highest since your family attempted to play Quiplash during the epidemic. In spite of the considerable drama surrounding the company's annual shareholder meeting yesterday over climate change and shareholder rights, the majority of shareholders (95%) sided with Exxon Mobil and voted to reelect all 12 directors. Related Article: 500 Decline On Friday, Pointing To First Losing Week In 6 | Real-Time updates A little history Exxon filed lawsuits against two activist investor organizations, Arjuna Capital and Follow This, earlier this year because...

500 Decline On Friday, Pointing To First Losing Week In 6 The S&P 500 fell on Friday as investors sold off Nvidia, as the market continued to relax this week even though the Federal Reserve's favored inflation gauge came in mostly in line with expectations. The Nasdaq Composite fell 1.3% and the S&P 500 shed 0.5% as Nvidia and other megacap technology firms suffered. The gain of more than 2% in UnitedHealth helped to drive a 62-point, or 0.2%, increase in the Dow Jones Industrial Average. After five weeks of gains, the S&P 500 and Nasdaq were poised to break their respective winning streaks of 1.8% and 2.4%. With a 2.3% decline, the Dow was headed for its second straight week of losses. Despite those changes, May is looking like a successful month, with the key benc...

Nissan issues ‘do not drive' alert for nearly 84,000 older models with recalled airbags | Image Credit: nbcconnecticut.com Important Points: As per the National Highway Traffic Safety Administration, Nissan issued a warning to the owners of about 84,000 older vehicles to cease using them. A number of Nissan Sentra (2002–2006), Nissan Pathfinder (2002–2004), and Infiniti QX4 (2002–2003) vehicles are covered by the notice because they could have Takata airbags, which were recalled in 2020. According to the NHTSA, the government has verified that a faulty Takada airbag that burst in the United States killed 27 people and reportedly wounded at least 400 more. Nissan has issued a warning to owners of older automobiles to stop driving their vehicles if they have Takata airb...

Condo Owners Feel Pain From Rising Insurance Costs | Image Credit: century21pel.com An advisory group headed by Governor Josh Green was established to explore strategies for stabilizing the market, which has been severely damaged by climate-related disasters. James Clemens found it astonishing that the insurance cost for the Terraces at Manele condo association in 2024 was $109,000 instead of $69,000, a more than 40% increase in rate. According to Clemens, the condo board is still attempting to determine how to pay for the cost hikes, but condo owners will eventually have to bear the expense in one way or another. According to Clemens, the typical owner of the 26 free-standing condominiums on Lanai may see a $600 rise in their monthly association dues. Serving as president of b...