US growth defies recession fears, Major oil deal in Guyana, and green methanol in shipping
No significant news yesterday.
Today ChatGPT read 1232 top news stories. After removing previously covered events, there are 3 articles with a significance score over 7.
[7.3] Strong consumer demand in 2023 defies recession warnings. — The New York Times [$]
The U.S. economy grew at a 4.9% annual rate in Q3 2023, significantly outpacing the Federal Reserve's standard growth expectation of roughly 2%, despite interest rates being raised above 5.25%. While certain sectors like existing home sales have slowed, consumer spending and employment have remained strong. However, there is caution among Federal Reserve officials and businesses as the holiday season approaches, with preparations being made for 2024.
[7.2] Chevron's $53 billion acquisition of Hess gives access to Guyana's oil, transforming the country's economy. — Financial Times [$]
Chevron acquired Hess for $53 billion, gaining access to Guyana's offshore oil reserves estimated at 11 billion barrels. Guyana's oil output, which went from zero to 390,000 barrels a day last year, is projected to reach 1.2 million barrels a day by 2027, about a third of Exxon's current daily production.
Amid this resource boom, Guyana's economy grew by a record 62.3% last year, and the IMF forecasts 38% growth in 2023. However, there are underlying concerns such as the "resource curse," potential climate impacts, and the absence of a decommissioning fund in Guyana's 2016 contract.
[7.2] Shipping industry slowly adopting green methanol technology. — The New York Times
The shipping industry is working to reduce its environmental impact. Leading this change is the cargo ship Laura Maersk, which uses an eco-friendly methanol engine capable of cutting greenhouse gas emissions by 100 tons per day —equivalent to 8,000 cars.
However, the 125 methanol-powered ships in the pipeline make up just a small part of the worldwide fleet of over 50,000 cargo ships, which are responsible for moving 90% of global trade. The green methanol market is still emerging and faces challenges in production and pricing. Despite new regulations from the European Union and pledges from the International Maritime Organization to be carbon-neutral by 2050, the shipping industry is only beginning to move toward sustainability.
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