Stora Enso and Swedish electric car company Polestar have started collaboration to create a truly climate-neutral car by 2030. Stora Enso joins Polestar 0 project as a partner to contribute to the car’s climate neutrality with their bio-based battery material Lignode® by Stora Enso, made from trees. The Polestar 0 project, launched in 2021, aims to create a climate neutral car by 2030 by eliminating all sources of CO2 emissions – not only offsetting them – throughout the supply chain and production. Reaching full climate neutrality throughout the value chain, however, is a challenge for such a complex product as a car. Stora Enso takes on the challenge to contribute to the car battery’s climate neutrality with its bio-based battery anode material, Lignode® by Stora Enso, with the aim to become a commercial supplier for the outcome of the Polestar 0 project. Graphitic carbon in car batteries today is either mined or made from fossil-based materials. Lignode® by Stora Enso is made of lignin which comes from sustainably managed Nordic trees that grow back once harvested. It is essential to revolutionise battery technology to sustainably cover the needs for energy storage in an electrified future. Stora Enso believes that the key to combating climate change involves the use of renewable materials.

“It does appear the only way is up for oil,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney. “A lot of traders are speculating about the potential outcome of the OPEC meeting. Expectations are high and that could lead to disappointment if OPEC and its partners don’t deliver, but it doesn’t seem many are prepared to take the risk of that happening.” U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest oil-storage hub, dropped by 1.8 million barrels last week, the API said, according to people familiar with the data. Gasoline inventories expanded by 869,000 barrels, API data show. Click Read More below for additional information.

UPS announced second-quarter 2024 consolidated revenues of $21.8 billion, a 1.1% decrease from the second quarter of 2023. Consolidated operating profit was $1.9 billion, down 30.1% compared to the second quarter of 2023, and down 29.3% on an adjusted basis. Diluted earnings per share were $1.65 for the quarter; adjusted diluted earnings per share of $1.79 were 29.5% below the same period in 2023. For the second quarter of 2024, GAAP results include an after-tax charge of $120 million, or $0.14 per diluted share, comprised of a one-time payment of $94 million to settle an international regulatory matter, and transformation and other charges of $26 million. “I want to thank all UPSers for their hard work and efforts in the second quarter,” said Carol Tomé, UPS chief executive officer. “This quarter was a significant turning point for our company as we returned to volume growth in the U.S., the first time in nine quarters. As expected, our operating profit declined in the first half of 2024 from what we reported last year. Going forward we expect to return to operating profit growth.”