Data-center developers are increasingly turning to so-called behind-the-meter power generation to bypass years-long waits for grid connections and get their facilities running sooner. Ed Hirs, Energy Fellow at the University of Houston, discusses the energy sector, growing need for data-center power, and what government officials in Texas, and around the US, are doing about it. (Source: Bloomberg)
Safety campaigners have condemned it and owners have complained about it. Goodbye to a steel monstrosity seemingly designed by a five-year-old Elon Musk is having a rough go of it, isn’t he? The world’s richest man spent almost half a billion dollars on the midterms in a failed attempt to defend Republican control of government. Now the tech mogul, who moved from California to Texas to escape Democrats and regulations, finds himself in a newly blue state. He also finds himself the subject of an unflattering documentary and, if the Democrats follow through on threats to investigate him, could potentially be in a spot of legal bother. And to top it all off? Musk’s beloved Cybertruck, the steel monstrosity that looks as if it were designed by a five-year-old, is winding down production . According to Musk, this isn’t because it’s an abject failure, but because he is channelling his energy into other things. “This is not a case of Cybertruck being unprofitable, as has been misreported by legacy media,” Musk tweeted on Monday. “But rather that the opportunity cost of the complexity of Cybertruck is vastly outweighed by the value of incremental Cybercab production.” (The Cybercab is a two-passenger robotaxi.) Continue reading...
Brent crude rose above $92 a barrel after a sharp selloff, as renewed strikes in the Middle East tempered expectations of a diplomatic resolution to the U.S.-Iran conflict.
Both parties will develop, construct and operate the Vanguard West and East projects in the British North Sea, which rank among the U.K.’s largest offshore-wind developments.
The US raised its projections for the price of diesel and gasoline next year, indicating that consumer relief will be limited even as oil flows pick up from the Middle East.
The United Arab Emirates slashed the price premium for December supplies of its flagship oil grade shortly after cuts made by neighboring Saudi Arabia, as rebounding Middle East supplies stir competition for market share.
Brent crude slipped toward $90 a barrel after Trump said further U.S. military strikes on Iran didn’t seem necessary for now, raising hopes of an easing in the Middle East conflict.
EXCLUSIVE: The company’s chief executive says Adnoc Gas has been examining ways to reduce its reliance on the strait, and one option it has considered is an LNG export facility on the country’s east coast.
Adnoc Gas reported net income for 3Q of $1.34 billion that beat analyst estimates. The company says it remains on track to restore Habshan to full capacity by 2Q 2027 after damages during Iran War interceptions. Peter van Driel CFO of Adnoc Gas spoke to Bloomberg’s Abeer Abu Omar on Horizons Middle East & Africa on the earnings, their plans in Fujairah, and potential expansion to meet European gas needs. (Source: Bloomberg)
Gold held gains as inflation concerns eased alongside oil prices on hopes for a diplomatic resolution to the war in the Middle East.
Oil steadied after slumping to its lowest since August, as optimism around diplomatic efforts to end the war in the Middle East outweighed concerns over attacks in the region.
Plus, manufacturing employment rebounds, and global automakers target the U.S. as demand sputters elsewhere.
Oil fell on an unconfirmed report that Iran had made concessions on its demands over the Strait of Hormuz as diplomatic efforts to end the war in the Middle East continue.
Americans are “born equal,” Alexis de Tocqueville wrote, and “powerless” until they band together. They are also "perpetually migrating to Texas."
On Bloomberg This Weekend, Bloomberg Middle East reporter Dan Williams explains why Gadi Eisenkot has been given the first opportunity to form Israel’s next government despite Benjamin Netanyahu’s bloc winning more seats. Speaking with hosts David Gura and Christina Ruffini, Williams discusses the role of Arab parties in coalition negotiations, Netanyahu’s political future and what could happen if Eisenkot fails to assemble a majority. (Source: Bloomberg)
Musk has big plans for Tesla and SpaceX in the Lone Star State, and now faces a blue wall of opposition.
One of the most polarizing vehicles to hit the road will soon be a thing of history. Tesla will wind down manufacturing of its Cybertruck at the company's Gigafactory Texas mid-next year.
Elon Musk says Tesla will wind down Cybertruck production at Gigafactory Texas by mid-2027 to make room for increased Cybercab robotaxi output.
Wing is investing up to $125 million over the next two years on a new manufacturing facility in Fort Worth, with the capacity to build tens of thousands of aircraft each year.
‘Low-hire, low-fire’ labor market shows sluggish growth but few layoffs, with an interest rate hike expected in December The US added 165,000 jobs to the economy in October, a sign of resilience in the labor market amid ongoing war in the Middle East and inflation, according to new data released on Friday. Economists had said the labor market has been stuck in a “low-hire, low-fire” state, in which job growth is sluggish but layoffs also remain low, but October’s data surpassed economist expectations. The unemployment rate went down slightly to 4.1%, the Bureau of Labor Statistics (BLS) reported. Continue reading...
The Cybertruck and its polarizing design gained a niche following, but it did not achieve mass-market sales and Tesla has issued several voluntary recalls.
Tesla CEO Elon Musk said in a post on X that the automaker will wind down the production of Cybertrucks in its Texas Gigafactory next year.
In a televised interview, Gina Hinojosa emphasized that she wasn’t ideologically opposed to data centers but that the express approval of the communities they impact must be prioritized.
We don’t need to tell you that the midterm elections were historic: The Democrats won bigger than even they imagined. But as the dust settles, an open question we are puzzling over is the market’s ongoing reaction to this massive political sea change. Democratic control of Congress — and control over a number of formerly red statehouses, like Texas and Iowa — will influence everything from the composition of the FOMC to data center construction. And what we’re seeing right now, with stocks like
Oil erased an earlier advance as traders weighed reports of US engagement in efforts to step up negotiations in the Middle East.
IAG SA said it plans to keep rewarding shareholders with dividend payouts and other returns even as the company incurs a higher fuel bill due to the Middle East war.
Oil prices rose Friday, with Brent crude climbing above $100 a barrel as traders weighed renewed security threats to Middle Eastern oil shipments.
Alpha Dhabi has reported group revenue reaching $15.9 billion for the first nine months of 2026, up 6.1% year on year. Derek Nicholson, Chief Strategist & Investor Relations Officer at Alpha Dhabi Holdings spoke to Bloomberg’s Jennifer Zabasajja on Horizons Middle East & Africa on their investment strategy as well as plans for future IPOs. (Source: Bloomberg)
Oil was on track for the biggest weekly loss since April after a volatile stretch of trading, as investors weighed prospects for an end to the months-long war in the Middle East.
Pilar Gomez-Bravo, fixed income portfolio manager at MFS Investment Management, and Andrzej Skiba, head of BlueBay US fixed income at RBC Global Asset Management join Scarlet Fu on "Bloomberg Real Yield." Junk bonds tied to data center developers traded weaker after elected Texas Democratic Governor Gina Hinojosa called for an immediate moratorium on development for the AI projects. (Source: Bloomberg)
Pilar Gomez-Bravo, fixed income portfolio manager at MFS Investment Management, and Andrzej Skiba, head of BlueBay US fixed income at RBC Global Asset Management join Scarlet Fu on "Bloomberg Real Yield." Junk bonds tied to data center developers traded weaker after elected Texas Democratic Governor Gina Hinojosa called for an immediate moratorium on development for the AI projects. (Source: Bloomberg)
U.S. Oil and Gas Association President Tim Stewart warns of 'dire consequences' for the economy and energy industry following Democrats' midterm election victories.
Hinojosa has questioned a $1.66 billion tax break for Musk’s $16.8 billion Terafab chip plant, and Democrats now control the Texas House.
The cost to protect SpaceX debt against default hit a record high Thursday, extending a move sparked by US election results that raised political risks for Elon Musk’s Texas-based companies. Shares in Musk’s SpaceX and Tesla Inc. tumbled amid a broad equity market selloff, led by a rout in chipmakers.
"I'm not going to sign up to the two-and-done point," Bank of England Governor Andrew Bailey says when asked if a second interest-rate increase is on the cards following Thursday's decision to hike. "Absent a resolution of the conflict in the Middle East, and I think I put this in my commentary in the minutes, I could see the case for a further 25 [basis points]," Bailey says at a news conference in London. (Source: Bloomberg)
The Lone Star State’s business-friendly playbook could be rewritten by the Democrats’ election sweep there.
CEO Le Manh Cuong says Petrovietnam went without Middle East crude during the Iran war and is now diversifying into LNG, wind, and nuclear.
Oil prices were mixed as traders assessed the outlook for U.S.-Iran relations and recovering oil supplies from the Middle East.
The Franco-Dutch carrier group expects to spend $9.2 billion on fuel this year, up from a $8.9 billion forecast it had shared in July and $2.3 billion more than what it spent last year.
DIP Holding has raised $529 million in its initial public offering, pricing at 1.12 dirhams a share. The listing is the first in the UAE since the start of the Iran war. Khalid bin Kalban, Chairman of DIP Holding spoke to Bloomberg’s Abeer Abu Omar on Horizons Middle East & Africa ahead of the company’s listing on November 11. (Source: Bloomberg)
Operating profit climbed 34% thanks to a weaker yen and cost reduction despite disruptions caused by the Middle East conflict.
Philippine inflation accelerated to its fastest pace in almost four years in October as the prolonged Middle East conflict drove up the cost of fuel, electricity and transport in a nation heavily reliant on the region for its energy supplies.
The overwhelming nature of the Democratic win is making everyone rethink energy strategies from Iran to Texas data centers.
On Tuesday, U.S. voters delivered an overwhelming victory for Democratic candidates throughout the country that will upend the halls of power in Washington and data center hotbeds like Texas.
Three Democratic governors elected Tuesday have promised to reexamine data center expansion.
James Talarico is now Texas’ first elected Democratic Senator in nearly four decades. And it all started when one struggling student’s story inspired him.
