Commonwealth Fusion Systems Raises $863m

Commonwealth Fusion Systems (aka CFS, founded in 2018) has raised money from investors including Nvidia's NVentures venture capital unit to complete a demo system to lead to construction of its first commercial plant (400MW) in Virginia (1MW is equivalent to 1 million Watts).

All added, Commonwealth has raised around $3bn, which is one-third of all capital raised in the fusion industry. Google has already agreed to buy half the power output from the project, estimated to complete in the early 2030s.

Macquarie's Latest Acquisition Optimises Renewable Assets

Macquarie is acquiring 100% of UK-Ireland based optimisation firm Erova Energy. Team members have worked previously in companies like Centrica, SSE and ESB Energy.

Saudi Aramco Looks to Grow Refining Capacity through Stake in India's Reliance Industries

 Saudi Aramco is working to acquire a $15bn stake in RIL's refining and chemicals business. There is existing "cross-trade" - Aramco sells crude to India, India sells back product, including gasoline, to Saudi Arabia. Aramco's Q2 2020 net income saw a 75% drop driven by the 33% drop in oil prices.

17 years of Research Pays off as Japan Extracts "Ice Gas"

This opens the potential to extract energy from methane hydrates. The proof of concept was done by JOGMEC (Japan, Oil, Gas and Metals Corporation).

J's HQ is in Minato-ku, Tokyo, which is worth discussing in detail. Many embassies are located in Minato including the United States, Canada and Kazakhstan. The famous Roppongi Hills development (opened in 2003) are in Minato, constructed by building tycoon Minoru Mori.  Goldman Sachs (including Goldman Sachs Realty Japan Ltd.), Simmons and Simmons, Google Japan and the Pokemon company are located in the Mori Tower, Roppongi Hills.

Minato is also the location of the Tokyo Tower (over a 1000 feet tall, roughly the same size as the Eiffel Tower in Paris). The Tokyo Skytree is around twice the height of Tokyo Tower, taller than the Empire State Building.

JOGMEC is also responsible for stockpiling petroleum supplies to supply Japan's energy needs. Its petroleum stockpiling program began in 1978.

Japan Invests £700m in Building UK Power Plants

Hitachi (TYO: 6501) is investing £700m to co-build two nuclear plants in Britain with Rolls-Royce and Babcock International, the engineering support services firm. This will be a "hundred year commitment". One of the sites is the Isle of Anglesey, in North West Wales. Hitachi stock gained about 10 Yen in the days following the announcement.

Senator Richard Selby castigates Bailout: "We need to do the right thing", CB funds wrecked, The Benefits of Being Nimble

Republican Senator Richard Selby of the Senate Banking Committee, one of the most vocal opponents of the proposed bailout, said on CNN: "we need to do the right thing not just the expedient thing". Republicans and Democrats have expressed concern over the plan. Comparisons are being made with 1929, which led to Glass-Steagal Act and 1980s S&L crisis.

The FBI are investigating failed financial institutions including Fannie Mae and Freddie Mac, on issues of misrepresentation of finances.

In energy sector, French group EDF agreed a £12.5 billion takeover of British Energy. EDF will take control of all BE's nuclear power stations, including Sizewell B (PWR) in Suffolk and will play a leading role in the development of new stations in the UK. BE produces 1/6th of the UK's electricity and employs about 6000 staff.

City AM reports of recent wreckage in CB arbitrage funds, which "had the worst performance of any hedge funds, according to investors, as large portfolios of bonds were dumped into the market - probably....as...Lehman Brothers' proprietary trading desks closed".

Also on the recruitment market, City has a note of optimism: "while the big names of investment banking are suffering, the smaller, more nimble firms with less exposure to the sub prime markets are continuing to hire".