Global Business Magazine

Empowering Young Women: Pamela Ebanks-Small’s Vision Celebrated at the Inaugural Queens Gala

BusinessMagazine — Wed, 03 Apr 2024 14:11:00 +0000

Former Miss Cayman Islands 1992, Pamela Ebanks-Small, leads an initiative to empower girls through Girl Power Limited, a local non-profit organization.

Empowering Young Women

Former Miss Cayman Islands 1992 Vision Celebrated at the Inaugural Queens Gala

Grand Cayman, Cayman Islands , April 03, 2024 (GLOBE NEWSWIRE) — The inaugural Queens Gala, a landmark event hosted by Girl Power Limited, spotlighted the empowerment and achievements of young women in an evening filled with inspiration and community spirit. Girl Power Ltd is a local non-for-profit that is responsible for Miss World Cayman, Miss Supranational Cayman and Girl Power Cayman, which is a free training and mentoring program for young ladies. Pamela Ebanks-Small, founder of Girl Power Limited and former Miss Cayman Islands 1992, played a pivotal role in orchestrating this successful gala, reflecting her dedication to nurturing and empowering the next generation of women.

Follow: Miss World Cayman Islands on Instagram

Miss Cayman Islands Queens (left to right):

Kelsie Bodden Chisholm – Miss World Cayman Islands 2018
Nicosia Lawson – Miss Cayman Islands 2008
Wendy Daykin Moore – Miss Cayman Islands 1978
Monyque Brooks – Miss Cayman Islands 2016
Patricia Jackson Patino-Langfitt – Miss Cayman Islands 1977
Jaci Patrick – Miss World Cayman Islands 2019
Melissa Bridgemohan – Miss Supranational 2023
Pamela Ebanks-Small – Miss Cayman Islands 1992
Cindy Breakspeare – Miss World 1976
Michele Aubert – Miss Cayman Islands 1989
Leanni Tibbetts – Miss World Cayman Islands 2022
Tonie Chisholm – Miss Cayman Islands 2015
Thora Crighton Bodden – Miss Cayman Islands 1984
Nichelle Welcome Scott – Miss Cayman Islands 2003
Donna Myrie – Miss Cayman Islands 1981

The event was a collaboration of efforts from government officials, past queens, supporters, and sponsors, all coming together to support the noble cause of uplifting young women. Ebanks-Small, in her address, shared her deep appreciation for the overwhelming support that made the gala not just a possibility but a resounding success.

Girl Power Limited, although in its infancy, carries a robust mission of inspiring, nurturing, and empowering young women to succeed in a competitive world. The gala underscored the organization’s commitment to this mission, showcasing the positive impact of pageantry on confidence, resilience, and leadership among young women.

The support from entities such as the Ministry of Tourism, Cayman Airways, the Ministry of Education, the Ministry of Border Control, Labour and Culture and various local businesses has been instrumental in propelling Girl Power Limited’s initiatives forward. This collaboration highlights the community’s dedication to fostering an environment where young women can thrive.

The evening was also graced by the presence of Cindy Breakspeare, Miss World 1976, from Jamacia, whose keynote address added depth and inspiration to the gala. Her story, along with those of past queens, illuminated the transformative power of pageantry and its role in empowering women to become leaders and role models in their communities.

In reflecting on the gala, Pamela Ebanks-Small expressed her elation and gratitude:

“We are overjoyed with the results of our first Queens’ Gala. It was a long-term dream of mine to be able to bring a past Miss World to Cayman as well as to have a formal gala. I could not have asked for a better night, nor could I have imagined it! The concept of the Queens’ Gala is to shine a light on what our young women and titleholders have done in their careers and life since they were Miss Cayman Islands or Miss World Cayman Islands and represented the country internationally. Each table was assigned a “queen” which gave the attendees a chance to meet past/present titleholders and mingle with them.

The Gala highlighted Women’s Empowerment and what our Caymanian women have achieved, which was the whole point of the gala, what pageantry does for young ladies, for their lives and career, it makes them more of a role model. And I think we were able to communicate that. That is all I wanted. I am happy with the success of the gala, and I am grateful to those who sponsored the gala.”

The success of the inaugural Queens Gala sets a precedent for future events, with plans already in motion for the next gala. Girl Power Limited and Pamela Ebanks-Small and her committee, extend their heartfelt thanks to the Cayman community for their trust, support, and contributions to this empowering cause.

For further information about Girl Power Limited and upcoming events, please contact girlpowercayman@gmail.com or missworldcayman@gmail.com

Media Contact:

CaymanStory.com

Cayman Story is a PR and personal branding company led by Jaci Patrick, former Miss World Cayman Islands 2019. Publicist: Qamar Zaman T: 1-345-327-7206

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Empowering Young Women

ICIC and SRI Release Landmark Report on Enhancing Economic Opportunities in Distressed Communities Through Regional Connectivity

BusinessMagazine — Wed, 03 Apr 2024 14:02:00 +0000

Boston, MA, April 03, 2024 (GLOBE NEWSWIRE) — The Initiative for a Competitive Inner City (ICIC) and SRI today unveiled a groundbreaking report titled “Regional Economic Connectivity: A Strategy to Build Opportunity in Distressed Communities.” This comprehensive analysis offers a fresh perspective on economic development, emphasizing the integration of under-resourced communities (URCs) into the broader economic framework of metropolitan areas through strategic industry cluster development. The Kresge Foundation and The Robert Wood Johnson Foundation provided generous support for this research.

The report aims to bridge the economic divide by fostering connections between distressed communities and the more prosperous parts of their metropolitan areas. By focusing on industry clusters that are thriving in the broader region and establishing them within URCs, the strategy promises to catalyze job creation and wage growth where it is needed most.

“Regional Economic Connectivity” not only identifies the mechanics of economic integration but also provides actionable insights for economic development professionals, policymakers, community leaders, and private and public sector partners. Through detailed case studies and a data visualization tool, the report identifies how connectivity has been achieved for a diverse set of industry clusters in five metropolitan areas, and draws conclusions for economic development policy and practice:

Production Technology and Heavy Machinery in Cleveland-Elyria, OH.
Communications Equipment and Services in Hickory-Lenoir-Morganton, NC.
Education and Knowledge Creation in Fresno, CA.
Insurance Services in Miami-Fort Lauderdale-West Palm Beach, FL.
Information Technology and Analytical Instruments in Austin-Round Rock, TX.

The report highlights the importance of anchor institutions in driving connectivity, the role of related clusters in fostering broader economic integration, and the necessity of ensuring that jobs in URCs are accessible to local residents through targeted workforce development and employer commitments. State and local governments, along with regional organizations, are encouraged to implement strategies to attract and retain cluster-related firms in URCs.

“Through this report, ICIC and SRI offer a novel approach to economic development that prioritizes both growth and equity,” said Howard Wial, Senior Vice President and Director of Research at ICIC. “By establishing a framework for regional economic connectivity, we can ensure that the expansion of the economic ‘pie’ benefits everyone, especially those in our most distressed communities.”

“Connectivity prioritizes clusters that already have a track record of success and growth in the region,” noted Christiana McFarland, Director, Center for Innovation Strategy and Policy at SRI. “This growth is often driven by innovation and technological change, such as in manufacturing, and offers URCs a pathway into the economy of the future.”

For a deeper understanding of the findings and recommendations, learn more: https://icic.org/research/community-economic-development/regional-economic-connectivity/.

About ICIC:
The Initiative for a Competitive Inner City is a nonprofit research and strategy organization that aims to drive economic prosperity in under-resourced communities through private sector investment to create jobs, income, and wealth for local residents.

About SRI:
SRI is an independent nonprofit R&D institute with deep roots in Silicon Valley. With a nearly 80-year legacy of innovation across a range of industries, SRI technologies, research, and ideas have had a meaningful impact on every one of our lives. From AI and technology in education to biomedicine and robotics, SRI has created new industries, billions of dollars in market value, and lasting benefits to society.

CONTACT: Sarah Ginand ICIC +1 617-238-3026 sginand@icic.org

U.S. loses its spot to China as Southeast Asia’s most favored ally, survey shows

BusinessMagazine — Wed, 03 Apr 2024 07:40:04 +0000

Female travelers viewing travel information via mobile apps during their visit to Wat Pho, Bangkok, Thailand.

Nitat Termmee | Moment | Getty Images

A majority of Southeast Asians would align with China and not the U.S. if forced to pick sides, though some countries that feel threatened by Beijing’s South China Sea claims still prefer Washington, according to a regional survey.

This is the first time Beijing has edged past Washington since 2020 when the annual survey first posed the question. The U.S. as a preferred choice dropped to 49.5% from 61.1% last year.

The survey was conducted by Singapore-based think tank ASEAN Studies Centre at ISEAS–Yusof Ishak Institute between Jan. 3 and Feb. 23 with 1,994 respondents from academia, business, government, civil society and the media.

Respondents were from the Association of Southeast Asian Nations, with the highest number of participants from Singapore and Indonesia.

China at over 50% emerged as the most strategically relevant partner for ASEAN, edging past the U.S., while Japan continues to be the most trusted major power in the region, the survey revealed.

China and ASEAN have mutually been the largest trading partners for four consecutive years, with trade volume reaching $911.7 billion in 2023.

However, half of the respondents also expressed distrust toward China, with 45.5% saying that they fear Beijing could use its economic and military power to threaten their country’s interest and sovereignty, the report said.

China’s aggressive behavior in the South China Sea is the Philippines’ (90.2%) and Vietnam’s (72.5%) top concern, the region’s two frontline South China Sea claimant states.

The Philippines President Ferdinand Marcos Jr. told Bloomberg last month that his government’s claims on certain parts of the South China sea should not be viewed as provoking China.

“This is not poking the bear, as it were. We are trying to do quite the opposite. We are trying to keep things at a manageable level, to continue the dialogue, whatever they are, at every level,” he said.

Vietnam has also asserted sovereignty over islands in the South China Sea though Beijing has brushed aside those claims.

The survey revealed the U.S. still holds majority support among The Philippines (83.3%) and Vietnam (79%) respondents, who are inclined to align with the U.S. over China.

“While China has gained some ground in Southeast Asia in terms of garnering favorable public perception, it is worth noting that some of its most acute territorial disputes are also located in the region,” said Kenddrick Chan of LSE IDEAS, the foreign policy think-tank of the London School of Economics and Political Science.

ASEAN should build up its resilience and unity to fend off pressures from the two major powers, the U.S. and China, nearly half of the survey respondents said.

Global macroeconomic uncertainty continues to be a concern for the region, with a majority of Southeast Asians (57.7%) fearing unemployment and an economic recession. China’s economic slowdown might have driven those concerns, according to the survey.

Other concerns include the Israel-Hamas conflict in October 2023 and the subsequent Houthi attacks in the Red Sea. Though geographically, they may be happening far away, the impacts are felt through supply chain disruptions which may directly impact energy and food prices.

“This year’s survey results clearly reflect heightened regional concerns over economic issues and the risk that unrestrained geopolitical rivalry that can adversely affect the region’s interests in the short to medium term,” Choi Shing Kwok, director and CEO at ISEAS-Yusof Ishak Institute said in a statement.

“At the same time, the results also tell us that the region remains hopeful that major powers can cooperate on issues of mutual benefit and welcomes other major powers in the region to engage more closely with ASEAN.”

Chinese President Xi Jinping met with Indonesia’s president-elect Prabowo Subianto on Monday for talks, according to Xinhua news agency.

Xi said China views its relations with Indonesia from a strategic and long-term perspective, and is willing to deepen all-round strategic cooperation with Indonesia.

Beijing on Monday said ministers from Laos, Vietnam and Timor-Leste will separately visit China from April 2 to 5 at the invitation of Chinese Foreign Minister Wang Yi, in a bid to shore up cooperation.

By CNBC

TSMC’s evacuated workers return to some factories after Taiwan’s strongest earthquake in 25 years

BusinessMagazine — Wed, 03 Apr 2024 05:08:01 +0000

In this article

An aerial view shows workers taking down a collapsed building in eastern Taiwan’s Hualien county following an earthquake/

Sam Yeh | Afp | Getty Images

Taiwan Semiconductor Manufacturing Co said all its workers were safe and those who were evacuated have started returning to some factory lines after a major earthquake hit Taiwan early Wednesday.

The island was rocked by a massive earthquake that collapsed buildings and prompted tsunami advisories from Japan and the Philippines. Officials said at least four people have died.

A TSMC spokesperson said construction sites were normal upon initial inspection, but the company decided to suspend work at the sites for the day. The person said work will resume after further inspections and that TSMC is still evaluating details of the earthquake’s impact.

Earlier, the chipmaker said it evacuated some personnel from some fabs in accordance with company safety protocols.

Shares of TSMC fell 1%. The broader Taiwan Weighted Index was down 0.9%. TSMC is the biggest company on the index, with a market cap of $639.65 billion.

Taiwan Stock Exchange Corporation said in a statement that it checked its computers and network systems following the earthquake and confirmed they all are operating normally.

The earthquake registered a magnitude of 7.4 in Hualien County, the island’s biggest quake since 1999, according to the U.S. Geological Survey. Tremors were felt in the capital city of Taipei.

The Japan Meteorological Agency issued tsunami advisories for some of the country’s southern islands and regions, but later removed those designations. The Philippine Institute of Volcanology and Seismology also raised a tsunami warning in the country following the Taiwan quake.

Flights schedules were disrupted in Japan, with some Japan Airlines flights canceled following the earthquake in Taiwan. Shares of Japan Airlines were up 0.7%.

Another Japanese carrier, ANA Holdings, temporarily suspended flights from Okinawa Naha, Miyako, and Ishigaki Airports earlier in the day. The company has now resumed operations but said some flights have been delayed or canceled. Shares of the company were flat.

— CNBC’s Penny Chen contributed to this story.

By CNBC

5E Advanced Materials Commences Commercial Production At 5E Boron Americas Complex

BusinessMagazine — Tue, 02 Apr 2024 22:51:00 +0000

Full plant commissioning and initiation of commercial boric acid production marks the achievement of significant operational and strategic milestone

HESPERIA, Calif., April 02, 2024 (GLOBE NEWSWIRE) — 5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) (“5E” or the “Company”), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas Complex, today announced the Company’s operations team has successfully commissioned the facility and has launched full commercial operations. The Company began well-field injection on January 1^st, 2024.

Key Highlights:

5E Boron Americas Complex is fully commissioned and has now transitioned to operational status.
Final electrical work was completed by external engineering contractors as of March 15^th.
Over 50,000 gallons of PLS has been accumulated since mining commencement.
Independent 3^rd party analysis conducted inductively couple plasma mass spectrometry analysis (“ICP”) and confirms run-of-mine head grade of 5.5%.

The small-scale facility will:
- Initially produce 2,000 short tons of boric acid and targeting initial production of lithium carbonate, with plans to scale up to a run rate of 9,000 short tons and increase lithium production.
- Is now being run 24/7 as shift operators are trained and staffed.
- Provide high-quality commercial product for customer qualification to secure offtake contracts and funding for phase one operations.
- The Company’s Lithium Skid Unit was delivered to site with expectation of integrating into facility in the near-term.

Susan Brennan, Chief Executive Officer at 5E Advanced Materials, stated, “I am proud to announce that 5E has achieved the most significant milestone in our Company’s history, as we have recently commenced commercial production of boric acid at the 5E Boron America’s Complex. This is a significant strategic step forward in the company’s evolution, and the initial results affirm the high-quality boric acid resource and further validate our initial operational assumptions, representing the foundation of our project economics. We expect our operational progress and success to build throughout the year, facilitating discussions with stakeholders around funding options for the Phase 1 commercial facility and executing commercial contracts.”

Funding Opportunities

5E recently submitted a request for proposal response to the Department of Energy for a grant to fund research to enhance 5E’s lithium extraction work. Should the Company receive an award from this submission, funding is aimed towards increasing the amount of lithium carbonate that the Company’s facility can extract, potentially increasing lithium yields to improve project economics. Additionally, the Company continues to progress boron awareness with multiple federal agencies on the back of the National Defense Authorization Act (NDAA) for Fiscal Year 2024 requesting a study into boron supply chains.

Company Updates

5E Advanced Materials will continue to keep its various stakeholders informed as commercial production progresses in April and as operations advance.

About 5E Advanced Materials, Inc.
5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) is focused on becoming a vertically integrated global leader and supplier of boron specialty and advanced materials, complemented by lithium co-product production. The Company’s mission is to become a supplier of these critical materials to industries addressing global decarbonization, food and domestic security. Boron and lithium products will target applications in the fields of electric transportation, clean energy infrastructure, such as solar and wind power, fertilizers, and domestic security. The business strategy and objectives are to develop capabilities ranging from upstream extraction and product sales of boric acid, lithium carbonate and potentially other co-products, to downstream boron advanced material processing and development. The business is based on our large domestic boron and lithium resource, which is located in Southern California and designated as Critical Infrastructure by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release regarding our business strategy, plans, goal, and objectives are forward-looking statements. When used in this press release, the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “budget,” “target,” “aim,” “strategy,” “plan,” “guidance,” “outlook,” “intent,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the extraction of the critical materials we intend to produce and advanced materials production and development. These risks include, but are not limited to: our limited operating history in the borates and lithium industries and no revenue from our proposed extraction operations at our properties; our need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; our status as an exploration stage company dependent on a single project with no known Regulation S-K 1300 mineral reserves and the inherent uncertainty in estimates of mineral resources; our lack of history in mineral production and the significant risks associated with achieving our business strategies, including our downstream processing ambitions; our incurrence of significant net operating losses to date and plans to incur continued losses for the foreseeable future; risks and uncertainties relating to the development of the Fort Cady project, including our ability to timely and successfully complete our Small Scale Boron Facility; our ability to obtain, maintain and renew required governmental permits for our development activities, including satisfying all mandated conditions to any such permits; the implementation of and expected benefits from certain reduced spending measures, and other risks and uncertainties set forth in our filings with the U.S. Securities and Exchange Commission from time to time. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. These risks are not exhaustive and the information in this press release may be subject to additional risks. No representation or warranty (express or implied) is made as to, and no reliance should be place on, any information, including projections, estimates, targets, and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions, or misstatements contained herein. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as to the date of this press release.

For additional information regarding these various factors, you should carefully review the risk factors and other disclosures in the Company’s Form 10-K filed on August 30, 2023. Additional risks are also disclosed by 5E in its filings with the U.S. Securities and Exchange Commission throughout the year, including its Form 10-K, Form 10-Qs and Form 8-Ks, as well as in its filings under the Australian Securities Exchange. Any forward-looking statements are given only as of the date hereof. Except as required by law, 5E expressly disclaims any obligation to update or revise any such forward-looking statements. Additionally, 5E undertakes no obligation to comment on third party analyses or statements regarding 5E’s actual or expected financial or operating results or its securities.

For further information contact:

Joseph Caminiti or Nick Teves
Alpha IR Group
FEAM@alpha-ir.com
Ph: +1 (312) 445-2870

J.T. Starzecki
Chief Marketing Officer
jstarzecki@5eadvancedmaterials.com
Ph: +1 (612) 719-5076

CPM Injury Law, P.C. Raises Awareness: New Article Focuses on Vehophobia After Car Accidents

BusinessMagazine — Tue, 02 Apr 2024 22:31:00 +0000

Austin, April 02, 2024 (GLOBE NEWSWIRE) — Austin, Texas –

Austin, Texas – CPM Injury Law, P.C., a renowned personal injury firm, has published a comprehensive new blog post titled “What is Vehophobia & When to File a Claim.” The insightful article sheds light on the psychological condition known as vehophobia, an anxiety disorder triggered by traumatic experiences like car accidents, which can significantly impede daily life.

In the detailed post, the firm elucidates the nature of vehophobia, the fear of driving or being in a vehicle, which goes beyond simple discomfort and manifests as intense fear and avoidance of driving or riding in vehicles. The symptoms, including panic attacks and rapid heartbeat, can lead to a substantial disruption in daily activities and social interactions.

The article discusses the causes of vehophobia, predominantly stemming from car accidents, and emphasizes the legal aspect of such psychological conditions when caused by another party’s negligence. The post encourages individuals who have developed vehophobia as a result of a traffic incident to consider filing a personal injury claim to seek rightful compensation for their damages.

“Vehophobia can have far-reaching effects on a person’s life, from restricting their ability to travel to impacting employment and personal well-being,” said a spokesperson for CPM Injury Law. “Our latest blog aims to educate readers on the importance of recognizing this condition and the potential for legal action to support their recovery journey.”

CPM Injury Law’s new blog post not only highlights the symptoms and impacts of vehophobia but also serves as an invaluable resource for those uncertain about taking legal steps following a car accident. The firm stresses the importance of finding the right legal assistance and extends an invitation for a no-cost case evaluation for Austin locals affected by vehophobia due to car or truck accidents.

Read the full article on vehophobia and discover the comprehensive legal services offered by CPM Injury Law.

About CPM Injury Law

CPM Injury Law is a top personal injury law firm in Austin, Texas, specializing in providing empathetic and expert legal assistance for victims of car accidents, truck accidents, and other personal injury cases. With a focus on both physical and psychological injuries, their attorneys are dedicated to helping clients navigate the complexities of personal injury claims and secure the compensation they deserve.

Chris Cagle is an experienced trial attorney and personal injury lawyer in Austin, Texas and was voted “Texas Super Lawyer” for 2009-2022 as selected by Thomas Reuters and published in Texas Monthly Magazine.

Some personal injury law firms are only interested in getting you money for your current injuries, and leave you to fend for yourself on any future medical needs that may arise. CPM Law’s car accident lawyers have a long track record of securing great settlements and verdicts for clients’ injury claims, and take the time to determine if you will have future medical care needs as a result of your injuries.

Every step their car accident lawyers take on your case is designed to help clients recover from their injuries and protect their futures. Once one has their team of car accident attorneys working for oneself, there is no need to talk any insurance company for any reason.

Those in need of a car accident lawyer in Austin, request a free case consultation today on their website.

###

For more information about CPM Injury Law, P.C., contact the company here:

CPM Injury Law, P.C.
Chris Cagle
(512) 371-6101
ccagle@caglefirm.com
7004 Bee Cave Road Bldg 3, Ste 300 Austin, TX 78746

CONTACT: Chris Cagle

Da Nang International Fireworks Festival 2024 to have 5 performance nights

BusinessMagazine — Tue, 02 Apr 2024 14:24:13 +0000

The Da Nang International Fireworks Festival (DIFF) officially returns to Da Nang this summer with…

The post Da Nang International Fireworks Festival 2024 to have 5 performance nights appeared first on Vietnam Insider.

Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats

BusinessMagazine — Tue, 02 Apr 2024 12:29:02 +0000

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019.

Bloomberg | Bloomberg | Getty Images

Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery.

International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher.

Brent prices haven’t closed above $90 per barrel since Oct. 27 last year.

Brent futures have largely been trading in a narrow interval between $75 to $85 per barrel since the start of the year, but heightened geopolitical risk and robust economic data appear to have prompted a move higher.

“The new week, the new month and the new quarter was greeted with escalating tension in the Middle East with indirect Iranian involvement,” Tamas Varga, analyst at oil broker PVM, said in a research note published Tuesday.

OPEC member Iran has blamed Israel for a deadly Monday air strike on its consulate in the Syrian capital of Damascus that reportedly killed seven of its officers.

Tehran on Tuesday pledged to take revenge for the attack, which was seen as a major escalation in the Israel-Hamas war. Israel has not declared responsibility and a government spokesperson said they would not comment on foreign media reports, according to Sky News.

PVM’s Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a “region-wide conflict with plausible impact on oil supply.”

Ukraine on Tuesday struck one of Russia’s largest oil refineries with a drone attack on the highly industrialized Tatarstan region southeast of Moscow, around 1,300 kilometers (800 miles) from the front lines of the conflict.

Tatarstan’s head Rustam Minnikhanov in a Google-translated post on Telegram that industrial locations had been targeted by drones in the towns of Nizhnekamsk and Yelabuga.

“There is no serious damage, the technological process of the enterprises is not disrupted,” Minnikhanov said.

Russia — an influential member of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+ — has been hit by a flurry of Ukrainian drone strikes in recent months and has sought to escalate its own attacks on Ukraine’s energy infrastructure.

— CNBC’s Elliot Smith contributed to this report.

By CNBC

Lilium Begins Integration of Garmin Standby Flight Instruments for the Lilium Jet

BusinessMagazine — Tue, 02 Apr 2024 11:30:00 +0000

Standby flight instruments supplied by Garmin represent a key safety feature of the Lilium Jet and will provide fully redundant flight instrumentation
First units have been delivered to Lilium to be integrated in the first Lilium Jets and the Lilium Jet flight simulator for pilot training

MUNICH, Germany, April 02, 2024 (GLOBE NEWSWIRE) — Lilium N.V. (NASDAQ: LILM), developer of the first all-electric vertical take-off and landing (“eVTOL”) jet, announced today that it has received the first set of standby flight instruments from Garmin^®, a leading provider of avionics solutions. The deliveries, which follow the multi-year supplier contract signed by Lilium and Garmin in 2023, will be integrated into the first Lilium Jets being produced and the Lilium Jet flight simulator, used for pilot training.

In aviation parlance, standby instrumentation is intended to serve as a backup display in case of a failure of the primary cockpit instrumentation. As such, the component supplied by Garmin represents a key safety feature of the Lilium Jet and will provide an additional layer of protection for crew and passengers. This redundancy will help pave the Lilium Jet’s path to dual type-certification by the FAA and EASA.

Garmin is a leading provider of avionics solutions for general aviation, business aviation, rotorcraft, advanced air mobility, government and defense, and commercial air carrier customers, and has several decades of experience in meeting the highest aviation certification standards. The standby flight instrument supplied by Garmin, which is already in use on thousands of certified aircraft, will be integrated into the Lilium Jet’s cockpit and will interface with the jet’s flight control computer, providing inertial sensor data (e.g. attitude, acceleration, etc.) and additional key outputs to the flight control system, as well as serving as a modern, touchscreen flight display that works independently of the primary avionics system.

Martin Schuebel, Lilium Senior Vice President Procurement said: “Our decision to collaborate with Garmin on this critical system followed an extensive evaluation process and we are delighted with the great progress. These first deliveries confirm once again our strategy of working with tier one aerospace companies with proven experience in delivering products certified to the highest standards of aviation safety.”

Carl Wolf, Garmin Vice President of Aviation Sales and Marketing said: “We are proud to be part of an outstanding team supporting certification and entry into service of the Lilium Jet. Garmin is committed to innovation, and we are excited to supply our standby flight instrument solution that will add extraordinary capability to the Lilium Jet cockpit.”

Lilium began assembly of the first Lilium Jet at its manufacturing and testing facilities near Munich at the end of 2023. The first piloted flight test of the Lilium Jet is targeted to occur in late 2024.

Lilium Contact information for media:
Meredith Bell
Vice President, External Communications
press@lilium.com

Lilium Contact information for investors:
Rama Bondada
Vice President, Investor Relations
investors@lilium.com

About Lilium
Lilium (NASDAQ: LILM) is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the Lilium Jet, an all-electric vertical take-off and landing jet, designed to offer leading capacity, low noise, and high performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel. Working with aerospace, technology, and infrastructure leaders, and with announced sales and indications of interest in Europe, the United States, China, Brazil, the UK, the United Arab Emirates, and the Kingdom of Saudi Arabia, Lilium’s 950+ strong team includes approximately 500 aerospace engineers and a leadership team responsible for delivering some of the most successful aircraft in aviation history. Founded in 2015, Lilium’s headquarters and manufacturing facilities are in Munich, Germany, with teams based across Europe and the U.S. To learn more, visit www.lilium.com.

About Garmin International, Inc
Garmin products and services have revolutionized flight and become essential to the lives of pilots and aircraft owners and operators around the world. A leading provider of solutions to general aviation, business aviation, rotorcraft, advanced air mobility, government and defense, and commercial air carrier customers, Garmin believes every day is an opportunity to innovate. Recipient of the prestigious Robert J. Collier Trophy for Garmin Autoland, Garmin developed the world’s first certified autonomous system that activates during an emergency to control and land an aircraft without human intervention.

Lilium Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws, including, but not limited to, statements regarding (i) Lilium N.V.’s and its subsidiaries (collectively, the “Lilium Group”) proposed business and business model; (ii) the markets and industry in which the Lilium Group operates or intends to operate; (iii) the Lilium Group’s collaboration with Garmin, as described herein; (iv) the Lilium Group’s progress towards type certification (and type certificate validation) of its Lilium Jet with EASA and the FAA; and (v) the Lilium Group’s progress in producing its Lilium Jet. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “could,” “expect,” “estimate,” “future,” “intend,” “may,” “on track,” “plan,” “project,” “should,” “strategy,” “will,” “would” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on management’s current expectations with respect to future events and are based on assumptions and are subject to risk and uncertainties that are subject to change at any time. Actual events or results may differ materially from those contained in the forward-looking statements. Factors that could cause actual future events to differ materially from the forward-looking statements in this press release include those risks and uncertainties discussed in Lilium’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including in the section titled “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023, on file with the SEC, and similarly titled sections in Lilium’s other SEC filings, all of which are available at www.sec.gov. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements, and Lilium assumes no obligation to, and does not intend to, update, or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Elevate Renewables’ Battery Energy Storage Projects at Existing Power Plants in Connecticut Expected to Enhance Reliability in ISO New England Region and Accelerate Clean Energy Transition

BusinessMagazine — Tue, 02 Apr 2024 11:30:00 +0000

Company’s Development Portfolio Positioned to Expedite Renewable Energy Penetration and Reduce Carbon Footprint of the Traditional Power Sector

BOSTON, April 02, 2024 (GLOBE NEWSWIRE) — Elevate Renewables (“Elevate” or the “Company”), a national renewable energy development company, is reshaping the future of the energy transition by developing utility-scale battery storage projects at existing large power generation facilities in Connecticut and across the U.S. The Company aims to deliver carbon-neutral electricity and maintain reliability as demand for electricity grows and the energy mix continues to evolve.

Elevate, owned by ArcLight Capital Partners (“ArcLight”), the State’s most prominent merchant power producer, is currently exploring or in various stages of advancing battery energy storage projects at critical locations within Connecticut, including the Middletown Generating Station, Montville Generating Station, Bridgeport Harbor Station, New Haven Harbor Station, and the Devon Power Station. These endeavors mark significant milestones in accelerating a sustainable energy network designed for long-term viability and include innovative, forward-thinking project designs that would provide valuable insight for the region and nation, exemplifying Elevate Renewables’ commitment to driving impactful change.

“Elevate’s mission of redeveloping on brownfield sites, repurposing existing power plants, and cost-effectively and efficiently reusing the current energy infrastructure is realized at these strategic locations in Connecticut and is ideal from a development standpoint. We believe our projects will play a key role in the overall decarbonization of thermal power plants while maintaining reliability and helping achieve the identified clean energy goals in New England,” said Corey Juhl, VP of Development at Elevate.

The Company has an extensive brownfield pipeline of energy storage projects in various stages of development in Connecticut and several other states, including California, Arizona, New York, New Jersey, and Maryland. Elevate’s battery energy storage systems (BESS) will assist the integration of large amounts of offshore wind and other intermittent resources, provide grid-supporting services, redefine grid management, and enhance resiliency in the ISO New England region and nationwide.

ABOUT ELEVATE RENEWABLES

Elevate Renewables is a national renewable energy development company focused on strategically deploying battery energy storage electric resources to decarbonize existing fossil-fuel-powered generation facilities. The Company currently has an extensive brownfield pipeline and is active in energy markets throughout the U.S., where the rapid growth of intermittent and inflexible renewable energy has created a need for flexible, dispatchable renewable energy, which can uniquely be met by utility-scale battery storage.

Elevate is working to reduce the traditional power sector’s environmental and carbon footprint through the deployment of carbon-neutral battery energy storage projects and is committed to a safe, reliable, environmentally conscious energy transition in a way that benefits the planet, our stakeholders, and the broader communities in which these facilities currently operate.

For more information about Elevate Renewables, please visit www.elevaterenewableenergy.com

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Company Contact:

Market & Media Communications
Elevate Renewables
200 Clarendon Street, FL 55
Boston, MA 02116
Email: jjanson@elevaterenewableenergy.com
Direct: (585) 232-5440