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Energy Transitions Commission: Global Energy, Industry and Financial Leaders Outline Next Decade Priorities for a Net-Zero-Carbon Economy

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A year before COP26, new report from Energy Transitions Commission highlights actions required by 2030 to achieve zero-carbon economy by mid-century

LONDON, Sept. 16, 2020 /PRNewswire/ — A coalition of 45 leaders from global energy producers, energy-intensive industries, financial institutions and environmental advocates – including ArcelorMittal, Bank of America, BP, Development Research Center of the State Council of China, EBRD, HSBC, Iberdrola, Ørsted, Shell, Sinopec Capital, Tata Group, Volvo Group and the World Resources Institute among others – argues in this report that the world can and must achieve net zero greenhouse gas emissions by mid-century, and that in the long term "zero must mean zero", with no permanent rather than transitional reliance on negative emissions to balance continued large-scale emissions from the energy system and industry. It also lays out steps needed in the next decade to achieve that objective.    

 

 

In its new report Making Mission Possible – Delivering A Net-Zero Economy, the Energy Transitions Commission (ETC) shows that clean electrification must be the primary route to decarbonisation: it highlights that dramatic falls in cost of renewable energy make this easily affordable and argues that all growth in electricity supply should now come from zero-carbon sources with no need to build any new coal-fired power capacity to support economic growth and rising living standards.

The report demonstrates that it is technically and economically possible to have a carbon-free economy by around mid-century at a total cost of less than 0.5% of global GDP by taking three overarching steps:

  • Using less energy while improving living standards in developing economies, by achieving dramatic improvements in energy efficiency and shifting to a circular economy;
  • Scaling up clean energy provision by building massive generation capacities of cheap clean power, at a pace five to six times higher than today, as well as expanding other zero-carbon energy sources such as hydrogen;
  • Using clean energy across all sectors of the economy by electrifying many applications in buildings, transport and industry, and deploying new technologies and processes using hydrogen, sustainable biomass or carbon capture in sectors that cannot be electrified, like heavy industry or long-distance shipping and aviation.

The signatories acknowledge that this report is published in "an unprecedented context". They argue that the COVID-19 pandemic has demonstrated the unpreparedness of the global economy to systemic risks and that the massive public spending now being dedicated to stimulating economic recovery constitutes a unique opportunity to invest in a more resilient economy.

The ETC estimates that additional investments required to achieve those goals will be in the order of US$1 trillion to US$2 trillion per year, equivalent to 1% to 1.5% of global GDP. This represents only a small increase of global investments which currently amount to about a quarter of global GDP, and would contribute to global economic growth.

"There is no doubt that it is technically and economically possible to reach the zero-carbon economy which we need by 2050; and zero must mean zero, not a plan which relies on the permanent and large-scale use of "offsets" to balance continued GHG emissions. But action in the next decade is crucial – otherwise it will be too late.", ETC Co-Chair Adair Turner said.  

Fellow ETC Co-Chair Ajay Mathur added, "In India as in many countries, climate change is already impacting people and disrupting the economy. Governments from developed and developing countries will find in this blueprint practical recommendations on how to enhance their national strategies and ramp-up their commitments as part of the Paris agreement."

The report outlines 3 critical priorities for the 2020s and practical actions that nations and non-state parties can commit to in the run up to the COP26 United Nations Framework Convention on Climate Change in November 2021 to put mid-century objectives within reach.

  1. Speed up the deployment of proven zero-carbon solutions – governments, investors and corporates need to work hand-in- hand to build up massive capacities of zero-carbon power generation to enable the clean electrification of the economy.
  2. Create the right policy and investment environment – by removing fossil fuel subsidies, increasing carbon prices and combining them with border carbon adjustments in the absence of an internationally-agreed carbon price, putting in place regulations – like fuel mandates or lifecycle emissions standards for manufactured products – that create additional incentives for decarbonisation where price signals are insufficient, and working with financial institutions to channel investment not only to green activities but also to energy-intensive industries making their transition.
  3. Bring the next wave of zero-carbon technologies for harder-to-abate sectors to market – so they can be deployed in the 2030s and 2040s, by focusing public and private R&D on – critical technologies (like hydrogen, sustainable fuels or carbon capture), creating demand for new green products and services (through "green buyers’ clubs, public procurement, and product regulations), and financing the first commercial-scale pilots through smart use of de-risking public funds alongside private capital.

The ETC’s blueprint is intended to allow all developed economies to reach net-zero emissions by 2050 at the latest, including China which has the resources and technology leadership to become a rich developed zero-carbon economy by 2050. All developing nations would be able to reach net-zero emissions by 2060 at the latest, but require development finance to de-risk and attract private green investment.

The report integrates findings from ETC’s landmark 2018 Mission Possible report and subsequent region-specific studies with updated analysis to reflect the latest trends in the readiness and cost of key emission-reducing technologies.

For link to the report please visit www.energy-transitions.org/publications/making-mission-possible

ETC Commissioners:

Mr. Marco Alvera, Chief Executive Officer – SNAM

Mr. Thomas Thune Anderson, Chairman of the Board – Ørsted

Mr. Brian Aranha, Executive Vice-President: Head of strategy, CTO, R&D, CCM, Global Automotive, Communications and Corporate Responsibility – ArcelorMittal

Lord Gregory Barker, Executive Chairman – EN+

Mr. Pierre-André de Chalendar, Chairman and Chief Executive Officer – Saint Gobain

Ms. Marisa Drew, Chief Sustainability Officer & Global Head Sustainability Strategy, Advisory and Finance – Credit Suisse

Mr. Dominic Emery, Chief of Staff – BP

Mr. Stephen Fitzpatrick, Founder – Ovo Energy

Mr. Will Gardiner, Chief Executive Officer – DRAX

Mr. John Holland-Kaye, Chief Executive Officer – Heathrow Airport

Mr. Chad Holliday, Chairman – Royal Dutch Shell

Mr. Timothy Jarratt, Chief of Staff – National Grid

Mr. Hubert Keller, Managing Partner – Lombard Odier

Ms. Zoe Knight, Managing Director and Group Head of the HSBC Centre of Sustainable Finance – HSBC

Mr. Jules Kortenhorst, Chief Executive Officer – Rocky Mountain Institute

Mr. Mark Laabs, Managing Director – Modern Energy

Mr. Richard Lancaster, Chief Executive Officer – CLP

Mr. Li Zheng, Executive Vice President – Institute of Climate Change and Sustainable Development, Tsinghua University

Mr. Martin Lindqvist, Chief Executive Officer – SSAB

Mr. Auke Lont, Chief Executive Officer and President – Statnett

Mr. Johan Lundén, SVP Head of Project and Product Strategy Office – Volvo Group

Dr. Ajay Mathur, Director General – The Energy and Resources Institute; Co-Chair – Energy Transitions Commission

Dr. María Mendiluce, Chief Executive Officer – We Mean Business

Mr. Jon Moore, Chief Executive Officer – BloombergNEF

Mr. Julian Mylchreest, Managing Director, Global Co-Head of Natural Resources (Energy, Power & Mining) – Bank of America

Ms. Damilola Ogunbiyi, Chief Executive Officer – Sustainable Energy For All

Ms. Nandita Parshad, Managing Director, Sustainable Infrastructure Group – EBRD

Mr. Andreas Regnell, Senior Vice President Strategic Development – Vattenfall

Mr. Carlos Sallé, Senior Vice President of Energy Policies and Climate Change – Iberdrola

Mr. Siddharth Sharma, Group Chief Sustainability Officer – Tata Sons Private Limited

Mr. Ian Simm, Founder and Chief Executive Officer – Impax

Mr. Mahendra Singhi, Managing Director and Chief Executive Officer – Dalmia Cement (Bharat) Limited

Dr. Andrew Steer, President and Chief Executive Officer – World Resources Institute

Lord Nicholas Stern, IG Patel Professor of Economics and Government – Grantham Institute – LSE

Dr. Günther Thallinger, Member of the Board of Management – Allianz

Mr. Simon Thompson, Chairman – Rio Tinto

Dr. Robert Trezona, Head of Cleantech – IP Group

Mr. Jean-Pascal Tricoire, Chairman and Chief Executive Officer – Schneider Electric

Ms. Laurence Tubiana, Chief Executive Officer – European Climate Foundation

Lord Adair Turner, Co-Chair – Energy Transitions Commission

Mr. Huang Wensheng, Chairman of the Board – Sinopec Capital

Senator Timothy E. Wirth, President Emeritus – United Nations Foundation

Mr. Zhang Lei, Chief Executive Officer – Envision Group

Dr. Zhao Changwen, Director General Industrial Economy – Development Research Center of the State Council

Ms. Cathy Zoi, President – EVgo

About the Energy Transitions Commission

The Energy Transitions Commission (ETC) is a global coalition of leaders from across the energy landscape committed to achieving net-zero emissions by mid-century, in line with the Paris climate objective of limiting global warming to well below 2°C and ideally to 1.5°C. Our commissioners come from a range of organisations – energy producers, energy-intensive industries, technology providers, finance players and environmental NGOs – which operate across developed and developing countries and play different roles in the energy transition. This diversity of viewpoints informs our work: our analyses are developed with a systems perspective through extensive exchanges with experts and practitioners.

The Making Mission Possible report was developed by the Commissioners with the support of the ETC Secretariat, provided by SYSTEMIQ. It brings together and builds on past ETC publications, developed in close consultation with hundreds of experts from companies, industry initiatives, international organisations, non-governmental organisations and academia.

The report draws upon analyses carried out by Climate Policy Initiative, Copenhagen Economics, Material Economics, McKinsey & Company, Rocky Mountain Institute, The Energy and Resources Institute, University Maritime Advisory Services, Vivid Economics and SYSTEMIQ for and in partnership with the ETC, as well as a broader literature review. We reference in particular analyses from the International Energy Agency and BloombergNEF.

This report constitutes a collective view of the Energy Transitions Commission. Members of the ETC endorse the general thrust of the arguments made in this report but should not be taken as agreeing with every finding or recommendation. The institutions with which the Commissioners are affiliated have not been asked to formally endorse the report.

For further information please visit the ETC website at www.energy-transitions.org

Quotes from our Commissioners:

Dominic Emery, Chief of Staff – BP

"This new report from the ETC shows that the shift to a net zero economy by 2050 is both technologically possible and economically vital as societies look to build back better from the pandemic.  Reimagining the energy system for a zero carbon future is central to almost every aspect of this shift, which is why at bp we are transforming our business, aiming to increase renewable energy generating capacity 20-fold by 2030 and reduce oil and gas production by 40% over the next decade. Corporate action matched by policy leadership will be key, if society is to drive transition at the pace required by the science".

Stephen Fitzpatrick, Founder – Ovo Energy

"The transition to a zero-carbon society offers an enormous opportunity to revitalise the global economy, improve air quality and raise living standards. Making Mission Possible provides a clear and practical blueprint for the delivery of a clean energy future, not least through the implementation of renewable electricity generation worldwide and the wholesale electrification of transportation and heating; all underpinned by an intelligent digital energy infrastructure".

John Holland-Kaye, Chief Executive Officer – Heathrow

"In tackling the climate crisis, carbon is our shared enemy. At a time that we are feeling the impact of constraints to our mobility it is encouraging that we are working together to make decarbonising aviation a reality.  We urgently support the development of sustainable aviation fuels – it will enable our industry to take action now to achieve Net Zero. Now is the time to turn ideas into action and preserve the benefits of aviation in a world without carbon so that future generations can enjoy what we have now".

Ian Simm, Founder and Chief Executive Officer – IMPAX Investment

"As this report makes clear, it is possible to achieve a net zero economy in the developed world by 2050, but it will require significant and targeted investment into clean energy.  Making Mission Possible highlights how the investment community will benefit from a successful energy transition, but in order to do so, we need to move at speed and at scale."

Thomas Thune Anderson, Chairman of the Board – Ørsted 

"Renewable energy is fundamental to delivering a net-zero economy by 2050. The ETC report provides a blueprint for a green economy and calls for global leaders to take action in the next decade. And everyone needs to act to help create a world that runs entirely on green energy".

Full list of Commissioner and supporter quotes can be found here.

MEDIA CONTACTS

UK
Caroline Randle, Energy Transitions Commission – [email protected]   
+44 7796140461

Logo – https://mma.prnasia.com/media2/1275002/Energy_Transitions_Commission_Logo.jpg?p=medium600

Related Links :

http://www.energy-transitions.org

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Purchase of GigaMedia Shares by CEO Cheng-Ming Huang

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TAIPEI, Sept. 26, 2020 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced that its Chief Executive Officer Cheng-Ming Huang a.k.a. James Huang has purchased a total of 21,570 shares of GigaMedia stock by Pacific Star Universal Group Ltd. at an average price of $2.8879 on September 22nd and 23rd,  2020. The purchases were made during an open window period and in full compliance with all company and legal guidelines.

Mr. Cheng-Ming Huang now holds a total of 1,073,566 shares, an ownership of around 9.71% in the Company.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia’s digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw.

The statements included above and elsewhere in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. GigaMedia cautions readers that forward-looking statements are based on the company’s current expectations and involve a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. Information as to certain factors that could cause actual results to vary can be found in GigaMedia’s Annual Report on Form 20-F filed with the United States Securities and Exchange Commission in April 2020.

Related Links :

http://www.gigamedia.com

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Glancy Prongay & Murray LLP Continues Investigation of Huazhu Group Limited (HTHT) on Behalf of Investors

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Glancy Prongay & Murray LLP (GPM) continues its investigation on behalf of Huazhu Group Limited (Huazhu or the Company) (NASDAQ: HTHT) investors concerning the Companys possible violations of the federal securities laws.

If you suffered a loss on your Huazhu investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/huazhu-group-limited/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On September 21, 2020, Bonitas Research issued a report, alleging, among other things, that Huazhu Group lied about the ownership of its hotel portfolio to produce fake financials. The report also stated that Bonitas fieldwork confirmed that Huazhu secretly supported operating costs of franchisee hotels owned by undisclosed current Huazhu employees & other undisclosed related parties (˜off-book hotels). Bonitas further alleged that undisclosed related party transactions were used to artificially inflate Huazhus reported profits[,] and that it calculate[s] that Huazhus fake profits manifested as RMB 2 billion (US$ 300 million) of fake PP&E on its CYE19 balance sheet.

On this news, Huazhu Groups American depositary share (ADS) price fell $1.54, or over 3%, to close at $40.48 per share on September 21, 2020, thereby injuring investors.

Then, on September 25, 2020, Huazhu announced that a special committee of its Board of Directors will investigate the allegations in the Bonitas report.

On this news, the Companys share price fell sharply in intraday trading on September 25, 2020.

Follow us for updates on LinkedIn, Twitter, or Facebook.

Whistleblower Notice: Persons with non-public information regarding Huazhu should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPMs nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPMs lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPMs attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPMs past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barrons, Investors Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com

[email protected]

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Data Center Cooling Solutions Market- Roadmap for Recovery from COVID-19|The Increased Demand For Data Centers to Boost the Market Growth | Technavio

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Technavio has been monitoring the data center cooling solutions market and it is poised to grow by $ 4.55 billion during 2020-2024, progressing at a CAGR of over 8% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavios in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

Frequently Asked Questions:

  • What are the major trends in the market? Rising need to reduce OPEX is a major trend driving the growth of the market.
  • At what rate is the market projected to grow? The year-over-year growth for 2020 is estimated at 7.49% and the incremental growth of the market is anticipated to be $ 4.55 billion.
  • Who are the top players in the market? Airedale Air Conditioning Ltd., Black Box Corp., Daikin Industries Ltd., Data Aire Inc., Fuji Electric Co. Ltd., Huawei Investment & Holding Co. Ltd., Mitsubishi Electric Corp., Rittal GmbH & Co. KG, Schneider Electric SE, and Vertiv Group Corp., are some of the major market participants.
  • What is the key market driver? The increased demand for data centers is one of the major factors driving the market.
  • How big is the APAC market? The APAC region will contribute 39% of the market share.

The market is concentrated, and the degree of concentration will accelerate during the forecast period. Airedale Air Conditioning Ltd., Black Box Corp., Daikin Industries Ltd., Data Aire Inc., Fuji Electric Co. Ltd., Huawei Investment & Holding Co. Ltd., Mitsubishi Electric Corp., Rittal GmbH & Co. KG, Schneider Electric SE, and Vertiv Group Corp. are some of the major market participants. The increased demand for data centers will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Data Center Cooling Solutions Market 2020-2024: Segmentation

Data Center Cooling Solutions Market is segmented as below:

  • Application
    • Air Conditioning
    • Economizers
    • Cooling Towers
    • Chillers
    • Other
  • Geography
    • APAC
    • North America
    • Europe
    • South America
    • MEA

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43430

Data Center Cooling Solutions Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The data center cooling solutions market report covers the following areas:

  • Data Center Cooling Solutions Market Size
  • Data Center Cooling Solutions Market Trends
  • Data Center Cooling Solutions Market Industry Analysis

This study identifies the rising need to reduce OPEX as one of the prime reasons driving the data center cooling solutions market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavios in-depth research has direct and indirect COVID-19 impacted market research reports.

Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio’s SUBSCRIPTION platform

Data Center Cooling Solutions Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist data center cooling solutions market growth during the next five years
  • Estimation of the data center cooling solutions market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the data center cooling solutions market
  • Analysis of the markets competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of data center cooling solutions market vendors

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Air conditioning – Market size and forecast 2019-2024
  • Economizers – Market size and forecast 2019-2024
  • Cooling towers – Market size and forecast 2019-2024
  • Chillers – Market size and forecast 2019-2024
  • Other – Market size and forecast 2019-2024
  • Market opportunity by Application

Market Segmentation by Technique

  • Market segments
  • Comparison by Technique
  • Air-based cooling – Market size and forecast 2019-2024
  • Liquid-based cooling – Market size and forecast 2019-2024
  • Market opportunity by Technique

Customer Landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC – Market size and forecast 2019-2024
  • North America – Market size and forecast 2019-2024
  • Europe – Market size and forecast 2019-2024
  • South America – Market size and forecast 2019-2024
  • MEA – Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor Landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Airedale Air Conditioning Ltd.
  • Black Box Corp.
  • Daikin Industries Ltd.
  • Data Aire Inc.
  • Fuji Electric Co. Ltd.
  • Huawei Investment & Holding Co. Ltd.
  • Mitsubishi Electric Corp.
  • Rittal GmbH & Co. KG
  • Schneider Electric SE
  • Vertiv Group Corp.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

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