Renewable Energy to Become Dominant, Says UN
A new report by the United Nations’ Intergovernmental Panel on Climate Change (IPCC) said that by 2050, more than 80 percent of the world’s energy needs could come from renewable energy. “Close to 80 percent of the world energy supply could be met by renewables by midcentury if backed by the right enabling public policies," the IPCC said in the report. Due to progress made by numerous governments and businesses to cut carbon emissions, the IPCC sees wind power, solar power, geothermal, and ocean energy becoming a dominant source of the global energy supply. The IPCC estimates that currently, renewable energy makes up close to 13 percent of the global supply, with many developing countries using biopower, such as energy generated from burning wood.
Wal-Mart Buys Stake in Chinese E-Commerce Firm
U.S. retail giant Wal-Mart Stores Inc. last Friday reached an agreement to purchase a minority stake in Chinese e-commerce firm Yihaodian, the companies announced. "Online sales in China are growing rapidly and are projected to match U.S. online sales in the next few years," said Wal-Mart Vice Chairman Eduardo Castro-Wright in a statement. "By investing in Yihaodian, we're continuing to establish a presence in this important e-commerce market, and are moving forward on fulfilling our aspiration of being the leading global multichannel retailer." Yihaodian sells groceries, electronics, and other household items in major urban areas in China, and the acquisition fits with Wal-Mart’s strategy of expanding abroad and expanding its online assets.
H-P, Dell to Report Earnings This Week
This week, investors and analysts will get a glimpse into the consumer computer market as two industry heavyweights, Hewlett-Packard Co. and Dell Inc. report their first-quarter earnings. The Wall Street consensus is that both companies posted a small gain in sales and profits. Dell is expected to reap more benefit from the recent surge in enterprise spending as more businesses which held off from upgrading their IT infrastructure during the financial crisis finally opened their pocketbooks in recent months. Dell’s stock gained around 20 percent since Jan. 1. It will release earnings on Tuesday, May 17. On the other hand, H-P’s shares have shrunk by more than 4 percent year-to-date, as the company transitions to a new CEO—Leo Apotheker, who replaced Mark Hurd late last year—and digests its Palm Inc. acquisition.
Toronto Exchange Receives Rival Bid
The TMX Group Inc., which operates the Toronto Stock Exchange, the biggest in Canada, said that it received a rival acquisition bid from a consortium of Canadian investors and companies. TMX, which received a takeover offer from the London Stock Exchange (LSE) valuing the firm at less than CA$39 per share, is reviewing the new offer, valuing the firm at more than CA$48 per share. The new bid is funded by a number of Canadian pension funds as well as four banks: Toronto-Dominion, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, and National Bank of Canada. According to a Wall Street Journal report, a tie-up of TMX and LSE had met opposition from Canadian politicians and businesses.