Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

11 May 2022

Norway to Step up Offshore Wind in Efforts to Promote Sustainable Energy

The Index Today

On Wednesday, Norway revealed its plans to broaden its coastal wind energy initiative by 2040 in its efforts to adopt greener and more sustainable forms of energy.

According to Reuters, the Norwegian government has fixed a goal of developing 30 gigawatts (GW) of offshore wind capacity by 2040. "A significant portion of the electricity will be exported to other countries," it disclosed in a statement.

Norway’s Prime Minister Jonas Gahr Stoere stated at a news conference that the proposed plan would “nearly double our power output."

This comes after the country unlocked two regions in the North Sea to establish as much as 4.5 GW of bottom-fixed and floating offshore wind, with the first offer for 1.5 GW anticipated to come out during the later part of the year.

Hailing the move, the Norwegian Oil and Gas Association said in a statement, "This will lay the foundation for industrial ocean wind development."

Clay pottery with table linens