Controversial Rosebank Offshore Development Granted Consent Despite Environmental Concerns
In a contentious decision, regulators have granted consent for the Rosebank offshore development, located 80 miles west of Shetland. This development, overseen by Equinor and Ithaca Energy, marks a significant milestone as it involves the exploitation of the UK’s largest untapped oil field, estimated to contain a staggering 500 million barrels of oil.
The approval for development and production comes after extensive deliberation, during which environmental concerns took centre stage. Critics have been vocal about the potential ramifications of such a venture on climate change. Last month, 50 Members of Parliament and peers from diverse political parties raised their concerns, asserting that the Rosebank oil field could potentially emit 200 million tonnes of carbon dioxide. In a letter to the then energy secretary, Grant Shapps, they urged him to block the project, emphasising that a substantial portion of the development’s cost would fall on taxpayers.
This decision to greenlight the Rosebank development arrives on the heels of the UK government’s announcement of issuing numerous licenses for oil and gas exploration in the North Sea, further fuelling the ongoing debate about the nation’s commitment to climate goals.
A spokesperson for the North Sea Transition Authority (NSTA), the oil and gas regulator, defended the decision, stating, “We have approved the Rosebank Field Development Plan, which allows the owners to proceed with their project.” They emphasised that the approval aligned with their published guidance and considered net-zero considerations throughout the project’s lifecycle.
This decision is sure to reignite discussions about the delicate balance between economic interests and environmental concerns in the context of energy development.
Donald Trump Ruled to Have Committed Fraud in Civil Case
In a significant legal setback, a New York judge has ruled that former President Donald Trump engaged in fraudulent activities by repeatedly misrepresenting his wealth to the tune of hundreds of millions of dollars. This ruling, part of a civil case brought against Trump and his family business, alleges that he defrauded banks and insurers over an extended period.
The judgment poses a significant challenge to Trump’s ability to conduct business within the state of New York and potentially paves the way for prosecutors to establish damages. Trump and the other defendants have consistently denied any wrongdoing, asserting that they never committed fraud.
New York Attorney General Letitia James filed the lawsuit in September, alleging that Trump, along with his two adult sons and the Trump Organization, inflated the value of their properties by more than $2 billion. These alleged actions were purportedly undertaken to secure better terms on loans and insurance deals and to reduce tax liabilities.
Judge Arthur Engoron issued the scathing decision, addressing the key fraud claim in the lawsuit and signalling that the trial will now focus on a narrower set of six remaining claims and determine any potential penalties. The trial is scheduled to commence on October 2 and could extend into December, with Ms. James seeking $250 million in penalties and a ban on Trump conducting business in his home state.
Hollywood Writers End Five-Month Strike, Actors Continue Dispute
After nearly five months of strikes that affected the heart of the entertainment industry, Hollywood writers have officially ended their walkout. The Writers Guild of America (WGA) announced the end of the strike, with union leaders unanimously voting to lift the restraining order.
The strike began on May 2 and was joined by members of the Screen Actors Guild (SAG) on July 13, becoming one of the longest strikes to impact Hollywood in decades. The primary issues revolved around pay and concerns regarding the use of artificial intelligence (AI) in the industry.
The resolution includes a three-year deal that offers pay raises and safeguards regarding AI usage. This marks a significant development in the ongoing dispute that has caused an estimated $5 billion loss to the US economy, according to economist Kevin Klowden of the Milken Institute.
The strike disrupted numerous top-rated shows, including “Billions,” “The Handmaid’s Tale,” “Hacks,” “Severance,” “Yellowjackets,” “The Last of Us,” “Stranger Things,” “Abbott Elementary,” and several daytime and late-night talk shows. Some of these shows can now return to the airwaves, with HBO’s “Real Time” host Bill Maher announcing the return of fresh episodes starting Friday.
