Battery industry sees increased support from big oil - March 24, 2022

Russia’s stocks moved sharply Thursday after the market partially reopened for limited trading after its month-long shutdown. The Institute of International Finance projected the Russian economy will contract by 15% in 2022 as a result of the war in Ukraine. Western investors, who own up to 80% of the Russian market’s free-float, will be prohibited from selling. Energy-based conglomerate Koch Industries has emerged as one of the biggest financial backers of the battery industry, analysts say. The money comes as many green startups need to spend heavily to commercialize their products. CEO Charles Koch has historically fought climate regulation and operates thousands of miles of pipelines that move oil and gas around the country. Even as green-focused firms begin to prosper, the world’s largest oil producer Saudi Aramco made a $110 billion profit in 2021 – more than double what it earned the previous year. The Russia-Ukraine war is pushing exporters and logistics firms transporting items like auto parts and smartphones to avoid land routes passing through Russia. The new routes, often forged by sea, are adding costs and threatening to worsen the global supply chain crisis. The director general of the World Trade Center called for addressing chokepoints by bringing more countries into international production networks. Enterprises are increasing the use of artificial intelligence, machine learning and robotics in an effort to modernize warehouses. The top editor at Buzzfeed News resigned as the digital-media company cuts staff and projects a loss of up to $20 million this quarter. The changes follow Buzzfeed’s first earnings as a public company, which fell short of what it promised SPAC investors. Several large shareholders reportedly urged Buzzfeed’s CEO to shut down the news organization despite winning several awards, including a Pulitzer Prize. Buzzfeed’s public listing continues to be a cautionary tale for digital media startups seeking new funding and looking to go public. A new study found the use of