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☆ Dollar droops to one-month low vs euro before key CPI test
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, the new £10 note is seen alongside euro notes and U.S. dollar bills on Oct. 13, 2017 in Bath, England. The euro edged up 0.03% to $1.0823 in Asian trading hours, and earlier rose to $1.0828 for the first time since April 10. The dollar edged back 0.12% to 156.245 yen on Wednesday, but had pushed as high as 156.80 overnight. The dollar dropped 0.24% to 7.2232 yuan in offshore trading, after reaching the highest since May 1 at 7.2460 overnight. The New Zealand dollar climbed 0.37% to $0.6062, and earlier touched $0.6064 for the first time since April 10.

Persons: Alan Ruskin, Jerome Powell, Tony Sycamore, Joe Biden's Organizations: Reserve, U.S, Treasury, Deutsche Bank, Bank of Japan, CPI, IG, Australian, New Zealand Locations: Bath, England, U.S, China

☆ A Tesla supplier says it's still in limbo 2 weeks after Elon Musk fired the entire Supercharger team
▼ + stars: | 2024-05-13 | by ( Tom Carter | ) www.businessinsider.com time to read: +4 min

Read previewElon Musk's recent firing of Tesla's entire Supercharger team seems to be causing chaos at some of its suppliers. Elon Musk's decision to lay off Tesla's entire Supercharger team, reportedly around 500 employees, shocked the EV industry. "It sounds like an existing Tesla team from a different department has been inserted to manage the charging division," said Pinter. His comments were echoed by Pinter, who described Musk's reorganization of Tesla as a "blessing in disguise" for Bullet EV Charging. Advertisement"We have already hired several members of the former Tesla charging team and are diversifying our customer base to focus more on fleet and auto dealership charging," Pinter said.

Persons: —, Elon, Aaron Luque, hasn't, Luque, haven't, Envirospark, Tesla …, Elon Musk's, Musk, Tesla, Andres Pinter, Pinter, we've Organizations: Service, Business, Bloomberg Locations: Canada, Luque

☆ Shell and TotalEnergies listings: Europe risks losing its biggest oil companies to America
▼ + stars: | 2024-05-07 | by ( Anna Cooban | Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Two of Europe’s biggest oil companies, Shell and TotalEnergies, are considering abandoning their stock exchanges for Wall Street in a move that would deal a hammer blow to London and Paris. Shares of TotalEnergies and Shell trade on a price-to-cash flow ratio of 4.7 and 5.2 respectively, compared with a ratio of 8.4 for Exxon Mobil (XOM) and 7.6 for Chevron (CVX). Alastair Syme, managing director of global energy equity research at Citi, says Shell and TotalEnergies have long traded at a discount. Investors would “be much more comfortable” buying European energy companies if they were part of the more valuable S&P 500 benchmark index of US equities, according to Syme. London languishesStill, the slightest hint that Shell may consider leaving London will have rattled the city’s beleaguered main stock exchange.

Persons: Britain’s Shell, France’s, Alastair Syme, Syme, Patrick Pouyanne, “, ”, Wael Sawan, Sawan, London languishes, Chris Beauchamp, Shell, TotalEnergies, New York “ would’ve, ” Lindsey Stewart, Ben van Beurden, ” Syme Organizations: London CNN, Shell, CAC, Exxon Mobil, Chevron, Citi, CNN, Investors, Bloomberg, London Stock Exchange, Nasdaq, BP, Morningstar, Financial, Commodities Locations: London, Paris, New York, Chevron, Europe, United States, Switzerland, “

☆ BP misses expectations as profits slip on weaker oil and gas prices
▼ + stars: | 2024-05-07 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a "significantly weaker" margin in fuels and lower gas and oil prices. The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $2.7 billion. That was down from $3 billion the previous quarter and compared with an estimate in an LSEG-compiled consensus of $2.9 billion. The results reflect lower oil and gas realizations and a "significantly weaker" fuels margin, the company said in its Tuesday statement. This is a breaking news story and will be updated shortly.

☆ European stocks set to open higher, reflecting wider optimism in global markets
▼ + stars: | 2024-05-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive start to trading Tuesday as traders look ahead to a busy day of earnings reports in the region. BP, S4 Capital, Siemens Healthineers, Deutsche Post, Infineon, Bouygues, UBS, Adecco, Banco de Sabadell and Unicredit are among the companies reporting earnings Tuesday. Overnight, U.S. stock futures flickered near the flatline Monday evening after the Dow Jones Industrial Average wrapped its fourth positive day in a row. Asia-Pacific markets climbed overnight, extending gains from the previous session and buoyed by gains on Wall Street.

Organizations: S4 Capital, Siemens Healthineers, Deutsche Post, Infineon, Bouygues, UBS, Adecco, Banco de Sabadell, Dow Jones Locations: Asia, Pacific

☆ Stock futures are little changed after Dow posts four-day win streak: Live updates
▼ + stars: | 2024-05-06 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., April 25, 2024. U.S. stock futures flickered near the flatline Monday evening after the Dow Jones Industrial Average wrapped its fourth positive day in a row. Dow futures inched higher by just 8 points, or 0.02%. S&P 500 futures ticked up 0.01%, while Nasdaq 100 futures slipped 0.03%. Investors carried over their bullish market sentiment from Friday, when the latest nonfarm payrolls data showed that job growth came in below expectations in April and unemployment ticked higher.

Persons: Rob Haworth, Haworth, Johnson Organizations: New York Stock Exchange, Dow Jones, Dow, Nasdaq, Federal Reserve, U.S . Bank, Disney, UBS, Johnson Locations: New York City, U.S, Swiss

☆ Welcome to ‘the Tepid Twenties’? The US economy’s strength won’t be enough to boost global growth
▼ + stars: | 2024-05-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. Economic growth in Spain and France was stronger than expected last year. But the US is outperforming mainly for one key reason: Robust productivity growth. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.

Persons: ” Kristalina Georgieva, ” Georgieva, ” Stephen Gallagher, Gallagher, “, ”, Hande Atay Alam, Recep Tayyip Erdogan, Israel Katz, John Williams, Neel Kashkari, Lisa Cook, Krispy Kreme, John’s, Austan Goolsbee Organizations: Washington CNN, Monetary, IMF, European Central Bank, Labor Department, Societe Generale, CNN, Reuters, Palantir Technologies, Tyson Foods, Marriott Worldwide, New York Fed, Disney, UBS, Duke Energy, Suncor, Bros, Minneapolis, Toyota, Uber, Anheuser, Busch InBev, Airbnb, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, AMC Entertainment, Honda, Warner Bros Discovery, Warner Music Group, Hyatt, Hilton, Bank of England, US Labor Department, United Kingdom’s, National Statistics, University of Michigan, . Chicago Fed, China’s National Bureau of Statistics Locations: Europe, China, United States, Spain, France, Russia, Ukraine, Turkey, Israel, Gaza, Olesya, “ Turkey, Lyft, TripAdvisor

☆ Earnings will drive the market next week — what we expect from 2 portfolio stocks
▼ + stars: | 2024-05-04 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

With the Fed, Apple earnings and the jobs report passing with flying colors this week, the runway to more gains looks a lot less cluttered. This past week was chock full of Club earnings: 12 portfolio companies, including Apple , delivered results. Analysts expect Wynn's earnings per share of $1.27 versus 29 cents a year ago when China was not fully back from Covid. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jerome Powell, we're, Jim Cramer, Jim, Apple, Eli Lilly, Estee Lauder, Stanley Black, Decker, Bausch, FactSet, It's, Bob Iger, Iger, Nelson Peltz, We're, Krystal, Berkshire Hathaway, Tyson, Jones Lang, Walt, Ferrari N.V, WK Kellogg, Wynn, Vishay, CRON, MARA, RICK, Ginkgo, Jim Cramer's, David Paul Morris Organizations: Federal Reserve, Apple, GE Healthcare, DuPont, Linde, Bausch Health, Coterra Energy, Club, Disney, Wynn Resorts, CNBC, Revenue, Vegas Sands, Cotai, Boston, Airlines, Krystal Biotech, Alpha Metallurgical Resources, Axsome Therapeutics, Tyson Foods, TSN, Bowlero Corp, CNA Financial Corp, CNA, Jones Lang LaSalle Incorporated, Technologies, Realty Income Corp, Lab, Teradata Corp, Technology, FMC Corporation, FMC, Paymentus Holdings, Shockwave, Vertex Pharmaceuticals, Goodyear Tire & Rubber Company, Simon Property Group, Sterling Construction Company, Apple Hospitality, Boise Cascade Corporation, BellRing Brands, Coty, COTY, Fidelity National Information Services Inc, Vornado Realty, Walt Disney Co, Holdings, Madrigal Pharmaceuticals, Nikola Corporation, BP, Rockwell Automation, MarketAxess Holdings, Jumia Technologies, GEO Group, Builders FirstSource Inc, Duke Energy Corp, WYNN, Rivian Automotive, Arista Networks, Occidental Petroleum Corp, Astera Labs, Bros, Flywire Corporation, B2Gold Corp, Kinross Gold Corp, Virgin Galactic Holdings, iRobot Corp, Electronic Arts Inc, McKesson Corp, ACM Research, Avadel Pharmaceuticals, Toyota Motor Corp, Emerson Electric Co, Perion, Editas, Brink's Company, Sinclair Corporation, New Fortress Energy, Starwood Property Trust, Animal Health, ELAN, Farms, IM Cannabis Corp, Fox Corporation, Formula One, Icahn Enterprises, Teva Pharmaceutical Industries, Arm Holdings plc, ARM, AMC Entertainment Holdings, Trade, AppLovin Corporation, Sciences Corp, SolarEdge Technologies, Roblox Corporation, GigaCloud Technology Inc, Warner Bros ., Properties Trust, Growers, Constellation Energy Group, Cronos, Fiverr, Solar Inc, EPAM Systems, Cedar Fair Entertainment, Digital Holdings, RCI Hospitality Holdings, Akamai Technologies, Semiconductor, Insulet Corp, NuScale Power Corporation, Ginkgo Bioworks Holdings, Bloom Energy Corporation, Construction, AMC Networks, CRH Public Ltd . Company, Jim Cramer's Charitable, Allen, Co . Media, Technology Conference, Bloomberg, Getty Locations: China, Eaton, Amazon, Covid, Macao, Vegas, Sun Valley , Idaho

☆ Interest rates and the AI-fueled rally remain top of mind for stock investors in the week ahead
▼ + stars: | 2024-05-03 | by ( Alex Harring | ) www.cnbc.com time to read: +9 min

The Fed and economic policy were top of mind this week given the central bank's Wednesday decision to yet again leave interest rates unchanged , as it has since last summer. This week included the conclusion of April's trading month, which marked the first down month of the year for all three major market averages. Indeed, some recent earnings reports have raised doubts about the economy, with brands from McDonald's and Starbucks evidencing signs of strain among consumers. While no new inflation numbers are scheduled for release next week, investors will see reports on March wholesale inventories, March consumer credit and May consumer sentiment from the University of Michigan. AI trade Though interest rates took center stage this week, investors also continued monitoring companies tied to the artificial intelligence boom amid the stocks' recent choppiness.

Persons: they're, Jerome Powell, Larry Tentarelli, David Donabedian, Sam Stovall, There's, Stovall, Tom Hainlin, Tentarelli, CFRA's Stovall, Lyft, Cabot, Aramark, Tempur Sealy, Nikola, Walt Disney, Sally Beauty, Warby Parker, Krispy Kreme, Papa John's Organizations: Federal Reserve, Treasury, Nasdaq, Dow Jones, CIBC Private Wealth, Dow, CFRA, Citigroup, Bank of America, U.S, Bank Wealth Management, University of Michigan, Nvidia, Disney, Spirit Airlines, Tyson Foods, Pharmaceuticals, Lucid, Palantir Technologies, Simon Property, Tech, Lab, Goodyear Tire, Noble Corp, Vornado Realty, Coty, BellRing, Consumer, UBS, BP, Nintendo, Bloomin, Duke Energy, Rockwell Automation, Ferrari, NRG Energy, Electronic Arts, Cirrus, Adaptive Biotech, Arista Networks, Dutch Bros, Holdings, Virgin Galactic, IAC, Rivian Automotive, Brighthouse, Occidental Petroleum, Assurant, Kinross Gold, Labs, Diamond, Reddit, Anheuser, Busch InBev, Embraer, Health, United Parks & Resorts, Emerson Electric, Brookfield , New York Times, Food, Reynolds Consumer Products, Teva Pharma, Uber Technologies, Dine Brands, Liberty Broadband, Fox Corp, Cushman &, Liberty Media, Arm Holdings, Kodiak Gas Services, Solaredge Technologies, AMC Entertainment, Cheesecake, News Corp, Toyota Motors, Fair, US Foods, Hyatt Hotels, Warner Bros, Hilton, Warner Music Group, Unity Software, Insurance, Gen, Honda, AMC Networks Locations: Central, McDonald's, Expeditors, Occidental, Angi, Brookfield , New, Ambev, Cushman & Wakefield, Michigan

☆ BP trims down executive team, picks new head of its gas and low carbon energy business
▼ + stars: | 2024-04-18 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom. British oil major BP on Thursday trimmed its executive team down to 10 members and announced William Lin as the new head of the firm's oil and low carbon energy business. BP said it was simplifying its organizational structure to help "grow the value" of the business. "These changes will help us do just that, reducing complexity within bp, allowing our team to focus on delivering our priorities and growing the value of bp," he added. The energy major said the financial reporting structure of the firm remains unchanged and that it will continue to have three businesses: production and operations, gas and low carbon energy and customers and products — enabled by trading and shipping.

Persons: William Lin, Lin, Isabel Dotzenrath, Emeka Emembolu, Ann Russell, Murray Auchincloss, BP's Organizations: United Kingdom ., IEC, London Locations: Southend, United Kingdom, Leigh

☆ BP's EV charging arm cuts jobs, reduces global ambitions: Reuters
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

EV charging, however, remains one of BP's key growth engines. The changes at BP Pulse are "a step towards ensuring that we can execute our goals with even greater precision and effectiveness". BP Pulse has also stepped away from several bets it made since launching its energy transition strategy under previous group CEO Bernard Looney in 2020. BP last May also shut down its home EV charging business. The company says it expects returns from its EV charging and convenience stores operations to exceed 15% and create $1.5 billion in earnings before interest, taxes, depreciation, and amortization by 2025.

Persons: Murray, Tesla, Bernard Looney, Auchincloss Organizations: BP, Reuters, EV Locations: United States, Britain, Germany, China

☆ These 5 recession indicators have escaped the danger zone after flashing economic red flags
▼ + stars: | 2024-04-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Five recession indicators that were flashing a warning sign about the economy have since retreated. AdvertisementVarious economic indicators that suggested a recession was imminent not too long ago have since retreated, according to Ned Davis Research. That means investors probably don't have to worry about an economic recession occurring any time soon. AdvertisementThese are the five recession indicators that are no longer flashing red as the resilient US economy continues to power forward. In February, the LEI ticked up 0.1% and the Conference Board no longer expects a recession," Kalish said.

Persons: Ned Davis, Joseph Kalish, Kalish, Board's LEI, LEI Organizations: Ned Davis Research, NDR, Gross, GDI, Conference Board

☆ Morgan Stanley sees 'hot summer' ahead for energy sector, gives its favorite picks
▼ + stars: | 2024-04-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

A robust oil outlook on stronger-than-expected demand this year should provide a "hot summer" for energy stocks, according to Morgan Stanley. The investment bank has upgraded the energy sector to "attractive" as crude oil demand forecasts have improved on better-than-expected growth in the major economies. Morgan Stanley's top picks to play the oil rally are BP , TotalEnergies and Repsol . Strong demand combined with geopolitical risk should support Brent prices of $94 a barrel by the end of the summer, according to Rats and his colleagues. BP YTD mountain BP shares year to date BP stands out with a compelling distribution yield of nearly 11%, according to Morgan Stanley analysts.

Persons: Morgan Stanley, Morgan Stanley's, Martijn, Brent, Morgan Organizations: BP Locations: Ukraine

☆ All of a sudden, Ted Cruz really doesn't want to talk about his podcast
▼ + stars: | 2024-04-12 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWhen I approached Sen. Ted Cruz at the Capitol this week, he appeared upbeat, quipping that he was "living the dream" when I opened our conversation. iHeartMedia, which signed on as a corporate partner to the podcast in late 2022, has confirmed that the payments to the super PAC were derived from advertising revenue generated by podcast. The Campaign Legal Center and End Citizens United have also filed a complaint with the Federal Election Commission accusing Cruz of violating campaign finance laws. "When you write a positive story on something I've accomplished here, on legislation I've passed, then I'll answer your questions," Cruz replied.

Persons: —, Sen, Ted Cruz, Cruz, iHeartMedia, Colin Allred, Allred, He's, Ron Johnson, JD Vance, Markwayne Mullin, I've Organizations: Service, Capitol, Texas Republican, Business, Democrat, Houston Chronicle, Democratic Rep, Legal, Citizens, Federal, BP, Capitol Hill, FEC, Sens Locations: Houston, BP America, Texas, Wisconsin, Ohio, Oklahoma

☆ Here are Thursday's biggest analyst calls: Nvidia, Costco, Apple, Snowflake, Meta, Nike, Disney, Airbnb & more
▼ + stars: | 2024-04-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs reiterates Alphabet as buy Goldman said it's sticking with its buy rating following the company's Google Cloud Next event. "We are initiating coverage of Airbnb (ABNB) with a BUY rating and a $190 per share price target." "Following a period of restriction, we are moving to an Overweight rating and a December 2024 price target of $140." "Given the increase in stock price, we believe valuation levels have disconnected from the fundamental outlook." Piper Sandler reiterates Meta as overweight Piper raised its price target on the stock to $600 per share from $525. "

Persons: Evercore, it's bullish, Goldman Sachs, Goldman, Berenberg, TD Cowen, Visa, Oppenheimer, it's, Snowflake, Raymond James, Simona Jankowski, Wells, Morgan Stanley, Moffett, We've, Marsh, Bernstein, Kenvue, underperform Bernstein, Johnson, Needham, Airbnb, CVX, TTE, Piper Sandler, Meta, Piper, Wells Fargo Organizations: JPMorgan, Apple, Mastercard, Barclays, Nasdaq, Nvidia, UBS, Gartner, IT, Deutsche Bank, ATI, Deutsche, Disney, Microsoft, TEAM, " Bank of America, Nike, of America, Citi, Robinhood, MMC, Qualcomm, Johnson, Consumer, Scotiabank, Hamilton Insurance, Costco, ~$ Locations: Albemarle, Chevron

☆ A 111-year-old is now the world's oldest living man. Here are his 3 tips for living a long, happy life.
▼ + stars: | 2024-04-10 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +3 min

Also registered in Liverpool in 1912 was the birth of John Tinniswood, who has just become the world's oldest man. Guinness World Records declared him the world's oldest man earlier this month, after the titleholder, Venezuelan Juan Vicente Pérez Mora, died at the age of 114 and 311 days. AdvertisementThe staff at his residential home describe Tinniswood as a "big chatterbox," according to Guinness World Records. Tinniswood is unphased by his new title, and told the Guinness World Records it "doesn't make any difference to me at all. AdvertisementBut no matter what you're doing, "always do the best you can, whether you're learning something or whether you're teaching someone," he told Guinness World Records.

Persons: —, John Tinniswood, Tinniswood, Venezuelan Juan Vicente Pérez Mora, Blodwen, it's, you've, Elizabeth Francis Organizations: Service, Guinness World Records, Business, British Army Pay Corps, Royal Mail, Shell, BP, Guinness, Records, BBC, BBC News Locations: Liverpool, Southport, Venezuelan

☆ North America's largest steel mill has a plan to reduce emissions and it's a perfect example of why carbon capture is so controversial
▼ + stars: | 2024-04-04 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +7 min

US Steel's plant in Gary, Indiana, aims to deploy carbon capture to reduce its carbon footprint by 2026. Climate groups and some scientists say carbon capture is unproven and will worsen global warming. If completed, the project would be the first commercial carbon capture at a steel plant. A 3D rendering of where CarbonFree's carbon capture technology will attach to US Steel's mill. "It's not a viable pathway to decarbonize GaryWorks," Inskeep said of carbon capture.

Persons: Erika Chan, It's, CarbonFree, Martin Keighley, Keighley, —, Ben Inskeep, Inskeep, GaryWorks, We've, hasn't, Chan, Joe Biden Organizations: Service, US Steel, Keighley, Citizens Action Coalition of Indiana, Steel, Cleveland Cliffs, Department of Energy, Nippon Steel, The United Steelworkers Locations: Gary , Indiana, Lake Michigan, GaryWorks, Indiana, Gary, East Arkansas, Cleveland, Ohio, Pennsylvania

A large suburban Philadelphia county has joined dozens of other local governments around the country in suing the oil industry, asserting that major oil producers systematically deceived the public about their role in accelerating global warming. The county wants oil producers to pay to mitigate the damage caused by climate change. The county's 31 municipalities will spend $955 million through 2040 to address climate change impacts, the group forecast last year. It said climate change policy is the responsibility of Congress, not local governments and courts. Circuit Court of Appeals dismissed a lawsuit by New York City against five oil companies to recoup damages caused by global warming.

Persons: Gene DiGirolamo, Theodore J, Boutrous Jr, ” Ryan Meyers Organizations: D.C, Center, Climate Integrity, BP, Chevron, ConocoPhillips, ExxonMobil, Philips, Shell, American Petroleum Institute, U.S, Circuit, New Locations: Philadelphia, Bucks, California , Colorado, Hawaii , Illinois, Maryland , New Jersey , New York , Oregon, South Carolina, Puerto Rico, Washington, Bucks County, Pennsylvania, New York City

It's all set up beautifully, and we can show you where to watch an Ireland vs. Scotland live stream for free today. ITV has you covered with today's free Ireland vs. Scotland live stream. You can also use it for more international viewing, such as:How to watch Ireland vs. Scotland live stream free from anywhereYou can watch Ireland vs. Scotland for free via the UK's ITVX streaming service. Sign in/create a free login and watch Ireland vs. Scotland. How to watch Ireland vs. Scotland live stream in the USANBC is the exclusive broadcast partner for the Six Nations in the United States.

Persons: ExpressVPN, Peacock, Stan Organizations: Business, Nations, Scotland, England, France, ITV1, BBC1, ITV, Ireland, Six Nations, USA NBC, BBC, Six, Australia Australian, Sports Locations: Ireland, Scotland, France, UK, USA, United States

☆ Shell waters down 2030 carbon emissions target in latest fossil fuel industry backslide
▼ + stars: | 2024-03-14 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Fossil fuels are the main driver of the human-caused climate crisis, and science shows deep, sustained reductions to emissions are required this decade. In an annual update on its energy transition strategy on Thursday, Shell said it will target a 15-20% reduction in net carbon intensity of its energy products by 2030 compared with 2016 intensity levels. Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy or biofuels to its product mix. The company retired a previous target to reduce its carbon intensity by 45% by 2035. Shell also maintained its target to halve emissions from its own operations, known as Scope 1 and 2 emissions, by 2030, saying it had already achieved more than 60% of that target.

Persons: Shell, Wael Sawan’s, “, ”, Backtrack, Mark van Baal, ” Shell Organizations: CNN Locations: “, Paris, Singapore, Germany

☆ Premarket stocks: This investor predicted the dot-com bust. He thinks AI is a bubble that will ‘deflate’
▼ + stars: | 2024-03-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York (CNN) — Is the artificial intelligence boom on Wall Street a bubble primed to burst or the real deal? That’s the question investors have wrestled with since the Magnificent Seven tech stocks began turbocharging a powerful market rally last year. “A new bubble within a bubble like this, even one limited to a handful of stocks, is totally unprecedented,” he wrote in a Monday blog post. “The long-run prospects for the broad US stock market here look as poor as almost any other time in history,” he wrote. Still, the notorious market bear sees some areas of opportunity in the stock market.

Persons: —, Jeremy Grantham, ”, Grantham, Granthan, “, Hanna Ziady, Abu, Adnoc, NewMed Energy’s, Gan, Marc Stewart, Wayne Chang, ByteDance, ” Wang Wenbin, Wang Organizations: CNN Business, Bell, CNN, ” Tech, Monster, Nvidia, Boston, Federal Reserve, ChatGPT, BP, UAE, United Arab Emirates, NewMed Energy, Energy, Starbucks, McDonald’s, KFC, CNN Wednesday Locations: New York, Grantham, Israel, Gaza, Tel Aviv, China, America, American, Beijing

☆ Oil giant Shell waters down its near-term emission cuts in strategy update
▼ + stars: | 2024-03-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. Shell said it had also dropped its goal of a 45% reduction by 2035, citing "uncertainty in the pace of change in the energy transition." The net carbon intensity targets are measured against a baseline of emissions in 2016. We have updated our net carbon intensity target to reflect that change." Shell's update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies.

Persons: Shell, Wael Sawan Organizations: BP

☆ BP, Adnoc cancel Israel deal correction
▼ + stars: | 2024-03-13 | by ( ) www.cnbc.com time to read: 1 min

In the Oct. 7 terror attack, 253 people were taken hostage, of which 123 have been freed. An earlier version misstated the figures.

☆ Microsoft says new AI security chatbot pricing model lets customers 'buy what they need'
▼ + stars: | 2024-03-13 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft is rolling out an unorthodox pricing model for its new security chatbot that becomes available to the public on April 1. Microsoft considered input from early customers as well as the costs of tapping OpenAI's LLMs that process users' prompts, Vasu Jakkal, a corporate vice president at Microsoft, told CNBC. Microsoft charges for use of its Azure OpenAI Service based on the number of tokens a client uses. BP is an early customer of the new security service. Copilot for Security can answer questions by drawing on information from Microsoft's own security products and third-party providers.

Persons: Satya Nadella, Nadella, Andrew Conway, Conway, Vasu Jakkal, Chip Calhoun, Copilot, UnitedHealth Organizations: Microsoft, Security, Gaming, Activision Blizzard, Windows, Dynamics, CNBC, OpenAI, BP Locations: Seoul, Charlotte, Russian

☆ BP and UAE suspend $2 billion gas deal in Israel as Gaza war drags on
▼ + stars: | 2024-03-13 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —BP and an oil company owned by the United Arab Emirates have shelved talks to buy a 50% stake in Israel’s leading natural gas producer, judging the $2 billion deal too risky as the war in Gaza rages. “There can be no certainty that discussions will resume or that an agreement will be reached in the future, nor as to the terms of an agreement should one be reached,” NewMed Energy said. But the war has strained those ties, and the UAE has repeatedly called for an “immediate ceasefire” in Gaza. Separately, BP was one of six companies awarded licenses by Israel’s energy ministry in October to explore for natural gas off the country’s Mediterranean cost. Last month, they announced a joint venture to develop natural gas assets in Egypt.

Persons: Abu, Adnoc, NewMed Energy’s, Delek Organizations: London CNN, BP, United Arab Emirates, Energy, Starbucks, McDonald’s, KFC, NewMed Energy, Reuters, NewMed, Chevron Locations: Gaza, Tel Aviv, Israel, UAE, Egypt

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