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☆ Shares of supplier TSMC, chip equipment maker ASML fall ahead of Nvidia's earnings report
▼ + stars: | 2024-02-21 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

Shares of two critical chip firms TSMC and ASML fell ahead of U.S.-based artificial intelligence chip designer Nvidia's earnings report. Shares of Taiwan Semiconductor Manufacturing Company dropped more than 1% on Wednesday morning. Nasdaq-listed shares of Dutch semiconductor equipment maker ASML closed 2.09% lower on Tuesday. ASML supplies the likes of TSMC with machines that are critical to manufacturing chips. Other Taiwanese semiconductor companies United Microelectronics Corp .

Persons: ASML, Jensen Huang, MediaTek Organizations: Nvidia, Taiwan Semiconductor Manufacturing Company, Apple, Nasdaq, United Microelectronics Corp Locations: Krakow, Poland, U.S

☆ FDIC watchdog planning 'special inquiry' on agency leadership, sexual harassment
▼ + stars: | 2023-11-28 | by ( Douglas Gillison | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

A "new evaluation project" will also review FDIC reform efforts since a 2020 investigation found its handling of sexual harassment complaints was deficient, according to Caitlin Savino, spokesperson for the FDIC Office of Inspector General. Previously, FDIC officials said the agency had satisfied recommendations from that investigation. Gruenberg has expressed personal alarm at the accounts and vowed to address the matter as a top agency priority. Republican lawmakers on the House Financial Services Committee have announced the start of a "rigorous" congressional probe into the matter. Reporting by Douglas Gillison; editing by Franklin Paul, Jonathan Oatis and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheila Bair, Jason Reed, Caitlin Savino, Martin Gruenberg, Gruenberg, Douglas Gillison, Franklin Paul, Jonathan Oatis, David Gregorio Our Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Republican, Financial Services, Thomson Locations: Washington, Companies United States, America

☆ US FDIC launches review of alleged sexual harassment, misconduct
▼ + stars: | 2023-11-21 | by ( Douglas Gillison | ) www.reuters.com time to read: +3 min

FDIC Chair Martin Gruenberg was also cited in the reports as having earned a reputation for bullying and leniency in cases of misconduct. The special committee will be co-chaired by two FDIC board members, acting Comptroller of the Currency Michael Hsu, a Democrat, and board member Jonathan McKernan, a Republican. Last week, McKernan and FDIC Vice Chair Travis Hill, also a Republican, had demanded that Gruenberg recuse himself from oversight of any review. The board resolution approving the review includes provisions "that restrict the ability of FDIC management and FDIC Board members not on the Special Committee to engage with or influence the review," Hill said, noting that his support of the decision had depended on that condition. In a statement, Sherrod Brown, a Democrat and chair of the Senate Banking Committee who last week called on FDIC inspector general's office to investigate, said the FDIC board had taken "appropriate steps" to ensure its own review would proceed independently.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Michael Hsu, Jonathan McKernan, McKernan, Travis Hill, Hill, Sherrod Brown, Douglas Gillison, Lisa Shumaker, Marguerita Choy, Leslie Adler Organizations: Federal Deposit Insurance Corp, REUTERS, Companies United, U.S . Federal Deposit Insurance Corp, Street Journal, Wall Street, Republican, FDIC, Democrat, recusal, Thomson Locations: Washington, Companies United States, America

Companies United States Senate FollowWASHINGTON, Nov 13 (Reuters) - A group of 39 Senate Republicans in a letter on Monday called on major U.S. banking regulators to withdraw a contentious proposal to significantly raise bank capital requirements, warning it could hinder lending and harm the economy. Regulators said stronger cushions will guard against future unforeseen risks, and cited the failures earlier this year of three large U.S. lenders as a warning. * Regulators have said they are continuing to gather data for the proposal, and have given firms more time to provide feedback. * Senator Tim Scott, the top Republican on the Senate Banking Committee and a former presidential candidate, and Senate Minority Leader Mitch McConnell were among the senior Republicans in the chamber to sign Monday's letter. WHAT'S NEXTU.S. banking regulators are due to testify before the Senate Banking Committee on Tuesday, when they are expected to be pressed on the proposal by Republicans.

Persons: Banks, Tim Scott, Mitch McConnell, Pete Schroeder, Paul Simao, Jonathan Oatis Organizations: United States, WASHINGTON, Republicans, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Republican, Senate Banking Committee, Fed, OCC, NEXT, Thomson Locations: Basel

Governor of New Mexico Michelle Lujan Grisham speaks at a Democratic Party of New Mexico campaign rally featuring U.S. President Joe Biden at the Gallegos Community Center in Albuquerque, New Mexico, U.S., November 3, 2022. Amid fury from gun advocates and a ruling from Judge Urias, her original order was frozen, and a new, tailored-down version was made to restrict guns at just public parks and playgrounds in the area. Gun rights groups and some gunowners still filed lawsuits seeking to overturn that scaled-back version which they said would deprive Albuquerque-area residents of 2nd Amendment rights to carry guns in public. Last month, Albuquerque's mayor Tim Keller urged Lujan Grisham to call a special session of the state legislature on gun violence. But Lujan Grisham said she had no plan to call a special session as she believed her public health order, which includes measures on drugs and juvenile offenders, would at this time achieve more than new legislation.

Persons: New Mexico Michelle Lujan Grisham, Joe Biden, Kevin Lamarque, Michelle Lujan Grisham, David Herrera Urias, Lujan Grisham, Judge Urias, Tim Keller, Rich McKay, Miral Organizations: Democratic Party of New, U.S, Gallegos Community Center, REUTERS, Companies United, Democratic, Thomson Locations: New Mexico, Democratic Party of New Mexico, Albuquerque , New Mexico, U.S, Companies United States, America, Albuquerque, Bernalillo, Atlanta

The battle against junk fees is part of President Joe Biden's administration's effort to ease strains on voter pocketbooks as an election year approaches. Taking on "junk fees" gives Biden and his allies fodder to show they are helping people tackle costs as many Americans are dissatisfied with his economic stewardship. The administration has previously proposed a rule to require airlines to disclose fees upfront. The agency estimated the fees cost consumers tens of billions of dollars annually on items such as hotel resort fees. "These junk fees function as an invisible tax that quietly inflates prices across the economy," FTC Chair Lina Khan told reporters on a conference call.

Persons: Joe Biden, Jonathan Ernst, Biden, Joe Biden's, Lina Khan, Diane Bartz, Jeff Mason, Douglas Gillison, Richard Chang Organizations: U.S, Fire Prevention, Eisenhower, White, REUTERS, Companies United, Democrat, Federal Trade Commission, FTC, Consumer Financial, Thomson Locations: Washington , U.S, Companies United States, America

☆ UPS CEO says new labor deal with Teamsters to cost less than $30 bln - CNBC
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

UPS vehicles are seen at a facility in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies United Parcel Service Inc FollowSept 12 (Reuters) - United Parcel Service's (UPS.N) new five-year deal with Teamsters-represented workers will cost less than the $30 billion that was outlined by the union, Chief Executive Officer Carol Tome said in a CNBC interview on Monday. The contract, which covers about 340,000 UPS workers in the United States, would increase wage and benefit costs at a 3.3% compound annual growth rate over the life of the agreement, UPS Chief Financial Officer Brian Newman said earlier. Last month, the Atlanta-based company cut its full-year revenue and profitability targets, citing higher-than-expected labor costs as well as business lost during the tumultuous contract talks with Teamsters. Reporting by Priyamvada C and Baranjot Kaur in Bengaluru; Editing by Varun H K and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Carol Tome, Brian Newman, Newman, Priyamvada, Baranjot Kaur, Varun, Anil D'Silva Organizations: REUTERS, United Parcel Service, Teamsters, CNBC, UPS, Atlanta -, Thomson Locations: Brooklyn , New York City, U.S, United States, Atlanta, Bengaluru

☆ UPS estimates new contract with Teamsters to increase costs 3.3%
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] A United Parcel Service (UPS) vehicle reverses into a facility in Queens, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsCompanies United Parcel Service Inc FollowSept 11 (Reuters) - Parcel Service (UPS.N) said on Monday its new five-year contract covering some 340,000 Teamsters-represented workers in the United States would increase wage and benefit costs at a 3.3% compound annual growth rate over the life of the agreement. The new contract expires on July 31, 2028, and 46% of wage and benefit costs from that agreement will hit this year, UPS Chief Financial Officer Brian Newman said in a recorded message. Contract-related costs in the second half of 2023 are expected to be about $500 million more than UPS expected, Newman said. Reporting by Kannaki Deka in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Sriraj Kalluvila and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Brian Newman, Newman, Kannaki, Lisa Baertlein, Sriraj Kalluvila, Lisa Shumaker Organizations: United Parcel Service, REUTERS, Parcel Service, Teamsters, UPS, Thomson Locations: Queens , New York City, U.S, United States, Bengaluru, Los Angeles

☆ Go with quality growth stocks to weather a tough market, Trivariate says
▼ + stars: | 2023-09-06 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

In an economic downturn, select quality growth stocks could help investors withstand a market pullback, according to Adam Parker, founder of Trivariate Research. With this in mind, he identified a list of quality growth stocks that can remain resilient and provide growth even in tumultuous times. "Adjusting for the S & P 500 performance, only the highest quality quartile of growth has cumulatively generated alpha over the last 25 years among mega/large caps," said Parker. "Among SMID cap growth stocks, the highest quality bucket has also been the best by far, generating more alpha than the highest quality mega/large caps." The names that fell in the top third are growth stocks, said Parker.

Persons: Adam Parker, Parker, — CNBC's Michael Bloom Organizations: Trivariate, Apple, Microsoft, Big Tech, Akamai Technologies, Health, UnitedHealth, Humana Locations: ChatGPT

☆ Oil set for 2nd weekly fall on firm dollar as supply worries ebb
▼ + stars: | 2023-08-25 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

Brent crude rose 30 cents, or 0.4%, to $83.66 a barrel by 0434 GMT, while U.S. West Texas Intermediate crude was up 31 cents, also 0.4%, at $79.36 a barrel. Crude prices are set to fall between 1.5%-2.5% for the week, a second consecutive week of decline. A strong dollar makes oil more expensive for holders of other currencies, denting demand. Further weighing on market sentiment, U.S. officials are drafting a proposal that would ease sanctions on Venezuela's oil sector, allowing more companies and countries to import its crude oil. Analysts estimated that the top oil exporter will likely roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, amid uncertainty about supplies and as the kingdom targets drawing down global inventories further.

Persons: Chen Aizhu, Jerome Powell, Brent, Jun Rong, Powell's, Laura Sanicola, Muyu Xu, Jacqueline Wong Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Companies United, Federal, U.S, West Texas, IG, Haitong Futures, Analysts, Thomson Locations: China, Dalian, Liaoning province, Companies United States, America, Turkey, Kurdistan, Iraq, Saudi Arabia

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/File Photo Acquire Licensing RightsCompanies United States of America FollowSINGAPORE, Aug 18 (Reuters) - Oil prices looked set to snap a seven-week winning streak on Friday as concerns about China's slowing economic growth and the possibility of more U.S. interest rate hikes outweighed signs of tightening supply. Investors fret that higher borrowing costs could impede economic growth and in turn reduce overall demand, including for oil. Data released this week also showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates. Despite recent economic weaknesses, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan Varadhan, Shri Navaratnam, Jamie Freed Organizations: REUTERS, Companies United, U.S . West Texas, U.S, Federal, U.S . Labor Department, Organization of, Petroleum, ANZ Research, ANZ, Thomson Locations: Zhoushan, Zhejiang province, China, Companies United States, America, SINGAPORE, U.S

☆ UK FTSE 100 at three-month low as rate hike worries grip; Currys slumps
▼ + stars: | 2023-07-06 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 1.2%, hitting its lowest level since March 24. Currys (CURY.L) tumbled 13.3% to its lowest level in more than 20 years after the electricals retailer reported a 38% slump in full-year profit. The commodity-heavy UK benchmark has been underperforming its peers this year amid volatility in resource prices over an uncertain global outlook. Among individual stocks, United Utilities (UU.L) climbed 1.8% after Morgan Stanley raised the water utility firm's rating to "overweight" from "equal-weight." Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: tanked, Chris Beauchamp, Beauchamp, Morgan Stanley, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: United Utilities, P, FTSE, U.S, U.S . Federal, IG Group, HSBC, Standard Chartered, Prudential, CAB, Thomson Locations: China, U.S, U.S ., Bengaluru

REUTERS/Ramzi Boudina/File PhotoCompanies United States of America FollowDUBAI, July 3 (Reuters) - Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil cuts on Monday, sending prices higher despite concerns over a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ to 5.16 million bpd. OPEC+ already has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April and extended to December 2024. Oil prices rose on news of the cuts, with Brent up 89 cents to $76.30 a barrel by 0950 GMT. Russia, the world's second largest oil exporter after Saudi Arabia, has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9.5 million bpd from March until year-end.

Persons: Ramzi Boudina, Alexander Novak, Brent, Maha El Dahan, Jana Choukeir, Jason Neely, David Evans Organizations: Organization of, Petroleum, REUTERS, Companies, U.S . Federal Reserve, OPEC, Ministry of Energy, Thomson Locations: OPEC, Algiers, Algeria, States, America, DUBAI, Saudi Arabia, Russia, Saudi, Moscow

☆ Oil up on strong China refinery data
▼ + stars: | 2023-06-15 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

Companies United States of America FollowLONDON, June 15 (Reuters) - Oil prices rose on Thursday after a plunge the previous day, as data showed a jump in refinery runs in top crude importer China though a weak economic backdrop capped gains. The market saw support after data on Thursday showed China's oil refinery throughput in May rising 15.4% from a year earlier, hitting its second highest total on record. Also capping price gains were fears that higher interest rates would slow economies in the United States and Europe, and lower oil demand. Analysts, however, expect oil prices to see support later in the year as voluntary cuts by OPEC+ countries implemented in May, and from Saudi Arabia in July, coincide with robust demand. "Once these deficits become visible in on-land oil inventories, we expect oil prices to trend higher," the bank said in a note on Thursday.

Persons: Rowena Edwards, Jeslyn Lerh, Emelia Sithole, Jason Neely Organizations: Brent, . West Texas, Kuwait Petroleum, U.S . Federal Reserve, European Central Bank, Bank of England, UBS, Thomson Locations: States, America, China, Kuwait, United States, Europe, Saudi Arabia, London, Singapore, Houston

☆ Oil prices tick up as markets look to key Chinese economic data
▼ + stars: | 2023-06-15 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

Companies United States of America FollowJune 15 (Reuters) - Oil prices edged higher on Thursday, recovering some ground from the previous day's plunge on worries about future U.S. interest rate hikes, with markets now looking to key Chinese economic data for demand indications. Both benchmarks fell 1.5% on Wednesday after the U.S. Federal Reserve projected more rate hikes this year, triggering fears a higher interest rate environment would slow the economy and lower oil demand. Attention on Thursday turned to China, the world's top oil importer, set to announce key May economic data, including retail sales and industrial production. Investors are looking for signs of improvement in the country's patchy economic recovery or further stimulus from Beijing. In another bearish sign on oil demand, U.S. crude oil stocks rose by about 8 million barrels in the week ended June 9, according to data from the Energy Information Administration.

Persons: Brent, Arathy Somasekhar, Sonali Paul Organizations: . West Texas, U.S . Federal Reserve, U.S, European Central Bank, Bank of England, Energy Information Administration, Analysts, Thomson Locations: States, America, U.S, China, Beijing

Companies United States of America FollowJune 13 (Reuters) - Oil prices traded up on Tuesday on bargain hunting, recovering some ground from the previous day's plunge, but gains were limited as investors remained cautious ahead of key policy decisions by the U.S. Federal Reserve and other central banks. Oil prices could fall further because of China's faltering economic recovery, he added, predicting WTI would trade in the range of $62.50 to $75 a barrel during the summer, but mainly below $70 a barrel. Most market participants expect the U.S. central bank to leave interest rates unchanged at its policy meeting. The Fed's rate hikes have strengthened the greenback, making dollar-denominated commodities more expensive for holders of other currencies and weighing on prices. "In our view, the latest fall in oil prices increases the probability Saudi Arabia will at least extend supply cuts currently in place for July," said National Australia Bank analysts in a note.

Persons: Tatsufumi Okoshi, Nomura's Okoshi, Yuka Obayashi, Emily Chow, Jamie Freed, Sonali Paul Organizations: U.S . Federal Reserve, . West Texas, Nomura Securities, European Central Bank, Bank of Japan, of Petroleum Exporting, International Energy Agency, National Australia Bank, Thomson Locations: States, America, Saudi Arabia, U.S, China, Saudi, Tokyo, Singapore

Companies United States Senate FollowWASHINGTON, May 2 (Reuters) - Ethics concerns relating to U.S. Supreme Court justices are set to be scrutinized on Tuesday by a Senate panel during a hearing called amid revelations about luxury trips and real estate transactions involving members of the nation's top judicial body. "Supreme Court ethics reform must happen whether the court participates in the process or not," Durbin said in a statement responding to the decision by Roberts not to appear. "It is time for Congress to accept its responsibility to establish an enforceable code of ethics for the Supreme Court, the only agency of our government without it." Roberts has said Supreme Court justices consult that code in assessing their own ethical obligations. In a letter to Durbin declining to testify, Roberts attached a "Statement on Ethics Principles and Practices" to which the justices adhere.

☆ Oil prices dip on U.S. rate hike expectations, weak China PMI
▼ + stars: | 2023-05-01 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

U.S. consumer spending was flat in March as an increase in outlays on services was offset by a decline in goods, but persistent strength in underlying inflation pressures could see the Federal Reserve raising interest rates again. The Fed is expected to increase interest rates by another 25 basis points this week. On Friday, oil prices mostly rose over 2% after energy firms posted positive earnings, and U.S. data showed crude output was declining while fuel demand was growing. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA). EIA data last week showed U.S. crude oil and gasoline inventories fell more than expected as demand for the motor fuel picked up ahead of the peak summer driving season.

☆ Oil prices slide on Fed rate hike expectations, weaker China manufacturing data
▼ + stars: | 2023-05-01 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

An acceleration in consumer spending was offset by businesses liquidating inventories in anticipation of weaker demand later this year amid higher borrowing costs. Meanwhile China's manufacturing purchasing managers' index (PMI) declined to 49.2 from 51.9 in March, official data showed on Sunday, slipping below the 50-point mark that separates expansion and contraction in activity on a monthly basis. Brent crude has been tracking broader markets in recent sessions, with a slew of economic data creating more uncertainty about the outlook," ANZ's note said. On Friday, oil prices mostly rose over 2% after energy firms posted positive earnings, and U.S. data showed crude output was declining while fuel demand was growing. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA).

[1/2] Chief Justice of the United States John Roberts arrives before President Joe Biden delivers the State of the Union address to a joint session of Congress at the Capitol, Tuesday, February 7, 2023, in Washington. Jacquelyn Martin/Pool via REUTERS/File PhotoCompanies United States Senate FollowWASHINGTON, April 20 (Reuters) - The Senate Judiciary Committee's chairman called on U.S. Chief Justice John Roberts to testify at a May 2 hearing on Supreme ethics reform after earlier urging him to investigate ties between Justice Clarence Thomas and a wealthy Republican donor. The court did not immediately respond to a request for comment from Roberts. The chief justice is a member of the court's 6-3 conservative majority. In inviting Roberts to testify, Durbin also said the chief justice could designate another justice to appear instead.

Companies United States of America FollowApril 5 (Reuters) - Oil prices rose on Wednesday, boosted by expectations of U.S. crude inventory declines as well as the latest output cut targets set by the OPEC+ producer alliance. The rises came as an industry report showed U.S. crude stocks fell by about 4.3 million barrels in the week ended March 31. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have kept oil prices from moving up further, despite the prospect of tighter supply following the OPEC+ cuts. Traders will be looking for cues on broader economic trends from the U.S. non-farm payrolls data due later this week, analysts say. Reporting by Laila Kearney in New York; Editing by Gerry Doyle and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Oil edges up as OPEC cuts, U.S. inventories brighten outlook
▼ + stars: | 2023-04-05 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Companies United States of America FollowApril 5 (Reuters) - Oil prices rose in early Asian trade on Wednesday on anticipated U.S. crude inventory declines and OPEC+'s latest output cut targets. Gasoline inventories fell by about 4 million barrels, while distillate stocks fell by about 3.7 million barrels, according to the sources, who spoke on condition of anonymity because they were not authorised to speak to the media. The latest targets set by the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, also helped oil prices. Keeping oil prices from moving higher were concerns about demand, with U.S. job openings in February falling to the lowest level in nearly two years and U.S. manufacturing activity in March slumping. Weak manufacturing activity in China last month also added to crude oil demand concerns.

Companies United States Department of Agriculture FollowWASHINGTON, March 31 (Reuters) - Rural small businesses and farmers will be eligible to apply for $1 billion in grants to invest in clean energy beginning Saturday, the U.S. Department of Agriculture and the White House announced on Friday. The money, funded by the Inflation Reduction Act (IRA), will be distributed through the USDA's Rural Energy for America Program (REAP) and is meant to further the Biden administration's efforts to cut climate-harming emissions across the American economy. The grant money can be used to install renewable energy systems - like solar panels, wind turbines, or biomass projects like anaerobic digesters that process animal manure to generate renewable fuels like biogas - or to make energy-efficient improvements, the USDA said. The funded projects will create jobs, reduce emissions, and improve rural resiliency in the face of a changing climate, said Agriculture Secretary Tom Vilsack on the press call. The IRA provided more than $2 billion for REAP, which the administration anticipates will fund projects for 41,500 farms and small businesses, according to the USDA website.

☆ Oil steadies as U.S. crude draw offset by Russian supplies, stronger dollar
▼ + stars: | 2023-03-30 | by ( Laila Kearney | ) www.reuters.com time to read: +1 min

Companies United States of America FollowMarch 29 (Reuters) - Oil steadied in early Asian trade on Thursday as a surprise draw in U.S. crude oil stockpiles that supported prices was offset by a smaller-than-expected cut to Russian supplies and stronger dollar. West Texas Intermediate U.S. crude fell 6 cents, or 0.1%, to $72.91 a barrel. Helping to support prices, U.S. crude oil stockpiles fell unexpectedly last week as refineries ramped up production after maintenance season and imports fell to a two-year low, the U.S. Energy Information Administration said on Wednesday. Crude inventories (USOILC=ECI) fell by 7.5 million barrels in the week to March 24 to 473.7 million barrels, compared with analysts' expectations in a Reuters poll for a 100,000-barrel rise. Meanwhile, reports about Russian crude production falling by around 300,000 barrels a day in the first three weeks of March, less than the targeted cuts of 500,000 bpd, and strength in the U.S. dollar, erased oil price gains.

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. Weighing on prices, U.S. crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, latest data from the Energy Information Administration (EIA) showed. Crude inventories (USOILC=ECI) rose in the week to March 17 by 1.1 million barrels to 481.2 million barrels, the highest since May 2021. Also supportive, Goldman Sachs said on Thursday that demand from China, the world's biggest oil importer, continued to surge across the commodity complex, with oil demand topping 16 million barrels per day. The bank forecast Brent to reach $97 a barrel in the second quarter of 2024.

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