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OPEC Plans a Gradual Unwinding of Production Cuts
  + stars: | 2024-06-02 | by ( Stanley Reed | ) www.nytimes.com   time to read: 1 min
When officials from major oil-producing countries met on Sunday, they had a tricky task before them: To reassure shaky markets that they would continue to restrain oil supplies. The group known as OPEC Plus, which is led by Saudi Arabia and includes Russia, also wanted to offer some hope to discontented producers like the United Arab Emirates that they might soon get the go-ahead to pump more oil. It aims to bolster oil prices by promising that deep production cuts will extend through next year. But it also spells out a gradual phase out of a portion of the cuts. Beginning in October, oil output for eight countries, including Saudi Arabia, the United Arab Emirates and Iraq, may gradually rise in monthly increments through 2025.
Organizations: United Arab Locations: OPEC, Saudi Arabia, Russia, United Arab Emirates, Riyadh, Saudi, Iraq
Read previewVisitors to the National Gallery of Australia have surged by 24% since reports first emerged that the country's richest person had tried to get an unflattering portrait of her taken down, the gallery's director has said. The estimates hearing was called to discuss Rinehart's donation of an approved portrait of herself to Australia's National Portrait Gallery. Rinehart is the daughter of iron ore magnate Lang Hancock. AdvertisementOne of the company's main assets is the Roy Hill iron ore mining project. The project is located in Western Australia's Pilbara region and currently delivers "60 million tonnes per annum of iron ore to international markets," according to the official website.
Persons: , Nick Mitzevich, We're, Gina Rinehart, Vincent Namatjira, Barbra Streisand's, Streisand, Jason Reed, Namatjira, Bree Pickering, Rinehart, Pickering, Rinehart . Rinehart, Lang Hancock Organizations: Service, National Gallery of Australia, Business, Sydney Morning Herald, Hancock, National, Australia's, Australian Broadcasting Corporation, Bloomberg Locations: Malibu, Hancock, Western Australia's
— Bill Reed I notice that P/E ratios can be quite inconsistent and vary from site to site. Before we figure out a stock's PEG ratio, we need to calculate its compound annual growth rate or CAGR. Nvidia is trading at 41 times earnings, our equation would be 41/28.21 which equals a PEG ratio of 1.45 times. As a general rule, a PEG ratio of 1 or lower indicates you're getting future growth at a good value. Most importantly, the PEG isn't the end-all-be-all, It's just another way of thinking about valuation.
Persons: Jim Cramer, Bill Reed, Mike M, it's, Let's, It's, Jim Cramer's, Jim, Michael M Organizations: CNBC, Nvidia, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty
Over the past two years, the group known as OPEC Plus has agreed to a succession of cuts to oil output. The oil producers’ assumption has been that these trims would be temporary, but they have begun to take on an air of permanence as prices have been relatively subdued. Any relaxation of cuts would risk sinking prices in what looks like a soft market, analysts say. It is a frustrating situation for oil producers like Iraq and the United Arab Emirates, which could pump additional crude, bolstering their budgets. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, who is expected to lead the meeting, relishes surprises, so other outcomes are possible.
Persons: That’s, , Richard Bronze, Mr, Bronze, Prince Abdulaziz bin Salman Organizations: Plus, United Arab Emirates Locations: Iraq, Saudi Arabia, Russia, Saudi
Read previewCitadel Securities announced Thursday that Jim Esposito, a former cohead of the global banking and capital markets group at Goldman Sachs, is set to join the company as president in September. He will report to Peng Zhao, Citadel Securities' CEO, a spokesperson for the firm confirmed to Business Insider. "We are thrilled to welcome Jim to Citadel Securities during a period of significant expansion and opportunity for our firm." Bloomberg News earlier reported Esposito's appointment to Citadel Securities on Thursday. Ken Griffin, the billionaire hedge fund founder of both the asset manager Citadel as well as Citadel Securities, relocated his companies' headquarters to the Magic City in 2022.
Persons: , Jim Esposito, Goldman Sachs, Peng Zhao, Esposito, Goldman, Jim, Ken Griffin, Zhao Organizations: Service, Citadel Securities, Business, Citadel, Apple, Goldman, . Citadel, BI, Bloomberg, Sunshine State, Magic City, Elliott Management Locations: South Florida, London, Miami, Chicago . Miami
Saudi Arabia Eyes a Future Beyond Oil
  + stars: | 2024-05-29 | by ( Stanley Reed | ) www.nytimes.com   time to read: +1 min
At a two-hour drive from Riyadh, Saudi Arabia’s capital, rows of solar panels extend to the horizon like waves on an ocean. Looking out over 3.3 million panels, covering 14 square miles of desert, Faisal Al Omari, chief executive of a recently completed solar project called Sudair, said he would tell his children and grandchildren about contributing to Saudi Arabia’s energy transition. Although petroleum production retains a crucial role in the Saudi economy, the kingdom is putting its chips on other forms of energy. Sudair, which can light up 185,000 homes, is the first of what could be many giant projects intended to raise output from renewable energy sources like solar and wind to around 50 percent by 2030. Currently, renewable energy accounts for a negligible amount of Saudi electricity generation.
Persons: Faisal Al Omari, I’m, , Karim Elgendy Organizations: Middle East Institute Locations: Riyadh, Saudi, Washington
Lizzo's name was mentioned in the "South Park: The End of Obesity" special. Characters in the series claim the new "Lizzo" drug helps patients overcome weight-loss worries. Lizzo was the subject of a lawsuit filed last year claiming she shamed dancers over their weight. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The "Truth Hurts" singer, who came under scrutiny last year after a lawsuit claimed she had subjected former dancers to a hostile work environment, was referenced in "South Park: The End of Obesity."
Persons: Lizzo, , Ozempic Organizations: Service, Business
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMovie creatives and actors aren't going to lose their jobs to an AI program just yet, says Netflix co-CEO Ted Sarandos, 59. For several decades, the studios wouldn't license movies to television," Sarandos told The Times. Representatives for Netflix didn't immediately respond to a request for comment from BI sent outside regular business hours. AdvertisementMembers for both groups believed that cost-conscious studios could use AI to supplant writers and actors in their productions.
Persons: , aren't, Ted Sarandos, Sarandos, Reed Hastings, Hastings, Greg Peters, Netflix didn't, AFTRA, OpenAI, Tyler Perry, Sora Organizations: Service, Netflix, New York Times, Business, Times, BI, Hollywood, Writers Guild of America, WGA, SAG
Defense Secretary Lloyd J. Austin III will undergo a nonsurgical procedure on Friday night to address a bladder-related issue, and during the hospitalization will temporarily turn over duties to his deputy, the Pentagon said on Friday. “The secretary has determined he will be temporarily unable to perform his functions and duties during the procedure, so Deputy Secretary of Defense Kathleen Hicks will assume the functions and duties of the secretary of defense,” the Pentagon said in a statement. Mr. Austin will undergo “a scheduled, elective and minimally invasive follow-up” procedure at Walter Reed National Military Medical Center, the statement said. It is the latest in a string of medical procedures for Mr. Austin in recent months, and his initial secrecy surrounding them has drawn scrutiny to both him and the Pentagon.
Persons: Lloyd J, Austin III, , Kathleen Hicks, Austin Organizations: Pentagon, Walter Reed National Military Medical Center
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese policies disruptive to the rest of the world: U.S.' ShambaughJay Shambaugh, under secretary of the U.S Treasury for International Affairs, joins CNBC's Charlotte Reed from the G7 Finance Ministers Meeting in Stresa to discuss U.S.-China trade issues.
Persons: Jay Shambaugh, Charlotte Reed Organizations: U.S Treasury, International Affairs, U.S Locations: Stresa, China
CNN —A judge in New Mexico denied Alec Baldwin’s motion to dismiss the involuntary manslaughter indictment against him in the “Rust” fatal shooting case, connected to the 2021 death of the film’s cinematographer, Halyna Hutchins. Baldwin’s attorneys had accused prosecutors of misconduct during the grand jury process and sought to have the case dismissed. Baldwin’s lawyers filed a motion to dismiss the indictment in March. In response to Baldwin’s team’s March motion to dismiss the indictment, special prosecutors in New Mexico defended their case, saying Baldwin’s behavior on the “Rust” movie set contributed to “safety compromises” that led to the fatal shooting. In the order to deny Baldwin’s motion to dismiss, the judge said despite the defense’s claims,there was no prosecutorial bad faith, as Baldwin’s legal team had claimed, and proper procedures were followed in the grand jury process.
Persons: CNN —, Alec Baldwin’s, Halyna Hutchins, Baldwin, Hutchins, Joel Souza, , , Baldwin’s, , Hannah Gutierrez Reed, Luke Nikas, Alex Spiro Organizations: CNN Locations: New Mexico, Mexico
In more than a dozen states, doctors and nurses have resorted to paper and handwritten treatment orders to chart patient illnesses and track them, unable to access the detailed medical histories that have long been available only through computerized records. For more than two weeks, thousands of medical personnel have turned to manual methods after a cyberattack on Ascension, one of the nation’s largest health systems with about 140 hospitals in 19 states and the District of Columbia. The large-scale attack on May 8 was eerily reminiscent of the hack of Change Healthcare, a unit of UnitedHealth Group that manages the nation’s largest health care payment system. The assault shut down Change’s digital billing and payment routes, leaving hospitals, doctors and pharmacists without ways to communicate with health insurers for weeks. Patients were unable to fill prescriptions, and providers could not get paid for care.
Organizations: District of Columbia, Healthcare, UnitedHealth Group
Before co-founding Netflix, Reed Hastings thought another of his business ideas would become a household name. Specifically, it was a "foot mouse" — where users could control a computer cursor with their feet, Hastings said at a recent Stanford Graduate School of Business event. "It was a terrible idea, but I was equally committed to that terrible idea as I was to Netflix," he said. In the case of the foot mouse, Hastings was a Stanford graduate student at the time, working toward his master's in computer science. He even hired a mechanical engineering graduate student to mockup a prototype.
Persons: Reed Hastings, Hastings, he's Organizations: Netflix, Stanford Graduate School of, Wired, Stanford
US President Gerald Ford dances with Britain's Queen Elizabeth II during a state dinner in Washington, DC, in 1976. Jason Reed/Reuters The White House's State Dining Room is seen ahead of a state dinner honoring French President Emmanuel Macron in 2018. Paisley first performed at the White House in 2009 during the Obama administration as part of a music series. “Tomorrow night we’ve created an experience that will feature the beautiful scenes of the White House and the Washington Monument that few get to enjoy,” White House social secretary Carlos Elizondo said. Event planner Bryan Rafanelli also helped the White House plan for the state dinner.
Persons: Brad Paisley, Joe Biden, Jill Biden, William Ruto, Rachel Ruto, , Howard, “ Brad Paisley, Dr . Biden, Ruto’s, Biden, Ruto, ” Biden, George W, Bush, Gerald Ford, Queen Elizabeth II, Ricardo Thomas, Gerald R, Franklin D, Roosevelt, Enrique Penaranda, Penaranda, Matthew Costello, George R, Nikita Khrushchev, He's, Nina, Dwight D, Eisenhower, Mamie Eisenhower, Costello, John F, Kennedy, Habib Bourguiba, Jackie, Moufida, Bill Allen, Lyndon B, Johnson, Errol W, Barrow, Carolyn, Richard Nixon, Leonid Brezhnev, Charles Tasnadi, Betty Ford, Jordan's King Hussein, David Hume Kennerly, Betty Sherrill, Britain's Queen Elizabeth II, Jimmy Carter, Deng Xiaoping, Cho Lin, Carter, Nancy Reagan, Indira Gandhi, Mikhail Gorbachev, Joe DiMaggio, Ronald Reagan, Reagan, Boris Yeltsin, Naina, George H.W, George H.W . Bush, Barbara, Dirck Halstead, Singer Whitney Houston, Nelson Mandela, Ron Sachs, Bill Clinton, Hillary Clinton, Mandela, Zindzi, Wally McNamee, Corbis, Bill Frist, Lynne Cheney, Dick Cheney, Gloria Macapagal Arroyo, Pablo Martinez Monsivais, Laura Bush, Prince Philip, Itzhak Perlman, Saul Loeb, Barack Obama, Michelle Obama, Manmohan Singh, Gursharan Kaur, Pete Souza, White, Obama, Singh, Jason Reed, Emmanuel Macron, Donald Trump, Melania Trump, Macron, Brigitte, Jabin, Scott Morrison, Joshua Roberts, Paisley, ‘ Wake, Martin Luther, ’ ”, ” Jill Biden, we’ve, Carlos Elizondo, Cris Comerford, Bryan Rafanelli, April’s, Fumio Kishida, Yuko Kishida, CNN’s Sam Fossum Organizations: Washington CNN —, Howard Gospel Choir, White, CNN, Kenyan, Ford Presidential Library, United, White House, Historical Association, Washington Post, Getty, Barbados, AP, Indian, New York Times, Singer, South, Trump, Australian, Paisley, Japanese Locations: Kenya, United States, , Ghana, Africa, Russia, Namibia, Washington , DC, Bolivian, Soviet, George H.W ., toasts, Nashville, Washington
The big storyA retirement loomsMarianne Ayala/BIThe world's most recognizable banker might finally be ready to call it quits. The comings and goings of Wall Street executives are common, even at the highest levels. Wall Street has long speculated about who will ultimately succeed Dimon. Martin Gruenberg has told staff he'll stand down as chairman once a replacement has been found , per The Wall Street Journal. A report from the Wall Street Journal says the company hopes to conduct its next implant in June.
Persons: , Jamie Dimon's, Marianne Ayala, Jamie Dimon, Insider's Paul Squire, nodded, Morgan Stanley, JPMorgan's, Tom Williams, Dimon, Jennifer Piepszak, Marianne Lake, Troy Rohrbaugh, BI's Reed Alexander, Reed, M, Alyssa Powell, Goldman Sachs, Lindsay MacMillan, Nancy Lazar, Piper, Martin Gruenberg, OpenAI, Scarlett Johansson, Sam Altman's, Andrea Chronopoulos, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Navy SEAL, Business, JPMorgan, Street, Citi, Bank, Inc, Getty, Wall, Dimon, Bank of America, FDIC, Microsoft, Wall Street Journal Locations: New York, London
She said her unit now aspires to train all of its workers in AI to get them ready "for the AI of the future," and she outlined some of the ways AI is helping bankers do their jobs. She said AI is reducing what she called "no joy" work. Some of the ways the bank thinks AI can come in handy are big and sweeping, while others are small by comparison. Broadly speaking, AI was a hot topic for other bank leaders at investor day, too. "You can't envision one app, one database, or one job where it's not going to help aid or abet."
Persons: Mary Erdoes, Jamie Dimon, it's
At the time, Dimon said, the priority was to understand "what we do know, what can we learn from it." Dimon's comments come as the investment-banking industry grapples with the surprising deaths of not one but two deaths at BofA this month. "We're aware of these stories, and they are tragic and incredibly sad," Rohrbaugh continued, calling it the "job" of bank leaders to look after employees' health on the job. AdvertisementCurrent and former employees at BofA told Business Insider that 100-hour workweeks were not unusual at the bank. Earlier this month, a BofA spokesperson told BI of Lukenas' passing: "We are very saddened by the loss of our teammate.
Persons: Jamie Dimon, JPMorgan Chase, Leo Lukenas III, Robin Leopold, Dimon, Troy Rohrbaugh, Rohrbaugh, Lukenas, headhunter Douglas Walters, Adnan Deumic, cardigan, Reed Alexander Organizations: Service, JPMorgan, Bank of America, Business, New York, Medical, BofA, Reuters, GrayFox, Bloomberg, Wall Locations: America's, BofA, London
Germany, a full-time bus driver and full-time pastor, knows how important this church is to its community. And now, it seems there’s another critical expense, though one this small church hardly could afford: security. Now, Germany wants to hire security experts to assess his church’s vulnerability and see how they can secure it. Pastor Glenn Germany in an undated image in his church in Pennsylvania. And it’s really dangerous.”In Tennessee, Lori Morrison has long been talking about the importance of church security, on both her website and her podcast.
Persons: Glenn Germany, It’s, , Chuck Schumer, Pastor Glenn Germany, Kevin Nelson’s, televangelist Joel Osteen, Nelson, I’m, ” Nelson, Schumer, Donell, what’s, , Charlie Cytron, Walker, Beth Israel, Bishop Vashti Murphy McKenzie, Christ, McKenzie, it’s, Schumer’s, ” Schumer, Pastor Kevin Nelson, Rico Reed, ” Reed, Lori Morrison, Morrison, there’s Organizations: CNN, Police, Kevin Nelson’s Calvary Baptist Church, Lakewood Church, Calvary Baptist, Baptist, Calvary, Training, Beth, National Council of, Jewish, FEMA, New, Calvary Baptist Church . Calvary Baptist Church, SecureTek Service, Inc Locations: Pennsylvania, Germany, North Braddock, Pittsburgh, Louisiana, Lakewood, Houston, ” Germany, San Antonio, Nelson’s, Sutherland Springs, Maryland, Baltimore, , Texas, USA, New York, Calvary Baptist Church . Calvary Baptist Church Florida, In Tennessee,
Read previewNuns affiliated with the college where an NFL player said women should aspire to be "homemakers" aren't fans of his controversial comments. On Saturday, Kansas City Chiefs kicker Harrison Butker addressed the 2024 graduating class at Benedictine College, a small Catholic school in Atchison, Kansas. The Benedictine College campus. The NFL distanced itself from his comments in a statement that said the body is committed to inclusivity. The NFL issued a statement distancing itself from Butker's comments about women in the commencement address.
Persons: , Harrison Butker, Scholastica, Harrison, Butker, Taylor, Swift, Travis Kelce, Reed Hoffmann, Taylor Swift, Scholastica didn't Organizations: Service, Kansas City Chiefs, Benedictine College, Business, Benedictine, NFL, AP Locations: Atchison , Kansas, Mount St
“The voices of students have grown even more clear, particularly in the last few years,” Allen told CNN in an interview, pointing to the protests following George Floyd’s murder and the Black Lives Matter movement. Among those issues, according to people familiar with the discussions, was student worry that their achievements would be overshadowed by a stump speech. On this day, he’s a commencement speaker for these young men, and that’s what he plans to do – be a commencement speaker,” Benjamin told CNN in an interview. At Morehouse, Biden’s broader economic message touting the expansion of the middle class is likely to hit home, according to Allen. HBCUs “continue to be the number one engine for promoting African Americans into the middle class,” Allen told CNN.
Persons: Joe Biden, Tony Allen, Biden’s, ” Allen, George Floyd’s, Stephen Benjamin, Biden, he’s, ” Benjamin, Donald Trump, haven’t, ” Dr, Eddie Glaude Jr, ” Glaude, Jeh Johnson, Randall Woodfin, Steven Reed, Cedric Richmond, ” Richmond, Richmond, Allen, HBCUs “, Organizations: CNN, Morehouse College, Delaware State University, White House, Atlanta, Princeton University’s Department of African American Studies, Morehouse, Trustees, White, Homeland, Black, National Museum of, Locations: Gaza, Birmingham , Alabama, Montgomery , Alabama, Black
Related storiesA new report from Reuters released Wednesday raised more questions about the hours Lukenas may have been logging leading up to his untimely death. Walters said Lukenas told him he was putting in more than 100 hours a week at Bank of America. "He made a comment saying like, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" Walters told Reuters. Walters said he told Lukenas that was excessive, even by Wall Street's standards. Prior to Lukenas' death, he had been participating on deal work related to UMB's $2 billion all-stock acquisition of Heartland Financial USA — a transaction that was announced in late April.
Persons: , Wall, Leo Lukenas III, Lukenas, Douglas Walters, Walters, GrayFox Organizations: Service, of America, Army, Bank of America, Business, Reuters, New, Office, GrayFox, BI, Heartland Financial, Vets Locations: New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharlotte Reed: Journalism is a job where I always have to learn new things"My mom is a teacher and there was always in my house a respect and love for learning." CNBC International TV Reporter & Correspondent Charlotte Reed discusses her professional ambitions.
Persons: Charlotte Reed Organizations: Journalism, CNBC, Reporter
CNN —The US Justice Department on Tuesday notified Boeing that it breached terms of its 2021 agreement in which the company avoided criminal charges for two fatal 737 Max crashes. The notification comes as the Justice Department conducts a new investigation into Boeing’s operations in the wake the door plug incident. The earlier deal had resolved a fraud investigation related to the company’s development of its 737 Max aircraft. Under its deferred prosecution agreement from January 2021, Boeing paid $2.5 billion in penalties and promised to improve its safety and compliance protocols. In March, the FAA identified more potential safety issues with the engines of the 737 Max and 787 Dreamliner.
Persons: Max, , Reed O’Connor, Biden, Paul Cassell, ” Cassell, Organizations: CNN, US Justice Department, Boeing, Alaska Airlines, Department of Justice, Justice Department, Max, Lion, Justice, Air Force, Transportation Safety Board, Federal Aviation Administration, FAA Locations: United States, Fort Worth , Texas
YouTube star MrBeast has parted ways with his talent manager after six years. AdvertisementMrBeast broke up with his talent manager of six years, and it's a wake-up call. YouTube's biggest star striking out alone could signal that creators may not always need middlemen. "He's just taking control of his brand," Varbanova said. An in-house team would likely have a narrower network than a talent agency and be able to offer less support with other tasks.
Persons: MrBeast, , Jimmy Donaldson, Donaldson, Reed Duchscher, Semafor, Duchscher, Donaldson's, influencers, Nikita Walia, Walia, Katya Varbanova, Gleam, Alfie Deyes, Jim Chapman —, Raff McDonald, Varbanova, Burger, He's, It's, he's, Courtney Bagby Lupilin, Lupilin, doesn't Organizations: Service, Night Media, Bloomberg, Blank, Inc, YouTube, Little Red Management Locations: Dallas,
Carlos Avila Gonzalez/San Francisco Chronicle/Getty Images The northern lights shine in the night sky above the Molenviergang in Aarlanderveen, the Netherlands, early May 11. Alexey Malgavko/Reuters The northern lights are seen in a rural area west of Fort Lauderdale, Florida, on Friday, May 10. Courtesy Luke Culver People photograph the northern lights from Whitley Bay, England, on May 10. Courtesy Jan Reed The northern lights glow in the night sky in Brandenburg, Germany, on May 10. Increased solar activity causes auroras that dance around Earth’s poles, known as the northern lights, or aurora borealis, and southern lights, or aurora australis.
Persons: Chad Myers, it’ll, Alastair Johnstone, Andrew Chin, Sanka Vidanagama, Carlos Avila Gonzalez, Josh Walet, Robert Nemeti, Jean, Christophe Bott, Max Slovencik, Alexey Malgavko, Luke Culver, Ian Forsyth, Robert F, Geoff Robins, Rich, Jan Reed, Patrick Pleul, Jenny Kane, Adam Vaughan, Jacob Anderson, Peter Byrne, Biden, it’s, Dr, Hakeem Oluseyi, Bill Nye, Guy, , Organizations: CNN, National Oceanic, Prediction, Midwest, Getty, San Francisco Chronicle, Keystone, AFP, Luke Culver People, Rockies, National Weather Service Locations: Alabama, Ohio, Pacific Northwest, North America, Gulf, , Sheffield, England, Manning, British Columbia, Christchurch , New Zealand, AFP, Berryessa , California, Aarlanderveen, Netherlands, Debrad, Slovakia, Anadolu, Le, Dessous, Switzerland, Vienna, Siberian, Tara, Russia's Omsk, Fort Lauderdale , Florida, Whitley Bay, Brunswick , Maine, London , Ontario, Ontario, Tennessee, Washington, Memphis , Tennessee, Rich Hill , Missouri, Brandenburg, Germany, Estacada , Oregon, Cumming , Georgia, Crosby , England, Edinburgh, Scotland, Crosby Beach, Liverpool, Texas, Coast, Sweden, South Africa, United States
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