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Oil rises as major producers expected to keep output cuts in place
  + stars: | 2024-05-29 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. The Memorial Day holiday on Monday signals the start of the peak demand season in the U.S., the world's biggest oil consumer, and keeping the production cuts in place should keep prices supported as consumption rises. The data was delayed by a day by the Memorial Day holiday on Monday. Investors also awaited U.S. inflation data this week that could sway expectations for Federal Reserve interest rate cuts that could be positive for oil prices.
Persons: Daniel Hynes, Investors Organizations: Brent, . West Texas, Traders, of, Petroleum, ANZ Bank, American Petroleum Institute, Federal Reserve Locations: Russia, OPEC, U.S, Gaza, Rafah, .
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nasdaq hits record in muted tradeThe Nasdaq Composite closed above 17,000 for the first time, driven by a surge in Nvidia shares, in an otherwise lackluster day for the market. The yield on the 10-year Treasury note rose following a $70 billion Treasury Department auction of 5-year notes that met with weak demand. T-Mobile plans to use U.S. Cellular's wireless spectrum to improve coverage in rural areas.
Persons: Neel Kashkari, Vasu Raja, Raja, Ryan Salame, Sam Bankman, Salame, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, . American Airlines, American Airlines, Mobile, U.S, Cellular, U.S . Cellular, GameStop, Commission
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
Spanning 1,650 hectares, the complex will include a trade port with an oil terminal, a fishing port and a shipyard. “We’re constructing an ecosystem,” Nisrine Iouzzi, the director of construction for the Dakhla Atlantic Port, tells CNN. Gateway to AfricaThe project is part of Morocco’s national port strategy, which aims to modernize and strengthen port infrastructure by 2030, in order to enhance its role in global supply chains. Video Ad Feedback Dakhla Atlantic Port aims to boost trade across West Africa 02:26 - Source: CNNWith the implementation of Africa’s continental free trade agreement, which aims to create a single market for goods and services, the port could encourage the processing of raw materials within the continent. “Local disputes can make developing port infrastructure and reliable logistics much more challenging,” says Mooney.
Persons: CNN —, Nisrine Iouzzi, , , Mounir Houari, Houari, ” Turloch Mooney, Mooney Organizations: CNN, United, United Arab Emirates, Dakhla’s Regional Investment Center, Port, P Global Market Intelligence Locations: Western Sahara, Morocco, Tangier, Mauritania, West Africa, East, Europe, North America, South America, United Arab, Gateway, Africa, Casablanca, Tanger, Med, Agadir, West, Mali, Chad, Niger, Burkina Faso, Sahara, ,
Jay Furman, a retired Navy officer, has won the Republican nomination to challenge embattled Representative Henry Cuellar of South Texas in November, according to The Associated Press. Mr. Furman defeated his challenger, Lazaro Garza Jr., a rancher, in a runoff after the two emerged as the top vote-getters in a crowded March primary. Mr. Cuellar, a centrist Democrat, is still largely expected to win re-election in Texas’ 28th Congressional District. But the terrain has become somewhat more favorable for Republicans after Mr. Cuellar was indicted this month on federal bribery and money-laundering charges. In his district, which stretches from his hometown, Laredo, and the U.S. southern border to the eastern outskirts of San Antonio, Mr. Cuellar is considered an institution.
Persons: Jay Furman, Henry Cuellar, Furman, Lazaro Garza Jr, Cuellar, Imelda Cuellar, Donald J, Trump, , Biden Organizations: Navy, Republican, Associated Press, Democrat, Congressional Locations: Henry Cuellar of South Texas, Texas, Mexican, Azerbaijan, Laredo, U.S, San Antonio
Oil prices steady as investors await inflation data, OPEC+ meeting
  + stars: | 2024-05-28 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2. The U.S. personal consumption expenditures index expected this week will be in the spotlight for further signals about interest rate policy. The index, due to be released on May 31, is viewed as the U.S. Federal Reserve's preferred measure of inflation. German inflation data on Wednesday and euro zone readings on Friday will also be watched for signs of a European rate cut that traders have penciled in for next week. All eyes are also be on the upcoming online meeting of the OPEC+ on June 2.
Persons: Brent, Satoru Yoshida, U.S . Federal Reserve's, Goldman Sachs Organizations: . West Texas, Rakuten Securities, Organization of, Petroleum, U.S, U.S . Federal Locations: New Mexico, U.S, Friday's, Britain, United States, OPEC, U.S .
Big Oil’s big climate showdownMonths of tensions between oil majors and activist investors could reach a boiling point at the annual meetings of Exxon Mobil and Chevron Wednesday, as the U.S. giants pump record levels of crude and sit on bumper profits. Activists’ efforts to pressure Big Oil to clean up its polluting ways are faltering. Last week, climate change protests rocked Shell’s annual meeting in London. Exxon could face an even fiercer battle this week — not only with the activist investors it is suing, but from powerful institutional investors as well. They include Norway’s huge sovereign wealth fund, and CalPERS, the California pension fund, both of which strongly oppose Exxon’s attempt to quiet some of its most vocal climate critics.
Persons: Vivienne Walt Organizations: Exxon Mobil, Chevron, DealBook, Exxon Locations: U.S, London, Dutch, Norway’s, California
A large oil industry deal advanced on Tuesday after shareholders of Hess approved a proposed sale of the company to Chevron for $53 billion. Control over one of the most prized oil assets, off the shores of Guyana, is at stake in the deal, which still faces significant hurdles. Exxon is contesting Chevron’s acquisition of Hess by arguing that Hess can’t sell itself without allowing Exxon to buy its stake in the Guyana project. Chevron and Hess have said Exxon’s interpretation of the terms of Exxon and Hess’s partnership is incorrect. But Hess prevailed at its shareholders’ meeting on Tuesday in convincing a majority that the deal was in their best interest.
Persons: Hess Organizations: Chevron, Exxon Mobil, Exxon Locations: Guyana, sweetening
Bogdanos said the $80 million of items does not include a further 100 items his team has just seized in the US. That means that, in addition to the items themselves, their historical context was stolen, robbing archaeologists of valuable information. Most of the recent items returned to Italy were dug out of clandestine excavations or stolen from churches, museums and private individuals, Gargaro said. Italy’s Carabinieri Cultural Heritage Protection unit uses artificial intelligence to search for stolen cultural assets. Italy’s Carabinieri Cultural Heritage Protection unit uses artificial intelligence to search for stolen cultural assets under a new program called “Stolen Works Of Art Detection System” (SWOADS), which searches for taken items by scanning the web and social media for images.
Persons: Rome, Matthew Bogdanos ’, Emanuele Antonio Minerva, Bogdanos, Francesco Gargaro, , Gargaro, Gianmarco Mazzi Organizations: Rome CNN, Central Institute, New, The, CNN, Cultural Heritage Locations: Rome, Manhattan, Italy, Lazio, Campania, Puglia, Calabria, Sicily, New York, United States, York,
China’s Role in Ukraine
  + stars: | 2024-05-28 | by ( German Lopez | ) www.nytimes.com   time to read: +1 min
Over the last few weeks, a Russian blitz has claimed more than a dozen villages in northeast Ukraine, near the country’s second-largest city. And Russia’s economy is limited by steep sanctions from some of the richest countries in the world. But it has supported Russia’s economy by buying oil and expanding other kinds of trade. Without Beijing’s help, Moscow might still continue its war, but it would do so in a weakened state. Of course, Washington and its allies have also provided support, including actual weapons, to Ukraine.
Persons: , David Sanger Organizations: U.S Locations: Russian, Ukraine, Russia, Moscow, China, Washington
Exxon filed for arbitration in March to defend the rights it claims under the joint operating agreement. Chevron and Hess have told investors that the pending deal would terminate if Exxon prevails in the dispute. Hess shareholders would bear the risk if the deal terminates because Chevron is not obligated to pay a termination fee, according to ISS. Exxon is seeking to confirm its rights under the joint operating agreement and find out the value placed on Hess' Guyana assets under the deal, Woods said. Chevron has repeatedly maintained that the Exxon's claims under the joint operating agreement do not apply to its acquisition of Hess.
Persons: Hess, Glass Lewis, Mike Wirth, Darren Woods, Woods, Wirth Organizations: Chevron, Exxon Mobil, Mobil, Exxon, China National Offshore Oil Corporation, Institutional, Services, Hess, ISS, CNBC, Federal Trade Commission Locations: York, Guyana, China
CNBC Daily Open: Musk's AI start-up raises $6 billion
  + stars: | 2024-05-28 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share. Google AI Overview misfiresGoogle's "AI Overview" feature in search is facing criticism for producing incorrect or controversial responses.
Persons: Jensen, Huang, Glass Lewis, Elon Musk, Obama, Eli Lilly, Eli Lilly's, Weizhen Tan Organizations: CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google Locations: Texas, Indiana
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share.
Persons: Elon Musk, The Beverly Hilton, Jensen, Huang, Glass Lewis, Obama, Weizhen Tan Organizations: SpaceX, Tesla, The Beverly, CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google, Nikkei, Bank of Japan's, CSI Locations: Beverly Hills , California, U.S, Texas, Asia, Pacific
Meanwhile, JPMorgan upgraded Huntington Bancshares to overweight from neutral, with a price target that implies upside of 31%. Analyst Scott Hanold's $90 price target implies that shares of Civitas could rise 25% from here. These two headwinds combined together could create near-term pressures for the stock by limiting Zscaler's billings growth, the analyst wrote. Nowinski's price target of $182, down from $275, implies the stock could rise 6% from here. The bank upgraded shares of the cruise operator to buy from neutral and lifted its price target to $24 from $21.
Persons: Mizuho, Scott Hanold's, Hanold, — Lisa Kailai Han, Wells, Andrew Nowinski, F4Q24, Nowinski, Patrick Cunningham, Cunningham, Lisa Kailai Han, Andrew Boone, Boone, Max, Duolingo, Ben Chaiken, Jan, Chaiken, Steven Alexopoulos, Alexopoulos, Huntington, Fred Imbert Organizations: CNBC, Cruise Line, JPMorgan, Huntington, RBC, Civitas Resources, RBC Capital Markets, Citi, DuPont DuPont, DuPont, Max, Mizuho, Cruise Locations: DAU, Mizuho, Norwegian, Huntington Bancshares, Columbus , Ohio, Friday's
CNN —A lost Caravaggio painting that was almost mistakenly sold at auction for a bargain price has gone on display at the Prado Museum in Madrid, Spain, after being rescued and restored. The oil on canvas work depicts Jesus wearing a crown of thorns with blood running down his face and onto his chest. Michelangelo Merisi da Caravaggio, better known simply as Caravaggio, is known for his visceral depictions of violence. “Ecce Homo” will be displayed at the Prado Museum until October 13. Both the previous owner and the buyer were keen for the painting to go on public display at the Prado, said Coll.
Persons: Jesus, Pontius Pilate, Michelangelo Merisi da Caravaggio, Susana Vera, Caravaggio, , King Philip IV’s, Evaristo Pérez de Castro, José de, Jorge Coll, Coll Organizations: CNN, Prado Museum, Real Academia de Bellas Artes de, Prado, Spain’s Ministry of Culture, Colnaghi Locations: Madrid, Spain, Italian, Judea, Rome, Naples, Real Academia de Bellas Artes de San Fernando, José de Ribera
U.S. crude oil gained more than 1% on Tuesday after booking a loss last week as the market focuses on an upcoming key OPEC+ meeting. OPEC+ will hold a virtual meeting on Sunday to review its production policy. Deutsche Bank analyst Michael Hsueh said OPEC+ countries are unlikely to raise production given that the current price of Brent is closer to $80 per barrel than $90 per barrel. Tamas Varga, analyst with oil broker PVM, said he expects "no changes in production will be forthcoming" because the meeting is virtual. And the stabilization of U.S. production since September has given OPEC some room to maneuver, he said.
Persons: Michael Hsueh, Brent, Tamas Varga, Hsueh Organizations: Deutsche Bank Locations: OPEC, Saudi Arabia
OPEC+ meeting: Here's what to expect
  + stars: | 2024-05-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ meeting: Here's what to expectFrancisco Blanch, BofA Securities head of global commodity and derivatives research, joins 'Squawk on the Street' to discuss what to expect from OPEC this weekend, if Chinese oil demand is rising, and more.
Persons: Francisco Blanch Organizations: BofA Securities
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExxon-Chevron dispute: Portfolio manager weighs in on 'crown jewel' of the transactionRob Thummel, senior portfolio manager at Tortoise, discusses Exxon and Chevron's dispute over Hess' Guyana oil assets.
Persons: Rob Thummel, Hess Organizations: Exxon, Chevron, Tortoise Locations: Guyana
Miss Kim brought in $1.89 million in sales in 2023 and made a net profit of $101,553 for the fiscal year from August 2022 to July 2023. "I started wondering, if I had Korean food or Asian food and I was able to tell this story…what would that look like?" In the fiscal year from August 2016 to July 2017, Miss Kim brought in $699,877 in sales, according to Kim. Doing away with tippingToday, Miss Kim is profitable and thriving, with total sales of $1.89 million in 2023. When Miss Kim first opened, "we decided that we're going to do away with tipped credit and pay people living wage."
Persons: Ji Hye Kim, Kim, Ann Arbor, Miss Kim, Young Kim, Hye Kim Kim, Paul Saginaw, Ari Weinzweig, Zingerman's, Hye Kim, she'd, It's, Kim didn't, Zach Green, Marisa Forziati Organizations: CNBC, U.S, University of Michigan, Dancing Sandwich Enterprises, Miss Locations: South Korea, New Jersey, Ann, Zingerman's, Ann Arbor, Michigan, New York, Saginaw, Korea, Ann Arbor , Michigan, gochujang, U.S, United States, Miss
Venezuelan officials rescinded an invitation to the European Union to observe the upcoming July 28 presidential elections, another stark sign that President Nicolás Maduro is unlikely to cede power despite allowing an opposition candidate to run against him. After months of intensified repression by the Maduro government — which banned legitimate challengers from the ballot, jailed political opponents and cracked down on civil society — the country’s electoral authority surprised many in April when it allowed the former diplomat Edmundo González to register as an opposition candidate. The Venezuelan government has been choked by sanctions from the United States and the European Union on the country’s vital oil industry, and some experts say Mr. Maduro allowed Mr. González to run only because it might help him sway Washington and its allies to ease up on the penalties. The president of the council, Elvis Amoroso, said in a televised broadcast that he was rescinding the invitation until the E.U. lifted “the unilateral and genocidal coercive sanctions imposed on our people.”
Persons: Nicolás Maduro, Edmundo González, Maduro, González, Elvis Amoroso, Organizations: European Union, Venezuelan Locations: United States, Washington
Instead, it's drawing a feed of blistering, high-pressure, vaporized water from a century-old loop of steam pipes that runs beneath the city's streets. Like dozens of cities, New York has a loop of steam pipes under its streets that could help reverse the urban doom loop. Lindsey Nicholson/UCG/Universal Images Group via Getty ImagesIn July, Vicinity is installing what will be the nation's first zero-carbon urban steam loop. AdvertisementThe most convincing evidence that steam loops make economic sense comes from who's getting into the district-energy game. Meaning: Can we use steam loops to fix the urban doom loop before the climate doom loop dooms us all?
Persons: I've, Nobody, Francisco, Kevin Hagerty, Lindsey Nicholson, Blake Ellis, Burns, McDonnell, Tim Danz, it's, Danz, Hagerty, Decarbonizing, COVID, Costa Samaras, They'll, Adam Rogers Organizations: California, Vicinity Energy, Getty, Cal, Antin Infrastructure Partners, KKR, Scott Institute for Energy, Innovation, Carnegie Mellon, Business Locations: Francisco, California, New York City, Boston, Washington, New York, England, Chicago, Miami, San Diego, Portland, Milwaukee
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Read previewSaudi Arabia plans to raise money by selling bonds as it presses ahead with massive spending projects, Bloomberg reported. Riyadh previously sold $12 billion of sovereign debt in January, while planned desert megacity Neom has also reportedly mulled issuing Islamic bonds in a bid to raise more cash. AdvertisementThe latest bond sale comes as Saudi Arabia presses ahead with Mohammed bin Salman's Vision 2030 plan that seeks to diversify its oil-reliant economy. In February, The Wall Street Journal reported that Saudi Arabia had started borrowing to help fund Neom and other Vision 2030 "gigaprojects."
Persons: , Goldman Sachs, Mohammed bin Salman's, Cristiano Ronaldo, Karim Benzema, Neymar, LIV, Tim Callen Organizations: Service, Bloomberg, Business, Citigroup, BNP, Saudi Pro League, Street Journal, Gulf States Institute Locations: Saudi Arabia, Riyadh, Washington, Saudi
The speaker of the Texas House, Dade Phelan, won renomination in a runoff on Tuesday, surviving a bruising Republican primary challenge from a party activist and first-time candidate who was backed by former President Donald J. Trump and his Texas supporters. The race, in a southeast Texas district that includes part of the city of Beaumont, was a bitter political showdown among some of the most powerful players in Texas politics, and was likely to have been one of the most expensive ever for a Texas House seat. Millions poured in to the campaigns during the primary, including large donations from West Texas oil and gas billionaires and out-of-state school-choice advocates who backed the challenger, David Covey. For his part, Mr. Phelan had help from deep-pocketed donors like Miriam Adelson, the Las Vegas casino magnate and widow of the Republican megadonor Sheldon Adelson. Covey, a technical adviser to the oil and gas industry who has described himself as a “very committed Christian and a conservative,” led Mr. Phelan in the first round of voting in March, when neither candidate won a majority.
Persons: Dade Phelan, Donald J, Trump, David Covey, Phelan, Miriam Adelson, Republican megadonor Sheldon Adelson, . Covey, Christian, Organizations: Texas House, Las, Republican Locations: Texas, Beaumont, West Texas, Las Vegas
Read previewSaudi Arabia looks set for a multibillion-dollar share sale in its state oil company, Saudi Aramco. AdvertisementThe government of Saudi Arabia remains the largest shareholder in Aramco, which is the world's largest oil company by market cap. AdvertisementThe kingdom has embarked on a number of "gigaprojects" as part of the 2030 plan, including its Neom megacity. But recent reports suggest Saudi Arabia has been seeking to borrow funds for the project, while also scaling back population estimates for The Line. In January, it said that its cash as of September had dropped to around $15 billion — the lowest level since December 2020, The Wall Street Journal reported.
Persons: , Prince Mohammed bin Salman's Organizations: Service, Reuters, Business, Aramco, Saudi Aramco, Saudi, Public Investment Fund, Bloomberg, Street Journal Locations: Saudi Arabia, Saudi Aramco, Aramco, Saudi
For more than half a century, concerns about oil shortages or a damaged climate have spurred governments to invest in alternative energy sources. In the 1970s, President Jimmy Carter placed solar panels on the roof of the White House as a symbol of his commitment to developing energy from the sun. And in the 2000s, Germany developed an innovative program that guaranteed consumers who adopted a solar energy system that they would sell their electricity at a profit. Hoping to correct past missteps on industrial policy and learn from China’s successes, they are spending huge amounts on subsidizing homegrown companies while also seeking to block competing Chinese products. They have made modest inroads: Last year, the energy agency said, China’s share of new clean-energy factory investment fell to 75 percent.
Persons: Jimmy Carter Organizations: International Energy Agency Locations: Japan, Germany, Beijing, United States, Europe
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