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☆ 'Profoundly disturbing': The PR firm for the COP27 climate summit has a long history with Big Oil
▼ + stars: | 2022-11-16 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

"Hill and Knowlton is the main lobbying communications firm for the oil industry," said Duncan Meisel, campaign director at Clean Creatives, a U.S.-based group working to disentangle the PR industry from the fossil fuel sector. "Any PR firm that is actively supporting to promote [a] narrative of continued fossil fuel expansion under any circumstances is a problem," Muffett told CNBC via telephone. watch nowIt comes at a time of growing momentum for calls to end fossil fuel production worldwide. U.N. Secretary-General Antonio Guterres recently called out what he described as the "massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny." "Fossil fuel interests need to spend less time averting a PR disaster — and more time averting a planetary one."

LONDON, Nov 15 (Reuters) - The moment of truth is almost here for Britain's new prime minister Rishi Sunak and finance minister Jeremy Hunt. British markets have regained some poise after the carnage triggered by September's fiscal statement, but as the UK slips into recession, the outlook is far from rosy. Here's a look at some of the likely winners and losers from Thursday's budget. "Domestic UK equities are being treated with caution by investors both domestically and internationally," he said. snapshotA CRUDE TARGETEnergy companies have reported bumper profits this year, thanks to soaring crude oil and gas prices.

☆ How Catherine Cortez Masto clinched the Nevada seat — and the Senate
▼ + stars: | 2022-11-13 | by ( Natasha Korecki | Natasha Korecki Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +5 min

The campaign's internal data moving into the fall showed that a significant number of Nevadans still didn't know Laxalt's stance on abortion, said an adviser to Cortez Masto. Cortez Masto clinched Nevada, and that clinched control of the Senate for Democrats, overcoming historical trends that punish the party in the White House. Gas and inflation should have spelled disaster for Cortez Masto, as it did for Nevada Gov. Of those who did vote, 62% backed Cortez Masto. Laxalt did dominate the state's 15 rural counties, but there just weren't enough votes to overcome Cortez Masto in Clark and Washoe counties.

☆ Premarket stocks: What midterm elections could mean for the US economy
▼ + stars: | 2022-11-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN Business —Tuesday’s midterm elections come at a time of economic vulnerability for the United States. Americans are feeling the pain of rising interest rates and are facing a winter filled with geopolitical tension. If Republicans get the House, tax hikes are dead in the water,” said David Wagner, a portfolio manager with Aptus Capital Advisors. Biden’s stock market record is the second worst since Jimmy CarterThe stock market under President Biden started with a boom, but as we head into midterm elections, markets are going bust, reports my colleague Matt Egan. By contrast, Biden’s two immediate predecessors headed into their first midterm election with stock markets surging.

☆ What Cramer is watching Tuesday — possible GOP gains, Nvidia bounces, Kohl's CEO out
▼ + stars: | 2022-11-08 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Lyft (LYFT) downgraded to in line from outperform (hold from buy) at Evercore, one of many negative Wall Street notes. Price target cuts: Credit Suisse to $122 per share from $137 and Baird to $120 from $140. Raymond James cuts price target on Palantir (PLTR) to $15 per share from $20 but has strong buy. Meanwhile, multiple price cuts on Celanese. Mizuho cut price target on cloud data provider Snowflake (SNOW) to $185 per share from $225 but keeps buy rating.

SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters) - Small island nations suffering the brunt of climate change want Big Oil to pay for mounting damage from ocean storms and sea-level rise, Antigua's prime minister told delegates at the COP27 climate summit in Egypt on Tuesday. "The oil and gas industry continues to earn almost 3 billion United States dollars daily in profits," Browne said, speaking on behalf of the Alliance of Small Island States. "It is about time that these companies are made to pay a global carbon tax on their profits as a source of funding for loss and damage. Profligate producers of fossil fuels have benefited from extortionate profits at the expense of human civilization. Writing by Richard Valdmanis; Editing by Katy Daigle and Janet LawrenceOur Standards: The Thomson Reuters Trust Principles.

☆ What to watch on Monday at COP27
▼ + stars: | 2022-11-07 | by ( Hugo Dixon | ) www.reuters.com time to read: +2 min

But their messages will likely differ a lot on key points, and their soaring rhetoric will at times clash with performances that have lagged past promises. U.S. President Joe Biden will arrive next week, as will newly elected Brazilian President Luiz Inacio Lula da Silva. Chinese President Xi Jinping is not scheduled to attend COP27, but he will have an envoy at the conference. Other things to watch will include a World Trade Organization report expected Monday about the role of trade policy in climate change, and some expected announcements about forests as climate sinks. Reporting by Valerie Volcovici; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Biden puts economic record front and center at New Mexico midterms rally
▼ + stars: | 2022-11-04 | by ( Peter Nicholas | Peter Nicholas Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +6 min

As an issue, democracy’s preservation pales in comparison to high prices and the economy. In fiery tones Thursday, Biden touted economic gains made since he succeeded former President Donald Trump — or, as he called him, “my predecessor.”“When I took office, this economy was in ruins,” Biden said. On the brink of an election that will decide control of Congress, Biden on Thursday dispensed with the unifying message that underpinned his inaugural address. If enacted, “you put Social Security and Medicare on the chopping block every five years” Biden said. Unable to squeeze inside, more than 100 people waited outdoors and were greeted by Biden before he gave his speech.

☆ Energy Sec. Granholm breaks down Biden's windfall tax threat on Big Oil companies
▼ + stars: | 2022-11-03 | 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 EmailEnergy Sec. Granholm breaks down Biden's windfall tax threat on Big Oil companiesJennifer Granholm, U.S. Energy Secretary, joins 'Closing Bell' to discuss President Biden's threats to levy a windfall tax on Big Oil companies, which just released record profits.

After oil prices soared following Russia's invasion of Ukraine, European governments already have imposed windfall taxes on their oil industries. But most U.S. lawmakers show little appetite to reverse that trend after oil companies like Exxon Mobil Corp and Chevron Corp <CVX.N. Senator Sheldon Whitehouse and Representative Ro Khanna, both Democrats, are among legislators who have already introduced bills to tax excess oil company profits. Democratic Senators Kyrsten Sinema from Arizona and Joe Manchin from West Virginia would likely oppose a windfall profits tax, dimming its prospects, congressional sources and research groups said. Administration officials conceded privately that it may be difficult to enact a federal windfall profits tax, and said no deadline has been set for a next step.

☆ Premarket Stocks: Wall Street's recent love affair with the Fed could turn on a dime
▼ + stars: | 2022-11-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN Business —Fed decision day is here — and so is some potential bad news for the market. Part of that was thanks to solid corporate earnings: Companies from GM to Coca-Cola reported strong profits and sales for the third quarter. We’ve been here before: This isn’t the first time investors rushed into markets on the belief that there would be a Fed pivot. Investors are seemingly addicted to the highs and lows of any perceived shifts in the Fed’s thinking, leaving markets excessively volatile. What’s more, only 66 companies have gone public so far this year, down more than 80% from a year ago.

☆ Biden wants Big Oil to reduce the historic margins their charging, says White House economist
▼ + stars: | 2022-11-01 | 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 EmailBiden wants Big Oil to reduce the historic margins their charging, says White House economistBrian Deese, director of the National Economic Council, joins CNBC's 'Squawk Box' to weigh in on the Biden administrations' threat of a windfall profits tax against Big Oil companies.

☆ Biden’s oil windfall tax would backfire, warns Larry Summers
▼ + stars: | 2022-11-01 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN Business —Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. Oil companies lost billions of dollars — and many went bankrupt — in 2020 when oil prices briefly crashed below zero for the first time ever during the Covid recession. Not surprisingly, the oil industry itself fired back at talk of a windfall profit tax. Raising taxes on the oil industry would discourage investment in new production, the API warned — “the exact opposite of what is needed.”

☆ Taxation is never really the answer, Weatherford CEO says
▼ + stars: | 2022-11-01 | 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 EmailTaxation is never really the answer, Weatherford CEO saysGirish Saligram, CEO of energy services firm Weatherford, discusses the possibility of a windfall tax on Big Oil companies, after President Joe Biden floated the idea.

☆ What Cramer is watching Tuesday — big J&J deal, Lilly guidance light, Biden scolds Big Oil
▼ + stars: | 2022-11-01 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Club holding J ohnson & Johnson (JNJ) buys Abiomed (ABMD), premier heart pumping company, in a deal valued at $16.6 billion. J & J is paying a hefty premium: $380-per-share upfront, plus extra $35-per-share if certain milestones are met. J & J juiced growth ahead of its separation into two companies: one, pharma and the other, consumer brands. This will raise the growth rate of the MedTech portion of new J & J company. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) very good: $516 million versus $470 million expected.

☆ Former Treasury Secretary Larry Summers urges Fed to keep hiking rates
▼ + stars: | 2022-11-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN Business —Former US Treasury Secretary Larry Summers said on Tuesday that the growing chorus of economists and politicians urging the Federal Reserve to pause its aggressive rate hikes in order to fight inflation are misguided. Those critics say that the Fed could throw the economy into recession, but Summers argued there’s a much greater risk to the economy that the Fed is not doing enough to bring down prices. On oil windfall taxes: On Tuesday, Summers also pushed back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. The profits are a windfall of war,” Biden said from the Roosevelt Room, alongside Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm. “I think it would discourage investment in oil which ultimately mean higher oil prices.”

☆ Big oil executives and ministers convene in Abu Dhabi to discuss energy markets
▼ + stars: | 2022-10-31 | 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 EmailBig oil executives and ministers convene in Abu Dhabi to discuss energy marketsBig oil executives and ministers convene in Abu Dhabi to discuss energy markets as the world faces a global energy crisis. CNBC's Hadley Gamble and Dan Murphy discuss live from ADIPEC.

The oil and gas rig count, an early indicator of future output, fell three to 768 in the week to Oct. 28, energy services firm Baker Hughes Co said in its closely followed report on Friday. , ,Despite this week's rig decline, Baker Hughes said the total count was still up 224, or 41%, over this time last year. U.S. oil rigs fell two to 610 this week, while gas rigs decreased one to 156, their lowest since July. For the month, drillers added three rigs, after activating six oil rigs and cutting three gas rigs. That was the first monthly decrease in gas rigs since August 2021.

☆ What Cramer is watching Friday — Amazon drop overdone, Apple's outlier quarter, Big Oil profits
▼ + stars: | 2022-10-28 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Shares of the Club holding down 13% in premarket. Apple's quarter was better than expected , an outlier in an otherwise brutal week for Big Tech earnings. Club holding AbbVie (ABBV) solid number, more of the same. Club holding Pioneer Natural Resources (PXD) slightly misses on EPS of $7.48. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Global oil giants rake in massive profits in third quarter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. The soaring profits are feeding criticism from consumer groups in the United States and Europe as inflation climbs. Exxon Mobil, the largest U.S. major, reported nearly $20 billion in revenue, exceeding expectations and surpassing its previous record set in the second quarter. Chevron earned $11.2 billion, nearly doubling the $6.1 billion from the same period last year. The strong results out of Europe followed Shell's $9.5 billion profit reported Thursday, putting it on track to surpass its record set in 2008.

☆ Morning Bid: Tech melts, buck bounces
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

All of which raises some questions about the price at which Elon Musk eventually agreed to buy Twitter. But the dollar rallied on Friday as other central banks looked to more than match any easier Fed tilt. Eyes are shifting to another U.S. inflation update later, with European growth and inflation numbers surprising to the upside. Although spurred back higher on Friday by the inflation news, European bond markets had a dovish take on Thursday's doubling of European Central Bank interest rates to 1.5%. Key developments that should provide more direction to U.S. markets later on Friday:* U.S. September PCE price index, personal income and consumption.

☆ Fetterman slams Big Oil for surging profits and failure to invest in new supply
▼ + stars: | 2022-10-27 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

CNN —Democrat John Fetterman scolded the oil industry on Thursday for reaping massive profits and argued companies are rewarding shareholders instead of aggressively investing in new supply. “Big Oil just made another round of record profits by gouging Americans at the gas pump,” Fetterman, the lieutenant governor of Pennsylvania, said in a statement. The oil industry is a notoriously boom-to-bust business. Gas prices climbed to a record high of $5.07 a gallon in June. Fetterman’s campaign called out his opponent’s ties to the oil industry, pointing to campaign donations from oil and gas companies to Dr. Mehmet Oz’s campaign.

☆ Morning Bid: Meta averse, ECB decides and CS slides
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. Meta added a deep pothole to an already bumpy U.S. earnings season - another obstacle to a market pumped-up by bets of some central bank relief on the horizon as G7 economies slow. read moreWith Apple (AAPL.O) and Amazon reporting later on Thursday, sentiment toward tech giants remains on edge. But after two-week, trough-to-peak bounce of almost 10%, global stock indices (.MIWD00000PUS) struggled to make much headway for the second session on Thursday. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ New frontline of U.S. abortion battles emerges in New Mexico
▼ + stars: | 2022-10-26 | by ( Brad Brooks | ) www.reuters.com time to read: +9 min

A woman and child attend an anti-abortion rally outside of the Hobbs City Commission Chamber in Hobbs, New Mexico, U.S., October 17, 2022. The New Mexican abortion provider within closest reach for most Texas women is currently in Albuquerque - about a four-hour drive from Clovis and five hours from Hobbs. Voters in Lubbock, Texas, which is near the New Mexico border, outlawed abortion in 2021. In New Mexico, Dickson worked with conservative lawyer Jonathan Mitchell, who was the architect of Texas’ 2021 “heartbeat” abortion law. Read more:U.S. abortion clinic moves up the street to escape one state’s banEXPLAINER-How abortion became a divisive issue in U.S. politicsHow Texas’ abortion ban hurts Big Oil’s effort to transform its workforceWIDER IMAGE-With U.S. abortion access in jeopardy, this doctor travels to fill a void

☆ Oil volatility could get more intense as Europe's December deadline approaches
▼ + stars: | 2022-10-26 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

Singh notes there could be a significant drop in Russian oil in coming months as European restrictions on imports of oil and refined products, like diesel, take hold. Barclays expects about 1 million barrels of Russian oil to come off the market, but Singh said his estimate is low compared with others. He noted that China and India have increased their purchases of Russian oil, but so have other countries, like Turkey. We also believed the government in the U.S. was going to put a floor under oil prices by refilling the SPR," said Blanch. There's going to be a very large spread between European energy prices and U.S. energy prices."

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