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OPEC and the IEA expect China's oil demand to show growth in 2023 of 7.6% and 12.1%, respectively. OPEC has dismissed fears of that demand growth for oil in China is fading, describing negative sentiment as "overblown" in a recent report. OPEC's forecasts show China accounting for 24.6% of global oil demand growth in the first half of 2024, according to Reuters calculations. Consultancies Wood Mackenzie, Rystad Energy and Energy Aspects respectively forecast China's first-half 2024 oil demand to grow by 3.7%, 4.0% and 4.4% versus the same period in 2023. Energy Aspects expects first-half diesel demand to be flat from a year earlier.

Persons: Aly, Consultancies Wood Mackenzie, Rystad, Lin Ye, Xia, Andrew Hayley, Simon Cameron, Moore Organizations: REUTERS, Rights, of Petroleum, International Energy Agency, OPEC, Rystad Energy, JET, Reuters Graphics Reuters, National Bureau of Statistics, Thomson Locations: Zhuhai, China, Rights BEIJING, OPEC, Russia, Beijing

Overnight, OpenAI announced that it had an “agreement in principle” to reinstall Sam Altman as C.E.O., while the board members who pushed him out are departing. The news was greeted rapturously by the ChatGPT creator’s employees, most of whom had threatened to quit and join Altman at Microsoft. Altman and those focused more on commercializing the technology came out ahead of those worried about its apocalyptic potential. Gone are Tasha McCauley, Helen Toner and Ilya Sutskever, three of the four directors who ousted Altman. That board will help select a bigger permanent one, according to The Verge, which may include representation for Microsoft, OpenAI’s biggest investor.

Persons: OpenAI, Sam Altman, Altman, Tasha McCauley, Helen Toner, Ilya Sutskever, Bret Taylor, Larry Summers, Adam D’Angelo, Satya Nadella, Microsoft’s, ” Organizations: Microsoft, Treasury Locations: Silicon

Microsoft had no official say with the board when Altman, the company’s key contact, was fired. That is partly as a hedge for the fact it has no control over the start-up’s board. It involves the holy grail of OpenAI’s work: achieving artificial general intelligence, or A.G.I. Scott Syphax, a corporate governance expert, told DealBook that the deal could raise red flags with regulators if it threatens the nonprofit’s tax-exempt status. Another area Syphax is watching: the valuation that Microsoft placed on OpenAI after its investment and whether it acquired the I.P.

Persons: Altman, Nadella, Kara Swisher, Brockman, ”, Microsoft’s, Scott Syphax, DealBook, Bill Gurley, Satya Organizations: Microsoft, Times Locations: “, Grubhub

of OpenAI, the leader in commercializing generative A.I. By Monday, he had not only been fired by his board — he had also joined Microsoft, the start-up’s biggest backer. A recap:OpenAI’s board fired Altman for not being “consistently candid.” Greg Brockman, another co-founder, was stripped of his chairman title and quit. Talks to bring Altman back broke down, with OpenAI’s board eventually naming Emmett Shear, the former C.E.O. (Some OpenAI employees workers wrote on X that “OpenAI is nothing without its people,” posts that Altman liked.)

Persons: Sam Altman, Altman, Greg Brockman, OpenAI —, —, Emmett Shear, Mira Murati, Brockman, Ilya Sutskever, Elon Musk, Geoffrey Hinton Organizations: Microsoft, up’s, OpenAI Locations: OpenAI, ChatGPT

☆ Live updates: Israel-Hamas war, Gaza's Al-Shifa Hospital, Rafah fuel deliveries
▼ + stars: | 2023-11-19 | by ( Heather Chen | Andrew Raine | ) edition.cnn.com time to read: +3 min

A satellite image provided by Maxar Technologies shows Al-Shifa hospital and surroundings in Gaza City on November 11. Satellite image ©2023 Maxar Technologies/APA group of United Nations humanitarian workers visited the Al-Shifa hospital in northern Gaza on Saturday, the World Health Organisation (WHO) said in a post on X. The group spent one hour inside the hospital during which time there was heavy fighting in close proximity to the facility, the WHO said. "Many trauma patients have severely infected wounds due to lack of infection control measures in the hospital and unavailability of antibiotics." Israel claims Hamas is using the hospital complex for military purposes and has built a command center under the facility – allegations repeatedly rejected by both Hamas and hospital officials.

Persons: ”, Israel Organizations: Maxar Technologies, United Nations, World Health Organisation, WHO, UN, Staff, Hamas, CNN Locations: Gaza City, Gaza, Al, Israel, Gaza’s

A day after meeting with Chinese leader Xi Jinping, President Biden said during a speech at the APEC CEO Summit that the U.S. is “de-risking and diversifying” its economic relationship with China, but “not decoupling.” Photo: Kevin Lamarque/ReutersSAN FRANCISCO—During a much-anticipated summit this week with Chinese President Xi Jinping aimed at resetting relations between the two powers, President Biden took a briefing from Jake Sullivan, his national security adviser, on a completely different topic: the swelling conflict in the Middle East. Israel’s fight against Hamas, a war in Ukraine that is slipping toward a stalemate and a tenuous detente with China are all competing for the president’s time with less than a year until the 2024 election. As Biden campaigns for a second term, the overlapping crises are complicating his bid to persuade U.S. voters he is focused on the domestic issues they care about most.

Persons: Xi Jinping, Biden, Kevin Lamarque, Jake Sullivan, Israel’s Organizations: APEC, Summit, Reuters, FRANCISCO, Hamas, U.S Locations: China, Ukraine

Social media’s antisemitism problemThe rise in antisemitism since the outbreak of war in the Middle East has ignited a clash between Wall Street donors and universities, and divided some workplaces. Now, the pressure is building on social media platforms, particularly Elon Musk’s X and TikTok, with advertisers, celebrities and influencers pulling spending and confronting executives about the proliferation of hate speech. He posted to X his support for white nationalist conspiracy theories that Jewish communities were spreading hatred. Yaccarino was brought in to win back advertisers after Musk bought Twitter last year and culled many content moderators. More than a dozen Jewish celebrities and creators, including the actors Sacha Baron Cohen, Debra Messing and Amy Schumer, confronted TikTok executives this week.

Persons: Elon Musk’s, Adolf Hitler, Musk, X’s, Linda Yaccarino, Yaccarino, “ Linda, ” Martin Sorrell, DealBook, TikTok, Sacha Baron Cohen, Debra Messing, Amy Schumer, “ Hitler, Anne Frank ”, Cohen, ”, Osama bin, bin Laden, —, Alex Haurek, George Santos, Biden, Xi Jinping, Doug McMillon, Walmart’s, “, ” Brian Cornell, ’ Organizations: IBM, Media, America, Nazi Party, Apple, Oracle, Defamation League, Twitter, S4 Capital, House, Big, General Motors, Hyundai, Republican, Justice Department, Business, APEC, West Texas Intermediate, Consumers, Depot, Walmart Locations: TikTok, New York, Hong Kong, China, San Francisco, Beijing, Washington, U.S

A New York City woman who died Sunday from cancer has raised enough money to erase millions of dollars in medical debt with a posthumous plea for help. The posts included a link to a fundraising campaign started through the nonprofit RIP Medical Debt. It had raised about $140,000 by Friday afternoon, or enough to buy around $14 million in medical debt. RIP Medical Debt erases debt purchased from hospitals, other health care providers and the secondary debt market. They were inspired by a video they saw of North Carolina churchgoers burning about $3 million in medical debt.

Persons: Casey McIntyre, McIntyre, ” “, Andrew Rose Gregory, Gregory, Casey, ”, Daniel Lempert, Grace, “ Casey, ” Gregory Organizations: York City, Memorial Sloan Kettering Cancer Center, North, Associated Press Health, Science Department, Howard Hughes Medical Institute’s Science, Educational Media Group, AP Locations: York, U.S, Brooklyn, North Carolina

Biden and Xi try direct diplomacyThe mood music was upbeat but pragmatic after the first face-to-face meeting in a year between President Biden and his Chinese counterpart, Xi Jinping. There was no joint communiqué after Wednesday’s talks, but both sides issued positive statements trumpeting where they found common ground, including on tackling climate change and improving communications. The leaders agreed to restart military communications that were suspended last year after Nancy Pelosi, then speaker of the House, visited Taiwan. Larry Fink of BlackRock and Steve Schwarzman of Blackstone reportedly sat at the Chinese leader’s table. The measure would keep the federal government funded through early next year, clearing the way for President Biden to sign the legislation.

Persons: Biden, Xi, Wednesday’s, Nancy Pelosi, —, Larry Fink, BlackRock, Steve Schwarzman, Blackstone, Tim Cook, Albert Bourla, Ray Dalio, ” Richard McGregor, DealBook, “, they’re, Kamala Harris, Elon Musk, Jensen Huang, Nelson, Trian Organizations: Hyatt Regency, Apple, Pfizer, Bridgewater Associates, Lowy Institute, SpaceX, Tesla, Nvidia, Disney, ValueAct Capital, 13D, Microsoft Locations: San Francisco, U.S, Taiwan, China, Beijing, Iran, Israel, Australia, Ukraine

Chinese leader Xi Jinping arrived in San Francisco on Tuesday ahead of a high-stakes meeting with President Biden at the APEC summit. It will be the first time Biden and Xi will speak since the U.S. shot down a suspected Chinese surveillance balloon in February. Photo: David Paul Morris/Bloomberg NewsSAN FRANCISCO—President Biden and Chinese leader Xi Jinping are going into a high-stakes summit Wednesday with a long list of contentious issues between the world’s two leading powers—and narrow room to find compromise. The two countries are close to finalizing agreements to restore communications between their militaries and cooperate in choking off fentanyl trafficking, U.S. officials said. U.S. and Chinese officials also have discussed a potential agreement for China, which has made no major order for Boeing jets since 2017, to resume purchases of the 737 Max.

Persons: Xi Jinping, Biden, Xi, David Paul Morris, President Biden, Max Organizations: APEC, Bloomberg, FRANCISCO, Boeing Locations: San Francisco, U.S, China

President Biden greeted Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit taking place in San Francisco. Photo: Brendan Smialowski/AFP/Getty ImagesWOODSIDE, Calif.—President Biden and Chinese leader Xi Jinping struck a less contentious tone at their summit Wednesday, a reset that will be quickly tested by deep U.S.-China disagreements. With relations between the two countries near a low point, Biden and Xi agreed to resume communications between their militaries, cooperate on choking off fentanyl production and begin a dialogue on the risks of artificial intelligence. Their four hours of talks at a secluded estate outside San Francisco included a walk in the wooded grounds.

Persons: Biden, Xi Jinping, Brendan Smialowski, Xi Organizations: Economic Cooperation, Getty, — Locations: Asia, San Francisco, AFP, WOODSIDE, Calif, U.S, China

☆ Live updates: Israel-Hamas war, Gaza's Al-Shifa Hospital
▼ + stars: | 2023-11-15 | by ( Tara Subramaniam | Andrew Raine | ) edition.cnn.com time to read: +3 min

The Israeli military said it is conducting a raid inside Gaza’s biggest hospital Al-Shifa as it targets Hamas militants it claims are operating beneath the structure — which the militant group and hospital officials deny. The United States on Tuesday cited intelligence suggesting Hamas has a command node under the hospital, seeming to back Israel’s assertion. What’s happening on the ground: Khaled Abu Samra, a doctor at the hospital, told CNN they were given 30 minutes’ warning before the Israeli operation on the complex began. Khader Al Za’anoun, a journalist inside the hospital, told CNN that Israeli tanks had moved into the hospital complex, and there were gunfire exchanges across the yard. It’s unclear whether there are IDF soldiers inside the hospital buildings, Al Za’anoun said.

Persons: Israel, Hamas’s “, ” Israel, Peter Lerner, Khaled Abu Samra, “, ”, Khader Al Za’anoun, Al Za’anoun, Mai Al, Kaila Organizations: Hamas, CNN, Palestinian, Palestinian Authority, Health Ministry, Israel Locations: Gaza, United States, “, Ramallah, Israel

Good news for global marketsYesterday’s impressive rally in U.S. stocks and bonds has gone worldwide this morning, as investors see central banks making gains in their fight against inflation. Adding to the good news was a breakthrough in the House last night that could avert a government shutdown. The question now is whether this represents a false dawn on inflation, or the start of a durable decline in rising costs — and interest rates. President Biden, whose poll ratings have been hurt by inflation, also cheered the numbers. And consumer spending and industrial output in China rebounded last month, a hopeful sign for the world’s No.

Persons: Biden Locations: Britain, China

What to watch for in Tuesday’s inflation numberThe markets have rebounded from their fall swoon — with the S&P 500 up more than 7 percent over the past two weeks — as investors grow more optimistic that the Fed is done raising interest rates. That conviction will be put to the test with a new batch of inflation data this week, starting with Tuesday’s Consumer Price Index data at 8:30 a.m. Eastern. It arrives amid deep divisions on Wall Street over the Fed’s next move, and as inflation weighs heavily on President Biden’s poll numbers. Tuesday’s figure could signal that progress on inflation is slowing. That’s no better than the September figure, and well above the Fed’s 2 percent target.

Persons: Biden’s Organizations: Tuesday’s, Wall, Deutsche Bank

The summit won’t end the standoff between the world’s biggest economies. But it’s a sign that Biden and Xi want to maintain ties, despite trade tensions, tit-for-tat sanctions and questions about the future of Taiwan — and business leaders will be hoping for some sign of a thaw. Officials have been at pains to emphasize that the U.S. and China are competitors rather than zero-sum rivals. “We have a $700 billion trading relationship with China. The vast majority — 99 percent of that — has nothing to do with export controls,” Gina Raimondo, the commerce secretary, told CNN this weekend.

Persons: Biden, Xi Jinping, Xi, —, ” Gina Raimondo, Jake Sullivan, Janet Yellen, ” Xi, ” Organizations: CNN Locations: China, Washington, Beijing, San Francisco, Taiwan

COLUMBIA, S.C. (AP) — The Republican Party’s once-crowded 2024 presidential primary field has suddenly shrunk to just a handful of viable candidates. Instead, the fight between Nikki Haley and Ron DeSantis for a distant second place appears to be intensifying. Political Cartoons View All 1244 Images“Now I’m hoping the field clears and it’s Nikki Haley one-on-one with the former president,” Druckenmillier told The Associated Press. Scott entered the 2024 campaign to much anticipation — especially in Iowa — as a close friend to Iowa Sen. Joni Ernst and a devoted evangelical Christian. And his modest share of support in late-summer Iowa polls shrunk by late fall as DeSantis and Haley appeared more viable.

Persons: Republican Party’s, Sen, Tim Scott of, Donald Trump, Nikki Haley, Ron DeSantis, Iowa's Jan, Haley, Scott's, Stanley Druckenmillier, Scott, ” Druckenmillier, Andrew Romeo, Mike Pence, ”, DeSantis, Kim Reynolds, Tim Scott, ” Romeo, “, Nikki Haley’s, Trump, Vivek Ramaswamy, Christie, Doug Burgum, Asa Hutchinson, they're, Pence, Privately, Ron DeSanctimonious, Nikki ‘ Birdbrain ’ Haley, ‘, Tim, ’, ’ ”, Iowa Sen, Joni Ernst, Republican bundler Eric Levine, ” Levine, “ It’s Nikki, Devin O’Malley, Pence’s, He’s, ” O’Malley, ___, Beaumont Organizations: COLUMBIA, Republican, GOP, United Nations, Associated Press, Iowa Gov, New, New Jersey Gov, Christie . North Dakota Gov, Arkansas Gov, Trump, South, Fox News, AP, Iowa GOP, ___ Peoples Locations: Tim Scott of South Carolina, Scott's South Carolina, Florida, Iowa, Alabama, New Jersey, Christie ., New Hampshire, South Carolina, New York, Des Moines , Iowa

As of now, the DeSantis campaign is spending only in Iowa. But campaign manager Betsy Ankney called out DeSantis' campaign, which after winning the endorsement of Iowa Gov. Haley's campaign has also leaned on an allied super PAC to keep pace with DeSantis' allies in recent months. As of Sunday, Haley's super PAC had reserved nearly $4.9 million in advertising from Monday through January compared to almost $4 million reserved by DeSantis' super PAC, according to AdImpact. Davison expressed optimism about the direction of the DeSantis campaign, pointing to Reynolds' endorsement last week, which was “not only a huge endorsement and validator for Gov.

Persons: — Nikki Haley, Ron DeSantis, Haley campaign's, Haley's, Haley’s, Donald Trump, Joe Biden, DeSantis, Trump, Haley, Betsy Ankney, Kim Reynolds, “ Nikki Haley’s, ” Ankney, “, Andrew Romeo, Kristin Davison, Davison, Reynolds, Nikki Haley, ”, ” Davison, ” “, We’re, We’ve Organizations: United Nations, Florida Gov, GOP, The Associated Press, Trump, U.S . Capitol, Iowa's, Iowa Gov, Arrow, PAC, Haley's, Gov, “ Fox Locations: Iowa, New Hampshire, Florida, Georgia, Trump, South Carolina

Supporters watch Hezbollah Secretary General Hassan Nasrallah deliver an address in Lebanon on November 11. On the US: Nasrallah accused the US of “administering” the Israeli operation in Gaza and chastised it for supporting the continuation of Israel’s operation in Gaza. Hezbollah’s chief described Iran-backed armed groups in Iraq, Yemen, Lebanon and Syria as having created “supporting fronts” for Hamas in Gaza. US officials are deeply concerned that the group’s internal politics may cause Hezbollah to escalate simmering tensions. He also urged for a ceasefire in Gaza, calling it Hezbollah’s first priority.

Persons: General Hassan Nasrallah, Aziz Taher, Nasrallah, ”, it’s, ” Nasrallah, Alaa, Israel, Hezbollah’s, –, Israel — Nasrallah Organizations: Reuters, Israel Defense Forces, “, Reuters Hezbollah, CNN, Hezbollah, Israel Locations: Lebanon, Israel, Gaza, Palestine, Iran, Lebanese, Iraq, Yemen, Syria, –

☆ Live updates: Israel-Hamas war, Gaza evacuations, hospital crisis
▼ + stars: | 2023-11-12 | by ( Heather Chen | Andrew Raine | ) edition.cnn.com time to read: +1 min

Babies at Al-Shifa hospital were moved to a different part of the complex overnight after the neonatal unit ran out of oxygen, a senior health official in Gaza tells CNN. The oxygen in the neonatal unit had earlier run out after a generator was damaged due to a nearby strike, Al Bursh added, which led to the deaths of three babies since Friday night. Staff say they are under siege from Israeli forces and unable to leave the hospital, though an Israeli military spokesperson has denied that. At a briefing Saturday evening, Daniel Hagari said hospital staff had requested assistance to move the babies out of Al Shifa altogether, to a safer hospital. Al-Shifa is the largest hospital in Gaza.

Persons: Munir Al Bursh, Al Bursh, Daniel Hagari, Al Shifa, Hagari Organizations: CNN, Staff Locations: Gaza, Al

☆ Killing Federal Agencies Is Easier Said Than Done
▼ + stars: | 2023-11-11 | by ( Andrew Restuccia | ) www.wsj.com time to read: 1 min

The Robert F. Kennedy Department of Justice Building in Washington, D.C. Photo: Ting Shen for The Wall Street JournalWASHINGTON—Republican candidates for president are pledging to shut down federal agencies if they win the White House. There is almost no chance they will succeed. Closing a government agency requires action by Congress. Convincing a majority of the House and Senate to close down agencies, many of which distribute billions of federal dollars to their states and districts, has proven nearly impossible for decades. While past presidents have reorganized and rebranded departments, Washington has never shut down a major cabinet-level agency, according to experts who follow the issue.

Persons: Robert F, Ting Shen Organizations: Kennedy Department of Justice, Wall Street Journal WASHINGTON, White Locations: Washington ,, Washington

The capacity payments will be calculated based on fixed costs of 330 yuan ($45.25) per kilowatt per year for coal plants. Analysts said the move was important to ensure the financial viability of seldom-utilised, backup coal power, which is used for demand peaks or when renewable power generation is insufficient. However, observers also cautioned that the policy could risk entrenching inefficient coal power in China's energy system, despite its rapid expansion of renewable power generation capacity. "Capacity-based electricity pricing for coal power will further incentivise state-owned enterprises in China to build new coal power projects in the short term. Capacity payments should be for all power producers, not only for coal power," said Zhang Kai, deputy program director for Greenpeace East Asia in Beijing.

Persons: David Fishman, Xuewan Chen, Group's Fishman, Zhang Kai, Colleen Howe, Andrew Hayley, Edmund Klamann, Muralikumar Anantharaman, Kim Coghill Organizations: National Development, Reform Commission, Reuters, Analysts, Lantau, LSEG, Jinneng Holding, Power Co, Centre for Research, Energy, Clean, Greenpeace East, Thomson Locations: BEIJING, China, Shanghai, Beijing, Shanxi, Jiangxi Ganneng, Hunan, Greenpeace East Asia

Stock futures this morning are pointing to another weak open. The subdued jobs report released last week led many on Wall Street to predict that the Fed would stop increasing borrowing costs. Not so fast, the central bank’s chief suggested at an event hosted by the International Monetary Fund in Washington. He called out the “head fakes” posed by fluctuating inflation data, and reiterated that the door remained open for further interest rate increases. (Speaking of doors: Powell appeared to lose his cool when climate change protesters disrupted his speech, issuing a profanity as they were escorted off the stage.)

Persons: Jay Powell, —, Powell hasn’t, ”, Powell Organizations: Stock, International Monetary Fund Locations: Ukraine, Washington

☆ Ron Baron expects SpaceX's Starlink to go public around 2027
▼ + stars: | 2023-11-10 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Billionaire investor Ron Baron told CNBC on Friday that he expects SpaceX to IPO its Starlink satellite internet service "in 2027 or so." "We think that by the time they go public with SpaceX, with Starlink … in 2027 or so, four years, the company will be worth $250 billion to $300 billion," Baron said, speaking to CNBC's Andrew Ross Sorkin. Earlier this month, Baron told MarketWatch his eponymous firm's ownership of SpaceX stock was currently valued at about $1.7 billion. Last year, Musk told employees that taking the business public wasn't likely until 2025 or later. SpaceX's valuation has soared to about $150 billion, with Starlink seen as a key economic driver of the company's goals.

Persons: Ron Baron, Starlink …, Baron, CNBC's Andrew Ross Sorkin, SpaceX didn't, Musk, Starlink Organizations: CNBC, SpaceX Locations: Elon

Hollywood is poised to get back to workAfter months of strikes that shut down most of Hollywood, the end appears in sight. The SAG-AFTRA union that represents some 160,000 members tentatively agreed to a new contract with media giants that, if approved, will reinvigorate the $134 billion American movie and television business. Union members are hopeful that the deal will bring significant financial concessions that made SAG-AFTRA’s longest-ever strike worth it. But the changing economics of Hollywood may temper some gains, echoing the dilemma facing resurgent unions elsewhere in the country. Led by the actress Fran Drescher, of “The Nanny” fame, SAG-AFTRA took a maximalist negotiating approach that involved accusing studios of plutocracy and belittling their bosses.

Persons: Fran Drescher, ”, AFTRA Organizations: Hollywood, SAG, Writers Guild of America Locations: Hollywood, plutocracy

China inflation data released on Thursday showed that October CPI fell 0.2% year on year, while PPI data fell 2.6% year on year. Earlier this week, customs data showed that China's total exports of goods and services contracted faster than expected, although the country's crude imports in October were robust. On the plus side for oil demand, China's central bank governor, Pan Gongsheng, said the country is expected to achieve its annual growth target of 5% for this year. U.S. crude oil inventories increased by 11.9 million barrels over the week to Nov. 3, sources said, citing American Petroleum Institute figures. The U.S. Energy Information Administration (EIA), however, has delayed release of weekly oil inventory data until Nov. 15 for a system upgrade.

Persons: Dun Jiao, Tatiana Meel, Brent, Pan Gongsheng, Andrew Hayley, Tom Hogue Organizations: REUTERS, Rights, PPI, Reuters, American Petroleum Institute, U.S . Energy Information Administration, Barclays, Thomson Locations: Nakhodka, Russia, Rights BEIJING, China, United States, Venezuela, American

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