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☆ Stocks making the biggest moves midday: Netflix, Etsy, HP, Visa and more
▼ + stars: | 2023-09-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Striking Writers Guild of America members walk the picket line in front of Netflix offices in Los Angeles, July 12, 2023. Check out the companies making headlines in midday trading:Visa — The credit card behemoth's stock was trading more than 2% lower after announcing plans to change its share structure. Netflix — The streaming giant's shares slipped roughly 2% in midday trading after Chief Financial Officer Spencer Neumann said the ongoing Hollywood writers' strike is bad for business. The movie theater chain said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. Etsy — The e-commerce retailer's stock rose nearly 3% after Wolfe Research upgraded Etsy to outperform from a peer perform rating, citing improving consumer spending and margins.

Persons: Semtech, Spencer Neumann, Neumann, Warren, Berkshire Hathaway, —, Samantha Subin, Pia Singh, Alex Harring Organizations: Guild of America, Netflix, Visa, FactSet, Penn Entertainment, Deutsche Bank, Penn, ESPN BET, AMC Entertainment, AMC, Wolfe Research, HP, Exxon Mobil, Chevron —, Exxon, Chevron Locations: Los Angeles, U.S, China

☆ Everything you need to know about UAW's targeted strike plans – and possible lockouts
▼ + stars: | 2023-09-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Targeted, or bottleneck, strikes are an alternative to national actions in which the union only strikes select plants. Targeted strikes typically focus on key plants that can then cause other plants to cease production due to a lack of parts. They include initiating targeted strikes at select plants and then potentially increasing the number of strikes based on the status of the negotiations. "We will strike all three companies, a historic first, initially at a limited number of targeted locations that we will be announcing. While "historic," the targeted strikes could have unintended ripple effects.

Persons: Shawn Fain, Rebecca Cook, Fain, Dennis Devaney, Clark, Devaney, Plant, Jeffrey S, Kopp, Lardner, everything's, UAW hasn't, Ben Dictor, Dictor Organizations: United Auto Workers, Sterling Heights Assembly, Reuters DETROIT, Ford, General Motors, UAW, NLRB, GM, Exxon Mobil, Foley, Detroit, National Labor Relations Board Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Texas, Michigan

☆ Stocks making the biggest moves premarket: AMC, Etsy, First Solar and more
▼ + stars: | 2023-09-14 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

AMC Entertainment — Shares of the movie theater chain jumped 5% in premarket trading after AMC said it had completed the equity offering it announced earlier this month. The company said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. In the second quarter, the company earned 11 cents a share, after adjustments, exceeding analysts' expectations of 2 cents per share, according to FactSet. Penn Entertainment — The sports betting stock climbed 3% in premarket trading following a short-term buy call from Deutsche Bank. The conglomerate sold about 5.5 million shares of HP, worth around $158 million.

Persons: Wolfe, Semtech, Warren Buffett's Berkshire Hathaway, Shawn Fain, Jim Farley, — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: AMC, Wolfe Research, Penn Entertainment, Deutsche Bank, BMO Capital Markets, Exxon Mobil, Chevron, Brent, Occidental Petroleum, HP —, HP, Berkshire, General Motors, Ford —, United Auto Workers, Ford Locations: China, Devon, Omaha

BP’s (BP.L) chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the $112 billion group’s future direction. On the face of it, BP’s strategy should be unaffected by Looney’s missteps. While Looney subsequently revised the reduction in hydrocarbons to 25%, BP remained more committed to the energy transition than European rival Shell (SHEL.L) or U.S. giants Exxon Mobil (XOM.N) and Chevron (CVX.N). Reuters Graphics Reuters GraphicsLund and board colleagues may be minded to do the same.

Persons: Bernard Looney, Helge Lund, Looney’s missteps, Looney, Wael Sawan, Norway’s Equinor, Murray Auchincloss, Peter Thal Larsen, Sharon Lam Organizations: Reuters, BP, Shell, Exxon Mobil, Chevron, Exxon, New Shell, Reuters Graphics, Graphics Lund, International Energy Agency, Thomson Locations: Ukraine, Germany, U.S

☆ US oil and gas producer CrownRock to explore $10 bln-plus sale -sources
▼ + stars: | 2023-09-13 | by ( David French | ) www.reuters.com time to read: +2 min

Sept 13 (Reuters) - CrownRock LP is preparing to explore a sale that could value it at well over $10 billion including debt, people familiar with the matter said, in what could be the largest deal for a U.S. oil and gas producer going back at least three years. The sources cautioned that no deal is certain and requested anonymity because the matter is confidential. It also underscores how coveted spots are in the lucrative Permian basin, the largest U.S. oilfield, where CrownRock operates. Credit ratings agency Fitch said in December 2021 that CrownRock had more than 15 years of oil and gas to extract in its prime drilling locations. CrownRock is led by Dunn, who - through his family's CrownQuest Operating LLC - rolled his previous oil and gas assets into the partnership with Lime Rock.

Persons: Timothy Dunn, Fitch, CrownRock, Dunn, David French, Diane Craft Organizations: Exxon Mobil Corp, Chevron Corp, Chevron, Exxon, ConocoPhillips, Concho Resources, CrownRock, Competition, Lime Rock Partners, Lime, Thomson Locations: U.S, Texas, Midland, dealmaking, New York

☆ Oil prices are at 10-month highs. Here's what Cramer thinks it means for two energy stocks
▼ + stars: | 2023-09-13 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

The rise in oil prices largely boils down to a mismatch between supply and demand. The current backdrop may keep oil prices supported through the fall, according to the U.S. Energy Information Administration's short-term outlook published Tuesday . If higher oil prices – and by extension fuel prices – are sustained in the coming months, the investment implications may be somewhat mixed. For much of this year, the downward trend in oil prices contributed to lower year-over-year inflation readings . Shares of Pioneer "should be much higher," he said, noting the potential for more robust capital returns due to higher oil prices.

Persons: Jim Cramer, it's, Brent, Coterra, Eli Lilly, they'd, Jim, Jim Cramer's, Marli Miller Organizations: Natural Resources, Coterra Energy, West Texas, Brent, Nvidia, Organization for Petroleum Exporting, U.S . Energy, Saudi, U.S, Labor, Fed, Exxon Mobil, Club, CNBC, Universal, Getty Locations: U.S, Saudi Arabia, Russia, OPEC, Ukraine, Plains, Wyoming

☆ Oil investors open to dividend cut to boost clean energy spending -Deloitte
▼ + stars: | 2023-09-12 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

Energy firms have sharply increased shareholder returns on the back of high energy prices after years of overspending on production growth. Oil and gas companies led all industries in cash distribution to shareholders in 2022, with a combined 8% dividend and buyback yield, Deloitte said. But investors holding $2.3 trillion of equity in the global oil and gas industry are changing their expectations about growth markets faster than energy company executives, Deloitte said. About 75% of surveyed investors stated that they would continue holding shares to accelerate investments in lower-carbon technologies, even if yields shrank to as little as 3%. About 43% of surveyed investors emphasized battery storage as their key area for investment.

Persons: Chen Aizhu, Kate Hardin, Hardin, Sabrina Valle, Jamie Freed Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Deloitte, . Energy, Oil, Exxon Mobil, Chevron, BP, Shell, Thomson Locations: China, Dalian, Liaoning province, HOUSTON

Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation. That followed allegations the board investigated in May 2022 relating to personal relationships with company employees. During that review, Looney disclosed "a small number of historical relationships with colleagues prior to becoming CEO." Looney informed BP's board on Tuesday that he did not fully disclose details of all relationships, prompting his resignation. BP shares ended up 1% before the FT earlier reported his resignation after trading closed in London.

Persons: Bernard Looney, Amr Abdallah Dalsh, Murray Auchincloss, Looney, Looney's, BP's, Bob Dudley, Anirudh, Krishna Chandra Eluri, Marguerita Choy Organizations: BP, Egypt's, Petroleum, REUTERS, BP Auchincloss, Shell, Chevron, Exxon Mobil, Morningstar, Reuters, Thomson Locations: Cairo, Egypt, London, New York, COVID, Russia, Ukraine, Bengaluru, Shadia

☆ Tech drags US stocks lower as Oracle drops and Apple slides after iPhone event
▼ + stars: | 2023-09-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Oracle stock plunged more than 13% to lead tech names lower on Tuesday. Apple stock fell more than 2.3% as investors watched the iPhone 15 debut event in California. Meanwhile, US oil prices climbed to their highest mark since November 2022. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementUS stocks declined on Tuesday, with tech names leading the declines. Shares of Oracle declined more than 13% following a downbeat earnings report, while Apple also moved lower more than 2.3% on the same day as the company's iPhone 15 launch event.

Persons: Goldman Sachs Organizations: Oracle, Apple, Service, Apple Watch, Chevron, Exxon Mobil, Federal, Dow Jones, Nasdaq Locations: California, Wall, Silicon, Cupertino , California

☆ Chevron buys world's biggest hydrogen storage plant in Utah
▼ + stars: | 2023-09-12 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +2 min

HOUSTON, Sept 12 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Tuesday said it has acquired a majority stake in the world's largest proposed storage facility for hydrogen from renewable energy. U.S. majors Chevron and Exxon Mobil (XOM.N) are rushing to lower production costs and bring scale to the technology as part of their lower carbon fuel strategy. Chevron wants to develop "a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy,” said Austin Knight, vice president of hydrogen, Chevron New Energies. Hydrogen can also be used to store energy and used to adjust seasonal supply and demand needs in power grids. It is spending an average of $1.25 billion per year through 2028 to reduce its own emissions and expand lower carbon fuels including hydrogen.

Persons: ”, Austin Knight, Sabrina Valle, Sourasis Bose, Pooja Desai, Sharon Singleton Organizations: Chevron Corp, Chevron, Exxon Mobil, ACES, Haddington Ventures, U.S . Department of Energy, Mitsubishi Power Americas, Magnum, International Energy, Hydrogen, Thomson Locations: ACES Delta, Haddington, Delta, Utah, Chevron, Houston, Bengaluru

☆ Stocks making the biggest moves midday: Oracle, WestRock, Apple, Advance Auto Parts and more
▼ + stars: | 2023-09-12 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oracle — Shares dipped more than 12% a day after the software company posted disappointing earnings and revenue guidance for its fiscal second quarter. Oracle's revenue, which came in at $12.45 billion, was weaker than the $12.47 billion forecast by analysts. WestRock — The stock rose 4.8% following news that the paper and packaging company will go through with a merger with Smurfit Kappa. The Wall Street firm said shares may be oversold after the company experienced a temporary outage on its payment processor Square. Elsewhere, Morgan Stanley reiterated its overweight call on Exxon, saying the company was a top pick in its category.

Persons: WestRock, Wolfe, Baird, Goldman Sachs, Corinne Jenkins, Morgan Stanley, Yun Li, Samantha Subin, Hakyung Kim, Lisa Kailai Han, Jesse Pound, Pia Singh, Brian Evans Organizations: New York Stock Exchange, Oracle, LSEG, Smurfit Kappa, Apple —, Casey's, FactSet, Health, P Global, BBB, CVS, Bank of America, Goldman, Food, Drug, Exxon Mobil —, U.S, Texas, Exxon Locations: U.S

☆ Investors can find income in these quality stocks, Berenberg says
▼ + stars: | 2023-09-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Dividends may be harder to find these days, and that means investors should be discerning as they hunt for an income strategy, according to Berenberg. In fact, as the economy slows, investors can turn to dividend stocks to play defense. The largest company, Exxon Mobil , has a 12-month forward dividend yield of 3.3% and a surplus free-cash-flow yield of 4%, Stubbs said. It has a 4.7% 12-month forward dividend yield and a surplus free-cash-flow yield of 2.2%. It has a 12-month forward dividend yield of 5.8% and a 5% surplus free-cash-flow yield, according to Berenberg.

Persons: Jonathan Stubbs, Stubbs, Berenberg, Darren Woods, CNBC's, Eli Lilly, Ford, — CNBC's Michael Bloom Organizations: P Global Market Intelligence, Exxon Mobil, Pfizer, Food and Drug Administration, Novo Nordisk, Ford Locations: U.S, Canada

☆ GM employee's racial bias lawsuit is revived over NY plant where nooses were displayed
▼ + stars: | 2023-09-07 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Circuit Court of Appeals in Manhattan said a trial judge erred in dismissing Billie Banks' hostile work environment, disparate treatment and retaliation lawsuit against the automaker. Banks sued over conditions at GM's components plant in Lockport, New York, where she began working in 1996. The appeals court also found sufficient evidence that bias and an intent to retaliate were factors in Banks' demotion. The case is Banks v General Motors LLC et al, 2nd U.S.

Persons: Rebecca Cook, Billie Banks, Banks, Denny Chin, Chin, William Skretny, nooses, Jonathan Stempel, Rosalba O'Brien Organizations: General Motors, REUTERS, U.S, Circuit, Commission, Exxon Mobil, Banks, 2nd U.S, Thomson Locations: Detroit , Michigan, U.S, New York, Manhattan, Lockport , New York, Buffalo , New York, Detroit, Baton Rouge , Louisiana, 2nd

☆ Eni to become latest energy giant to exit Nigerian onshore operations
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

Sept 4 (Reuters) - Italy's Eni (ENI.MI) signed on Monday an agreement to sell its unit Nigerian Agip Oil Company (NAOC) to Nigerian counterpart Oando (OANDO.LG), the group said in a statement, in the latest move by an energy giant out of the country. Eni's NAOC, which focuses on oil and gas exploration and production, has interests in four onshore blocks and two onshore exploration leases in Nigeria, the group said. Similar approvals have been held back by legal and political issues in Exxon's and Shell's assets sales. After the disposal of NAOC, in line with the firm's 2023-2026 plan, Eni will retain the unit's 5% stake in the Shell Production Development Company (SPDC) joint venture operated by Shell, the group added. Reporting by Alessandro Parodi; additional reporting by MacDonald Dzirutwe and Libby George; editing by Gianluca Semeraro and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Italy's Eni, Eni's, Jefferies, Alessandro Parodi, MacDonald Dzirutwe, Libby George, Gianluca Semeraro, Louise Heavens Organizations: Italy's, Agip Oil Company, Shell, Exxon Mobil Corp, Eni, Shell Production Development, Thomson Locations: Nigeria, Exxon's

☆ Sen. Ted Cruz is worth at least $2.6 million, according to financial disclosures
▼ + stars: | 2023-09-03 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

Heidi Cruz, his wife, is wealthy in her own right too. Advertisement Advertisement Watch:Vice President Mike Pence swears Republican Sen. Ted Cruz of Texas in after his 2018 reelection while Heidi Cruz and their daughters look on. Heidi Cruz also holds at least another $500,001 in her own mutual fund. "In 2022, Sen. Cruz was a member of the Commerce Committee along with 12 other Republicans. Cruz later attacked his neighbors after someone leaked Heidi Cruz's text messages to their neighbors mentioning the trip.

Persons: Sen, Ted Cruz, Cruz, Heidi Cruz, Republican Sen, Ted Cruz of, Trump, Donald Trump, Mike Pence, Alex Edelman, Goldman Sachs, Maria Cantwell, Heidi, Beto O'Rourke, Colin Allred Organizations: Service, Republican, Texas Republican, Senate, Exxon Mobil, Enterprise Products, Senate Commerce Committee, Commerce, Bank of America, Texans, Democratic, NFL Locations: Wall, Silicon, Ted Cruz of Texas, America, Houston, Cancun , Mexico

☆ Ed Ruscha’s ‘Chocolate Room’ Still Tantalizes
▼ + stars: | 2023-09-01 | by ( Travis Diehl | ) www.nytimes.com time to read: +1 min

A rich perfume wafts through the sixth floor of the Museum of Modern Art, where the installation of Ed Ruscha’s full-dress survey “Now Then” is underway. You sense it before you see it: a room where the white walls are turning velvety brown. A chocolate room. “Chocolate Room” is an oddity in Ruscha’s influential oeuvre. Of the 85-year-old Nebraska native’s hundreds of projects — paintings, prints, and photo books; dry eulogies of Americana like SPAM cans and Mobil stations and two-lane blacktop — “Chocolate Room” is his only installation.

Persons: Ed Ruscha’s, McPherson, Daniel, whisks, Robyn, Lynda, Kayla, It’s Organizations: Museum of Modern Art, La Paloma Fine Arts company, Mobil Locations: Nebraska, New York

☆ Sinopec sets up new entity to expand refinery investment abroad
▼ + stars: | 2023-08-31 | by ( Chen Aizhu | ) www.reuters.com time to read: +4 min

The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong, China March 26, 2018. After a quiet launch in late June of Sinopec Overseas Investment Holding as its sole platform for investing, building and operating refineries abroad, Sinopec is building up the team and setting the budget for the new entity, two company officials told Reuters. One such investment could be in Sri Lanka, where Sinopec was shortlisted to bid for an export-oriented refinery in Hambantota potentially worth billions of dollars. Sinopec is also among companies reviewing Shell's Singapore refinery and petrochemical assets, Reuters reported recently, although its president this week denied such interest. Sinopec declined to comment on that matter.

Persons: Bobby Yip, Zhao Dong, Sinopec, Sushant Gupta, Wood Mackenzie, Gupta, Russia's, PetroChina, Exxon Mobil's, Glencore, CNPC, Chen Aizhu, Tony Munroe, Miral Organizations: REUTERS, Rights, Sinopec Overseas Investment Holding, Reuters, China Petrochemical Corp, Saudi Aramco, Wood, Gas Chemical, Russia's Sibur, Exxon, Sinopec, Thomson Locations: Hong Kong, China, Sri Lanka, Hambantota, Singapore, Yanbu, Saudi Arabia, East Siberia, France, Scotland, Japan, XOM.N, Altona, Australia, Brazil, Beijing, South Africa

☆ Karen Firestone: What investors should know about megacap stocks’ market influence
▼ + stars: | 2023-08-30 | by ( Karen Firestone | ) www.cnbc.com time to read: +5 min

These four are responsible for 46% of the 17% gain in the S & P 500 year to date. In 2003, the largest stocks – General Electric , Microsoft, Pfizer and Exxon Mobil – represented merely 4.4% of the total index market value. By 2013, the share commanded by giants Apple, Exxon, Microsoft and GE rose to 8.9% of the S & P 500. That's still below their 21% market value share, but it helps explain what investors are paying for: exceptional free cash flow and sustainable margins. The S & P 500 will struggle without participation from its biggest components.

Persons: That's, Price, Karen Firestone Organizations: Apple, Microsoft, Nvidia, Meta, Delta Air Lines, Micron Technology, Electric, Pfizer, Exxon Mobil, Exxon, GE, U.S, Union, Asset Management

☆ Hurricanes could drive gas prices, and inflation, higher
▼ + stars: | 2023-08-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

That’s potentially bad news for gas prices. What’s happening: Gas prices are already at $3.82 a gallon. Geopolitical tensions have been supporting high oil and gas prices for some time. In 2005, for example, gas prices surged by 46% between Memorial Day and Labor Day because of the landfall of Hurricane Katrina, according to Bespoke. “Energy prices have been a major contributor to persistently high inflation in the US, so the crude oil price will remain a watch-out factor for future inflation.”High oil and gas prices are one of the largest contributing factors to inflation.

Persons: “ Idalia, ”, Louis Navellier, Andrew Woods, OpenAI, Catherine Thorbecke, Estee Lauder, CNN’s Gregory Wallace Organizations: CNN Business, Bell, New York CNN, Labor, Nasdaq Advisory Services Energy Team, Navellier, Investment, Citigroup, Day, Federal Reserve, “, Exxon Mobil, BP, Chevron, Fortune, CNN, The New York Times, Reuters, Disney, Bloomberg, The Washington Post, ABC News, ESPN, American Airlines, Airlines, Department of Transportation, Fort Worth Locations: New York, Florida, China, Russia, Saudi Arabia, Ukraine, The, Texas, Dallas, American

☆ Exxon says world set to fail 2°C global warming cap by 2050
▼ + stars: | 2023-08-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

The largest U.S. oil producer projects the world will reach 25 billion metric tons of energy related carbon dioxide (CO2) emissions in 2050, according to its energy outlook published on Monday. That is more than twice of the 11 billion metric tons the United Nations Intergovernmental Panel on Climate Change (IPCC) say would be needed on average in its Lower 2°C scenarios. Only two of the 55 technologies needed to reach net-zero emissions by 2050 are “on track,” Exxon said citing the IEA. Overall, Exxon projects energy-related CO2 emissions will peak at more than 34 billion metric tons sometime this decade as economies and energy demand grow, and then decline to 25 billion metric tons in 2050. It expects wind and solar to provide 11% of the world’s energy supply in 2050, five times today’s contribution.

Persons: Pascal Rossignol, Exxon, Sabrina Valle, Josie Kao Organizations: IPC Petroleum France, REUTERS, Companies Exxon, HOUSTON, Exxon Mobil Corp, United Nations, Exxon, International Energy Agency, Thomson Locations: Soudron, Reims, France, U.S

☆ Goldman says these stocks have produced the best risk-adjusted returns for mutual funds
▼ + stars: | 2023-08-24 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Mutual fund managers have been able to generate alpha outside of Big Tech this year, with some stocks contributing sizable gains, according to Goldman Sachs. Goldman found the large-cap core have struggled this year due to their underweight in the largest tech stocks, which have led the market rally. However, mutual fund managers were able to find winners elsewhere, Goldman said. "An improving stock picking environment has helped mutual fund PMs generate alpha elsewhere in their portfolios," Goldman strategists said in a note. Top gainers in mutual fund portfolios also included energy stocks Chevron , Exxon Mobil and NextEra Energy.

Persons: Goldman Sachs, Goldman, Russell, — CNBC's Michael Bloom Organizations: Big Tech, Alpha, Pfizer, Johnson, Moderna, Chevron, Exxon Mobil, NextEra Energy

☆ Factbox: China's incumbent and upcoming LNG traders
▼ + stars: | 2023-08-21 | by ( Chen Aizhu | ) www.reuters.com time to read: +5 min

A liquefied natural gas (LNG) tanker is tugged towards a thermal power station in Futtsu, east of Tokyo, Japan November 13, 2017. Below is a list of China's main gas traders and their operations globally, according to information from company sources and traders. In May, PCI became the first Chinese firm to gain long-term access to gas storage at a European gas terminal. CNOOC also plans to create a London desk in the coming year or two, following PCI and Unipec. Sumitomo Corp (8053.T), which has a desk to trade piped gas in London is considering expanding into LNG trading, said a company spokesperson.

Persons: Issei Kato, Keith Martin, Wang Bingsi, CNOOC, Norinco, ENN, Chen Aizhu, Yuka Obayashi, Florence Tan, Tom Hogue Organizations: REUTERS, Rights, PetroChina International, PCI, London, Gazprom, China National Offshore Oil Company, Gas Co, ENN, LNG, Beijing Gas, Zhejiang Energy, Zhejiang Energy Zhejiang Energy, Exxon Mobil, Mexico, China Gas Holding, China Gas, JOVO Energy, Privately, SOUTH, Mitsubishi Corp, Marubeni Corp, Tokyo Gas, Korea's SK E, Sumitomo Corp, Thomson Locations: Futtsu, Tokyo, Japan, London, Singapore, Beijing, Dubai, Houston, Sinopec, China, Jiangsu province, ENN, U.S, Hebei, Shenzhen, CNOOC, Zhejiang Energy Zhejiang, Zhejiang, Ningbo, Wenzhou, Zhejiang province, HK, Guangxi province, Yantai, Shandong province, Guangdong, Guangzhou, JAPAN, SOUTH KOREA, Asia

Megacap technology-related growth stocks dipped, with Alphabet (GOOGL.O) and Tesla (TSLA.O) falling, as investors fretted that interest rates could stay higher for longer. The tech-heavy Nasdaq (.IXIC) posted the biggest weekly decline of the three major indices. The Dow Jones Industrial Average (.DJI) rose 34.29 points, or 0.10%, to 34,510.38. The S&P 500 energy index (.SPNY) rose, with Exxon Mobil (XOM.N) among leading gainers. Shares of cryptocurrency firm Coinbase Global (COIN.O) fell and Riot Platform (RIOT.O) tumbled as bitcoin hit a two-month low.

Persons: Jason Reed, Estee Lauder, Jerome Powell, Nvidia's, Michael Reynolds, Amruta Khandekar, Saeed Azhar, Maju Samuel, David Gregorio Our Organizations: U.S . Federal, REUTERS, Federal, Nasdaq, Nvidia, Dow Jones, Walmart, Exxon Mobil, Treasury, Thursday, Hawaiian, Coinbase, Thomson Locations: Washington, Bengaluru, New York

☆ Venezuela appeals to US Supreme Court in last ditch move to limit Citgo auction
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

Aug 17 (Reuters) - Venezuela is making a last ditch attempt to limit the number of companies that could participate in a court-ordered auction of shares in a parent of oil refiner Citgo Petroleum, appealing to the U.S. Supreme Court to overturn a lower court's ruling. Venezuela's petition is asking the Supreme Court to find the lower court's "alter ego" decision was faulty. It does not affect the case against Venezuela filed by miner Crystallex International, whose $970 million claim led to the proposed auction of shares. The petition seeks to have briefs filed by September 15 - just ahead of the start of the proposed auction. A Delaware court judge has set Oct. 23 as the start date for the auction.

Persons: Nicolas Maduro, Gary McWilliams, Deepa Babington, David Gregorio Our Organizations: Petroleum, U.S, Supreme, ConocoPhillips, Exxon Mobil, Tenaris SA, CITGO Petroleum Corporation, Venezuela, Crystallex, Thomson Locations: Venezuela, PDV, United States, Illinois , Louisiana, Texas, Delaware, Houston, PDVSA

☆ Meet the world's secretive billionaires who give stealth wealth a whole new meaning, from Ike Perlmutter to Philip Anschutz
▼ + stars: | 2023-08-16 | by ( Madeline Berg | ) www.businessinsider.com time to read: +1 min

He's been called "America's most reclusive billionaire." Meet Philip Anschutz, who has been dubbed "America's most reclusive billionaire." The 83-year-old owns Anschutz Entertainment Group, or AEG, which is the parent company of Coachella. "Anschutz is sort of like the Wizard of Oz," Los Angeles economist Jack Kyser told the Los Angeles Times in 2006. Nobody sees him, yet he has a huge impact on Los Angeles."

Persons: Philip Anschutz Philip Anschutz, He's, Reed, You've, Philip Anschutz, Anschutz, William Herbert Hunt, Oz, Jack Kyser Organizations: Reed Saxon, Forbes, Anschutz Entertainment Group, AEG, Coachella . AEG, Wyoming -, Mobil, Rio Grande Railroad, Southern Pacific Railroad, Anschutz, Bloomberg, Los Angeles Times Locations: Coachella, Wyoming, Wyoming - Utah, Rio Grande, Angeles, Los Angeles

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