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☆ Hightower's Stephanie Link sells Occidental Petroleum, says there are 'better places' in energy
▼ + stars: | 2023-03-07 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time to take some profits from what was one of the best-performing energy stocks last year, according to investor Stephanie Link. The chief investment strategist and portfolio manager at Hightower said she sold shares of Occidental Petroleum , which outperformed last year on the back of rising oil prices. Occidental shares posted a return of 119% in 2022. Schlumberger shares are more than 1% higher in 2023. Another name the investor sold was D.R.

☆ S.Africa's Aspen set for deals to revive idled production lines
▼ + stars: | 2023-03-01 | by ( Promit Mukherjee | ) www.reuters.com time to read: +2 min

Aspen had a contract with Johnson & Johnson (JNJ.N) to produce 250 million doses a year of COVID vaccine from its South African plant. It expanded the capacity to 400 million annual doses last year to sell its own branded COVID vaccine Aspenovax anticipating a major flow of orders from African countries. That was a bit of a commercial disappointment," CEO Stephen Saad told Reuters in an interview after its interim earnings. But Saad said the partnerships it was pursuing meant production lines designed for COVID vaccine would start generating returns. The company anticipates a contribution of 2 billion rand ($110.22 million) in calendar year 2024, increasing to 4 billion rand by 2025 under these partnerships, Saad added.

☆ The US Air Force's big plan to spread out and take on China may actually make things easier for Beijing
▼ + stars: | 2023-03-01 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

For the Air Force, a key part of the plan is to spread jets and airmen across bases in the Pacific. The problem is that the Air Force would need a logistical system that could sustain numerous bases across a wide area. US, Australian, Japanese, and other militaries' aircraft taxi in formation at Andersen Air Force Base in Guam in February 2022. Civil engineer airmen conduct rapid airfield damage repair on Northwest Field at Andersen Air Force Base in October 2019. Air Force officials have acknowledged the complexity of defending dispersed forces.

☆ Nokia signs deal with MTN to expand 5G in South Africa
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Feb 27 (Reuters) - Nokia (NOKIA.HE) said on Monday it has been selected by MTN South Africa (MTNJ.J) for the first time ever as one of its 5G radio access network equipment providers, as the mobile carrier expands next-generation wireless services across the country. "Under the deal, Nokia will modernise the existing 2G, 3G, 4G radio network and expand MTN's 5G radio network across 2,800 sites in the central and eastern part of the country," Nokia said in a statement. Nokia did not give financial details of the deal. MTN South Africa, the second biggest carrier in the country, snapped up airwaves worth 5.2 billion rand ($282.66 million) in a 14.4 billion rand spectrum auction in March last year. Even before the auction it had launched 5G services in select cities.

☆ Gold Fields sees lower 2023 production on Chile project delays
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] A mine worker walks underground as South Africa's Gold Fields bets on solar to cut costs and carbon, at Gold Fields' South Deep mine, south-west of Johannesburg, South Africa October 12, 2022. Gold Fields said COVID-19 and severe weather were causing the delays at the project, which is expected to produce at least 450,000 ounces of gold per annum in the first seven years of operations. Gold Fields said it would continue to explore opportunities to expand production through acquisitions of both greenfield projects and producing assets, despite its failed bid to buy Canada's Yamana Gold (YRI.TO) late last year. A $202 million break fee payment from the failed bid drove Gold Fields' headline annual profit 19% higher, offsetting cost pressures. Gold Fields declared a final dividend of 4.45 rand ($0.2443) per share, bringing the total payout for 2022 to 7.45 rand.

☆ S.Africa's Gold Fields FY2022 headline profit rises 19%
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

[1/2] A mine worker walks underground as South Africa's Gold Fields bets on solar to cut costs and carbon, at Gold Fields' South Deep mine, south-west of Johannesburg, South Africa October 12, 2022. REUTERS/Siphiwe SibekoFeb 23 (Reuters) - South Africa's Gold Fields (GFIJ.J) posted a 19% jump in annual profit on Thursday, after a $202 million break fee payment from its failed bid to acquire Canada's Yamana (YRI.TO) helped offset cost pressures. Gold Fields' headline earnings per share (HEPS) - the profit measure commonly used in South Africa - was $1.19 in the year ended December 2022, compared with $1.00 the previous year. The miner, which has operations in South Africa, Australia, Ghana, Peru and Chile, said it produced 2.4 million ounces of gold in 2022, up 3% from 2.34 million ounces the previous year and topping its revised guidance of 2.31 million to 2.36 million ounces. Gold Fields declared a final dividend of 4.45 rand ($0.2443) per share, bringing the total payout for 2022 to 7.45 rand.

Treasury said the government planned to take on 254 billion rand ($14 billion) of Eskom's 423 billion rand debt it said was at risk of default, to enable the utility to pay down the debt and interest obligations. South Africa has been struggling for years to overhaul Eskom, which is plagued by corruption and mismanagement and has received 263.4 billion rand in bailouts since 2008/09. Treasury said about 168 billion rand of Eskom’s debt relief will be in capital and 86 billion rand in interest payments over the next three years. Eskom's debt relief has strict conditions, Treasury said. A proposal to address the debt municipalities owe Eskom, at 56.3 billion rand as of end December 2022, was being finalised.

☆ Indian cenbank onshore, offshore intervention helps rupee outperform-traders
▼ + stars: | 2023-02-22 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

[1/3] A security guard stands next to the logo of the Reserve Bank of India (RBI) inside its headquarters in Mumbai, India, February 8, 2023. "Without the RBI, there is little doubt that the rupee would be significantly lower," a currency and rates trader at a Singapore-based hedge fund said. This trader and two others that Reuters spoke to did not want to be identified on account of their internal policies. "The RBI's offshore presence, alongside what it is doing onshore, is making speculators stay away from the rupee," a trader at a Mumbai-based private sector bank said. A trader at a second private sector bank said one of the largest public sector banks has been "on both sides" in the onshore market, making the rupee "fairly unresponsive".

☆ Russia may not be positioned to carry out a large-scale offensive, says former U.S. diplomat
▼ + stars: | 2023-02-22 | 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 EmailRussia may not be positioned to carry out a large-scale offensive, says former U.S. diplomatWilliam Courtney, adjunct senior fellow at Rand Corporation and former U.S. ambassador to Georgia and Kazakhstan, says Russian forces have been depleted and it's not clear that they will be able to mount "a new effort that will seriously challenge the Ukrainians."

☆ Final Trades: Ingersoll Rand, Starbucks, Raytheon & more
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Ingersoll Rand, Starbucks, Raytheon & moreThe "Halftime Report" traders give their top picks to watch for the second half.

☆ South African cities scramble to keep the lights on
▼ + stars: | 2023-02-21 | by ( Carien Du Plessis | ) www.reuters.com time to read: +4 min

Officials plan to procure up to 500 megawatts (MW) from private power companies by 2026 to provide roughly a third of the city's annual 1,500-1,800 megawatts (MW) electricity needs. [1/5] A woman tests LED lights on a solar panel at their factory called Ener-G-Africa, where they produce high-quality solar panels made by an all-women team, in Cape Town, South Africa, February 9, 2023. The neighbouring Ekurhuleni municipality has signed deals with 46 private power companies for 700 MW, according to its 2020/2021 annual report. Hill-Lewis said Cape Town also plans to change its energy policy to allow households and businesses that produce solar power to sell the excess to the city. In Cape Town, for those wanting to sell excess power to the city, a 12,000 rand feed-in meter is required.

☆ Chinese air force bombers show off their growing reach with a long-range drill over the South China Sea
▼ + stars: | 2023-02-20 | by ( Kristin Huang | South China Morning Post | ) www.businessinsider.com time to read: +5 min

Chinese H-6K bomber patrolling over islands and reefs in the South China Sea. "Probably, the fighter aircraft [was] deployed from the bases on the artificial islands in the Spratly Islands to support simulated strikes in the South China Sea. "The early warning aircraft can help monitor potential threats in the air, most notably enemy fighter aircraft that may try to shoot down the bomber. The early warning aircraft can also help coordinate activities among the different planes. Although the drill showed the enhanced ability of the Chinese air force, the bomber's capability boosted the threat already posed to US military forces by only a little, Heath said.

☆ Amplats shares fall after power outages dim outlook
▼ + stars: | 2023-02-20 | by ( Nelson Banya | ) www.reuters.com time to read: +3 min

Amplats' shares were down 3.1% by 1130 GMT, having hit their lowest since early October 2020 earlier in the session. Amplats Chief Executive Officer Natascha Viljoen on Monday said South Africa's electricity crisis and the impact of Russia's invasion of Ukraine would lead to a decline in global PGM supply. Rising interest rates and a strong dollar typically result in lower prices for PGM, especially platinum, Amplats said. South Africa, the world's top PGM producer, is experiencing extended electricity cuts as coal-fired generating plants suffer frequent breakdowns, meaning Amplats's refined PGM output could fall by 5% in 2023, Viljoen said. Amplats declared a total dividend of 115 rand per share, down from 300 rand per share last year, returning $1.66 billion to shareholders.

☆ The Fed’s favorite inflation gauge will be the big market hurdle of next week
▼ + stars: | 2023-02-18 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Most important this week is Friday's core personal consumption expenditure (PCE) price index for January. In comparison, the consumer price index (CPI), released this past week, only tracks price changes over time. The market is expecting the core PCE price index to rise 0.4% monthly and 4.9% annually. In addition to the core PCE price index, we're going to be looking closely at the housing and utilities component. Lastly, the January producer price index came in hotter than expected, rising 0.7% from December versus expectations for 0.4% increase.

☆ North Korea and Russia are ramping up trade in oil, coal and weapons as Ukraine war sanctions send Moscow to pariah state
▼ + stars: | 2023-02-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

A new CSIS report analyzed satellite imagery that suggests significantly increased trade between Russia and North Korea. Wartime sanctions have pushed Moscow to turn to railroad trade with Pyongyang, the researchers wrote. Trade between North Korea and Russia hit roughly $48 million in 2019, International Trade Centre data compiled by the Wall Street Journal shows. That dropped to nearly zero in 2021, with North Korea closing off its borders during the pandemic. Similarly, over recent years, Russia has sided with North Korea in geopolitical conversations over sanctions on the Kim Jong-un's regime.

☆ Putin, secure in power, sets stage for long and draining war
▼ + stars: | 2023-02-15 | by ( Guy Faulconbridge | ) www.reuters.com time to read: +7 min

One senior Russian source with knowledge of decision-making said Putin's hopes of burnishing his reputation had been dashed. "Ahead, it will be even more difficult and more costly for both Ukraine and Russia," said the source, who spoke on condition of anonymity. For all the geopolitical shock waves Putin has caused, he still has no serious rival for power, according to five senior Russian sources close to decision-making. The source said Russia was at a disadvantage in both military technology and motivation, but that the war would still continue "for a very long time". "The president believes he can win in Ukraine," said one senior Russian source.

☆ Crippling power shortages hit South Africa's Telkom Q3 profit
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Feb 14 (Reuters) - South African telecoms group Telkom (TKGJ.J) said on Tuesday its third-quarter core profit declined by 13.5% as crippling power cuts inflated costs and impacted its service revenue. The operator also announced a cost savings programme to improve profit, which drove its shares up 6.33% by 0921 GMT. The telecom industry specifically is having to crank up diesel generators to power its vast towers, rollout additional batteries and increase security at these sites to protect them from theft, additional costs that are putting pressure on their margins. The blackouts resulted in a year-on-year increase of more than 150 million rand ($8.41 million) of additional costs for the quarter. ($1 = 17.8439 rand)Reporting by Nqobile Dludla; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ A corner of tech is up 50% from its 2022 lows — and strategists recommend these stocks to play it
▼ + stars: | 2023-02-13 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

The semiconductor sector has seen quite a turnaround of late. Chip stocks were among the worst performers last year, with the iShares Semiconductor ETF (SOXX) shedding more than 35% of its value. Despite this, chip stocks have flown somewhat under the radar since the beginning of the year as the buzz around artificial intelligence and a recovery in Big Tech dominated investor attention. While the semiconductor sector is notorious for its cyclicality and boom-bust cycles, several Wall Street pros are urging investors to take a longer-term view. Europe stock ideas In Europe, a raft of chip stocks made Bank of America 's list of "2023 European Best Stock Ideas."

☆ Here's where the jobs will be during the rolling recessions
▼ + stars: | 2023-02-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Recession-like conditions rolling through the U.S. economy are likely to cause more ripples through an otherwise strong jobs market. "Rolling recessions" has become a popular term these days for what the U.S. has faced since a slowdown that started in early 2022. That will be true as well for the jobs market, which overall has been strong but has seen weakness in sectors that could intensify this year, according to data from popular networking site LinkedIn. "Labor markets remain tighter compared to pre-pandemic levels," said Rand Ghayad, head of economics and global labor markets at LinkedIn. The Federal Reserve has cited the historic tightness of the labor market as motivation for its series of interest rate hikes aimed at taming inflation.

☆ Western forces are raiding gunrunners at sea and throwing wrenches into Iran's plans
▼ + stars: | 2023-02-11 | by ( Jake Epstein | ) www.businessinsider.com time to read: +8 min

CENTCOM said this month that it supported "partner naval forces" during a January raid in the Gulf of Oman. U.S. naval forces seized 2,116 AK-47 assault rifles from a fishing vessel transiting along a maritime route from Iran to Yemen. UK naval forces also seized surface-to-air missiles and cruise-missile rocket engines that came from Iran. U.S. naval forces seized 2,116 AK-47 assault rifles from a fishing vessel transiting along a maritime route from Iran to Yemen. It remains to be seen whether the increase in raids will actually impact Iran's regional influence over the long-term.

☆ Nonalcoholic Beer Ad in Super Bowl Spotlights ‘Dry Economy’
▼ + stars: | 2023-02-10 | by ( Megan Graham | ) www.wsj.com time to read: +7 min

Heineken USA plans to run a 30-second Super Bowl ad for its Heineken 0.0 nonalcoholic beer, enlisting actor Paul Rudd as Marvel’s Ant-Man to make the pitch. Sales volume in low- and no-alcohol was $2.5 billion, while the overall U.S. alcohol market totaled $188.3 billion. Ad spending to promote nonalcoholic beer on national television, by comparison, totaled $9.7 million in January, up from $1.4 million in January 2019. Boisson Inc., a retailer of nonalcoholic beer, wine and spirits with 10 stores in New York and California, said it is increasing its marketing spending. SipSteady co-hosted a Dry Vibes event in January in Kansas City that included tastings of nonalcoholic beverages.

☆ Biden proposal to cap all insulin prices at $35 a month has little chance of passing Congress
▼ + stars: | 2023-02-09 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Biden's signature legislative achievement, the Inflation Reduction Act, has capped insulin prices for Medicare recipients at $35 per month but the law does not shield younger diabetes patients with private insurance or without insurance from higher prices. Let's cap the cost of insulin for everybody at $35," Biden told Congress Tuesday night. As the president spoke, Sen. Jeanne Shaheen, D-N.H., called on Congress to pass the Insulin Act which would expand the $35 price cap to people with private insurance. Even when Democrats controlled both chambers last summer, Senate Republicans managed to kill a measure that would have capped insulin prices at $35 a month for people with private insurance. Should the Senate pass the Insulin Act, it would still face a House that's now in GOP hands.

[1/4] South African President Cyril Ramaphosa speaks during his 2023 state of the nation address in Cape Town, South Africa, February 9, 2023. "We are in the grip of a profound energy crisis," Ramaphosa said in his annual State of the Nation Address to parliament. State electricity utility Eskom is implementing the worst rolling blackouts on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes. Declaring a national state of disaster gives the government additional powers to respond to a crisis, including by permitting emergency procurement procedures with fewer bureaucratic delays and less oversight. Ramaphosa said on Thursday he would appoint a minister of electricity within the presidency to focus solely on the crisis.

☆ South Africa's consumer goods firms warn of much higher prices as power cuts bite
▼ + stars: | 2023-02-08 | by ( Nqobile Dludla | ) www.reuters.com time to read: +2 min

[1/2] A shopper looks for goods during an electricity load-shedding blackout in Johannesburg, South Africa, February 12, 2019. Food, consumer goods companies and retailers in South Africa are cranking up diesel generators and spending more on back up power supplies, adding to the pressure from soaring costs for raw materials, transportation and packaging. In an open letter to President Cyril Ramaphosa, the chief executives of member companies of the Consumer Goods Council of South Africa pleaded for urgent and decisive action from the government to solve the power crisis. Shoprite has said its additional spend on diesel to operate generators amounted to 560 million rand ($32 million) in the six months to Jan.1. Supermarket group Pick n Pay (PIKJ.J) spent 346 million rand in the 10 months to Dec. 25 to run generators, and is currently spending about 60 million rand per month.

The law firms that billed FTX are Sullivan & Cromwell, Landis Rath & Cobb, and Quinn Emanuel Urquhart & Sullivan. Landis Rath & Cobb and Sullivan & Cromwell, FTX's primary legal firms, billed the company a combined $10.7 million for over 8,400 hours of work. Landis Rath & Cobb billed $1.16 million for work done between Nov. 11 and Nov. 30. Full compensation for legal and advisor fees will not occur until a final fee application is filed, whenever FTX's bankruptcy saga concludes. Lawyers for Sullivan & Cromwell did $40,000 worth of work just to appear in FTX's first bankruptcy hearing on Nov. 22, based on court filings of hours billed and hourly rates.

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