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☆ One of Wall Street's favorite chipmakers has seen its value tumble as worker shortages and delays dent investor hype
▼ + stars: | 2023-07-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Taiwan Semiconductor is facing business snags that are weighing on its earnings and stock. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Unfortunately for TSMC — and the chip sector at large — this doesn't exactly come as a surprise. The PHLX Semiconductor Index dipped more than 3.5% Thursday, with every name in the batch closing in the red. Wall Street, for its part, expects Apple's iPhone sales to drop 4% in the fiscal year up to September, according to the Journal.

Persons: It's, TSMC —, Mark Liu, ChatGPT, TSMC Organizations: Taiwan Semiconductor, Service, Taiwan Semiconductor Manufacturing, Nvidia, Semiconductor Industry, Wall Street Journal, PHLX, Investors Locations: Taiwan, Wall, Silicon, Arizona

☆ Ron DeSantis makes Biden's 4-year-old granddaughter the punchline of a tweet as he dodges blowback over Florida teaching students that some parts of slavery were a positive thing
▼ + stars: | 2023-07-21 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Ron DeSantis took a personal shot at Joe Biden's treatment of Hunter Biden's four-year-old daughter. DeSantis' barb comes as Republican politicians increasingly antagonize Biden over Hunter Biden's four-year-old daughter in Arkansas. Roberts told The New York Times that she and Hunter Biden reached a mutual decision about the surname. President Biden has not publicly acknowledged the child, whose name was not listed in the court records. "Florida students deserve to learn how slaves took advantage of whatever circumstances they were in to benefit themselves and the community of African descendants."

Persons: Ron DeSantis, Joe Biden's, Hunter Biden's, DeSantis, Kamala Harris, Joe Biden, Harris, Biden, Florida he'd, Hunter Biden, Luden Roberts, Roberts, Donald Trump's, Harris zeroed, Dr, William Allen, Frances Presley Rice Organizations: Service, Gov, Twitter, The New York Times, White House, Delta Sigma Theta Convention, Florida Education Association, NAACP Florida, Conference, Miami Herald, Jacksonville Locations: Wall, Silicon, Florida, Arkansas, tussling, Indianapolis

☆ How Netflix can end the Hollywood strike in a way Disney, Paramount can't afford
▼ + stars: | 2023-07-20 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

"The strike is not something we wanted," said Sarandos, whose company is negotiating jointly with competing movie studios like Disney and Paramount whose parent companies also own streaming services. Some big-media companies that own streaming services, like Paramount and Disney, have seen their shares drop even in the renewed bull market of the past year. LightShed Partners analyst Rich Greenfield says Netflix made $6.5 billion last year excluding interest, taxes, and non-cash charges, while rival streaming services at Paramount, Disney and NBC lost more than $8 billion. That's a relatively small number for an industry with revenues topping $70 billion, $31.6 billion of it last year at Netflix. Paramount Global's Paramount+ service lost $1.8 billion last year, but saw losses shrink in the first quarter.

Persons: Mike Blake, Mark Mahaney, Ted Sarandos, Greg Peters, Michael Pachter, Robert Iger, Iger, CNBC's David Faber, Max, Rich Greenfield, Mahaney, hasn't, Jake Urbanski, Jamie Lumley, Peters, Spencer Neumann Organizations: Guild of America, Netflix, Alliance, Producers, Wednesday, Writers Guild of America, Screen, American Federation of Television, Radio Artists, Disney, Paramount Global, Amazon, Wedbush Securities, Television Producers, CNBC, Walt Disney Co, Sun, Paramount, Warner Bros, LightShed, NBC, Hollywood, Moody's Investors Service, Writers ' Guild of America, WGA, Twitter, Hulu, Comcast, Apple Locations: Los Angeles , California, U.S

☆ Singapore's 'squeaky clean' image takes a beating as scandals rock the government
▼ + stars: | 2023-07-19 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

watch nowOn Monday, Singapore's Prime Minister Lee Hsien Loong said he decided the incumbent speaker of the Singapore's Parliament Tan Chuan Jin "had to go." Lee Hsien Loong Singapore prime ministerSingaporeans, who are not used to political scandals, have taken to memes to express themselves. Singapore Prime Minister Lee Hsien Loong (L) shaking hands with a PAP supporter during a May election rally. SIMIN WANG | AFP | Getty ImagesThe prime minister sought to quickly control the damage, emphasizing the government's zero-tolerance on corruption to allay public concerns. The prime minister is seeking to hand over power to the next generation of leaders in the near future.

Persons: Lee Hsien Loong, Dr Koh Poh Koon, Ang Mo, Suhaimi Abdullah, Eugene Tan, Tan Ern Ser, Tan Chuan Jin, Tan, Cheng Li Hui, SMU's Tan, CNBC's, Ong Beng Seng, Felix Tan, NTU's Tan, SIMIN WANG, Lee Organizations: Action Party, Getty, Singapore Management University, CNBC, Party, National University of Singapore, Singapore's, Public Service, Nanyang Technological University, NUS, Singapore, AFP Locations: SINGAPORE, Singapore, Asia, Lee Hsien Loong Singapore

☆ Just 1% of all US homes changed hands so far this year
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Just 1% of all US homes changed hands in the first half of this year, the lowest share in at least a decade, according to data from Redfin. Just 11 of every 1,000 two-and three-bedroom urban homes have changed hands in 2023. Only 6 of every 1,000 homes in San Jose have sold so far in 2023, similar to the low turnover rates in Oakland and San Diego. The turnover rate shrank most from the pre-pandemic years in the suburbs, with 16 of every 1,000 four-bedroom or more suburban houses changing hands so far this year, two-thirds as many as 2019. That’s not happening, because so many of those homeowners have low mortgage rates.”

Persons: ”, Taylor Marr, “, Marr, Heather Mahmood, Corley Organizations: DC CNN, Redfin, “, . Workers Locations: Washington, “, California, San Jose, Oakland, San Diego, Nashville, Austin, Newark , New Jersey, Phoenix

One senior Taiwan fund manger told Reuters that third quarter profit would bounce back given expectations for AI demand and launches of new iPhones ahead of the year-end holiday shopping season. The second quarter is traditionally a slow period for sales for the tech industry with demand usually picking up in the third quarter and towards the year-end shopping season. TSMC , Asia's most valuable listed company, posted a surprise rise in net profit for the quarter ended March, up 2% from a year earlier. The company will provide guidance for the third quarter and update previous forecasts on its earnings call at 0600 GMT on Thursday. ($1 = 30.9600 Taiwan dollars)Reporting by Faith Hung and Ben Blanchard Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: TSMC, TSMC's, Faith Hung, Ben Blanchard, Shri Navaratnam Organizations: TAIPEI, Taiwan Semiconductor Manufacturing Co, Nvidia, Reuters, Investment, EV, Thomson Locations: Taiwan, China, Taipei

Earlier Tuesday, DeSantis said that Trump “could’ve come out more forcefully” to stop the insurrection on January 6, 2021. DeSantis told Tapper on Tuesday that he has the resources to compete in the face of reports from over the weekend about his financial position. About 90 people were on the DeSantis campaign payroll during the second quarter. Over the weekend, a spokesperson for DeSantis’ campaign confirmed to CNN it let go of some staffers, after Politico reported that “fewer than 10 staffers” in event planning were cut on Thursday. “I would respect everybody, but what I wouldn’t do is turn society upside down to be able to accommodate, which is a very, very small percentage of the population,” DeSantis told CNN.

Persons: Ron DeSantis, CNN’s Jake Tapper, Donald Trump, DeSantis, “ They’ve, I’ve, ” DeSantis, –, Tapper, ”, “, wokeness can’t, could’ve, Trump, he’s, Jack Smith, Jason Miller, ” Miller, I’m, South Carolina Sen, Tim Scott, Vivek Ramaswamy, Chris Christie, “ We’re, they’re Organizations: CNN — Gov, US Department of Defense, wokeness, GOP, Trump, CNN, Florida Republican, Pacific, Republican, University of New, South Carolina, New, New Jersey Gov, Politico, Republican Party Locations: Ukraine, Florida, ”, West Columbia, Tallahassee, Europe, Asia, China, “, Taiwan, South Carolina, University of New Hampshire, Republican New Hampshire, South, New Jersey, Granite State, Iowa

[1/2] Supporters of the ruling People's Action Party (PAP) wait for their candidates at a nomination center ahead of the general elections in Singapore September 1, 2015. Analysts said the events may not bode well for the PAP, which has ruled Singapore uninterrupted since 1959. "These events appear to have created some public speculation about the PAP's approach to privilege, restraint, and authority," said National University of Singapore political scientist Chong Ja Ian. Prime minister-in-waiting Lawrence Wong said the government would be forthcoming about the corruption case - even if the information was damaging or embarrassing. But political scientist Walid Jumblatt Abdullah at Nanyang Technological University said Lee had enough political goodwill to ride this out.

Persons: Edgar Su, bode, Lee Hsien, Singapore's, Lee Kuan Yew, Chong Ja Ian, Lee, Lawrence Wong, Iswaran, Chong, Lee's, Walid Jumblatt Abdullah, Gillian Koh, Walid, Wong, Xinghui Kok, Robert Birsel Organizations: Action Party, REUTERS, National University of Singapore, Transport, Nanyang Technological University, Institute of Policy, Thomson Locations: Singapore, SINGAPORE

☆ There's going to be a lot less new TV for a while. And that's brilliant.
▼ + stars: | 2023-07-16 | by ( Chris Johnston | ) www.businessinsider.com time to read: +4 min

Hollywood is facing its first strike by both writers and actors in more than six decades. It's going to mean a lot less new television this year, but that may not be such a bad thing. Almost 600 scripted TV shows were released in the United States alone last year. If that is the case, there might be a very big silver lining for us viewers: a break from the relentless release of new TV shows. Likewise with Donald Glover's often truly astonishing piece of performance art masquerading as television that's also known as "Atlanta."

Persons: they're, Jonathan Handel, you'd, I've, They're, Jeffrey Dahmer, Max, Donald Glover's, that's Organizations: Hollywood, Writers Guild of America, Netflix, Apple, Paramount, Lionsgate Locations: United States, Hollywood, Hulu

☆ I've never faced a player like Alcaraz, says beaten Djokovic
▼ + stars: | 2023-07-16 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

LONDON, July 16 (Reuters) - Novak Djokovic has experienced everything possible on a tennis court during his trophy-laden 23-year career but said he has never faced a player quite like Carlos Alcaraz. "I didn't expect him to play so well this year on grass, but he's proven he's the best player in the world," Djokovic said after his 1-6 7-6(6) 6-1 3-6 6-4 defeat. I think he's got some nice sliding backhands, some similarities with my backhands. After outplaying Alcaraz in a one-sided first set, Djokovic then slugged out an 85-minute second and had a point for a two-set lead in the tiebreak but dumped a backhand into the net. "Set point, I missed the backhand.

Persons: Novak Djokovic, Carlos Alcaraz, Alcaraz, Rafa Nadal, Roger Federer, Margaret Court's, Casper Ruud, cramp, Djokovic, Andy Murray, Roger, Rafa, He's, we've, he's, Serbia's Novak Djokovic, Spain's Carlos Alcaraz, Dylan Martinez Djokovic, outplaying, Martyn Herman, Toby Davis Organizations: Court, Wimbledon, Djokovic, Lawn Tennis, Croquet Club, Thomson Locations: U.S, London, Britain

☆ 'Queer Eye for the Straight Guy' lives on, 20 years later
▼ + stars: | 2023-07-16 | by ( Dan Heching | ) edition.cnn.com time to read: +14 min

That was like queer eye for the straight guy!”Carson Kressley, left, in "Queer Eye For The Straight Guy." “And of course as luck would have it, ‘Queer Eye’ was our very first attempt at a reality show,” he added. It’s not that they’re bigger, they just became louder,” said Rob Eric, “Queer Eye” executive producer and longtime associate and friend of Collins and Williams. They’ve also enjoyed seeing the legacy they’ve created evolve and grow to new heights with Netflix’s gender-neutral and more succinctly titled “Queer Eye” – which wrapped its seventh season earlier this year. “The new ‘Queer Eye’ wouldn’t happen without these guys,” Collins said.

Persons: Guy ”, Ellen ”, Ellen DeGeneres, David Collins, QEFTSG ”, –, Carson Kressley, Jai Rodriquez, Thom Filicia, Ted Allen, Kyan Douglas, groomer, ” Rodriquez, Kressley, “, ‘, “ Gay ”, Michael Collins, ” Kressley, you’ve, Collins, Michael Williams –, ” Collins, ”, Michael, Shutterstock Collins, Williams, David, ” Williams, ’, Rodriguez, Filicia –, you’re, ” Rodriguez, ” Filicia, ‘ You’ve, we’re, Barbara Walters, “ I’m, Filicia, Anita Bryant, Rob Eric, We’ve, It’s, foodie Allen, Ted, ” What’s, They’ve, we’ve Organizations: CNN, Bravo, NBC Universal, Scout, Netflix, NBC Locations: Boston, Los Angeles

☆ JPMorgan’s Profit Jumps, but Interest Rates Remain a Threat
▼ + stars: | 2023-07-14 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Why It MattersGiven its size, JPMorgan is a proxy for the banking industry at large. Jamie Dimon, the bank’s chief executive, has deep political connections and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. On Friday, in a statement, Mr. Dimon said the U.S. economy was “resilient,” echoing language he has used repeatedly this year, but listed a litany of risks, including that consumers are burning through their cash buffers and that inflation remains high. BackgroundJPMorgan and Mr. Dimon have been all over the news this year, thanks to their prominent role as an attempted stabilizing force during the spring’s banking crisis that felled three smaller lenders. What’s NextThe next week or so will see a slew of other banks report their quarterly earnings.

Persons: Jamie Dimon, Dimon, Goldman Sachs Organizations: JPMorgan, Treasury, Western Alliance and Comerica Locations: U.S, Republic

Jamie Dimon, the bank’s chief executive, has deep political connections, and his prognostications on the economy are scrutinized in some circles as closely as a central banker’s musings. The U.S. economy “continues to perform better than many had expected,” said Charles W. Scharf, the bank’s chief executive. Unlike the other banks, Citigroup reported a fall in second-quarter profit, although the decline was not as severe as analysts had predicted. The U.S. government debt-limit standoff in April and May was also reflected in the banks’ results, with Citi citing anxiety during the negotiations as pushing investment-banking clients to the “sidelines” during the second quarter. What’s NextIn the next week or so, a slew of other banks will report quarterly earnings.

Persons: Jamie Dimon, Dimon, didn’t, ”, Wells, “, Charles W, Scharf, Jane Fraser, Goldman Sachs Organizations: JPMorgan, Treasury, Citigroup, Citi, Western Alliance and Comerica Locations: U.S, Wells Fargo, Republic

I made a lot of mistakes with money in my 20s. When life got busy, I turned a blind eye to my money situation — until my credit card bill was sent to me. AdvertisementAnother big-ticket item on my credit card bill was rideshare costs, which could have been avoided in most cases. Before I knew it, I had a lot of open credit cards — and a desire to close them all. I knew that opening credit cards could help my credit score, but only if I used them and paid them off immediately.

Persons: —, Salary.com, Investopedia, I've Organizations: Service, Quicken, Karma Locations: New York City

☆ Russia's economy is in shambles and its oil exports are collapsing — but its crude oil just smashed a crucial price cap
▼ + stars: | 2023-07-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's flagship Urals crude just breached the price cap of $60 a barrel on Tuesday, per S&P Global. The price cap came into effect on December 5 and sought to limit Moscow's energy revenues. These production cuts prop up oil prices as demand outsizes supply, an unnamed European oil trader told S&P. The benchmark US West Texas Intermediate crude oil futures were up 0.2% at $75.90 a barrel at 2.29 ET on Thursday. The global benchmark Brent crude oil prices were up 0.3% at $80.33 a barrel.

Persons: Phil Rosen Organizations: P Global, Service, P, West Texas, Brent Locations: Wall, Silicon, Russia, Ukraine, China, Saudi Arabia

July 12 (Reuters) - Oil prices settled higher on Wednesday, with benchmark Brent futures breaching $80 a barrel for the first time since May, after U.S. inflation data spurred hopes the Federal Reserve may have fewer interest rate hikes in store for the world's biggest economy. U.S. data showed consumer prices rose modestly in June and registered their smallest annual increase in more than two years. Markets expect one more interest rate rise, but oil traders hope that may be it. Brent futures settled up 71 cents, or 0.9%, to $80.11 a barrel. Forecasts from the U.S. Energy Information Administration (EIA) and the International Energy Agency (IEA) point to the market tightening into 2024.

Persons: Naeem Aslam, Brent, Tamas Varga, Phil Flynn, Natalie Grover, Trixie Yap, Sonali Paul, Barbara Lewis, Emelia, David Gregorio Our Organizations: Zaye, . West Texas, U.S . Energy Information Administration, International Energy Agency, IEA, Saudi, U.S . Energy, Administration, Price Futures, Thomson Locations: China, Saudi Arabia, Russia, U.S, London

☆ With a world-class workforce and a booming economy, North Carolina repeats as America's Top State for Business in 2023
▼ + stars: | 2023-07-11 | by ( Scott Cohn | ) www.cnbc.com time to read: +6 min

North Carolina Gov. North Carolina ranks first in the all-important Workforce category of CNBC's study. Strong workers fuel GDP, solid state finances North Carolina's strong workforce helped feed its performance in other categories. "It's clear that the Republican legislature is aiming to choke the life out of public education," Cooper said on May 24. Abortion rights demonstrators gather to protest in Raleigh, North Carolina, after the Supreme Court's decision in the Dobbs v. Jackson Women's Health case, June 24, 2022.

Persons: Bosch, Roy Cooper, Joe Biden's, Melissa Sue Gerrits, Josh Wright, Charlotte, it's, You've, Wright, Cooper, Tricia Cotham, Cotham Organizations: State, Business, North Carolina, CNBC, North Carolina Gov, Getty, Apple, Triangle, Democrat, Raleigh, U.S . Labor Department, Commerce Department, Federal Housing Financing Agency, Census, ATTOM Data, Technology, Innovation, Capital, Republican, Republicans, General, Jackson, Anadolu Agency Locations: North Carolina, Lincolnton, Greensboro, Goldsboro, American, Durham, Wolfspeed, Durham , North Carolina, East Coast, America, Alaska, Massachusetts, North, Raleigh , North Carolina, Dobbs

☆ Analysis-New anti-ESG rule in Missouri offers US Republicans another path away from 'wokeness'
▼ + stars: | 2023-07-10 | by ( Ross Kerber | ) www.reuters.com time to read: +6 min

(Reuters) - A new Missouri securities rule offers a template for Republican U.S. state officials who want to advance an “anti-woke” business agenda even as such ideas struggle for legislative backing. Ashcroft acted after Republican lawmakers failed to pass a similar measure during the state’s legislative session that ended on May 12, amid infighting over which bills should be prioritized. Concerns over costs, bureaucracy and economic fallout led to bills stalling or passing in weakened form even in so-called red states, where Republicans dominate state government. Several corporate attorneys said other Republican officials may adopt Ashcroft’s playbook and act on their own. According to a spokesperson, Ashcroft initiated the rulemaking before the legislative session began, essentially as a backup plan in case lawmakers did not act on the same idea introduced in January.

Persons: Shannon Stapleton, John “ Jay ” Ashcroft, Ashcroft, “, ” overreach, Ashcroft’s, ”, Beth I.Z, Boland, Lardner, Larry Fink, ’ Ashcroft, ” Ashcroft, can’t, Dan Mehan, Lance Dial, Chuck Gray, West, Ron DeSantis, Walt Disney Organizations: Reuters, Republican U.S, REUTERS, Merriam, Webster, Strategy, “, Foley, Republicans, Morningstar, BlackRock, state’s, Representatives, Republican, Missouri Chamber of Commerce, Missouri, Florida Locations: Missouri, Appleton City , Missouri, U.S, Boston, Wyoming, ESG

☆ Analysis: New anti-ESG rule in Missouri offers US Republicans another path away from 'wokeness'
▼ + stars: | 2023-07-10 | by ( Ross Kerber | ) www.reuters.com time to read: +6 min

Ashcroft acted after Republican lawmakers failed to pass a similar measure during the state's legislative session that ended on May 12, amid infighting over which bills should be prioritized. Concerns over costs, bureaucracy and economic fallout led to bills stalling or passing in weakened form even in so-called red states, where Republicans dominate state government. Several corporate attorneys said other Republican officials may adopt Ashcroft's playbook and act on their own. According to a spokesperson, Ashcroft initiated the rulemaking before the legislative session began, essentially as a backup plan in case lawmakers did not act on the same idea introduced in January. EXTRA ARROWSFinancial executives who so far have avoided the strongest laws worry that the possibility of executive or administrative actions, as in Missouri, gives state officials flexibility to keep up the pressure.

Persons: Shannon Stapleton, Walt Disney, Missouri's, John " Jay, Ashcroft, Ashcroft's, Beth I.Z, Boland, Lardner, Larry Fink, Dan Mehan, Lance Dial, Chuck Gray, West, Ron DeSantis, Ross Kerber, Greg Roumeliotis, Anna Driver, Matthew Lewis Organizations: REUTERS, Walt, Republican U.S, Merriam, Webster, Strategy, Foley, Republicans, Morningstar, BlackRock, Reuters Graphics, Reuters, state's, Representatives, Republican, Missouri Chamber of Commerce, Missouri, Florida, Thomson Locations: Appleton City , Missouri, U.S, Missouri, Boston, BLK.N, Wyoming, ESG

☆ Aussie retailers in for more pain as high interest rates squeeze spending - Citi
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

July 6 (Reuters) - Australian retailers are in for a sombre period this fiscal year as high interest rates squeeze household budgets, especially for discretionary spending, Citigroup said on Thursday, with expected further rate hikes likely to dent confidence even more. The brokerage cut its fiscal 2024 earnings forecast for electronics retailer JB Hi-Fi (JBH.AX), fashion retailer Premier Investments (PMV.AX), auto parts retailer Super Retail (SUL.AX), and retail conglomerate Wesfarmers (WES.AX). "It appears the two recent rate rises (in May and June) following the April pause has been the final straw, pushing some consumers to restrain their spending," Citi analysts Adrian Lemme and James Wang wrote in a note. They estimate the high rates have pushed up net household interest expense by around A$30 billion over five years through 2024. "Given Citi forecasts another two rate rises, we think confidence will remain depressed for now," the analysts said.

Persons: Adrian Lemme, James Wang, JB, Harvey Norman, Citi's, Sameer Manekar, Savio D'Souza Organizations: Citigroup, JB, Premier Investments, Super, Citi, Australia, UBS, Pizza Enterprises, Coles Group, Woolworths, Thomson Locations: Bengaluru

☆ Higgins: Can Threads siphon away the community aspect Twitter has built around cultural events?
▼ + stars: | 2023-07-06 | 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 EmailHiggins: Can Threads siphon away the community aspect Twitter has built around cultural events? Wall Street Journal tech reporter Tim Higgins discusses Meta's motivation for launching the new Threads app, and whether it can a meaningful dent in Twitter's user numbers.

Persons: Higgins, Tim Higgins Organizations: Twitter, Street Journal

☆ Oil near flat as tighter supplies offset U.S. rate hike risk
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: +3 min

Oil prices were near flat on Thursday as the market weighed tighter U.S. crude supplies with the higher likelihood of a U.S. interest rate hike that could dent energy demand. U.S. interest rate futures on Thursday increased the probability of another U.S. rate rise after news private payrolls surged last month. "While the inventories are supportive for oil prices today, the oil market is being dominated by fears of further rate increases," said Andrew Lipow, president at Lipow Oil Associates in Houston. The total cuts now stand at more than five million barrels per day (bpd), equating to 5% of global oil output. Rather than pressuring oil producers to curb supply, which heads of global energy companies say serves only to increase prices, governments should shift the focus to limiting oil demand to reduce emissions, they said.

Persons: payrolls, Phil Flynn, Andrew Lipow Organizations: Brent, . West Texas Intermediate, Federal Reserve, Price Futures, Energy Information Administration, Lipow Oil Associates, Reuters, OPEC Locations: Red, Ras Behar, Egypt, U.S, Europe, China, Houston, Saudi Arabia, Russia, Vienna

☆ El Niño is here and the world must prepare for more extreme heat, UN weather agency warns
▼ + stars: | 2023-07-05 | by ( Helen Regan | ) edition.cnn.com time to read: +4 min

The WMO said there was a 90% probability of El Niño continuing during the second half of 2023 at moderate strength. Along with increased ocean warming, El Niño events are usually associated with increased rainfall in parts of southern South America, the southern United States, the Horn of Africa and central Asia. In India, a major rice producing nation, El Niño can weaken the monsoon that brings the rainfall the country relies on to fill aquifers and grow crops. El Niño this year could also dent US economic growth, potentially impacting everything from food prices to winter clothing sales, a recent study found. The study attributed $5.7 trillion in global income losses to the 1997-98 El Niño and $4.1 trillion in losses to the 1982-83 El Niño.

Persons: El Niño, El, ”, Petteri Taalas, Niño, Chris Hewitt, “ Organizations: CNN, World Meteorological Organization, WMO, United Nations, El Locations: El, South America, United States, of Africa, Asia, Australia, Indonesia, Central America, Pacific, India, Paris, Europe, Americas

☆ Trump fundraising haul surged in second quarter as he battled indictments
▼ + stars: | 2023-07-05 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

The average donation to the Trump campaign was $34, according to the officials, who requested anonymity to confirm the figures ahead of a July 15 filing deadline. The joint fundraising committee comprises Trump's campaign and his leadership PAC, Save America. It was unclear how much of the second-quarter bundle was raised by Trump's campaign and how much was taken in by Save America. The fundraising haul provides more evidence that Trump remains the clear frontrunner in the Republican presidential primary field. Politico reported on Trump's second quarter fundraising numbers earlier Wednesday.

Persons: Donald Trump, Donald Trump's, Trump's, Trump, Jack Smith, Ron DeSantis Organizations: U.S, CNBC, PAC, Save, Save America, Republican, Florida Gov, GOP, Politico Locations: Pickens , South Carolina, New York, Save America, Manhattan, Miami

☆ Wall Street Recession: Stock Market Crash Predictions Are Wrong
▼ + stars: | 2023-07-05 | by ( Neil Dutta | ) www.businessinsider.com time to read: +11 min

Wall Street analysts and economists have always had a tendency to fall in love with their forecasts. This stubbornness helps explain why Wall Street is having an exceptionally hard time letting go of the idea that a recession is just around the corner. Despite the year-plus in which analysts have been arguing that a recession is imminent, none of the arguments behind the predictions stand up to scrutiny. Bear growlsOver the past year, Wall Street pessimists' reasons for an approaching recession have shifted. The drag from the US housing market is fading.

Persons: doomsayers, it's, Neil Dutta Organizations: Street, Federal Reserve, Fed, Macro

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