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Diamondback Energy took one of the last major, privately held operators in the Permian off the table this week when it agreed to buy Endeavor Energy Resources for $26 billion. The deal is poised to catapult Diamondback into the top tier in the Permian, the most prolific oil patch in the U.S. that stretches from western Texas into southeastern New Mexico. The top six companies in the Permian are set to own 62% of the basin's remaining oil reserves, according to Rystad Energy. The stubborn holdouts After the Diamondback-Endeavor and Occidental-CrownRock deals, the only other major privately held producers left in the Permian are Continental Resources and Mewbourne Oil. Conoco could potentially seek to acquire Permian Resources , Civitas , Coterra, Vital Energy or Ovintiv , Bernstein said.
Persons: Matthew Bernstein, Bernstein, Hess, Andy Lipow, Neal Dingmann, Mewbourne, Dingmann, Ovintiv, Enerplus, Bob Yawger, Yawger, weren't, Ryan Lance, Lance, Conoco, EOG Organizations: Diamondback Energy, Endeavor Energy Resources, Diamondback, Exxon Mobil, Chevron, Rystad Energy, Truist Securities, CRFA Research, Endeavor, CNBC, Exxon, Natural Resources, Occidental, Lipow Oil Associates, Resources, Mewbourne, Continental, Publicly, Civitas, Coterra, Vital Energy, Devon Energy, Marathon Oil, Bloomberg News, Marathon, Reuters, CFRA, ConocoPhillips, Mizuho Locations: U.S, Texas, New Mexico, Guyana, Devon, Bakken, North Dakota, Occidental, Mizuho Americas, Marathon
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Such success makes Swift one of the world's highest-paid celebrities and one of the richest female singers. This story is available exclusively to Business Insider subscribers. Bloomberg puts Swift's current net worth at $1.1 billion, thanks in part to her massive 146-date worldwide Eras Tour and its subsequent tour movie. It comes after Forbes estimated Swift had a net worth upwards of $740 million in July.
Persons: , Taylor Swift, Swift Organizations: Service, Sony, Bloomberg, Business, Forbes
Troubled regional bank New York Community Bank faced a downgrade from JPMorgan, which said NYCB is facing a multitude of challenges. The firm upped its price target for the drug maker to $850, all the way from $200. Wells Fargo : Analyst Zachary Fadem kept his overweight rating and raised his target price by $200 to $2,800, implying 12.5% upside for shares. "After speaking to management, we confirmed these two executives had indeed left the company, wrote JPMorgan analyst Steven Alexopoulos. NXP's stock price is down 2.9% for the year, but still higher than 15% over the past 12 months.
Persons: Eli Lilly, Eric Gonzalez, Gonzalez, Wells, Zachary Fadem, Sara Senatore, Chipotle, — Pia Singh, JPMorgan downgrades, Steven Alexopoulos, Alexopoulos, John Melloy, Vivek Arya, Arya, Robyn Karnauskas, Karnauskas, Zepbound Organizations: CNBC, New York Community Bank, JPMorgan, Pharma, Truist Securities, Semiconductors, Bank of America, KeyBanc, Barclays, New York Community Bank JPMorgan, New, Community Bank, Financial Times, Bloomberg News, New York Community Bancorp, Battery Management Systems, Food and Drug Administration Locations: Wells Fargo, Tuesday's
United CEO kickstarts Airbus talks amid Boeing delays, sources say
  + stars: | 2024-01-28 | by ( ) www.cnbc.com   time to read: +5 min
"United Airlines has been in talks with Airbus about possible alternatives to the Max 10 order. Airbus and United Airlines declined to comment. Trade publication Air Insight reported Airbus and United were in talks. Signs of a potential Airbus deal have raised "concern" at Boeing, a senior industry source said. In 1992, Airbus snatched an order for A320s that broke United's reliance on Boeing, with which United shares corporate roots.
Persons: Scott Kirby, Max, Kirby's, Kirby, Stan Deal, United, Michael Leskinen Organizations: United, O'Hare International, United Airlines, Airbus, Boeing, Alaska Airlines, Bloomberg, Insight, Boeing Commercial, Max, Continental Airlines Locations: Los Angeles, Chicago , Illinois, U.S, Toulouse, Chicago, Dublin
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA Kremlin spokesperson has denied a report that Russian President Vladimir Putin reached out to the US about talks on ending the war in Ukraine, Reuters reported. In response to questions about the report — and specifically if Putin would be willing to give up his demands over Ukraine's neutrality and NATO, Kremlin spokesperson Dmitry Peskov said it was "a wrong report." But Peskov told Bloomberg News, "President Putin has stated numerous times that Russia was, is and will continue to be open for negotiations on Ukraine." In November, Putin told G20 leaders that the war in Ukraine was a "tragedy" and that we must think about how to stop it, Reuters reported.
Persons: , Vladimir Putin, Putin, feelers, Adrienne Watson, Dmitry Peskov, Peskov Organizations: Service, Reuters, Business, Bloomberg, NATO, National Security, Kremlin, Bloomberg News Locations: Ukraine, Russia
But this week, China embarked on monetary easing as it pledged to reduce the amount of liquidity that its banks are required to hold as reserves. Earlier this week, Bloomberg News, citing sources, reported that China is considering a $278 billion package to rescue its stock markets. Andrew Lapping, chief investment officer at Ranmore Fund Management , says the sharp decline in China markets is an "opportunity." "So the stock market is certainly putting much higher equity risk premium ... there are also concerns about policy direction, policy clarity ... Renewable energy: China Longyuan Power Group, China Resources Power.
Persons: Brendan Ahern, CNBC's, Andrew, Winnie Wu, Guy Spier, CNBC's Tanvir Gill, , Wu, what's, Ahern, Amundi, It's, Morgan Stanley, Michael Bloom, Evelyn Cheng Organizations: Bloomberg, Investors, Ranmore Fund Management, BofA Securities, CCP, JPMorgan, EV, UBS, Baidu, China Communications, China Construction Bank, Ping An Insurance, China Longyuan Power Group, China Resources Power Locations: China, United States, Industrials
WASHINGTON (AP) — A prominent defense attorney whose star clients have included Snoop Dogg pleaded guilty Friday to leaking grand jury information to reporters about a political conspiracy case against a rapper from the Fugees. Michel's trial included testimony from such figures as actor Leonardo DiCaprio and former U.S. Attorney General Jeff Sessions. Kenner’s attorney said in court documents that the reporters originally agreed to sign a protective order, but later changed their minds. L. Barrett Boss, one of the defense attorneys, said Kenner was planning to retire after Michel’s trial. But Boss said Kenner is “very strained financially” because he spent $1.4 million “out of pocket” on Michel’s defense.
Persons: Snoop Dogg, David Kenner, Suge Knight, Tory Lanez, Kenner, ” Michel, Leonardo DiCaprio, Jeff Sessions, ” Kenner, Michel, Peter Zeidenberg, Kenner misattributing, Diddy, Judge Amit Mehta, Mehta, Barrett Boss, Boss, Pras Michel, Erica Dumas, Barack Obama’s, Trump, DiCaprio, Jho, _____ Whitehurst Organizations: WASHINGTON, Bloomberg News, U.S, Bloomberg, Kenner, Justice Department, Hollywood Locations: California, Washington, U.S, Malaysian, China, Philadelphia
Starting Feb. 5, the People's Bank of China will allow banks to hold smaller cash reserves, central bank governor Pan Gongsheng said at a press conference, his first in the role. Cutting the reserve requirement ratio (RRR) by 50 basis points is set to release 1 trillion yuan ($139.8 billion) in long-term capital, the central bank said. A 2 trillion yuan boost? Chinese Premier Li Qiang on Monday called for much stronger measures to boost market stability and confidence, according to an official readout. Chinese authorities in October already announced the issuance of 1 trillion yuan in government bonds, alongside a rare increase in the deficit.
Persons: Gongsheng, Pan Gongsheng, Tao Wang, Ting Lu, a, Lu, Wang, Stocks, Winnie Wu, That's, Li Qiang, Pan, Philip Yin, David Chao, Pan's Organizations: People's Bank of China, State Administration of Foreign Exchange, Financial, Getty, Visual China, People's Bank of, UBS Investment Bank, Wednesday, National Financial Regulatory Administration, UBS, Bank of America's, Bloomberg, PBOC, Citi, U.S, Asia Pacific, CNBC Locations: BEIJING, CHINA, Beijing, China, People's Bank of China, Asia, Hong Kong, capitulating, Japan, Invesco
CNN —The Biden administration is preparing an executive order aimed at curbing the ability of foreign governments to access sensitive personal data on Americans that could jeopardize national security, one current US official and one former US official familiar with the matter told CNN. Foreign efforts to exploit Americans’ data represent an “unusual and extraordinary threat” to national security and foreign policy, the draft text of the order says, according to the US official. The National Security Council at the White House declined to comment on the draft executive order. A surge in the amount of intimate personal information on US citizens that can be bought and sold online has alarmed lawmakers and senior US officials focused on national security. Wyden said he hoped the final text of the executive order, among other things, applies to data held by US subsidiaries of foreign companies.
Persons: CNN —, Biden, ” Sen, Ron Wyden, Wyden, TikTok, , ” Justin Sherman, Duke, ” Sherman Organizations: CNN, Bloomberg News, National Security Council, White, Oregon Democrat, Social, Duke University Locations: China, Oregon
China is considering a rescue package backed by offshore money to stave off a slump in its struggling stock markets, according to Bloomberg News. The report, citing people familiar with the matter, said Chinese authorities are aiming to get about 2 trillion yuan ($278 billion), primarily through offshore accounts of Chinese state-owned companies to help stabilize the market by purchasing stocks onshore through Hong Kong markets. Hong Kong's Hang Seng index fell nearly 14% in 2023, making it the worst performing major Asian stock market. The Bloomberg report comes a day after Chinese Premier Li Qiang said during a state council meeting the country will be rolling out measures to stabilize its stock markets. "We must take more powerful and effective measures to stabilize the market and confidence," Li said, according to state media.
Persons: Premier Li Qiang, Li Organizations: Bloomberg News, Bloomberg, China Securities Finance Corp, Huijin Investment Ltd, China's CSI, Premier Locations: China, Hong Kong
Shares of the Indian media house fell 34% on Tuesday, while investors shrugged off the impact on the $124 billion Japanese media and technology giant Sony. ZEEL-IN 1Y mountain What are analysts saying about Zee shares, moving forward? Citi sharply slashed its price target on Zee's stock from 340 Indian rupees to 180 Indian rupees. Zee has not stated whether it will pursue the merger while the litigation with Sony could hinder improvements in operations or explore a merger with other players," the analysts added. Similarly, Elara analysts added, "Possibility of any other strategic/financial partner buying majority stake in Zee could provide respite to valuation multiples."
Persons: Motilal Oswal, Zee, Motilal, Aliasgar Shakir, Karan Taurani, Pulkit Chawla, Emkay, Zee's, Punit Goenka, Chawla Organizations: Zee Entertainment, Sony, Zee, Citi, Wall, Reliance, Disney Star India, Motilal Oswal, Star, Disney, Netflix, Amazon Prime, Reliance Industries, Media, Elara, RIL, Zee Management, Quintillion Business Media, Bloomberg News, NDTV Locations: India, Zee
Japan's Sony terminates $10 billion merger with India's Zee
  + stars: | 2024-01-22 | by ( ) www.cnbc.com   time to read: +2 min
Japan's Sony Group said on Monday it has sent a termination notice to Zee Entertainment to call off a $10 billion merger of their Indian operations, following an impasse over who will lead the combined entity. It cited unmet conditions of the merger agreement as the reason for the termination. Although Sony did not specify on Monday what conditions were unfulfilled, a stalemate over who will lead the combined company had put the merger in danger. Zee proposed CEO Punit Goenka, but Sony disagreed in light of a market regulator probe into Goenka. On Friday, Zee had said it was committed to the merger and was working to close the deal through "good faith negotiations".
Persons: Mukesh, Zee, Punit Goenka, Karan Taurani Organizations: Sony, Zee Entertainment, Reliance Industries, Goenka, Reuters, Disney, Elara Capital, Netflix, Disney's Star, Zee, Bloomberg Locations: Mumbai, Maharashtra
MANCHESTER, New Hampshire (AP) — Donald Trump is surrounding himself with leaders from Nikki Haley 's home state in a show of strength ahead of Tuesday's New Hampshire primary. Trump, according to his campaign, will be joined at a rally at the NHU Arena in Manchester Saturday night by South Carolina Governor Henry McMaster, the state's lieutenant governor and a slew of other senior officials, including the state's attorney general, treasurer and House speaker. The appearances are yet another blow from South Carolina against Haley, who is hoping her appeal among independent and unaffiliated voters will propel her to a strong enough finish in New Hampshire to turn the race into a two-person contest against Trump. It comes a day after Trump received the endorsement of South Carolina Sen. Tim Scott, who joined him at a rally in Concord. That he was talking about something else, that he was talking about Nancy Pelosi," Haley said.
Persons: — Donald Trump, Nikki Haley, South Carolina Governor Henry McMaster, Joe Wilson, William Timmons, Russell Fry, Haley, Trump, South Carolina Sen, Tim Scott, Scott, , “ I’m, , Betsy Ankney, , ” Haley, Nancy Pelosi, Steve Peoples Organizations: Trump, NHU, South, South Carolina Governor, Reps, Republican, Black Republicans, McMaster, GOP, Bloomberg News, Capitol Locations: MANCHESTER, New Hampshire, Tuesday's, Hampshire, Manchester, South Carolina, Concord, Keene , New Hampshire
COLUMBIA, S.C. (AP) — Nikki Haley on Saturday questioned whether Donald Trump is mentally capable of serving as president again after he repeatedly seemed to confuse her with former U.S. House Speaker Nancy Pelosi in a campaign speech. “They’re saying he got confused, that he was talking about something else, he’s talking about Nancy Pelosi," Haley said on Saturday. "We can’t.”Speaking at a Bloomberg News forum on Saturday in Manchester, Haley campaign manager Betsy Ankney referenced Haley's remarks and said Trump “made a pretty apparent gaffe last night." It’s Nikki and Nancy,” Trump campaign senior adviser Chris LaCivita said to reporters Saturday night. “What’s the difference?”At his rally Saturday night in Manchester, Trump said that he took a cognitive test and “aced it.”“I’ll let you know when I go bad.
Persons: — Nikki Haley, Donald Trump, Nancy Pelosi, Haley, Trump, Democrat Joe Biden, ” Trump, Pelosi, empaneled, , ” Haley, Betsy Ankney, Trump “, It’s Nikki, Nancy, Chris LaCivita, Henry McMaster, Sen, Tim Scott —, , Biden, Michelle L, Price, Jill Colvin, ___ Meg Kinnard Organizations: COLUMBIA, U.S ., Capitol, Democrat, Bloomberg, Iowa, GOP, United Nations, Gov, House, Trump, Associated Press Locations: Keene , New Hampshire, Manchester, New Hampshire, South Carolina, Manchester , New Hampshire
FRANKFURT, Germany (AP) — Cutting interest rates too soon could threaten Europe’s progress in battling the inflation that has ravaged the economy, the head of the European Central Bank said Wednesday amid widespread speculation that the bank soon will lower rates from record highs. But higher prices have spread through the economy in the form of high prices for services and higher wages. Meanwhile, sluggish economic growth and the impact of higher interest rates on economic activity have sparked bets on rate cuts. Higher rates are the typical antidote to high inflation because they make it more expensive to borrow and buy things, reducing demand for goods. “The first question for next week's European Central Bank meeting is how the bank will react to current market pricing,” Brzeski wrote in a preview of the meeting.
Persons: Christine Lagarde, Lagarde, Carsten Brzeski, ” Brzeski, Organizations: European Central Bank, Bloomberg, ECB, U.S . Federal, Wall Street, Union, ING, Central Bank Locations: FRANKFURT, Germany, Davos, Switzerland, Israel, Europe, Ukraine
Synopsys to Acquire Ansys in $35 Billion Deal
  + stars: | 2024-01-16 | by ( Asa Fitch | Ben Glickman | ) www.wsj.com   time to read: 1 min
​The acquisition allows Synopsys to expand the industries it targets. Photo: David Paul Morris/Bloomberg NewsSynopsys agreed to acquire Ansys for $35 billion of cash and stock in a deal that would expand the company’s reach in simulation software for designers of microchips, cars and airplanes. Synopsys is one of two big players, along with Cadence, in the software that chip designers use to lay out circuitry and test it prior to manufacturing. As chip-making advances and designers start to stack silicon wafers on top of each other, physics simulations like those Ansys provides have become increasingly important.
Persons: David Paul Morris, Synopsys Organizations: Bloomberg, Cadence
Taiwanese Vice President Lai Ching-te declared victory in the island’s presidential vote on Saturday. Lai’s Democratic Progressive Party secured an unprecedented third straight term in the presidency. Photo: An Rong Xu/Bloomberg NewsTAIPEI—Taiwan has ordered some $19 billion in American missiles, rocket launchers and other weapons to help it defend itself against threats from Beijing. The only problem: U.S. delivery on many of those orders is years away. The delays increase Taiwan’s vulnerability to a Chinese invasion or blockade, say military analysts and former Taiwanese defense officials, since the island’s own weapons industry remains small.
Persons: Lai Ching, Rong Xu Organizations: Democratic Progressive Party, Bloomberg News TAIPEI Locations: Taiwan, Beijing
Never before has a candidate pursued the presidency while facing criminal charges. Former President Donald Trump faces 91 of them, as well as civil claims. Here is the 2024 calendar the Republican front-runner has to negotiate to fend off criminal convictions and civil liabilities and get himself into the White House. Photos: Yuki Iwamura/Bloomberg News
Persons: Donald Trump, Yuki Iwamura Organizations: Republican, Bloomberg
Uber to Close Alcohol-Delivery App Drizly
  + stars: | 2024-01-16 | by ( Alyssa Lukpat | ) www.wsj.com   time to read: 1 min
Jan. 16, 2024 11:01 am ETDrizly functioned similar to food delivery services, allowing customers to order alcohol online. Photo: Tiffany Hagler-Geard/Bloomberg NewsUber said it’s shutting down Drizly, the alcohol-delivery service it acquired for $1.1 billion in 2021. Drizly said Monday that it would accept its final orders in March.
Persons: Tiffany Hagler, Uber, Drizly Organizations: Geard, Bloomberg
Apple Watch Ban Temporarily Paused, U.S. Court RulesApple was granted a temporary reprieve after a U.S. court paused a federal agency’s import ban on most of the tech company’s watch models. The ban stemmed from a patent dispute with the medical device maker Masimo. Photo: Jeenah Moon/Bloomberg News
Persons: Apple Watch Ban, Apple Organizations: Apple Watch, Bloomberg
A winter storm brought high winds and dangerously cold temperatures in the Northeast. The National Weather Service warned of ‘life-threatening windchills’ through Iowa’s presidential caucuses on Monday. Photo: Nathan Howard/Bloomberg NewsMore than 93 million people were under windchill advisories Monday, as Arctic cold and winter storms hammered much of the country. Brutally cold weather from a cold front spilling out of Canada continued across many parts of the country. Snow and freezing rain spread to the Mid-Atlantic and stretched over the Southern U.S. before the arrival of yet another arctic blast forecast later this week.
Persons: Nathan Howard Organizations: Northeast ., National Weather Service, Bloomberg, Southern Locations: Northeast, Iowa’s, Canada, Southern U.S
Apple was granted a reprieve after a U.S. court paused a federal agency’s import ban on most of the tech company’s watch models. The ban stemmed from a patent dispute with the medical device maker Masimo. Photo: Jeenah Moon/Bloomberg NewsApple is removing a blood-oxygen sensor from some of its smartwatches to get around a patent dispute related to the technology, a step likely to avoid further sales disruptions but one that may raise questions about the company’s push into health. The company halted sales of some watch models briefly last month after a U.S. import ban went into effect stemming from an October ruling by the U.S. International Trade Commission. The trade agency found Apple had violated the patents of medical-technology company Masimo related to the blood-oxygen tool.
Persons: Apple Organizations: Bloomberg, Apple, U.S . International Trade Commission
OpenAI Chief Executive Sam Altman at the World Economic Forum in Switzerland on Monday. Photo: Hollie Adams/Bloomberg NewsOpenAI outlined limits on using its tools in politics during the run-up to elections in 2024, amid mounting concern that artificial-intelligence systems could mass-produce misinformation and sway voters in high-profile races. OpenAI’s ChatGPT and Dall-E are some of the most powerful AI chatbot and image-generation applications available. The growth of such tools has raised worry that software made by OpenAI and its peers could be used to manipulate voters with false news stories and computer-generated images and video.
Persons: Sam Altman, Hollie Adams, OpenAI’s ChatGPT Organizations: Economic, Bloomberg, OpenAI Locations: Switzerland
Apple was granted a reprieve after a U.S. court paused a federal agency’s import ban on most of the tech company’s watch models. The ban stemmed from a patent dispute with the medical device maker Masimo. Photo: Jeenah Moon/Bloomberg NewsApple is removing a blood-oxygen sensor from some of its smartwatches to get around a patent dispute related to the technology, a step likely to avoid further sales disruptions but one that may raise questions about the company’s push into health. The company halted sales of some watch models briefly last month after a U.S. import ban went into effect stemming from an October ruling by the U.S. International Trade Commission. The trade agency found Apple had violated the patents of medical-technology company Masimo related to the blood-oxygen tool.
Persons: Apple Organizations: Bloomberg, Apple, U.S . International Trade Commission
The Federal Reserve, by slowing its bond runoff, can reduce pressure on long-term interest rates. Photo: Valerie Plesch/Bloomberg NewsThough the Federal Reserve stopped raising interest rates last summer, it is quietly tightening monetary policy through another channel: shrinking its $7.7 trillion holdings of bonds and other assets by around $80 billion a month. Now that, too, may change. Fed officials are to start deliberations on slowing, though not ending, that so-called quantitative tightening as soon as their policy meeting this month. It could have important implications for financial markets.
Persons: Valerie Plesch Organizations: Federal, Bloomberg, Federal Reserve
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