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☆ Factbox-Policy Pledges of Indonesia's Presidential Candidates
▼ + stars: | 2024-02-06 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +5 min

(Reuters) - Three candidates are running in Indonesia's presidential election on Feb. 14. The following is a summary of policy objectives they have pledged while campaigning. ANIES BASWEDAN- Target 5.5%-6.5% average annual economic growth from 2025-2029- Create 15 million jobs, including 'green' jobs- Raise the tax-to-GDP ratio from 10.4% in 2022 to 13%-16% by 2029- Target annual inflation of 2%-3% from 2025-2029- Offer incentives for renewable energy projects- Impose a carbon tax with proceeds to be used as an endowment fund to finance development of renewable energy- Increase the 'village fund' to 5 billion rupiah ($317,965) for each village, from the current 1 billion rupiah. - Widen access to global markets for palm oil farmers- Strengthen free trade agreements and Indonesia's role in international financial institutions- Minimise imports of staple foods- Create 2 million new affordable housing units, including for informal workers, youth- Expedite forest conservation and rehabilitation projects- Limit new construction of, and retire existing coal-fired power plants, especially in Java, Bali islands- Review debt of state-owned enterprises, continue debt restructuring programme- Revise Jobs Creation Law with goal to ensure fair wages for workers- Evaluate the $32 billion new capital city project- Evaluate food estate programme, replacing it with contract farming, a scheme to ensure farm products will be sold- Impose a wealth tax on Indonesia's 100 richest people- Audit the nickel industry with focus on its impact on the environment and ensuring welfare of domestic workers- Strengthen the anti-corruption agency by revising the law that regulates it- Ease permitting requirements for building places of worshipGANJAR PRANOWO- Continue programmes of outgoing President Joko Widodo's administration- Target average annual economic growth of 7%- Create 17 million new jobs- Expedite construction of new capital city- Increase the defence budget as a percentage of gross domestic product (GDP) to between 1%-2%, from about 0.8% presently. Modernise military hardware- Target 30% share for renewable sources in energy mix by 2029- Allow more renewable energy producers to use electricity grids of state utility firms to boost green energy adoption- Set up a dedicated ministry for the palm oil sector- Maintain moratorium on deforestation, accelerate reforestation programmes- Create digital tax collection system under the new tax agency separated from finance ministry- Limit permit issuance of new nickel smelter to avoid a further oversupply- Expand social welfare to cover 15 million families, up from 10 million currently- Provide funding to ensure at least one member of a poor family receives education until college- Strengthen national anti-corruption agency- Maintain foreign policy of non-alignment- Strengthen Indonesia's commitment to support fight of Palestinian people- Revitalise the Association of Southeast Asian Nations and its decision-making process, especially regarding South China Sea disputes.

Persons: ANIES, GANJAR, Joko Widodo's, PRABOWO, Joko, Stanley Widianto, Ananda Teresia, Stefanno Sulaiman, Bernadette Christina Munthe, Martin Petty Organizations: Reuters, Association of Southeast Asian Nations Locations: Java, Bali, South

HARTFORD, Conn. (AP) — Marijuana retailers in Connecticut say a dearth of licensed growers in the state’s fledgling legal pot industry has left them with a shortage of product to sell. The supply problem has appeared after slow retail growth in neighboring New York last year left growers there struggling with the opposite: an excess of supply. So each state that legalizes marijuana is left with its own process for licensing growers and sellers, and trying to create a balance between the two within state borders. When recreational sales became legal in Connecticut in January 2023, he said, there were seven dispensaries in the state and four producers. New York belatedly hastened the pace of retail openings, and the state listed 61 adult-use dispensaries open statewide Monday.

Persons: Benjamin Zachs, Fine, ” Zachs, ”, Kaitlyn Krasselt, Gail Hepworth, “ It’s, Brittany Carbone, Zachs, “, he's, ___ Organizations: —, Connecticut Department of Consumer Protection, Retailers, New, Farmers, Hepworth, Tricolla, Cannabis Association of New Locations: HARTFORD, Conn, Connecticut, New York, we're, ” New York, Hudson, Cannabis Association of New York, Altamont, N.Y

☆ Geopolitical events could temporarily boost oil: Citi's Max Layton
▼ + stars: | 2024-02-05 | 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 EmailGeopolitical events could temporarily boost oil: Citi's Max LaytonMax Layton, Citi global head of commodities research, joins 'Money Movers' to discuss why events in the Red Sea haven't had a major impact on oil prices, how significant the oversupply is in the oil markets, and what'll happen with oil prices this year.

Persons: Max Layton Max Layton Organizations: Citi

☆ Occidental CEO: Oil oversupply having more impact on price than Red Sea events
▼ + stars: | 2024-02-05 | 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 EmailOccidental CEO: Oil oversupply having more impact on price than Red Sea eventsOccidental Petroleum CEO Vicki Hollub joins 'Squawk on the Street' to discuss how Red Sea disruptions affect the oil market, if the market is out of balance, and more.

Persons: Vicki Hollub Organizations: Email Occidental CEO, Oil, Occidental Petroleum

☆ China youth unemployment will stay elevated in 2024, but EIU warns economic impact will linger
▼ + stars: | 2024-01-25 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

ZHENGZHOU, CHINA - SEPTEMBER 22: Students attend a job fair for graduates at Zhengzhou University on September 22, 2023 in Zhengzhou, Henan Province of China. (Photo by VCG/VCG via Getty Images)China's youth unemployment will likely stay elevated this year due to a lingering mismatch, according to the Economist Intelligence Unit. Even though unemployment among China's young people should dissipate starting next year — when the country's working-age population declines – the effects of high youth unemployment will remain long after that, the consultancy added. "Despite the upturn in China's labor market as a whole, the biggest improvements are concentrated in middle-aged groups and migrant workers," EIU analysts said in their China 2024 outlook report released Thursday. "In contrast, the post‑Covid recovery has not eased the slack in the youth labor market.

Organizations: Zhengzhou University, Getty, Economist Intelligence Unit, China's National Bureau of Statistics Locations: ZHENGZHOU, CHINA, Zhengzhou, Henan Province, China

☆ Tesla gets a sell rating ahead of earnings on concern about EV oversupply
▼ + stars: | 2024-01-24 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Tesla may be stuck in "production purgatory" that could pressure the stock, according to Redburn Atlantic. The firm initiated coverage of the Elon Musk's EV maker on Wednesday with a sell rating and a $170 per share price target. EV sales began slowing in 2023 as consumers and businesses signaled caution toward going fully electric. The companies that will benefit most in the new EV landscape, the analyst added, will "iterate best-in-class EV platforms and scale desirable models to support high utilization at lower unit costs." Analysts polled by FactSet forecast 73 cents per share in earnings on revenue of $25.6 billion.

Persons: Adrian Yanoshik, Tesla, Yanoshik, Hertz Organizations: Elon Musk's, EV, Apple, Nvidia, Wall Street, FactSet

☆ Global shipping recession could end as freight rates soar on Red Sea troubles
▼ + stars: | 2024-01-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Stringer | Bloomberg | Getty ImagesVessels transiting the Red Sea have faced attacks over the past several weeks from Yemen-based Houthis, prompting shipping companies to change routes, leading to a spike in freight rates. Alan Baer CEO of OL USAVessel-Operating Common Carriers (VOCC) are ocean carriers that own and operate vessels responsible for managing cargo and transporting them. Luis Boza/ | Nurphoto | Getty ImagesWhile the recent spikes in freight rates might not help shippers relive their glory days following the pandemic, they would substantially boost profitability. Brashier noted that both contracted rates for ocean carriers and spot market rates may rise further. Overall, container freight will still [find it] difficult to manage oversupply issue.

Persons: Stringer, Houthi, Alan Baer, Baer, Luis Boza, Nico Luman, Jefferies, Brashier, Daejin Lee Organizations: Bloomberg, Getty, Houthi, U.S, U.S . Central Command, USA, CNBC, Evergreen, Shipping, Logistics, Head, Research, Fertistream Locations: Suez, Egypt, Yemen, South Africa, Gibraltar, Maersk, Lisbon, Portugal, Asia

☆ The managers of a fund that beat 97% of competitors in 2023 explain how they have outperformed for over a decade, what they're looking for in an investment, and the stocks they're watching in 2024
▼ + stars: | 2024-01-15 | by ( Mark Reeth | ) www.businessinsider.com time to read: +7 min

The Davenport Equity Opportunities Fund managers are unafraid to be different when it comes to finding high-quality investments to add to their fund. Beyond that, there's little restriction on the types of investments Pearson and Smith are looking at. Owner-operated businesses are a favorite for the fund managers, who prefer to find management that has skin in the game. AdvertisementFinally, the fund managers aren't afraid to hold onto their investments even if the market disagrees with their thesis. "Longer term, I think healthcare is an interesting place to invest just given the innovation, the stable demand, and the importance to society."

Persons: George Smith, Chris Pearson, Smith, who's, Pearson, we're, they're, Stocks, hasn't Organizations: Service, Business, The, The Davenport Equity, Fund, Opportunities Fund, Davenport Equity, Pearson, Nation Entertainment, Ticketmaster, Kinsale Capital Group, Clean Harbors Locations: The Davenport, Davenport, Kinsale, Richmond, Avantor

☆ Oil prices rise as US-led strikes in Yemen raise fears of wider conflict
▼ + stars: | 2024-01-12 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —US-led airstrikes on Houthi targets in Yemen rattled energy markets on Friday, sending oil prices sharply higher. Oil prices rose sharply after US-led strikes on multiple Houthi targets in Yemen in response to repeated attacks on commercial shipping in the Red Sea. Another concern is that oil facilities in Saudi Arabia could get hit by a retaliatory strike from the Houthis. In 2019, roughly 5% of world oil supply was briefly knocked offline in a large-scale drone attack on Saudi oil facilities. Despite Friday’s gains, oil prices remain lower than where they were before the October 7 attacks by Hamas against Israel due to concerns about oversupply.

Persons: Brent, “, ”, Robert Yawger, ” Yawger, John Kirby, CNN’s Becky Anderson, ” Kirby, ” Matt Smith, ” Helima Croft, Croft, ” Croft Organizations: New, New York CNN, Mizuho Securities, White House National Security Council, RBC Capital Markets, CIA Locations: New York, Yemen, East, Red, Iran, Saudi Arabia, Saudi, Gulf of Oman, Hormuz

☆ Delta more than doubles fourth-quarter profit, but trims 2024 earnings forecast
▼ + stars: | 2024-01-12 | by ( Leslie Josephs | ) www.cnbc.com time to read: +4 min

Delta Air Lines closed out the year by doubling its quarterly profit as travel demand, particularly for international trips, helped drive record revenue in 2023. Delta on Friday forecast adjusted earnings per share of between $6 and $7 for 2024, below the more than $7 a share the carrier predicted last year. Delta posted adjusted earnings of $6.25 a share in 2023. Stripping out one-time items, Delta posted adjusted revenue of $13.66 billion, slightly ahead of LSEG estimates. Adjusted earnings per share of $1.28 topped analysts' estimates for $1.17 a share in the fourth quarter.

Persons: Ed Bastian, Bastian, Delta, Glen Hauenstein, haven't, Hauenstein, Max Organizations: Delta Air Lines, Delta, CNBC, Airlines, LSEG, Aircraft, Boeing, Alaska Airlines, Federal Aviation Administration, United Airlines, FAA, Airbus, CNBC PRO Locations: U.S, Detroit, Los Angeles, Seattle, Alaska

☆ Walmart Spark shoppers can remove their tips up to 24 hours after delivery. Drivers say that contributes to a problem of 'tip baiting.'
▼ + stars: | 2024-01-11 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

When he works for Walmart's Spark Driver delivery app, it happens a few times a week, he told Business Insider. They traced the problem to a Spark policy giving customers up to 24 hours to reduce or take back their tips. DoorDash's app lets customers only increase a tip or add one — lowering a tip requires calling customer service, a company spokesperson told BI. AdvertisementDrivers can wind up making far less than they expected once the 24 hours is up, a Georgia Spark driver told BI. A Spark driver there told BI his area had too many drivers and that tip baiting wasn't a significant problem.

Persons: —, Dara Khosrowshahi, Spark, Yeji Jesse Lee, it's, Uber, they've, Brock Dickens, they'd, I've Organizations: Service, Business, Google, Walmart, Drivers, BI, Detroit Locations: Indiana, San Francisco, New York City, DoorDash, Carolina, Georgia, Oregon

☆ Tesla now has a clear China EV competitor. What’s next for BYD?
▼ + stars: | 2024-01-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Bernstein didn't even initiate coverage of BYD until September, with an outperform rating and price target of 359 Hong Kong dollars. BYD trades in Hong Kong, and on the Shenzhen exchange in mainland China. "I'm a long observer and investor in Tesla," Ogan said. "What I think will tip BYD like the volumes tipped Tesla is when people start realizing BYD is an energy company," Ogan said. Nomura's China autos and auto parts analyst Joel Ying likes BYD with an even higher price target of 382 Hong Kong dollars.

Persons: BYD, Bernstein didn't, Warren Buffett's Berkshire Hathaway, Taylor Ogan, Ogan, Tesla, Xiao Feng, CLSA, Joel Ying, Ying, Xiaomi's SU7, That's, — CNBC's Michael Bloom Organizations: Hong, Snow Bull, Nasdaq, Elon Musk's, HK, Hesai Tech Locations: Hong Kong, Norway, Brazil, China, Shenzhen, Asia, Europe, North America, U.S, Inovance, Ningbo Tuopu

☆ The Fed will likely cut interest rates 4 times next year as the economy remains resilient
▼ + stars: | 2023-12-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

US economic growth will remain resilient next year, making the Fed cautious about rate cuts, Barclays said. The central bank will likely cut by 100 basis points in 2024 and another 100 points in 2025. AdvertisementUS economy will remain resilient next year, making the Federal Reserve cautious about rate cuts, Barclays said in a Monday note. AdvertisementThat implies the Fed will make four 25-basis-point rate cuts next year. Meanwhile, analysts at ING have predicted the Fed will deliver six rate cuts next year as the economy slows, amounting to 150 basis points.

Persons: —, they're Organizations: Barclays, Service, Federal Reserve, ING, UBS, White House, Congress

☆ Wealth Assistants claimed it would help its clients make money on Amazon. Clients said they 'lost everything' instead.
▼ + stars: | 2023-11-30 | by ( Madeline Stone | Jack Newsham | ) www.businessinsider.com time to read: +17 min

Wealth Assistants also said that if clients didn't break even in the first year, they would get their money back. BI spoke with 16 people who invested between $35,000 and $100,000 each to work with Wealth Assistants and said they lost their money. Ten days later, Wealth Assistants said it laid off its roughly 75 employees and planned to shut down by December 1. Selling customers on the entrepreneur lifestyleMany Wealth Assistants clients said they were drawn by the opportunity to generate passive income. Cart.com sent Wealth Assistants a formal notice of termination in the fall after Wealth Assistants stopped paying its invoices earlier in the year, the representative said.

Persons: Mike Wimmer, Wimmer, they're, I'm, Ryan Carroll, Max K, Max O, —, Carroll, Carroll didn't, we're, Tina Luk, breakeven, Seth Hamilton, Andrew Pou, Suzy Arriola, Saheb Sabharwal, Cart.com, Moe O'Neil, weren't, Max, you've, it's, they've, We've, we've, Madeline Stone, Jack Newsham Organizations: Business, ., Federal Trade Commission, Amazon, Products, Nobu Dallas, Lamborghini, Facebook, Wealth, BI, FTC, DK Automation Locations: China, Texas, Nobu, California, Houston, Pennsylvania, mstone@insider.com

“Despite the challenges, we still expect OPEC+ to reach an agreement to reduce production," he said in an analyst note. Lower oil prices have allowed U.S. gas prices to fall or stay steady since Sept. 19, AAA said. White House national security spokesman John Kirby declined to address the possibility of OPEC+ reducing oil production. U.S. oil production has hit records as OPEC+ has cut back, with producers outside the group expected to keep leading global growth in oil supply next year, the International Energy Agency said in its November oil report. Now, the risk is growing that Saudi Arabia’s production cuts could reduce OPEC’s influence over oil supplies as other countries boost their output.

Persons: That's, Jorge Leon, Brent, Joe Biden, Biden, John Kirby, “, ” Kirby, ” Leon, ” ___ Boak Organizations: OPEC, United Arab, Rystad Energy, International Monetary Fund, Brent, New York Mercantile Exchange, AAA, Gas, White House, International Energy Agency, U.S, U.S . Energy Information Administration, Saudi Locations: Saudi Arabia, Russia, OPEC, Israel, United Arab Emirates, Vienna, Ukraine, United States, U.S, Washington

☆ Gas prices drop more than 60 days in a row
▼ + stars: | 2023-11-28 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Gas prices have now fallen every day since the peak on September 18, AAA data shows. However, it’s normal for gas prices to cool off once the summer driving season ends because demand drops. Gas prices are now down 63 cents since hitting $3.88 in September. Yet oil prices — the main driver of retail pump prices — also have tumbled about 20% since briefly topping $95 a barrel on September 28. No matter the reason, gas prices are falling around the country.

Persons: That’s, ”, Tom Kloza, Kloza, OPIS, “ It’s, ” Kloza Organizations: New, New York CNN, AAA, Oil Price Information Service, Saudi Locations: New York, Israel, Hormuz, Iran, Ukraine, Saudi Arabia, China, OPEC, United States, Wisconsin , Ohio, South Carolina, Hawaii, Washington, California

☆ Finns could be paid to use electricity tomorrow after a massive energy trade screw up
▼ + stars: | 2023-11-23 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +2 min

This mistake drove Friday electricity prices down to negative €203 per megawatt-hour. Finns could actually be paid to use electricity on Friday because of the extremely low prices. AdvertisementA jaw-dropping blunder in Finland's electricity market temporarily sent prices into chaos today — and could result in Finns actually being paid to use electricity. As a result, the price of electricity plummeted to negative €203 per megawatt-hour on Nord Pool, the Nordic region's electricity exchange. AdvertisementTheoretically, this could mean some Finns would be paid to consume cheap electricity.

Persons: —, Pontus de Mare, Fingrid, Jäppinen Organizations: Service, Kinect Energy, Svenska, Bloomberg News, day's, Finns, Finnish, Helsingin Sanomat Locations: Finnish, Finns, Finland, Ukraine

☆ Australia has so many sheep that some farmers are culling their flocks or giving them away
▼ + stars: | 2023-11-23 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

The Australian sheep industry is facing a crisis as farmers cull and give away sheep for nothing. AdvertisementAustralian farmers have more sheep than they can cope with and are culling livestock or giving them away for nothing, CNBC reported. With some slaughterhouses at full capacity, farmers are now culling or even giving away sheep for nothing to try to reduce the cost of rearing their flocks. Australia is one of the world's leading exporters of lamb and the current crisis has pushed global wholesale meat prices down. However, sheep ranchers from 15 states have recently moved to limit imports, arguing that Australian lamb has "decimated the United States commercial sheep industry."

Persons: —, Steve McGuire Organizations: Australia, Service, CNBC, Livestock, Bloomberg, Livestock Australia, Guardian, United Locations: Livestock Australia, El, Australia, United States

☆ Treasury bonds erase this year's losses amid rebound from historic collapse
▼ + stars: | 2023-11-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Treasury bonds have erased this year's losses amid a rebound from their historic collapse. After falling as much as 3.3% earlier this year, the Bloomberg US Treasury Index is now roughly flat. After falling as much as 3.3% earlier this year, the Bloomberg US Treasury Index is now roughly back where it was at the end of 2022. The hawkish stance sparked a historic crash in long-dated bonds, which suffered 46% losses between March 2020 and early October. And so far in the month of November alone, the Bloomberg US Treasury index is up 2.8%, its largest increase since March.

Persons: —, Treasurys, there's Organizations: Bloomberg US, Federal, Service, Treasury, Federal Reserve, Bloomberg, JPMorgan, YE24

☆ Take Five: Black Friday is (almost) here
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +6 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 17 (Reuters) - U.S. retailers are gearing up for Black Friday, marking the start of the shopping season that follows the Thanksgiving holiday, while business activity data should gauge the temperature elsewhere. 1/ BARGAIN HUNTINGThe crucial holiday shopping season kicks off with Black Friday on Nov. 24 at a time when investors are questioning whether the consumer-driven U.S. economy can remain resilient. This year's Black Friday comes as Americans grapple with soaring interest rates and inflation that, while easing, remains above the Federal Reserve's 2% target. Already, data for October showed U.S. retail sales fell, pointing to slowing demand, although the decline was less than expected. As long as that's not the case, pressure is on the Kishida cabinet since a weak yen is unpopular politically.

Persons: Kamil Krzaczynski, Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Dhara Ranasinghe, Karin Strohecker, There's, PIMCO, Rishi Sunak, David Cameron, Jeremy Hunt, Hunt, bode, Sergio Massa, Javier Milei, Pragmatist Massa, Prinz Magtulis, Sumanta Sen, Kripa Jayaram, Pasit, Mark Potter Organizations: Walmart, REUTERS, Black, Nvidia, Insider Intelligence, European Commission, PMI, Fed, European Central Bank, Reuters Graphics Reuters, DOWNING STREET, Labour, gilts, Natwest, Reuters, Bank of Japan, Peronist, Thomson Locations: Chicago , Illinois, U.S, Argentina, Lewis, New York, Tokyo, London, Britain, Japan, Egypt, Taiwan, South Africa, India

☆ Morning Bid: Oil slide, Walmart stoke disinflation speculation
▼ + stars: | 2023-11-17 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 17 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Asia has been in a contemplative mood so far on Friday after another week of wild swings in bonds, equities and commodities. The market now implies 98 basis points of cuts next year, compared with 73 basis points a week ago. U.S. data on housing starts for OctBy Wayne Cole; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Wayne Cole, Brent, Christine Lagarde, De Cos, BoE's Greene, Ramsden, Barr, Daly, Collins, Muralikumar Organizations: REUTERS, Walmart, Federal Reserve, Westpac, EU, Thomson Locations: Wayne, Asia, Ukraine, Goolsbee .

☆ Thanksgiving gas prices set to be the cheapest since 2020
▼ + stars: | 2023-11-17 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Just in time for the Thanksgiving holiday travel rush, gas prices are tumbling fast. This exceeds the typical seasonal drop in gas prices during the fall and leaves the national average at a 10-month low. If prices stay near current levels, this would be the cheapest gas price on Thanksgiving Day since 2020 when Covid-19 caused many Americans to stay off the roads altogether. GasBuddy projects the national average will slide to $3.25 a gallon or lower by Thanksgiving Day, marking the lowest priced Thanksgiving Day for fuel prices in three years. By comparison, gas prices stood at $3.57 a gallon on last year’s holiday following a year of notoriously high prices.

Persons: didn’t, GasBuddy, ”, Patrick De Haan, De Haan, ” De Haan Organizations: New, New York CNN, AAA, Labor, RBC Capital Markets, RBC, Federal Reserve, Drivers Locations: New York, Covid, China, Saudi Arabia, Israel

☆ Oil tumbles nearly 6% to four-month lows
▼ + stars: | 2023-11-16 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

US oil prices tumbled almost 6% to a low of $72.16 a barrel — the lowest level since July 7. The selloff continues a sharp reversal from earlier this fall when oil prices threatened to hit $100 a barrel. The latest plunge in oil prices could help drive gasoline prices even lower for Thanksgiving. Analysts blamed the oil market selling on growing concerns about oversupply and weakening demand, including in China. The oil market is now in what’s known as contango, meaning prices are higher for the future than they are now.

Persons: ”, Robert Yawger, Yawger, Patrick De Haan Organizations: New, New York CNN, AAA, Analysts, Mizuho Securities Locations: New York, China, Israel

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 13 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said negotiations on the trade section of the Indo-Pacific Economic Framework will need further work, a setback for the Biden administration which had hoped to announce substantial outcomes this week. Yellen told a news conference there has been "very substantial progress" on three of the four areas under discussion by the 14 IPEF member countries, but there are "remaining issues" on trade. She said there had been "significant progress" on the trade pillar, "but it looks not to be complete, like something that is likely to require further work." People familiar with the talks said that an announcement of outcomes is more likely on clean energy cooperation and anti-corruption pillars of the IPEF. Both agreed that the U.S. and China should seek fair trade relations and a level playing field on which their companies can compete, Yellen added.

Persons: Janet Yellen, Lifeng, Carlos Barria, Biden, Yellen, Joe Biden, IPEF, Donald Trump, David Lawder, Ann Saphir, Tom Hogue, Lincoln Organizations: Treasury, APEC, Economic Cooperation, REUTERS, FRANCISCO, . Treasury, Reuters, Asia Pacific Economic Cooperation, San Francisco . U.S, Pacific Partnership, Thomson Locations: U.S, Asia, San Francisco , California, Pacific, San Francisco ., China, CHINA, Beijing, San Francisco

☆ Brazil food processor BRF widens net loss in Q3 on grain prices, chicken glut
▼ + stars: | 2023-11-13 | by ( Ana Mano | ) www.reuters.com time to read: +2 min

Logos of Brazilian meatpacker BRF SA are seen in the headquarters in Curitiba, Brazil October 1, 2019. BRF reported a 262 million real ($53.37 million) net loss in the third quarter, larger than the 136.7 million loss a year ago but slightly better than an LSEG consensus forecast of a 279 million real loss. Despite the hit, BRF said improvements in the company's operating performance were already showing results. BRF also said net revenue was 13.8 billion reais in the quarter, nearly the same as in the year-ago period. BRF said EBITDA came in at 1.2 billion reais ($244.45 million), slightly above LSEG consensus estimates of 1.17 billion reais.

Persons: Rodolfo Buhrer, BRF, Miguel Gularte, EBITDA, Ana Mano, Kylie Madry Organizations: meatpacker BRF, REUTERS, SAO PAULO, BRF SA, Management, JBS SA, Thomson Locations: Curitiba, Brazil, U.S

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