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☆ Analysis: GM's 2025 EV output could be crimped by battery bottleneck
▼ + stars: | 2023-05-18 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

"We have not changed our targets," GM spokesman Jim Cain said. Those targets include cumulative EV production of 400,000 from early 2022 through mid-2024, a revised goal that CEO Mary Barra reiterated earlier this year. "We believe GM’s targets are hittable despite hurdles to get there," Wedbush auto analyst Dan Ives said. GM has not issued specific North American EV production targets for 2024 and 2025. GM’s North American EV production targets beyond 2025 “will continue to push the limits” of its battery plants, according to AFS, including a recently announced fourth factory with new partner Samsung SDI (006400.KS) that isn’t expected to open until 2026.

☆ Fewer Adults Have Life Insurance, but Skipping It Can Be Risky
▼ + stars: | 2023-05-15 | by ( ) www.wsj.com time to read: +11 min

But financial planners say a basic life insurance policy, especially products known as term life insurance, should be an important part of many Americans’ financial plans. A life insurance policy:Replaces lost income: If you were to pass away, your family could use your life insurance policy’s death benefit to replace your income. How to shop for life insuranceIf you’re ready to start shopping for a life insurance policy, follow these steps:1. According to PolicyGenius, an insurance marketplace, typical rates for a whole life policy, the most common type of permanent life insurance, are about 10 times the cost of a term life policy. Term Life Insurance Because term life insurance expires, it's often a far cheaper option.

☆ Suncor Energy's quarterly profit beats estimates on strong demand
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Canada's Suncor Energy Inc (SU.TO) reported a better-than-expected first-quarter profit on Monday, helped by steady demand for energy amid crimped global supplies. The results come amid global oil prices pulling back from last year's record highs and trading 20% below on average, but the prices are still higher than historical levels due to tight supplies. On an adjusted basis, the company earned C$1.36 per share, compared with analysts' estimates of C$1.32 per share. Peers Imperial Oil Ltd (IMO.TO) and Cenovus Energy Inc (CVE.TO) had also beat profit estimates last month. Its refinery utilization averaged 76% and the crude throughput was 367,700 barrels per day (bpd), compared with 436,500 bpd last year.

☆ Strong US consumer spending seen driving economy in first quarter
▼ + stars: | 2023-04-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

According to a Reuters survey of economists, GDP growth likely increased at a 2.0% annualized rate last quarter after rising at a 2.6% pace in the fourth quarter. Estimates ranged from a growth rate of 0.4% to a 3.3% pace. DOWNSIDE RISKSome institutions cut their GDP growth estimates, with Wells Fargo slashing its forecast by a full percentage point. Still, consumer spending is expected to have grown at a pace faster than the pedestrian 1.0% rate logged in the fourth quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, is expected to be driven by demand for services.

☆ Alphabet Shrugs Off Advertising Slump, Thanks to Search Engine
▼ + stars: | 2023-04-25 | by ( Nico Grant | ) www.nytimes.com time to read: +1 min

After years of easy financial growth and booming popularity, Alphabet, Google’s parent company, has in recent months faced mounting questions about its future. It has been under the gun to deliver artificial intelligence technology, its sales growth has decelerated, and it is laying off 12,000 employees to cut costs. On Tuesday, Google shrugged off some of those questions, returning to sales growth in defiance of a slowdown in digital advertising. Its profits fell 8 percent, to $15 billion — the fifth consecutive decline — though Alphabet said it recorded $2.6 billion in charges related to recent layoffs and office space reductions. Its video platform, YouTube, continues to be crimped by the ad slump and rival Microsoft has gained buzz and users after incorporating an A.I.

China produces more than half of the world's steel and buys about 70% of global seaborne iron ore, one of two key raw materials for steel, the other being coking coal. It's not just prices that are declining, there are signs that iron ore volumes and steel output are also weakening slightly. China's iron ore imports are estimated by Refinitiv at 94.17 million tonnes in March, which translates to a daily rate of 3.04 million tonnes. What the drop in prices, seaborne iron ore imports and steel output appear to be pointing to is a moderation in demand expectations in China. This suggests that iron ore and coking coal demand will remain solid, but may not rise much over 2023 as a whole.

☆ Goldman Sachs picks the winners and losers in regional banks after the SVB collapse
▼ + stars: | 2023-03-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The banking crisis continues to keep investors on edge about the health of regional banks. Now Goldman Sachs has identified what it said are the biggest winners and losers in the industry in the aftermath of the Silicon Valley Bank collapse. The Wall Street investment bank said the biggest short-term risk for regional banks could come from shifting market shares of deposits as corporates look to diversify. Meanwhile, there is the potential that regional banks will need to "pay up" to prevent deposits from moving to other banks "or leave bank balance sheets entirely," Goldman said. These stocks are all down more than 20% in March as investors spooked by the crisis dumped regional bank shares.

SYDNEY, March 20 (Reuters) - China still added more crude oil to inventories in the first two months of the year, despite lower imports and higher refinery processing rates. About 270,000 barrels per day (bpd) of crude was added to commercial or strategic inventories over January and February, according to calculations based on official data. This was down from the 1.19 million bpd in December and the 740,000 bpd for 2022 as a whole. The total volume of crude available from imports and domestic production in the first two months of the year was 14.63 million bpd, consisting of imports of 10.4 million bpd and local output of 4.23 million bpd. This equates to about 1.72 million bpd of exports, using the BP conversion factor of 8 barrels of product per tonne.

Nonetheless, the likely ramifications of the bank collapse are positive for gold, which was already being supported by other bullish factors. Charting global gold demand by segment. CHINA, INDIA DEMANDChief among those is the expectation that physical demand will rebound in China, traditionally the world's largest consumer of the precious metal. China's gold jewellery demand slumped 14%, or 101 tonnes, to 598.3 tonnes in 2022, according to data from industry group the World Gold Council. Central bank buying is the wildcard for gold, having risen a strong 152% in 2022 to 1,135.7 tonnes.

☆ Global house prices set to extend declines, risk of more with higher rates
▼ + stars: | 2023-03-10 | by ( Hari Kishan | ) www.reuters.com time to read: +3 min

Predicted drops in house prices in the U.S., Canada, Britain, Germany, Australia and New Zealand will come off price surges of as much as 50% since the start of the pandemic in 2020. House prices in Canada and New Zealand, which began to fall last year, were forecast to register a peak-to-trough drop of at least 20%, the poll showed. Reuters Graphics Reuters GraphicsDouble-digit falls from recent peaks were also predicted for Australia (16.0%), Germany (11.5%) and the U.S. (10.0%). Reuters Graphics Reuters GraphicsAmong the most commonly cited reasons for house prices to remain elevated were crimped supply, made worse during the pandemic, when construction activity came to a near-halt, and ever-rising demand. While India's housing market will remain resilient despite rising interest rates, home prices in Dubai were also predicted to rise steadily.

☆ Global house prices set to extend declines, risk of more with higher rates: Reuters poll
▼ + stars: | 2023-03-10 | by ( Hari Kishan | ) www.reuters.com time to read: +3 min

☆ Lumber prices are falling - and that means there's no need to fret about inflation, top economist David Rosenberg suggests
▼ + stars: | 2023-03-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Falling lumber and natural gas prices are reasons not to fret over inflation, according to David Rosenberg. the veteran economist asked in a Monday tweet, saying it's maybe a problem in the services sector of the US economy. Rosenberg has repeatedly shrugged off inflation concerns as price pressures decline from their mid-2022 highs. US natural gas prices plunged 13% on Monday as a streak of mild winter weather hurt demand. That has seen price pressures ease somewhat in recent months, with the latest reading coming in at 6.4% through January.

If the target is achieved, what will it likely mean for commodity imports in 2023? An acceleration of economic growth to 5% implies that more commodities will be required, and probably to the extent that China's imports will return to positive territory. Already there are some signs of a pick-up in commodity demand, especially for iron ore, the key raw material for steel. If the official numbers are in line with Refinitiv's estimate, February will be the strongest month for crude oil imports since July 2020. Overall, the current backdrop is positive for China's commodity demand, with the end of COVID-19 restrictions boosting fuel consumption and stimulus spending encouraging increasing steel output.

☆ Failed crypto scheme endorsed by soccer player Paul Pogba reportedly plunges one investor into so much debt that he now lives with his parents again
▼ + stars: | 2023-03-02 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

A flopped NFT project promoted by Juventus soccer player Paul Pogba has plunged one investor deep into debt. "The main reason we invested was Pogba," he said, referring to the NFT collection CryptoDragons that's plunged in value since its inception. I'm just working, working, working," Kurnaz said. "The main reason we invested was Pogba," Kurnaz said. Pogba isn't the only Premier League player to have promoted a NFT collection that has ended up in the dumps.

☆ Australia's Harvey Norman slumps on lower half-year profit
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

Feb 28 (Reuters) - Shares of Harvey Norman (HVN.AX) slumped more than 9% on Tuesday after Australia's biggest electronics retailer posted a 15% drop in its first-half profit as the cost-of-living pressures crimped its discretionary retail spending. The company reported profit after tax attributable for the six-month period ended Dec. 31 of A$365.9 million ($246.58 million), compared with A$430.9 million last year. ($1 = 1.4839 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Carlyle veteran Peter Clare to retire after more than three decades
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 27 (Reuters) - Carlyle Group (CG.O) veteran and chief investment officer of its corporate private equity business, Peter Clare, will retire on April 30, weeks after the buyout firm named former Goldman Sachs Inc (GS.N) executive Harvey Schwartz as its chief executive. Clare, who joined Carlyle in 1992, has held several senior leadership roles in the unit. Carlyle also said on Monday Sandra Horbach and Brian Bernasek, currently co-heads of U.S. buyout and growth platform, will assume the role of co-heads of the Americas to oversee the firm's private equity business effective immediately. The appointments comes at a turbulent time for private equity firms as stubbornly high inflation, rising interest rates and geopolitical turmoil together crimped lucrative exits from investments. Earlier this month, Carlyle reported a steep 52% slide in its fourth-quarter distributable earnings as the private equity firm cashed out on fewer investments as dealmaking slowed.

☆ One year into Ukraine war, US gas prices are lower. Here’s what to expect ahead
▼ + stars: | 2023-02-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

Why prices shot up, then fellA number of factors have coincided to bring prices steadily lower since then. Now, a year after the start of the war, crude oil prices on global markets and the retail price of regular gas across most of the United States are below pre-war levels. OPIS expects the average price throughout the course of 2023 to come in around $3.45, down from $3.96 last year. Few things take a bite out of gas prices like a recession, or even just the fear of one. The average price of a gallon of regular gas hit a then-record of $4.11 in early July 2008, according to OPIS data.

☆ Apollo Global appoints former U.S. Senator Patrick Toomey to board
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Apollo Global Management Inc (APO.N) said on Wednesday former U.S. Senator Patrick Toomey has been appointed to its board, effective March 15. In a political career spanning decades, Toomey represented Pennsylvania in the Senate from 2011 to 2023, serving on the Senate banking, housing, and urban affairs, budget, and finance committees. Toomey, a member of the Republican Party, previously served in the U.S. House of Representatives from 1999 to 2005, where he was a member of the house budget committee. Earlier in February, New York-based Apollo said its fourth-quarter adjusted net income rose 77% owing to strong earnings from its retirement services business, even as gains were partly offset by a steep decline in its PE portfolio.

☆ Hasbro 2023 profit forecast disappoints as toy demand drops sharply
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Hasbro, Inc. logo is seen on the Star Wars Galactic Snackin Grogu toy in the FAO Schwarz toy store in Manhattan, New York City, U.S., November 24, 2021. Toy demand has typically remained resistant to economic uncertainties, but it fell sharply in the holiday season, with Hasbro rival Mattel Inc (MAT.O) earlier this month projecting 2023 profit below expectations. For Hasbro, Walmart accounted for around 13% of sales, while Target made up for roughly 8% of sales in 2021. The toymaker said it will take a nearly $300 million hit to 2023 revenue from the licenses and brands that it exited. Hasbro said it expects 2023 adjusted earnings in the range of $4.45 to $4.55 per share, well below analysts' average estimate of $4.88 per share, according to Refinitiv data.

Coking coal prices, along with those for iron ore, have rallied on the back of this optimism, with both steel raw materials recording strong gains this year. The answer is that for coking coal there appears to be both rising demand and some supply disruptions at work. Japan, the second-biggest buyer of seaborne coking coal, imported 5.01 million tonnes in January, up from December's 3.98 million and roughly level with last January's 5.08 million. Outside of Asia, Europe's imports of coking coal rose to 3.81 million tonnes in January from December's 3.55 million, according to Kpler. The overall picture from coking coal imports is that there has been a move higher in recent months, which does provide some fundamental backing to the rally in prices.

☆ Cloud firm NetApp to cut 8% of global workforce amid tech layoffs
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

Jan 31 (Reuters) - NetApp Inc (NTAP.O) said on Tuesday it would cut roughly 960 jobs, or about 8% of its global workforce, as the cloud data management firm grapples with tough economic conditions that have crimped customer spending. U.S. companies have been downsizing and slashing costs to better cope with the global economic downturn after global central banks unleashed rapid interest rate hikes to tackle inflation. We are not immune to these challenges," NetApp Chief Executive George Kurian said in a letter to employees. Earlier in the day, software maker Workday Inc (WDAY.O) also announced plans to cut 3% of its more than 15,000 staff. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match said. Match reaffirmed its 2023 revenue growth forecast of 5% to 10%. It expects revenue growth to reach double digits by the fourth quarter on increasing momentum in the second half. The company forecast first-quarter revenue between $790 million and $800 million, lower than analysts' estimates of $817.3 million, according to Refinitiv data. Revenue fell 2% to $786 million in the fourth quarter ended Dec. 31, also missing expectations of $787.3 million.

The trade gap with China widened 28% in April-December 2022 from the same period a year earlier, as India's domestic demand continued to support Chinese imports while COVID lockdowns in China crimped imports from India. If a trading partner were found to have engaged in unfair practices, it would be necessary to introduce safeguards such as the imposition of anti-dumping duties, the official said. India's federal trade ministry and China's embassy in New Delhi did not immediately respond to requests for a comment. The officials said India would also intensify checks on imported goods to make sure they adhere to national quality standards, the two government officials added. The government is also likely to detail some of the steps to tackle the issue in the Feb. 1 budget.

SYDNEY/SINGAPORE, Jan 26 (Reuters) - China's reopened borders and renewed focus on boosting the sagging economy have brightened the deals outlook, with bankers starting to field interest for mergers, acquisitions and fundraising involving the world's second-largest economy. Chinese companies' capital markets deals slipped 44% in the same period, according to Refinitiv data. That slump crimped the fees earned by Wall Street banks and forced some of them to cut jobs, mainly those linked to Chinese deals, in the past few months. Chinese private equity activity was worth $24.1 billion in 2022, down from $57.8 billion a year before, Pitchbook data showed. "Because of opening up, we expect an uptick in overseas disposal of private equity to Chinese buyers."

☆ Russia's $45 billion stash of Chinese yuan is helping Moscow weather massive plunge in energy revenues
▼ + stars: | 2023-01-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia has a $45 billion stash of Chinese yuan that could help it weather sanctions, per Bloomberg. Moscow has sought to deepen ties with Beijing amid a barrage of western sanctions. Selling its yuan reserves will help Russia cover its losses for the next three years, according to an analysis from Bloomberg Economics. Its flagship Urals crude blend is now trading around $50 a barrel – a third of what it was last year, Bloomberg reported. The measures have severe crimped Russia's oil revenue, which could spell trouble for the nation in the long-term, economists warn.

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