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Sept 7 (Reuters) - Insulet Corp's (PODD.O) shares hit an over three-year low on Thursday on concerns that strong demand for a new class of diabetes drugs that also aid in weight loss could hit sales of its insulin pumps. CEO James Hollingshead said at the Wells Fargo Healthcare Conference that GLP-1 drugs, which are used to treat type-2 diabetes and obesity, could delay the onset of insulin dependency in diabetes patients. GLP-1s are highly effective weight-loss drugs that some analysts predict could become a $100 billion market by 2030. Shares of Massachusetts-based Insulet fell about 12% to $170.87 and were on track to wipe off about $1.6 billion from the company's market capitalization if losses hold. Insulet manufactures and sells insulin delivery devices, which eliminate the need for multiple daily injections for people with insulin-dependent diabetes.

Persons: James Hollingshead, Novo, Trang Ly, Bhanvi, Anil D'Silva Organizations: Wells, Healthcare Conference, New England, of Medicine, Massachusetts, Thomson Locations: Bengaluru

☆ Thursday, Sept. 7, 2023: Cramer weighs buying more of this semiconductor Club holding
▼ + stars: | 2023-09-07 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Thursday, Sept. 7, 2023: Cramer weighs buying more of this semiconductor Club holdingJim Cramer and Jeff Marks discuss why they remain bullish on a tech holding ahead of its annual new product launch event on Tuesday and despite reports of its products being banned in China. Jim explains why he'd like to add to a semiconductor stock when the timing is right. Finally, Jim and Jeff talk about a medical tech name in the portfolio after the company spoke at the Wells Fargo Healthcare Conference Thursday morning.

Persons: Cramer, Jim Cramer, Jeff Marks, Jim, Jeff Organizations: Wells, Healthcare Locations: China

We are buying 75 shares of GE HealthCare Technologies (GEHC), at roughly $67.51 apiece. Following Tuesday's trade, Jim Cramer's Charitable Trust will own 1,170 shares of GEHC, increasing its weighting in the portfolio to 2.74% from 2.57%. Meanwhile, GE HealthCare management is expected to attend the Wells Fargo Healthcare conference on Thursday and is set to address the Morgan Stanley Global Healthcare conference next Tuesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Healthcare and technology, Doctor using digital tablet with icon medical network on hospital background ipopba | iStock | Getty Images

Persons: Jim Cramer's, Morgan, Wells Fargo, Morgan Stanley, Jim Cramer, Jim Organizations: GE HealthCare Technologies, GEHC, General Electric, GE, GE HealthCare, Wells, Healthcare, Morgan Stanley Global Healthcare, CNBC, iStock, Getty

☆ Wells Fargo says this could be a good long-term buying opportunity for Disney, sees more than 30% upside
▼ + stars: | 2023-09-05 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Investors should look to Disney as an investment for the future, Wells Fargo says. Analyst Steven Cahall maintained his overweight rating on the stock and lowered his price target to $110, a $36 cut. With kids and families comprising two-thirds of core Disney+ subscribers, Cahill thinks the story of Disney+ will now be about its price and margins, not its subscriber growth. The Wells Fargo analyst added that Disney's direct-to-consumer business's longer-term DTC earnings and margins will "emerge as the key reason" to own the stock. Additionally, if ESPN does not transition well to Disney's DTC business, the analyst said that could create a "long-term EPS hole."

Persons: Wells Fargo, Steven Cahall, Cahill, Wells, Michael Bloom Organizations: Disney, DIS, Media, Communications, ABC, ESPN, FX Locations: Hulu

☆ Big Farms and Flawless Fries Are Gulping Water in the Land of 10,000 Lakes
▼ + stars: | 2023-09-03 | by ( Dionne Searcey | Mira Rojanasakul | ) www.nytimes.com time to read: +19 min

UNCHARTED WATERS Big Farms and Flawless Fries Are Gulping Water in the Land of 10,000 Lakes When Minnesota farmers cranked up their wells in a drought, they blew through state limits. The location of the White Earth Reservation is also shown, in the upper left portion of the map. Cloud St. Paul Minneapolis Rochester Sandy Soils WHITE EARTH RESERVATION Duluth Irrigation Wells St. Cloud St. Paul Minneapolis Rochester Sandy Soils WHITE EARTH RESERVATION Duluth Irrigation Wells St. “There’s a lot of water in this area.”His farm is awaiting approval for two new state permits for irrigation wells.

Persons: Warren, Mike Tauber, they’ve, ”, Trevor Milbrett, Warren Warmbold, “, Mr, Warmbold, Offutt, Ellen Considine, don’t, Carlos Gonzalez, It’s, farming’s, Robert Glennon, John Nieber, Paul Minneapolis, Nieber, White, Jamie Konopacky, Allan Armstrong, Armstrong, Armstrong’s, Austin Tersteeg, Erskine, Tersteeg Organizations: R.D, Offutt, Minnesota Department of Natural, New York Times, Irrigation, Farmers, state’s Department of Natural Resources, United States Department of Agriculture, Department of Agriculture, Star Tribune, Getty, Park Rapids ., University of Minnesota, Twin, Paul Minneapolis Rochester Sandy, Paul Minneapolis, White, Department of Natural Locations: Lakes, Minnesota, R.D, Warren, Minn, Backus, Eagle Bend, United States, Midwest, Park Rapids, In Minnesota, North Dakota, America, Offutt, Twin Cities, Sandy, Duluth, Wells St, Cloud, Paul, Paul Minneapolis Rochester, Austin, Red Lake County

PHILADELPHIA (AP) — He's most often associated with Boston, the hometown of his legendary rock band, but Aerosmith singer Steven Tyler has a soft spot in his heart for the Hawaiian island of Maui. The singer, who has a home on the island, wants vacationers to return to Maui to help the island's economy — devastated by wildfires last month — recover. Near the end of the opening night of the band's farewell tour in Philadelphia Saturday, Tyler urged audience members not to be afraid to travel to the island again. Josh Green told tourists to stay away during the island's recovery. Tyler's daughter, Mia, was among those initially discouraging tourists from coming to Maui shortly after the fires.

Persons: Steven Tyler, Tyler, ” Tyler, ” “, it’s, ”, Josh Green, Tyler's, Mia, Wayne Parry Organizations: PHILADELPHIA, —, Wells, Gov, Twitter Locations: Boston, Maui, Philadelphia, Lahaina, Hawaii, www.twitter.com

☆ Wells Fargo, a juicy target, sparks lead counsel fight among shareholder firms
▼ + stars: | 2023-09-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Meanwhile, yet another plaintiffs' firm, Robbins, is deep into a similar derivative suit against Wells Fargo board members in San Francisco Superior Court. But it’s worth noting that in 2022, Wells Fargo won the dismissal of a previous shareholder derivative suit accusing the board of regulatory compliance failures. Kessler said its complaint, which includes "detailed" and "substantial" references to Wells Fargo internal documents, was more likely to withstand a dismissal motion from the bank. Scott + Scott told Tigar that it had the most up-to-date documents from Wells Fargo because it brought a Section 220 demand after the $3.7 billion CFPB agreement. I would not be surprised to see a rival derivative suit filed in Delaware Chancery Court by one of the shareholder firms spurned by Tigar.

Persons: Cromwell, Wells Fargo, Wells, Robbins Geller Rudman, Dowd, Kessler Topaz Meltzer, Scott, Scott –, They're, Jon Tigar, Robbins, Wells Fargo’s, Kessler Topaz, Kessler, Robbins Geller, Tigar, Robbins Geller didn’t, Randall Baron, board's, Andrew Cheng, Read Organizations: Sullivan, U.S . Consumer Financial Protection Bureau, U.S . Office, Currency, OCC, Wells, U.S, District, San Francisco Superior Court, Tigar, Wells Fargo, San Francisco, Thomson, Reuters Locations: Oakland, Wells Fargo, San Francisco, Wells, San, California, Delaware Chancery

☆ Labor Day weekend gas prices are near all-time highs
▼ + stars: | 2023-08-31 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Drivers hitting the roads this Labor Day weekend will be greeted by historically high gas prices for this time of the year. The good news is that gas prices are still well below the peak set in June 2022. Psychologically important pricesIt’s worth noting that while gas prices are high for this point of the calendar, these figures aren’t adjusted for inflation. Still, consumers are very sensitive to increases in gas prices, in part because of how visible they are. In fact, the Conference Board blamed the recent uptick in gas prices for driving down consumer confidence in August.

Persons: ”, John LaForge, Andy Lipow, – can’t, “ Organizations: New, New York CNN, Drivers, Labor, CNN, AAA, Wells, Investment Institute, Biden, Lipow Oil Associates, US Energy Information Administration, Conference Board Locations: New York, Illinois, Washington , Arizona, California, Russia, Saudi Arabia

A New York Times investigation has found that America is depleting its invaluable reserves of groundwater at a dangerous rate. The majority of U.S. drinking-water systems rely on groundwater, as does farming, one of the nation’s most important industries. Aquifer water levels are falling nationwide. Some 45 percent of the wells the Times examined showed a statistically significant decline in water levels since 1980. Four in 10 sites reached record-low water levels during the past decade, and last year was the worst yet.

Organizations: New York Times, Times Locations: America, U.S

AQUIFERS AQUIFERS AQUIFERS WASH. MAINE MONT. MONITORING WELLS MONITORING WELLS MONITORING WELLS WASH. MAINE MONT. FLA. DECLINING WELLS DECLINING WELLS DECLINING WELLS WASH. MAINE MONT. FLA. UNCHARTED WATERS America Is Using Up Its Groundwater Like There’s No Tomorrow Overuse is draining and damaging aquifers nationwide, a New York Times data investigation revealed. Groundwater level trends Rising Declining Groundwater level trends Rising Declining Groundwater level trends Rising Declining Groundwater level trends Rising Declining Note: Colors depict the median trend for each site over the previous 20 years.

☆ Wells Fargo overcharged nearly 11,000 investment accounts with advisory fees, SEC alleges
▼ + stars: | 2023-08-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —For years, Wells Fargo overcharged almost 11,000 investment advisory accounts about $27 million in fees, federal regulators alleged on Friday. Wells Fargo agreed to pay a $35 million civil penalty to settle the matter, without admitting or denying the SEC charges. The agency said Wells Fargo also paid account holders about $40 million — including interest — to reimburse customers who’d been overcharged. The SEC also said Wells Fargo overcharged some clients who opened accounts prior to 2014 through the end of 2022. Wells Fargo spokesperson Caroline Szyperski said Wells Fargo Advisors conducted a “thorough review” of accounts and has fully reimbursed affected customers.

Persons: Wells, Wells Fargo, “, ” Gurbir Grewal, Edwards, Caroline Szyperski, “ We’re Organizations: New, New York CNN, Securities, Exchange Commission, SEC, Wells Fargo Advisors, Wachovia, Advisors Locations: New York, Wells Fargo overcharged, Wells, Wells Fargo

The USAA Rate Advantage Visa® Platinum Credit Card is one of the card options from USAA that doesn't offer rewards. USAA Rate Advantage Visa Platinum Credit Card RewardsThe USAA Rate Advantage Visa® Platinum Credit Card doesn't offer any rewards, which is another one of its downsides. USAA Rate Advantage Visa Platinum Credit Card Benefits and FeaturesThe USAA Rate Advantage Visa® Platinum Credit Card is light on benefits, but there are a few perks to be aware of. USAA Rate Advantage Visa Platinum Credit Card Fees and CostsThe USAA Rate Advantage Visa® Platinum Credit Card doesn't charge an annual fee, nor does it charge any foreign transaction fees. USAA Rate Advantage Visa Platinum Card Frequently Asked QuestionsIs the USAA Rate Advantage Visa Platinum Credit Card a good balance transfer card?

Persons: USAA, Wells Organizations: Reading Chevron, USAA, Wells, Security Locations: USAA, Wells

☆ How to Score Big Credit Card Rewards — Without Playing the Miles Game
▼ + stars: | 2023-08-16 | by ( Emily Sherman | ) www.wsj.com time to read: +9 min

Credit card enthusiasts will tell you the best deals come from earning airline or hotel points and miles and redeeming them for free vacations worth hundreds or thousands of dollars. From cash back credit cards to flexible travel cards, these five options are a great choice for those who want to rack up rewards without playing the miles game. The best on the market right now is the Wells Fargo Active Cash Card, which offers 2% cash back on every purchase. Rates and FeesRent makes up the largest portion of most Americans’ budgets, but it is a particularly hard category to earn rewards on. The Bilt Mastercard is currently the only credit card on the market changing that.

Persons: Emily Sherman, Wells, spender, you’ll, Cardholders, cardholders Organizations: Wells, Cash, Citi, American, American Express, Walmart, Target, Bureau of Labor Statistics, Amazon.com, Foods, Chase Travel, Amazon Prime, Amazon, Mastercard Locations: U.S, Chase

USAA Preferred Cash Rewards Visa Signature Card RewardsThe USAA Preferred Cash Rewards Visa Signature® Credit Card offers a flat rate of 1.5% cash back as we already mentioned, and there is no welcome bonus offered on this card. USAA Preferred Cash Rewards Visa Signature Card Benefits and FeaturesThe USAA Preferred Cash Rewards Visa Signature® Credit Card doesn't have a ton of perks, but it does have some. USAA Preferred Cash Rewards Visa Signature Card vs. Wells Fargo Active Cash CardWhile the USAA Preferred Cash Rewards Visa Signature® Credit Card offers a better-than-average rate of 1.5% cash back with no annual fee, the Wells Fargo Active Cash® Card offers superior rewards and benefits by far. USAA Preferred Cash Rewards Card Frequently Asked QuestionsIs the USAA Preferred Cash Rewards Visa Signature Card a good card? Why You Should Trust Us: How We Reviewed the USAA Preferred Cash Rewards CardWhen reviewing the USAA Preferred Cash Rewards Visa Signature® Credit Card, we followed our credit card rating methodology.

Persons: Dash, USAA, Cash, you'll, Cardholders, it's, cardholders, Wells, Read Organizations: USAA, Wells, Chase Locations: J.D, USAA, Wells

"The drought in this village has been felt since April, and there has been no rain until now. The wells in this area have dried out, so residents can only get water from the river bed," Sunardi, who only goes by one name, told Reuters. Tobacco can live, but it doesn't grow optimally, so we have to keep watering it with the river bed water too." Sunardi's village has been digging up the river bed since June, when the water in their wells ran out. "Even if the river here is completely dry, we'll have to find it wherever it is," he said.

Persons: Heru, It's, Sunardi, Ardhasena Sopaheluwakan, El, Tris Adi Sukoco, Budi Purwanto, Johan Purnomo, Stanley Widianto, Miral Organizations: REUTERS, El, Reuters, Thomson Locations: Grobogan, Central Java, Indonesia, El Nino, Karanganyar, Java, Kalimantan, Beijing, Rome

☆ Wells Fargo says missing deposits glitch is resolved
▼ + stars: | 2023-08-05 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —The Wells Fargo glitch that made some customers’ direct deposits disappear from their bank accounts is over, the bank said on Saturday. “All accounts have been resolved and are showing accurate balances and transactions,” Wells Fargo spokesperson Amy Bonitatibus said in a statement to CNN. Wells Fargo said only a “limited number” of customers were unable to see recent check deposit transactions. Back in March, Wells Fargo reported the same problem of some customers’ direct deposits not showing up, according to an NBC News report. If customers notice missing funds from a Wells Fargo account or any bank account, they should contact the bank directly, according to the US Office of the Comptroller of the Currency.

Persons: ” Wells, Amy Bonitatibus, “, Wells Fargo Organizations: New, New York CNN, ”, CNN, NBC Locations: New York, Wells Fargo, Wells

☆ What to do if your Wells Fargo deposit is missing
▼ + stars: | 2023-08-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

Los Angeles CNN —Wells Fargo is once again cleaning up trouble with its customers’ bank accounts, and there are several steps you can take if you’ve been affected. Wells Fargo confirmed on Friday that the issue, which began on Thursday, is still ongoing. This isn’t the first time money has temporarily disappeared from some customer accounts at Wells Fargo. Still, if you’ve noticed missing funds from a Wells Fargo account or any bank account, you should contact your bank directly, according to the US Office of the Comptroller of the Currency. For those with a linked savings account at Wells Fargo, McBride advises transferring money from that account to cover any payments in the short term.

Persons: Wells, you’ve, Wells Fargo, ”, Greg McBride, McBride, ” McBride, “ Don’t Organizations: Los Angeles CNN, CNN, Bankrate, Consumer Financial, Bureau, OCC Locations: Wells Fargo, Wells

☆ Stocks, bonds, commodities or cash? Citi and others reveal how to allocate right now
▼ + stars: | 2023-07-25 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

As the S & P 500 's year-to-date rally nears 20%, some investors have questioned whether stocks could be nearing a tipping point. Here's what Citi, TS Lombard and the Wells Fargo Investment Institute advise. More gains to come for U.S. stocks: Citi Citi in a July 23 note said that while in the early months of 2023, the bull market was "very narrow," it believes markets could recover more broadly soon. The bank added that real yields could reach 4% above inflation over the next five years, "therefore, buying bonds in lieu of cash is advisable." Buying bonds would allow investors to lock in today's bond yields, but real yields would rise if inflation falls.

Persons: VIX, Wells, Lombard Organizations: Federal, Citi, TS Lombard, Wells, Investment Institute, Citi Citi, Citi Research, Wells Fargo Wells Fargo Investment Institute Locations: U.S, Wells Fargo Wells Fargo, Brazil, Mexico, India

☆ Chinese government bonds look attractive to foreign investors as yuan weakens: Strategist
▼ + stars: | 2023-07-25 | 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 EmailChinese government bonds look attractive to foreign investors as yuan weakens: StrategistGary Schlossberg of the Wells Fargo Investment Institute discusses the challenges China faces in its growth, but says a weakening yuan and low inflation spur appetite for Chinese government bonds amongst foreign investors.

Persons: Gary Schlossberg Organizations: Wells, Investment Institute Locations: China

☆ The 6 best credit cards to use for Costco purchases in 2023
▼ + stars: | 2023-07-19 | by ( Juan Ruiz | ) edition.cnn.com time to read: +13 min

Let’s take a look at what types of credit cards Costco accepts and the best credit cards for Costco purchases, whether you’re looking for financing, cash back or travel rewards. The best credit cards for Costco in 2023How did we choose our best credit cards when shopping at Costco in 2023? Best for Costco loyalists: Costco Anywhere Visa Card by CitiUse this credit card to earn bonus cash back on gasoline purchases, both at Costco and other gas stations. Best for travel rewards: Capital One Venture Rewards Credit CardEarn travel rewards on your Costco purchases with the Capital One Venture card. These premium Chase cards include the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® Card, or Ink Business Preferred® Credit Card.

Persons: it’s, It’s, cardholders, Read, Cash Organizations: CNN, American Express, Costco, Getty, Mastercard, American, Google, Samsung, Citi, EV, Read CNN, Wells, Costco Wholesale Clubs, Capital One Venture, One Venture, Venture, Capital, Chase, Sapphire, Ink Business, Ink, Cash, Citi Travel, Card, Citi Prestige ® Locations: drugstores

☆ California new oil well approvals have nearly ground to a halt
▼ + stars: | 2023-07-13 | by ( Nichola Groom | ) www.reuters.com time to read: +3 min

July 13 (Reuters) - California, the seventh-biggest U.S. crude oil producer, has put a near halt on issuing permits for new drilling this year, according to state data. New drilling permits have steadily declined since Gavin Newsom became governor in 2019, but the current rate of approval represents a sudden and dramatic drop. In an email, CalGEM attributed the smaller number of approvals to both the broader decline in California oil production and litigation that has paused permitting by Kern County, the center of the state's oil industry. The governor wants to phase out oil drilling in the state by 2045. California also passed a law last year banning oil and gas drilling within 3,200 feet of structures including homes, schools and hospitals.

Persons: Gavin Newsom, CalGEM, CIPA's Zierman, CIPA, Liza Tucker, Nichola Groom, Leslie Adler Organizations: Energy Management Division, California Independent Petroleum Association, Sentinel Peak Resources, San Luis Obispo County, Natural Resources Management, FracTracker Alliance, Reuters, Consumer, Consumer Watchdog, tinker, Thomson Locations: California, Kern County, San Luis Obispo

☆ Wall Street cheers cool CPI with stock rally; dollar, yields decline
▼ + stars: | 2023-07-12 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

REUTERS/Ralph OrlowskiSummaryCompanies U.S. CPI data for June shows inflation slowdownWall Street stocks gainDollar, Treasury yields dropOil and gold gainJuly 12 (Reuters) - Wall Street stocks advanced on Wednesday and the dollar and Treasury yields fell after new U.S. inflation data showed a slowdown in the seemingly relentless rise of consumer prices. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. Shares of big tech-related companies, which tend to be sensitive to higher interest rates, gave the S&P 500 its biggest boost. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.865%, down 11.9 basis points . Wall Street banks overall are expected to report higher profits as rising interest payments offset a downturn in deal making.

Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Will Dunham, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, CPI, Bank of England, U.S, Sit Investment, Fed, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Wednesday, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, Wednesday ., Boston, London, Singapore, Carolina, New York

[1/2] A trader works at the Frankfurt stock exchange, amid the coronavirus disease (COVID-19) outbreak, in Frankfurt, Germany, December 30, 2020. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. CPI advanced 3.0% in the 12 months through June, down from 4.0% in May and the smallest year-on-year increase since March 2021. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.853%, down 12.9 basis points . EARNINGS AHEADOvernight in Asia, Australia's S&P/ASX 200 index (.AXJO) rose 0.4%, while the bouncing yen knocked Japan's Nikkei (.N225) down 0.8%.

Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, Bank of England, U.S, Sit Investment, Fed, Bank of Canada, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, dealmaking, Boston, London, Singapore, Carolina, New York

☆ Exclusive: Mexico's Pemex to lose some 100,000 bpd of crude this month after fire -source
▼ + stars: | 2023-07-11 | by ( Ana Isabel Martinez | ) www.reuters.com time to read: +3 min

[1/3] Boats spray water onto an offshore oil platform that caught fire at the Pemex's Cantarell Field, in the Bay of Campeche, Gulf of Mexico, Mexico July 7, 2023. The reduced production implies that in total Pemex will lose at least 2 million barrels of crude through the end of July, according to Reuters estimates. That means output from Pemex's offshore fields, from which the company extracts most of its oil, will be impacted in the meantime. MOUNTING CLAIMSCantarell, which produced more than 2 million bpd of oil two decades ago, currently produces about 170,000 bpd. Along with Ku-Maloob-Zaap, which contributes some 620,000 bpd from Pemex's northeastern marine region, they provide around 41% of the company's total production of 1.9 million bpd of crude and condensate.

Persons: Pemex, Ana Isabel Martinez, Conor Humphries Organizations: REUTERS, Ciudad del Carmen, Thomson Locations: Bay, Campeche, Gulf of Mexico, Mexico, Handout, MEXICO, Ciudad

☆ Bank of America fined $150 million for consumer abuses including fake accounts, bogus fees
▼ + stars: | 2023-07-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

A man walks past an automated teller machine (ATM) outside Bank of America Corp. headquarters in Charlotte, North Carolina, U.S., on Monday, May 2, 2016. Bank of America , the second largest U.S. bank by assets, engaged in deceptive practices that hurt hundreds of thousands of its customers in recent years, the Consumer Financial Protection Bureau said Tuesday. The announcement Tuesday is the latest sign that some of the practices exposed by the Wells Fargo fake accounts scandal in 2016 weren't confined to that bank. Regulators have punished Wells Fargo for a sales culture that led to the creation of 3.5 million fake accounts. But other lenders have had similar lapses, including U.S. Bank , which paid a $37.5 million fine last year for putting customers into unauthorized accounts.

Persons: Rohit Chopra, Bill Halldin, Wells, weren't Organizations: Bank of America Corp, Bank of America, Consumer Financial, of America, Regulators, U.S . Bank Locations: Bank, Charlotte , North Carolina, U.S

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