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☆ Private micro gyms costing $11 an hour are popping up all over Singapore and the model is going global
▼ + stars: | 2023-07-24 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Micro gyms costing around $11 an hour in Singapore are popping up near parks, malls, and petrol stations. The Gym Pod has 140,000 registered app users worldwide with interest growing after the pandemic. According to Bloomberg, it has 120,000 registered users in Singapore. Another company, My Gym Lab, also founded in Singapore, offers small spaces it calls labs across the city. The Gym Pod is hoping to expand into international markets and will be launching its first pod in China in the coming weeks, the spokesperson said.

Persons: Damian Chow, Omar Martin Organizations: Service, Bloomberg Locations: Singapore, Wall, Silicon, Chicago, China

☆ Ann Roth Is Hollywood’s Secret Weapon
▼ + stars: | 2023-07-23 | by ( Maureen Dowd | More About Maureen Dowd | ) www.nytimes.com time to read: +1 min

“It was probably Jude Law and Matt Damon in ‘The Talented Mr. Ripley,’” she said. “Not grain.”After all, as Ms. Roth said slyly, “I’m the world’s oldest costume designer, damn it!”Confirm or DenyMaureen Dowd: You have been wearing blue toenail polish every day since 1953. Ann Roth: Mike Nichols asked me to come to dinner with Anthony Minghella at the fancy Chinese restaurant in Beverly Hills, Mr Chow. She taught me about a fabric that was made in Czechoslovakia and found in Switzerland called silk souffle, which really doesn’t exist anymore. Cameramen sometimes liked to use it on their lenses because it made people look better.

Persons: Jude Law, Matt Damon, ‘, Ripley, ’ ”, Mamma Mia, ’, Mia, Streep, Roth, slyly, “, Maureen Dowd, Ann Roth, Mike Nichols, Anthony Minghella, Mr Chow, Minghella, Mike, “ You’re, Miles White, Marlene Dietrich, Miles Organizations: Ringling Bros, Barnum, Bailey, “ Locations: Beverly Hills, Las Vegas, Czechoslovakia, Switzerland

☆ Patrol dogs are terrorizing and mauling prisoners inside the United States
▼ + stars: | 2023-07-23 | by ( Hannah Beckler | ) www.businessinsider.com time to read: +64 min

But prison patrol dogs aren't deployed for chases; they are used inside the prison walls. Tri-State Canines training facility, Warren, OhioVirginia Department of Corrections patrol dogs are typically Belgian Malinois, Czech shepherds, or German shepherds. Department patrol dogs are trained to bite once and hold to minimize flesh tears and lacerations. Patrol dog kennels, Virginia Department of CorrectionsThe patrol dog kennels are even smaller, at 6 feet by 10. A veterinary technician who treated patrol dogs at a clinic in Lebanon, Virginia, said she was told not to touch the patrol dogs in her care without their handler present.

Persons: Santos Cardona, Michael Smith, Smith, Marco, crouch, Mohammed Bollendia, protectively, Ashraf Abdullah Ahsy, Ivan L, Frederick II, Cardona, Abu, John Ketzer, Ketzer, Michael J, Donald Rumsfeld, Rumsfeld, Abu Ghraib, Lane McCotter, Gary DeLand, Terry Bartlett, Richard Billings, Larry DuBois, John Armstrong, Terry Stewart, Charles Ryan, Ryan, Stewart, Adrian Duran, cradled, Duran he'd, Duran, Blackie, growled, he'd, It's, extractions, they're, Jerko, Jeremy Defour, Bert, Antwon Whitten, Virginia, Peter C, Meade, —, Oikeutta eläimille, Dave Blosser, Blosser, Eli Hiller, he's, Matthew Johnson, Oscar, Johnson, Oscar growled, Boris, Cajos, Linwood Mathias, Lucas Pruitt, Mathias, Xavia Goodwyn, sicced Lojzo, Edris, Michael Watson, Watson, Thomas Rose, Rose, Goodwyn, Red, Rick White, Ron Angelone, Wallens, Tyler Parry, Charlton Yingling, Parry, Eugene, Bull, Connor, Bill Hudson, Yingling, Solomon Northup, Solomon, Walter Gadsden, Malcolm X, Michael Brown, Ferguson, They're, Jeffery, White, Curtis Garrett, Garrett, Kathleen Dennehy, Dennehy, Aaron Fedor, Jimmy Stanley, Dora Schriro, Schriro, Omar, Dionisio Paulino, Paulino, Robert Silva, Adrian Duran's, Adrian Duran Duran, Adrian, unwound, Sussex II, Whitten, Western District of Virginia Jeremy Defour, Defour, Kenneth Licklider, Chris Robbins, Rivan, she'd, They've, Stephen McReynolds, McReynolds, Daniel Clinton, Tom, Clinton, basketballs, Clinton's, Fuga, Jamie Elliott, Elliott, Duran couldn't, Bodhi, Jamie, Jawan Lee, Lee, Lee's Organizations: US, Business, Associated Press, Department of, Rights, Department, Justice, Department of Justice, Virginia Department of Corrections Police, Human Rights Watch, Virginia Department of Corrections, University of Virginia School of Law, Sussex II, Police, Kern Medical, Arizona Department of Corrections, Rehabilitation, The Indiana Department of Correction, Delaware Department of Correction, South, New Jersey Department of Corrections, Tri, Warren , Ohio Virginia Department of Corrections, State Canine Services, Court, Western District of, Red, View Regional, Onion, North Correctional Center, Corrections, Goodwyn, FBI, Ku Klux Klan, Human Rights, University of Nevada, University of Louisville, AP, Breeders, Ferguson Police Department, Souza, Baranowski, Commonwealth, Baranowski Correctional, Prentice, Black, United States, District, Massachusetts, Housing, Virginia Commonwealth University Health, Virginia, Housing Unit, Patrol, Southwest, Southwest Virginia Veterinary Services Locations: Abu Ghraib, Iraq, Belgian, Baghdad, Abu, United States, New Mexico, Utah, DeLand, Billings, Bartlett, Arizona, DuBois, Massachusetts, Armstrong, Connecticut, Arizona , Connecticut, Delaware , Indiana , Iowa , Massachusetts , New Jersey, Virginia, Alexandria , Virginia, Los Angeles, backyards, Sussex, lunging, Indiana, Richmond , Virginia, Iowa, Augusta, Ridge, New Jersey, South Woods, Warren ,, Czech, Europe, , Virginia, Western District, Western District of Virginia, Warren , Ohio, Holland, Tri, Canton , Ohio, Wallens, Onion, Red Onion, View, Norton , Virginia, Portsmouth , Virginia, Kentucky, Birmingham , Alabama, Las Vegas, Americas, Caribbean, American, Ferguson , Missouri, Lancaster , Massachusetts, Richmond, Lebanon , Virginia, Southwest Virginia, Lebanon, Waverly , Virginia, chihuahua

☆ Explainer: Dalian Wanda's repayment woes weigh on China property sentiment
▼ + stars: | 2023-07-21 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

HOW MUCH DEBT DOES DALIAN WANDA HAVE? Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is the country's largest commercial property developer managing many shopping malls, offices and hotels across the country. WHAT IS NEXT FOR DALIAN WANDA? If Wanda Commercial manages this repayment, the next deadline will be a 3.5 billion yuan onshore bond due on July 29. "The extreme volatility in Dalian Wanda's bond prices shows how fearful and emotional the market is at this point."

Persons: DALIAN WANDA, China's, Wang Jianlin, Wanda Commercial, Wanda, Sandra Chow, Scott Murdoch, Jamie Freed Organizations: Dalian Wanda, DALIAN, Dalian Wanda Group, Dalian Wanda Commercial Management, Zhuhai, Bloomberg News, Country Garden, HK, Ocean Group, Thomson Locations: HONG KONG, Dalian, Hong Kong, Asia, Pacific, Sydney

"For China, it is 'bad news is good news' at the moment," said Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney. Even before the latest disappointing growth data, a slew of soft economic indicators had shown China's recovery was falling short, slamming the brakes on nascent stock market rallies. Foreign money has been leaving, with worries over China's cyber-security crackdowns and Sino-U.S. flaps over chips and rare metals adding to growth concerns. REVIEWING CHINAGoldman Sachs analysts led by Kinger Lau also believe a 'tactical market recovery' thesis is compelling, and project a 15% 12-month return for the CSI300. "We are conservative about the extent of the policy support down the road," said Alicia Garcia Herrero, chief economist, Asia Pacific at Natixis.

Persons: Jun Bei Liu, Liu, Marcella Chow, CHINA Goldman Sachs, Kinger Lau, it's, Mike Kelly, Alicia Garcia Herrero, Eugenia Victorino, SEB, Victorino, Ting Lu, Jason Xue, Tom Westbrook, Kim Coghill Organizations: Tribeca Investment Partners, CSI, Morgan Asset Management, CHINA, JPMorgan, PineBridge Investments, Nomura, Thomson Locations: China, Sydney, U.S, Asia, Natixis, Shanghai

☆ It's hard to see how weaker Chinese developers will regain homebuyer confidence, says analyst
▼ + stars: | 2023-07-18 | 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 EmailIt's hard to see how weaker Chinese developers will regain homebuyer confidence, says analystSandra Chow, co-head of Asia-Pacific research at CreditSights, says there's an "increasing bifurcation" in China's property sector — between strong and state-linked developers and smaller ones that are "left to languish."

Persons: Sandra Chow Locations: Asia, Pacific, China's

To refine their popular technology, new artificial intelligence platforms like ChatGPT are gobbling up the work of authors, poets, comedians and actors — without their consent. Sheera Frenkel, a technology correspondent for The Times, explains the rebellion that’s now brewing.

Persons: —, Sheera Frenkel Organizations: The Times

☆ Evergrande's overdue results to show steep losses, market eyes liquidity update
▼ + stars: | 2023-07-17 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The developer defaulted in late 2021 and has been struggling to complete projects and repay its many suppliers and creditors. After announcing an offshore debt restructuring plan in March, it is now garnering support to complete the process. Charles Macgregor, head of Asia of Lucror Analytics, said he was not optimistic about Evergrande's results. Analysts expect Evergrande to post steep losses for 2021 and 2022, years in which its contracted sales fell to 443 billion yuan and 31.7 billion yuan respectively, versus 723 billion yuan in 2020. Evergrande's shares listed in Hong Kong have been halted from trading since March 21 last year, pending the financial results and an investigation into a 13.4 billion yuan of seized deposits of a unit.

Persons: Sandra Chow, Charles Macgregor, Evergrande, Clare Jim, Himani Sarkar Organizations: China Evergrande, HK, Asia, Lucror, Thomson Locations: HONG KONG, China, China's, Asia, Hong Kong

Vietnam targets LNG-sourced gas generating up to 22.4 gigawatts (GW) of power by 2030, enough to power 20 million households and account for nearly 15% of national power supply. Complicating LNG efforts, much of Vietnam's planned gas power investment is directed to the south of the country despite the under-served north's greater vulnerability to blackouts. Reuters GraphicsThe first plant due to come online, the Nhon Trach 3 facility being built by state-run PetroVietnam Power (PV Power) (POW.HM) near Ho Chi Minh City, is scheduled to begin operation in late 2024. Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted "hard negotiations". PV Gas said this month it was in talks with U.S. energy giant ExxonMobil and Russia's Novatek on LNG cooperation.

Persons: Thi, Kaushal Ramesh, EVN, Japan's Marubeni, Takafumi, Rystad's Ramesh, Francesco Guarascio, Khanh, Emily Chow, Florence Tan, Phuong Nguyen, Tony Munroe, William Mallard Organizations: European Chamber of Commerce, Reuters, Energy, Tokyo Gas, Industry, Plant, Foreign, Delta Offshore Energy, Gulf International Holdings, Delta Offshore, Gulf Energy Development, Buyers, PV Gas, ExxonMobil, Russia's, Gas, Thomson Locations: Vietnam, Hanoi, HANOI, China, Thailand, Singapore, Philippines, Ho Chi Minh City, Oslo, U.S, Tokyo, Quang Ninh, South, Southeast Asia, Asia, Khanh Vu

Two weeks ago, the United States Supreme Court struck down affirmative action, declaring that the race-conscious admissions programs at Harvard and the University of North Carolina were unlawful. Today, three people whose lives were changed by affirmative action discuss the complicated feelings they have about the policy.

Organizations: United States Supreme, Harvard, University of North Locations: University of North Carolina

Tens of millions of Americans changed jobs over the past two years, a rare moment of worker power as employees demanded higher pay, and as employers, short on staff, often gave it to them. The tidal wave of quitting became known as the “great resignation.” Now, as the phenomenon seems to have fizzled out, the Times economic writer Ben Casselman discusses whether there have been any lasting benefits for American workers.

Persons: ”, Ben Casselman

☆ Oil steady as demand woes from weak economic data offset by OPEC+ cuts
▼ + stars: | 2023-07-10 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

HOUSTON, July 10 (Reuters) - Oil prices were little changed on Monday in choppy trading as demand woes after weak economic data from top consumers the United States and China were offset by expected crude supply cuts from Saudi Arabia and Russia. "Oil traders may be cautious ahead of the U.S. CPI (Consumer Price Index) and China's slew of economic data later this week," CMC Markets analyst Tina Teng said of inflation data due on Wednesday. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. However, crude prices could rebound after producer group OPEC+ announced plans to reduce supply further, Teng added. Money managers stepped up net long positions in oil futures and options contracts in the latest weekly data.

Persons: Brent, Tina Teng, Loretta Mester, Teng, Ole Hansen, Hansen, Arathy Somasekhar, Noah Browning, Florence Tan, Emily Chow, Alexander Smith, David Goodman, Peter Graff Organizations: . West Texas, U.S . CPI, Consumer, CMC, U.S . Federal Reserve, Federal Reserve Bank, Cleveland, OPEC, International Energy Agency, Saxo Bank, Money, Thomson Locations: United States, China, Saudi Arabia, Russia, ., Saudi, WTI, Brent

SINGAPORE, July 10 (Reuters) - Oil prices dipped in Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, though expected crude supply cuts from Saudi Arabia and Russia limited losses. "Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said. However, crude prices could rebound after OPEC+ announced plans to further reduce supply, she said. "The presence of economic slowdowns in China adds to the prevailing uncertainty in the oil market," said Mukesh Sahdev, head of downstream and oil trading at Rystad Energy. U.S. oil rigs fell by five to 540 last week, lowest since April 2022, according to a Baker Hughes report on Friday.

Persons: Tina Teng, China's, Mukesh Sahdev, Morgan, Tony Sycamore, Baker Hughes, Florence Tan, Emily Chow, Tom Hogue, Stephen Coates Organizations: Brent, U.S . West Texas, U.S . CPI, CMC, Rystad Energy, OPEC, Federal Reserve, U.S . Commodity Futures Trading Commission, Thomson Locations: SINGAPORE, United States, China, Saudi Arabia, Russia, U.S, Saudi, Ain Sukhna, OPEC

☆ The 21 new cardinals named by Pope Francis on Sunday
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

VATICAN CITY, July 9 (Reuters) - Pope Francis announced on Sunday that he would induct 21 churchmen to the high rank of cardinal in September. The following are set to become cardinals:Cardinal Electors under 801 - Archbishop Robert Prevost, American, Vatican official, head of the Dicastery for Bishops2 - Archbishop Claudio Gugerotti, Italian, Vatican official, head of the Dicastery for the Eastern Churches3 - Archbishop Víctor Fernández, Argentine, Vatican official, head of the Dicastery for the Doctrine of the Faith4 - Archbishop Emil Tscherrig, Swiss, Vatican ambassador to Italy5 - Archbishop Christophe Pierre, French, Vatican ambassador to the United States6 - Archbishop Pierbattista Pizzaballa, Italian, Latin Patriarch of Jerusalem7 - Archbishop Stephen Brislin, South African, Archbishop of Cape Town8 - Archbishop Ángel Rossi, Argentine, Archbishop of Córdoba9 - Archbishop Luis Aparicio, Colombian, Archbishop of Bogotá10 - Archbishop Grzegorz Ryś, Polish, Archbishop of Lodz11 - Archbishop Stephen Mulla, Sudanese, Archbishop of Juba, South Sudan12 - Archbishop José Cano, Spanish, Archbishop of Madrid13 - Archbishop Protase Rugambwa, Tanzanian, Archbishop of Tabora14 - Bishop Sebastian Francis, Malaysian, Bishop of Penang15 - Bishop Stephen Chow Sau-Yan, Bishop of Hong Kong16 - Archbishop François-Xavier Bustillo, Spanish-French, Bishop of Ajaccio, Corsica. 17 - Bishop Américo Alves Aguiar, Portuguese, Auxiliary Bishop of Lisbon18 - Father Ángel Fernández Artime, Spanish, head of the Salesian orderOver 80 and not eligible to enter a conclave19 - Archbishop Agostino Marchetto, Italian, former Vatican diplomat20 - Archbishop Diego Padrón Sánchez, Venezuelan, Archbishop Emeritus of Cumaná. 21- Father Luis Dri, Argentine priestReporting by Philip Pulella and Federico Maccioni; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Pope Francis, Cardinal, Robert Prevost, Claudio Gugerotti, Víctor Fernández, Emil Tscherrig, Christophe Pierre, Pierbattista Pizzaballa, Stephen Brislin, Ángel Rossi, Luis Aparicio, Grzegorz Ryś, Stephen Mulla, of, José Cano, Protase Rugambwa, Bishop Sebastian Francis, Bishop Stephen Chow Sau, Bishop, François, Xavier Bustillo, Bishop of, Bishop Américo Alves Aguiar, Ángel Fernández, Agostino Marchetto, Diego Padrón Sánchez, Luis Dri, Philip Pulella, Federico Maccioni, Alexander Smith Organizations: CITY, Cardinal Electors, Vatican, Bishops, Cape, Argentine, Salesian, Cumaná, Thomson Locations: Argentine, Italy, Vatican, United States, Jerusalem, South, Córdoba, Bogotá, Lodz, of Juba, South Sudan, Madrid, Tabora, Bishop, Penang, Hong Kong, Spanish, Bishop of Ajaccio, Corsica, Portuguese, Lisbon

☆ Pope Francis announces 21 new cardinals
▼ + stars: | 2023-07-09 | by ( Philip Pullella | ) www.reuters.com time to read: +1 min

Eighteen of the churchmen are under 80 and will be able to enter an eventual conclave to choose the next pope. The new cardinals come from countries including the United States, Italy, Argentina, South Africa, Spain, Colombia, South Sudan, Hong Kong, Poland, Malaysia, Tanzania, and Portugal. Three of the new cardinals were recently named as heads of major Vatican departments, including Argentine Archbishop Victor Manuel Fernandez, head of the Vatican's doctrinal department. Another significant appointment was that of Bishop Stephen Chow Sau-Yan of Hong Kong. Reporting by Federico Maccioni and Philip Pullella; Editing by Alison Williams and Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pope Francis, Francis, Victor Manuel Fernandez, Bishop Stephen Chow Sau, Chow, Federico Maccioni, Philip Pullella, Alison Williams, Sharon Singleton Organizations: Sunday, Church, Argentine, Catholic Church, Thomson Locations: St, United States, Italy, Argentina, South Africa, Spain, Colombia, South Sudan, Hong Kong, Poland, Malaysia, Tanzania, Portugal, China

SINGAPORE/LONDON, July 7 (Reuters) - Thailand's largest energy company, state-controlled PTT (PTT.BK), is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters. The Gulf energy giant has been in negotiations with several other Asian buyers this year and has so far signed three LNG supply deals with Asian buyers, with more expected later this year. PTT also signed a nine-year deal with Oman LNG at the start of the year, which will see it receive 800,000 tons of LNG per year beginning 2026. Thailand, a net oil and gas importer, needs to increase imports of LNG to offset a steep production fall at its gas fields. So far, the country has imported around 6 million tons of LNG this year versus 8.7 million tons in 2022, according to data firm Kpler.

Persons: Maha El, Mark Potter Organizations: Qatar, Reuters, PTT, LNG, Oman LNG, Thomson Locations: SINGAPORE, LONDON, Qatar, Ukraine, Europe, Russia, Oman, Thailand, Maha El Dahan, Dubai, Chayut, Bangkok

Last week, the Supreme Court struck down President Biden’s sweeping plan to cancel billions of dollars in student loan debt. Stacy Cowley, a finance reporter for The New York Times, explains what the decision means for borrowers now facing their first payments since a coronavirus pandemic-related pause and how an alternative plan could still ease their burden.

Persons: Biden’s, Stacy Cowley Organizations: The New York Times

Brent crude futures settled down 1%, or 76 cents, at $74.65 a barrel while U.S. West Texas Intermediate crude settled down 1.2%, or 85 cents, to $69.79. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. "Oil is facing serious economic headwinds and the market is trying to make sense of what additional crude cuts mean in that context," said John Kilduff, partner at Again Capital LLC in New York. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy factory activity last month in Europe, China limits gainsJuly 3 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, prompting prices to bounce of early losses spurred by worries about a slowing global economy and possible U.S. interest-rate hikes. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Brent crude futures were up 0.6%, or 43 cents, at $75.84 a barrel by 11:52 a.m. EDT (1652 GMT) U.S. West Texas Intermediate crude rose 0.6%, or 39 cents, to $71.03. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: Brent, West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, U.S, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy European PMI data limits gainsLONDON, July 3 (Reuters) - Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Russia, seeking to nudge up global oil prices in concert with Saudi Arabia, will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd. Brent has dropped from $113 a barrel a year ago, sent lower by concerns of an economic slowdown and ample supplies from major producers.

Persons: Alexander Novak, Brent, Tamas Varga, Prices, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman Organizations: OPEC, . West Texas, Thomson Locations: Saudi Arabia, Russia, Riyadh, Moscow, China, Europe, London, Singapore

Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again. Brent crude futures were down 4 cents to $75.37 a barrel by 0800 GMT after settling up 0.8% on Friday. "Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. Oil demand is set to jump to its highest level ever in the second half of the year," PVM analyst Tamas Varga said.

Persons: Brent, WTI, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Sonali Paul, David Evans Organizations: PMI, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, Thomson Locations: China, Saudi, U.S, Saudi Arabia, London, Singapore

☆ Oil prices ease on fears of weaker demand
▼ + stars: | 2023-07-03 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. "OPEC+'s multi-output-cuts have kept oil prices above key levels, which may see a further production reduction by the cartel to keep the crude market's stability," said Tina Teng, an analyst at CMC Markets. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day (bpd), its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Tina Teng, Baker Hughes, Florence Tan, Emily Chow, Sonali Paul Organizations: PMI, SINGAPORE, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, CMC, Organization of, Petroleum, U.S . Energy, Administration, Thomson Locations: China, Saudi, U.S, Saudi Arabia, OPEC, Iraq, Nigeria

☆ U.S. faces a wild weekend of weather, including extreme heat and severe storms
▼ + stars: | 2023-06-30 | by ( Denise Chow | ) www.cnbc.com time to read: +4 min

In an update Friday, the National Weather Service said heat is building along the West Coast and is expected to bring hot and dry conditions to much of California this weekend. Across the central Plains and into the South, which have been baked by high temperatures for days, the heat is expected to persist. Texas, which has been sweltering under an intense, early-season heat wave for the past three weeks, is expected to cool slightly from triple-digit temperatures. As the ongoing heat dome expands deeper into the South, high heat and humidity are expected to blanket parts of Missouri, Arkansas, Louisiana, Tennessee, Mississippi and Alabama through the weekend. Thousands of flights have been disrupted or canceled since Wednesday, adding strain to what is anticipated to be a busy travel weekend.

Persons: Charles Newell, Newell Organizations: National Weather Service, Mexican Health Ministry, Reuters, Emergency Management, Homeland Security Agency, Prediction Center Locations: United States, West, Midwest, Northeast, California, Northern California, Missouri, Gulf, . Texas, Texas, Mexico, Missouri , Arkansas , Louisiana , Tennessee , Mississippi, Alabama, Memphis, Shelby, Mississippi, Tennessee, Canada

On Thursday, the Supreme Court overturned decades of precedent by striking down affirmative action and declaring that the race-conscious admissions programs at Harvard and the University of North Carolina were unlawful. Adam Liptak, who covers the court for The New York Times, explains the ruling, and what it means for American society.

Persons: Adam Liptak Organizations: Harvard, University of North, The New York Times Locations: University of North Carolina

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