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☆ Manhattan office market's tough outlook persists, leaving investors on sidelines
▼ + stars: | 2023-07-12 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/2] The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Opportunistic investors who could clear the market of unneeded office space and help lift values are biding their time, sitting on the sidelines, Lim said. The increase in negative absorption comes despite the number of office jobs in Manhattan now exceeds pre-pandemic levels. And Savills Plc (SVS.L) said direct available office space in Manhattan now measures 70.4 million square feet, the highest in history.

Persons: Mike Segar, There's, Andrew Nelson, Andrew Lim, Lim, JLL, Nelson, Mark Berry, Kroll, Herbert Lash, Nick Zieminski Organizations: Empire, Vanderbilt, REUTERS, Reuters, Nelson Economics, Jones Lang LaSalle Inc, SOAR, Kroll Bond, Agency, Thomson Locations: Manhattan, New York City, U.S, Washington, New York

Companies Bp Plc FollowTotalEnergies SE FollowFRANKFURT/LONDON, July 12 (Reuters) - Oil majors BP (BP.L) and TotalEnergies (TTEF.PA) emerged as the winners in a 7 gigawatt (GW) offshore wind site auction in Germany worth 12.6 billion euros ($13.96 billion), highlighting the appeal of renewable assets across Europe. "The results confirm the attractiveness of investments in offshore wind power in Germany," said Klaus Mueller, president of Germany's energy regulator Bundesnetzagentur. Analysts at Jefferies noted the high price for the auction, adding that it implied "high interest in European offshore wind sites from energy companies/developers". BP won the rights to develop two projects, marking its entry into offshore wind in continental Europe and representing 4 GW out of the total, it said in a separate statement. "This is a significant milestone for BP, showing our commitment to transitioning into an integrated energy company," BP head of offshore wind Matthias Bausenwein said.

Persons: Klaus Mueller, Matthias Bausenwein, Patrick Pouyanne, TotalEnergies, Vera Eckert, Christoph Steitz, Ron Bousso, Friederike Heine, Sharon Singleton, Chris Reese Organizations: Bp, Oil, BP, Jefferies, Federal, Thomson Locations: FRANKFURT, LONDON, Germany, Europe, Heligoland, Baltic, Ruegen, TotalEnergies, Frankfurt, London

☆ UK workers at Royal Mail accept pay deal, ending long dispute
▼ + stars: | 2023-07-11 | by ( Muvija M | ) www.reuters.com time to read: +2 min

[1/2] A Royal Mail sign is pictured on a delivery lorry at the Mount Pleasant mail centre in London, Britain, February 2, 2023. REUTERS/Peter Cziborra/File PhotoLONDON, July 11 (Reuters) - British postal workers have voted overwhelmingly in favour of a three-year pay deal with employer Royal Mail, ending a long dispute that has cost the company hundreds of millions of pounds and prompted the departure of its boss. "This has been the most challenging period in both the history of the union and the company," Communication Workers Union (CWU) General Secretary Dave Ward said in a statement on Tuesday. Simon Thompson, who took over as Royal Mail's CEO in early 2021, drew heavy criticism from the CWU over his handling of the pay dispute. Royal Mail's parent, International Distributions Services Plc (IDS) (IDSI.L), said the agreement provided Royal Mail a platform for the next phase of "stabilising the business whilst continuing to drive efficiencies and change".

Persons: Peter Cziborra, Dave Ward, Simon Thompson, Muvija, William James, Mark Potter Organizations: Mount, REUTERS, Royal Mail, Communication Workers Union, Royal, International, Services, IDS, Thomson Locations: Mount Pleasant, London, Britain

☆ World Bank names CEOs to help bring private funds to climate, development finance
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, July 10 (Reuters) - The World Bank on Monday named 15 chief executive officers including financiers and asset managers to a group launched by the lender's president, Ajay Banga, aiming to marshal more private capital to combat climate change and boost investment in developing countries. Banga announced the initiative at a global finance summit in Paris last month alongside Mark Carney, the U.N. special envoy on climate action, and Shriti Vadera, chair of Prudential Plc (PRU.L). The World Bank and the CEOs will work "to develop, test, implement and ultimately scale financing structures that can most effectively mobilize private capital," Carney said in a statement. He said in a statement that the Private Investment Lab CEOs were a "crucial piece of the puzzle" to devise ways to pull more private sector investment into the intertwined challenges of poverty, climate and fragility. Reporting by David Lawder; Editing by Will Dunham and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Ajay Banga, Joe Biden, King Charles . Banga, Mark Carney, Shriti Vadera, Carney, Thomas Buberl, Larry Fink, BlackRock, Noel Quinn, Hendrik du Toit, Jessica Tan, Sim Tshabalala, Bill Winters, Dilhan, Mark Gallogly, Banga, David Lawder, Will Dunham, David Gregorio Our Organizations: Bank, Investment, U.S, Prudential Plc, World Bank, AXA, HSBC, Shemara, Mitsubishi UFJ Financial, Ping An, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy, Tata Sons, Temasek, Cairns, Mastercard, Private Investment, Thomson Locations: Britain, Paris, Macquarie, Banga

☆ BP settles US natgas market manipulation case for $10.75 million
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

The U.S. Federal Energy Regulatory Commission (FERC) alleged that BP violated the Natural Gas Act by manipulating the next-day gas market at Houston Ship Channel from mid-September through Nov. 30, 2008. BP paid a civil penalty of $24,356,686 in December 2020 and disgorgement of unjust profits of $250,295 in January 2021 in the case. FERC said under the settlement BP will not seek return of the $250,295 of disgorgement it has paid. The case related to actions by BP traders to take advantage of market dislocations around the time Hurricane Ike smashed into the Houston area in September 2008. FERC's Office of Enforcement alleged BP traders made uneconomic physical gas sales to suppress the Houston Ship Channel Gas Daily index and boost the value of BP's financial position.

Persons: Ike, Scott DiSavino, Bill Berkrot Organizations: Bp, BP, U.S . Federal Energy Regulatory Commission, Houston Ship Channel, U.S ., Appeals, Fifth Circuit, FERC, U.S . Court, Federal, FERC's, Enforcement, Houston Ship Channel Gas, Thomson Locations: U.S, Houston

☆ Barclays hires Birchenough as chairman of healthcare investment banking
▼ + stars: | 2023-07-07 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters) - Barclays Plc (BARC.L) has hired Jim Birchenough from Wells Fargo & Co (WFC.N) as its chairman of global healthcare investment banking, a spokesperson for the British bank confirmed, after Reuters reported on the appointment on Friday. Birchenough last served as vice chairman of biopharma investment banking at Wells Fargo. In his new role, Birchenough will also lead Barclays' global biopharma investment banking unit alongside Alexis de Rosnay, who joined the bank last year and is taking on an expanded role in addition to his responsibilities as chairman of global healthcare investment banking. More than two dozen U.S. investment bankers have left Barclays since January when it named two new global co-heads of investment banking. They are Cathal Deasy, former co-head of Credit Suisse Group AG investment banking and capital markets, and Taylor Wright, former co-head of Morgan Stanley (MS.N) global capital markets.

Persons: Jim Birchenough, Birchenough, Wells, Alexis de Rosnay, Darren Campili, Jim, Richard Landgarten, Cathal Deasy, Taylor Wright, Morgan Stanley, David Carnevali, Anirban Sen, Mark Porter, Will Dunham, Richard Chang Organizations: YORK, Barclays Plc, Wells Fargo & Co, Reuters, Barclays, BMO Capital Markets, Lehman Brothers, Wells, Credit Suisse Group, Thomson Locations: Wells, Wells Fargo, San Francisco, New York

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

☆ BP in talks over insurance deal for pension scheme, Financial Times reports
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowJuly 7 (Reuters) - Energy giant BP (BP.L) is in talks with insurers over a so-called buy-in deal for its 30 billion pound ($38.30 billion) pension scheme, the Financial Times reported on Friday. Such options include long-term insurance policies," BP Pension Fund Trustee said in an emailed statement. Companies have been trying to offload pension schemes from their balance sheets in recent years as they are expensive to run, while bulk annuity deals have provided a growing source of income for insurers. In February, Pension Insurance Corporation agreed to a pensions buy-in deal totalling around 6.5 billion pounds with insurer RSA Group, covering the pensions of 40,000 members, in the largest ever bulk annuity deal of the kind. That buy-in involved the insurer taking on the risk of the pension scheme's liabilities.

Persons: Yadarisa, Shinjini Organizations: Bp, Energy, BP, Financial Times, BP's, Fund, Pension Insurance Corporation, RSA Group, Thomson Locations: Bengaluru, Shadia, London

☆ Glencore proposes to buy remaining stake of PolyMet
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

July 3 (Reuters) - Glencore Plc (GLEN.L) said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining (PLM.A) it does not already own for about $71 million. The Swiss commodity trader already owns 82.26% of PolyMet. Glencore's non-binding cash offer of $2.11 per share values PolyMet at about $410 million, according to Reuters calculation. Shares of PolyMet more than doubled in premarket trading to $1.87. Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Tanay, Shilpi Majumdar Organizations: Glencore, Canada's Teck Resources, Thomson Locations: Swiss, Glencore, Bengaluru

NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.

Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London

☆ The stock market's gains are almost entirely concentrated in the 'Magnificent 7' - and that could mean a crash is coming
▼ + stars: | 2023-06-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Have you heard of the Magnificent Seven? This handful of Big Tech stocks have accounted for nearly all the market's gains in 2023. The names that make up the so-called Magnificent Seven are now the seven biggest US-listed stocks. Are you buying or selling the Magnificent Seven? Strategists from Goldman Sachs made the case for names they think will be low in volatility and high in returns.

Persons: I'm Phil Rosen, It's, you'll, let's, Tesla, there's, Minerva, Kathleen Brooks, John Hussman, Hussman, ANGELA WEISS, Goldman Sachs, Russell, Xi Jinping, Everyone's, Cleo Capital's Sarah Kunst, Phil Rosen, Max Adams, Hallam Bullock Organizations: Twitter, LinkedIn, Lionsgate, Nvidia, Tesla, Meta, Microsoft, Big Tech, Apple, Hussman Investment Trust, Getty, PLC, Costco Locations: New York, London

The pan-European STOXX 600 index (.STOXX) closed 0.7% higher, tracking overnight gains in Wall Street. Shares of Sage Group Plc (SGE.L) gained 5.1% to a 23-year high after J.P. Morgan upgraded its rating on the stock to "overweight" from "neutral". Shares of chip equipment maker ASML Holding (ASML.AS) rose 2.3% while Nordic Semiconductor (NOD.OL) jumped 6.4%, making technology (.SX8P) among the top European sectoral gainers. Semiconductor shares were in focus after a report stated the U.S. was considering new restrictions on exports of artificial intelligence chips to China. Also boosting the STOXX 600, Roche Holding (ROG.S) gained 1.5% after the U.S. health regulator declined to approve Regeneron's (REGN.O) Eylea drug.

Persons: Christine Lagarde, Jerome Powell, what's, Danni Hewson, AJ Bell, Morgan, Hewson, Roche, Morgan Stanley, Christian Klein, Matteo Allievi, Subhranshu Sahu, Sherry Jacob, Phillips, Alex Richardson Organizations: Sage Group, UBS, CS, . Federal, ASML, Nordic Semiconductor, Semiconductor, Carrefour, Credit Suisse, SAP, Thomson Locations: Wall, U.S, China, Swiss, Gdansk, Amruta, Bangalore

☆ Australia urged to ban online gambling ads to curb growing addiction
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

The committee made 31 recommendations on how online gambling, which it said was changing the culture of sport, should be regulated and how Australians struggling with addiction should be supported. Australians outspend the citizens of every other country on online gambling, Peta Murphy, chair of the committee said in the report titled "You win some, you lose more". Murphy said online gambling companies advertise deliberately and strategically alongside sport, which has normalised it as fun and harmless and socialble activity. A phased, comprehensive ban on all gambling advertising on all media, broadcast and online, that left no room for circumvention, was needed, the panel said. The gambling problem shifted online to a much greater extent when the COVID-19 pandemic forced the closure of public venues.

Persons: Peta Murphy, Murphy, Anthony Albanese, Albanese, Praveen Menon, Robert Birsel Organizations: SYDNEY, Entain PLC, Tabcorp Holdings, ABC Gold Coast, Thomson Locations: Australia, London

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher, snapping its six-day losing streak. "Markets are expecting either the data to improve from China or stimulus to increase from the government. "This realization is dawning among investors yet again, that the inflationary fight is far from over." The healthcare sector has been declining in recent weeks and is down nearly 2.9% so far this month. Reporting by Amruta Khandekar, Siddarth S and Matteo Allievi in Gdansk; Editing by Rashmi Aich, Sonia Cheema, William MacleanOur Standards: The Thomson Reuters Trust Principles.

Persons: ECB's Lagarde, Christine Lagarde, Li Qiang, Giles Coghlan, Susannah Streeter, Hargreaves Lansdown, Streeter, Goldman Sachs, Amruta Khandekar, Siddarth, Matteo Allievi, Rashmi Aich, Sonia Cheema, William Maclean Organizations: European Central Bank, HSBC, Prudential Plc, Hargreaves, Siemens Energy, Thomson Locations: China, Russia, U.S, Gdansk

☆ European shares rise as China optimism lifts miners
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

June 27 (Reuters) - European shares rose on Tuesday as miners gained after hopes of more policy support from China lifted metal prices, while shares of JD Sports dipped even after the British retailer stuck to its profit forecast. The pan-European STOXX 600 index (.STOXX) was up 0.5% by 0813 GMT, after falling for six sessions in a row. China's Premier Li Qiang said the country's economic growth in the second quarter would be higher than the first and was expected to reach the annual economic growth target of around 5%. JD Sports Fashion (JD.L), however, fell 4.1% to the bottom of the STOXX 600 after the company flagged some softening in trade in its North American business in June. Reporting by Amruta Khandekar; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Li Qiang, Christine Lagarde, Amruta Khandekar, Rashmi Organizations: JD Sports, Miners, Prudential Plc, European Central Bank, Thomson Locations: China, Sintra

The total number of recent victims from the online extortion ring has reached 121 organizations, according to Brett Callow, whose cybersecurity company Emsisoft helps companies respond to digital shakedown attempts. In 2021, Ukrainian authorities announced the arrests of six people tied to cl0p, but it's not clear that they were core members of the group, which continued to hack victims. Plundering file transfer protocols has become increasingly popular as hackers shift from encrypting data to simply stealing files and threatening to release them unless a ransom is paid. Many of the organizations stress that the target of the hack is the file transfer service, not their systems. The FBI said it was "aware of and investigating the recent exploitation of a MOVEit vulnerability by malicious ransomware actors."

Persons: Brett Callow, encrypting, TrendMicro, didn't, Cl0p, Emsisoft, Charles Carmakal, Raphael Satter, Christopher Bing, James Pearson, Cynthia Osterman Organizations: University of California, Siemens Energy, Abbvie Inc, Schneider, Publicly, Sony, Shell PLC, Government, U.S . Energy Department, Alphabet Inc, FBI, Thomson Locations: Los Angeles, Russia, Washington, London

☆ All this AI hype could be distracting us from serious economic threats in the US
▼ + stars: | 2023-06-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Moving forward, we'll be highlighting the latest markets news in our daily flagship newsletter, Insider Today — be sure to sign up. The excitement around ChatGPT, AI, and related tech stocks is old news now, but Wall Street can't stop talking about it. Elon Musk, Nouriel Roubini, and a chorus of Wall Street firms have issued dire warnings. The country's slowing trade, weak industrial production numbers, and piling debt all ultimately present problems for Wall Street, which may be catching on to the risk. What do you see as the connection between economic troubles and AI hype?

Persons: Phil Rosen, —, It's, Pepper, Paco Freire, that's, Zahra Tayeb, Elon Musk, Roubini, Kelvin Wong, Angela Weiss, Wagner, Vladimir Putin, Gary Black's, Goldman Sachs, Morgan Stanley's Adam Jonas, Jason Ma, Jack Sommers Organizations: Getty, Nvidia, Federal, Street, Wall, Nasdaq, Carnival plc, Harvard, Elon Locations: New York, China, America, Los Angeles, London

☆ Renewables growth did not dent fossil fuel dominance in 2022, report says
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +5 min

Energy consumption grew everywhere apart from Europe, including Eastern Europe. Renewables, excluding hydropower, accounted for 7.5% of global energy consumption, around 1% higher than the previous year. The share of fossil fuels in global energy consumption remained at 82%. Most oil demand growth came from revived appetite for jet fuel and diesel-related products. Europe accounted for much of LNG demand growth, increasing its imports by 57%, while countries in the Asia-Pacific region and South and Central America reduced purchases.

Persons: Juliet Davenport, consultancies, Shadia, Philippa Fletcher Organizations: Belchatow, REUTERS, Stezycki Companies, World Energy, Energy, Energy Institute, consultancies KPMG, Kearny, BP, Renewables, OECD, Central America, Thomson Locations: Zlobnica, Poland, Ukraine, Europe, Asia, Paris, Eastern Europe, United States, Nigeria, North America, Pacific, South, Central, Japan, China, India, Indonesia

☆ Shell restarts Norco, Louisiana refinery after power outage, fire
▼ + stars: | 2023-06-25 | by ( Erwin Seba | ) www.reuters.com time to read: +1 min

Companies Entergy Corp FollowShell PLC FollowHOUSTON, June 25 (Reuters) - Shell Plc (SHEL.L) has begun restarting its 227,900 barrel-per-day (bpd) refinery in Norco, Louisiana after it was shut following a power outage, a company spokesperson said on Sunday. Shell gradually began resuming operations at the Norco refinery on Saturday, the sources said. The power interruption took place on Saturday at an Entergy substation supplying the Norco refinery, Shell spokesperson Curtis Smith. DU-5 is the only CDU at the Norco refinery. In a notice posted to area residents, Shell said power was restored to the refinery on Saturday afternoon.

Persons: Curtis Smith, Norco, Shell, Erwin Seba, Lisa Shumaker, Sherry Jacob, Phillips Organizations: Entergy, Shell, HOUSTON, Shell Plc, DU, Thomson Locations: Norco , Louisiana, United States

The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.

Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru

CompaniesCompanies Law Firms Pfizer Inc FollowSanofi SA FollowJune 23 (Reuters) - GSK (GSK.L) reached a settlement with a U.S. citizen who alleged its discontinued heartburn drug Zantac caused cancer, the British pharmaceutical giant said on Friday, preventing the first such lawsuit from going to trial. The case, brought by California resident James Goetz in Alameda County Superior Court, was to go to trial on July 24 and would have been the first test of how Zantac cancer claims fared before a jury. The parties reached a confidential settlement and the trial will be dismissed, GSK said. Originally marketed by a forerunner of GSK Plc, Zantac was later sold successively to Pfizer (PFE.N), Boehringer Ingelheim and finally Sanofi (SASY.PA). Last month, a Canadian court dismissed a proposed class action against Zantac over increased cancer risk.

Persons: James Goetz, Zantac, Boehringer Ingelheim, GSK's, Eva Mathews, Dhanya Ann Thoppil, Barbara Lewis Organizations: Law, Pfizer, Sanofi, GSK, Alameda County Superior Court, GSK Plc, U.S . Food, Drug Administration, Thomson Locations: California, Alameda County, U.S, Zantac, Bengaluru

Recessions haven't always resulted in declining stock markets, and good opportunities can be found amid them. Sectors for recession naysayersThe best sectors for recession disbelievers are the most economically sensitive ones: industrials, materials and financials. Well-positioned companies with good growth prospects currently include: Corteva, Dow Chemical, Ecolab, Linde plc, Martin Marietta Materials, Nucor Corp., PPG Industries and Sherwin-Williams. Currently buyable names include: Campbell Soup Co., General Mills, The Hershey Co., Kellogg's, Kimberly-Clark Corp., Kroger, Procter & Gamble and Walmart. Sector names with reasonable risk levels and good growth prospects include: Vertex Pharmaceuticals, IDEXX Laboratories, DaVita Inc., Veeva Systems Inc., IQVIA Holdings Inc., Cigna Group and Zoetis Inc.

Persons: Sherwin, Williams, Mayur, Martin Marietta, JPMorgan Chase, Rowe Price, Willis Towers Watson, Campbell, General Mills, Clark, Willie B, Thomas, Digitalvision Organizations: Westend61, University of Michigan Consumer, Investors, Westinghouse Air Brake Co, Cummins Inc, CSX, Emerson Electric, Otis Worldwide, Carrier, Caterpillar, Honeywell, Illinois Tool, Lockheed Martin Corp, Dow Chemical, Ecolab, Linde plc, Martin, Martin Marietta Materials, Nucor Corp, PPG Industries, XLF, JPMorgan, Rowe Price Group Inc, American International Group, Allstate, The, McLennan, Sectors, Co, Hershey Co, Clark Corp, Kroger, Procter, Gamble, Walmart, Getty Images Health, iShares U.S, Medical Devices, Vertex Pharmaceuticals, IDEXX Laboratories, DaVita Inc, Veeva Systems Inc, IQVIA Holdings Inc, Cigna, Zoetis Inc Locations: American, The Hartford, Marsh, Kimberly

NEW YORK, June 21 (Reuters) - U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply. Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, said analysts. "We're going to be sending more (oil exported) abroad," said Phil Flynn, an analyst at Price Futures Group. Canadian crude may have been sent toward Cushing as feedstock for a restart of the Toledo refinery, which had a fire last year, said Matt Smith, lead oil analyst for the Americas at Kpler.

Persons: Phil Flynn, Hillary Stevenson, Cushing, Stevenson, Enbridge, Flanagan, John Coleman, Wood Mackenzie, Matt Smith, Stephanie Kelly, Nia Williams, Arathy, Jonathan Oatis Organizations: YORK, Cushing, Price Futures, Energy, IIR Energy, BP, Phillips, North, Americas, Kpler, Thomson Locations: Oklahoma, Canada, Cushing, U.S, Toledo, Ohio, Texas, Wood

☆ Mastercard launches global plan to recycle credit cards
▼ + stars: | 2023-06-21 | by ( Simon Jessop | ) www.reuters.com time to read: +2 min

Under the plan, Mastercard will provide shredding machines to HSBC, each of which is capable of holding 10,000 cards, equivalent to 50 kg (110 pounds) of plastic. Once full, it will be transferred to a plastic recycling facility. The pilot project, which will run for an initial six months, will allow customers to recycle any plastic card, including those from rivals. Currently, Mastercard said it has around 3.1 billion cards in circulation. Each year, it estimates around 600 million cards are produced by the industry, each with a life span of around five years.

Persons: Ajay Bhalla, Jose Carvalho, Nilson, Simon Jessop, Tommy Reggiori Wilkes, Jonathan Oatis Organizations: HSBC Mastercard, Payments, Mastercard, Wednesday, HSBC Holdings Plc, Mastercard Inc, HSBC, HSBC UK, Thomson Locations: Britain

☆ Factbox: Graphite producers doing deals with automakers and battery groups
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +4 min

Tomas Bergman/Handout via REUTERSLONDON, June 21 (Reuters) - Automakers are rushing to lock in graphite supply from outside dominant producer China as mined graphite demand for electric vehicle (EV) batteries outpaces other uses. Below are details of some Western companies producing, or planning to produce graphite, and their deals with auto makers and battery producers. It aims to start annual production at a battery anode plant in Mauritius in 2024 at 3,600 metric tons. SYRAH RESOURCES LTD (SYR.AX)Operates Balama mine in Mozambique, which doubled graphite production to 163,000 metric tons in 2022 from the year before. MAGNIS ENERGY TECHNOLOGIES LTD (MNS.AX)Developing Nachu graphite mine in Tanzania, aiming to produce 236,000 metric tons of graphite concentrate.

Persons: Tomas Bergman, Handout, steelmaker Thyssenkrupp, Talga, Magnis, Tesla, China's, Eric Onstad, Sharon Singleton Organizations: Talga Group, Reuters, REUTERS LONDON, INC, TALGA, Automotive Cells Company, ACC, Stellantis, Mercedes, Benz, Renault, LG Energy, Ford Motor Company, SK, MONDE, Panasonic Energy, Thomson Locations: Norrbotten, Sweden, China, Madagascar, Mauritius, Lulea, Mozambique, U.S ., Louisiana, Tanzania, United States, New York, South Australia, Macquarie, Canada, India, Alabama, Coosa

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