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Oil prices rise 3% after China rate cut
  + stars: | 2023-06-13 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices climbed 3% on Tuesday, recovering from steep losses the previous session, after China's central bank lowered a short-term lending rate for the first time in 10 months. The rate cut, aimed at adding momentum to a hesitant post-pandemic recovery in the world's second-largest economy and biggest crude importer, is likely increase oil demand. The Fed's rate hikes have strengthened the dollar , making dollar-denominated commodities more expensive for holders of other currencies and weighing on oil prices, so a rate hike pause could be bullish. Worries about demand have unraveled the temporary boost in oil prices from Saudi Arabia's pledge announced early this month to cut more production in July. The Organization of Petroleum Exporting Countries (OPEC) kept its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, slightly increasing expectations of Chinese demand growth.
Persons: Phil Flynn, Giovanni Staunovo, Saudi Arabia's Organizations: Brent, U.S . West Texas, Price Futures, European Central Bank, of Petroleum Exporting, International Energy Agency, Reuters Locations: U.S, Saudi
The multi-trillion dollar fashion industry contributes significant greenhouse gas emissions, between 8% to 10% of total global emissions, according to the United Nations. With the majority of textiles in the fashion industry blended, it is harder to recycle one fiber without harming another. Spinnova partnered with the world's largest pulp and paper company this year, Suzano, to turn wood and waste into recycled textile fiber. Textile waste, by some measures, is a bigger issue than plastics waste, and it has a similar problem. Late last year it worked on a limited collection with fast fashion clothing giant — and consumer consumption flashpoint — Zara, using its recycled textile waste material.
Persons: LEVI, Alexander Donka, Paul Dillinger, Levi Strauss, Spinnova, Chloe Songer, Songer, Victor J, Levi's Levi Strauss, Dillinger, You've, we're, , Stacy Flynn, Flynn, Levi's, Stella McCartney, — Zara Organizations: McKinsey, United Nations, McKinsey Sustainability, Co, Shoppers, Blue, Bloomberg, Getty, Adidas, CNBC Locations: Sweden, Africa, Zara, New York
Rep. Lauren Boebert tweeted on Saturday that the Pentagon views her as a security threat. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyRep. Lauren Boebert of Colorado claimed on Saturday that the Pentagon considers her a security threat. Boebert tweeted on Saturday: "Apparently the Pentagon thinks I'm a security threat because I oppose Biden's plans for a woke military. Apparently the Pentagon thinks I’m a security threat because I oppose Biden’s plans for a woke military. A writer using the pseudonym "Danny," the same name used to write about Rep. Boebert being a security threat, told Military Times in 2021 that the claim that the COVID vaccine killed children was an attempt to "troll."
Persons: Lauren Boebert, , Boebert, I'm, I’m, — Lauren Boebert, Marjorie Taylor Greene, Michael Flynn, Danny Organizations: Pentagon, Service, Military Times, Defense Locations: Colorado, COVID
“We can think about it.” His players, at that point, could “visualize” completing a domestic and European treble. Among English teams, though, only United can lay claim to the genuine article. In the first 54 years of European competition, four teams won the treble. Should City, as expected, beat Inter Milan on Saturday, it would make it six in the last 14 years. Cup carries more historical weight than other domestic cup competitions.
Persons: Pep Guardiola, , Guardiola, ure, twitter.com/xVn, Gil l Organizations: Manchester City, League, Premier League, Liverpool, European, Milk, UEFA, Europa League Locations: Real Madrid, Manchester
Link icon An image of a chain link. It symobilizes a website link url. Link icon An image of a chain link. LinkedIn Fliboard icon A stylized letter F. Flipboard Link icon An image of a chain link. LinkedIn Fliboard icon A stylized letter F. Flipboard Link icon An image of a chain link.
“The classicist who wants to be modern, meeting the modernist who wants to be classical.” So says Elizabeth Taylor, summing up the fractious encounter between the revered Shakespearian actor John Gielgud, and her new husband, the actor Richard Burton. It’s 1964, Taylor and Burton are the most famous couple in the world, and Burton is rehearsing the role of Hamlet for a Broadway production that Gielgud is directing. It’s not going well. That’s the setting for “The Motive and the Cue,” a new play directed by Sam Mendes, written by Jack Thorne, and starring Mark Gatiss as Gielgud, Johnny Flynn as Burton and Tuppence Middleton as Taylor. The play, which opened to enthusiastic reviews in May and runs through July 15 at the National Theater, in London, was an idea born out of the pandemic, said Caro Newling, a co-founder with Mendes of Neal Street Productions, which developed the show.
Persons: Elizabeth Taylor, John Gielgud, Richard Burton, It’s, Taylor, Burton, Gielgud, Sam Mendes, Jack Thorne, Mark Gatiss, Johnny Flynn, Tuppence Middleton, Caro Newling, Mendes, Neal Organizations: National Theater, Neal Street Productions Locations: London
The data team discovered instances when Flynn’s restaurant managers had boosted prices too much for individual items or too little compared with other types of food. At Flynn’s roughly 290 Taco Bell restaurants, for example, some stores had increased prices for the brand’s popular Doritos Locos Tacos by around a dollar more than the regular version, and some customers were starting to resist, executives said. The team advised managers to stop raising prices on that item.
Organizations: Taco Bell Locations: Flynn’s
Oil slides 4% on worries about U.S. debt ceiling, OPEC+ talks
  + stars: | 2023-05-30 | by ( ) www.cnbc.com   time to read: +2 min
Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices fell by more than 4% on Tuesday on concerns about whether U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend. Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world's biggest oil user. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 million barrels per day (bpd), bringing the total volume of cuts by OPEC+ to 3.66 million bpd, according to Reuters calculations.
Persons: Joe Biden, Kevin McCarthy, Biden, McCarthy, Phil Flynn, Abdulaziz bin Salman, Alexander Novak Organizations: U.S, Brent, . West Texas, Democratic, Republican, Congress, Treasury Department, Price Futures, of, Petroleum, Traders, Saudi Arabian Energy, OPEC Locations: Saudi, Ras Tanura, Saudi Arabia, Friday's, U.S, United States, Russia, OPEC
Lt. Gen. Michael Flynn was a national security adviser during the Trump Administration. He pled guilty in 2017 to lying to the FBI about his contact with a Russian ambassador. The community is called 4thePURE, and members can connect with blood donors, sperm donors, breastmilk donors, surrogates, and unvaccinated singles, according to the website. It will also have a directory of "COVID-19 unvaccinated patriot businesses." He pled guilty to lying to the FBI in 2017.
Oil prices gain 1% on falling U.S. stockpiles, Saudi warning
  + stars: | 2023-05-24 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices rose over 1% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. U.S. crude inventories posted a massive surprise drawdown, falling by 12.5 million barrels last week to 455.2 million barrels, the Energy Information Administration said on Wednesday. U.S. gasoline stocks dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles fell by 600,000 barrels in the week to 105.7 million barrels. Saudi Arabia's energy minister said short-sellers - those betting that prices will fall - should "watch out" for pain. "Oil prices are trading higher ... buoyed by the latest short-seller warning from Saudi Arabia," said OANDA senior market analyst Craig Erlam.
Persons: Phil Flynn, Craig Erlam, Joe Biden, Kevin McCarthy, Price, Britain's Organizations: Brent, U.S, West Texas, Energy Information Administration, Analysts, EIA, Memorial, Price Futures, Organization of Petroleum, Democratic, Republican Locations: Saudi, U.S, Russia, OPEC, Saudi Arabia
A veteran Wall Street executive told CNBC that he has been helping bankroll Robert F. Kennedy Jr.'s anti-vaccine group and has become an informal advisor to the organization. Mark Gorton, founder and chairman of high-frequency trading firm Tower Research Capital, said he has given $1 million to the anti-vaccine nonprofit organization called Children's Health Defense since 2021. Kennedy, a longtime vaccine critic and a son of late senator and U.S. Attorney General Robert F. Kennedy, founded Children's Health Defense. Asked about Gorton's donation, a spokeswoman for the Children's Health Defense said in an email, "CHD's donor information is confidential and only communicated to the IRS in compliance with their rules/regulations." The Associated Press reported that Children's Health Defense played a key role in pushing back on Covid vaccines and helped elevate Kennedy's profile.
A main focus of Trump's attacks has been Social Security - the federal pension system - and Medicare. I will always protect Social Security and Medicare for our great seniors." Today, party leaders and many Republican voters oppose reforming Social Security and Medicare because so many Americans rely on the programs. They are reliant on Social Security and Medicare and they worry about this stuff," Feehery said. INSULTS KEEP COMINGThere is so far no clear polling on how Trump's attacks on entitlement spending have impacted DeSantis.
SPR stocks drew for a seventh week in a row, falling by 2.4 million last week to 359.59 million barrels, their lowest since September 1983, due to last year's congressionally mandated release. Inventories at the Cushing, Oklahoma, delivery hub for U.S. crude futures (USOICC=ECI) rose by 1.5 million barrels last week, the EIA said. Brent and U.S. crude futures were trading just over 0.2% higher at $75.11 per barrel and $71.05 per barrel, respectively, by 10:39 a.m. Gasoline stocks (USOILG=ECI) fell by 1.4 million barrels in the week to 218.3 million barrels, the EIA said, compared with analysts' forecasts for a 1.1 million-barrel drop. U.S. crude oil imports rose 24% to 6.9 million barrels, while exports also climbed nearly 50% to 4.3 millions barrels.
However, an 18.9% year-on-year rise in China's oil refinery throughput in April to the second-highest level on record helped to keep a floor under crude prices. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd. It said China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March. In another bullish development, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for delivery in August in a move to begin refilling the Strategic Petroleum Reserve. Meanwhile, U.S. commercial crude stocks fell by about 1.3 million barrels last week, according to analysts polled by Reuters.
NBCUniversal took a dig at Twitter on Monday, saying the platform "just let all the crazies back in." Last week, Linda Yaccarino resigned as NBCU's ad chief to join Twitter as CEO, to replace Elon Musk. NBCUniversal took a swipe at Twitter on Monday — just days after NBCU's top ad chief resigned to join Elon Musk's social media platform. Twitter may seem like the place to begin, but Twitter just let all the crazies back in," according to Axios media reporter Kerry Flynn, who reported from the event. Its ad chief, Linda Yaccarino, who'd been at the company for nearly 12 years, resigned last week to join Twitter.
Last week the ReAwaken America Tour, a Christian nationalist roadshow co-founded by the former Trump national security adviser Michael Flynn, rolled up to the Trump National Doral Miami resort. (“Hitler was actually fighting the same people that we’re trying to take down today,” said McKay, not inaccurately.) But as of this writing, the tour’s website still includes McKay and Ward, along with Eric Trump, as featured speakers at an upcoming extravaganza in Las Vegas. ReAwaken America’s association with anti-Semites did not stop Donald Trump from calling into the rally to offer his support. Now he’s become, in addition to an anti-vaccine conspiracy theorist and QAnon adherent, one of the country’s most prominent Christian nationalists.
My stepkids are 15 and 17, and you know teenagers, nothing exists outside their body or their phone, so they don’t keep me hip. It’s nice to have my pop culture delivered into my ears by people who are funny and know more than I do. It’s my comfort book, which probably means I’m a sicko, but I don’t care! My wife knows that if I say I’m going to make a phone call in the car, it’s definitely to talk about her. Dina Gachman is the author of “So Sorry for Your Loss,” a book of essays about grief.
A fighter jet landed on the USS Nimitz for the 350,000th time — a historic milestone. The aircraft carrier became the first in active service to hit that mark after 48 years in the Navy. Aircraft carrier USS Dwight D. Eisenhower has recorded 326,600 arrested landings, the next highest total. Craig Sicola, commanding officer of the aircraft carrier USS Nimitz (CVN 68), front seat, and Cmdr. Craig Sicola, commanding officer of the aircraft carrier USS Nimitz (CVN 68), front seat, and Cmdr.
The bankruptcy filing, which could be made as soon as this weekend, will wipe out KKR’s investment. Photo: Alex FLynn/Bloomberg NewsEnvision Healthcare is planning to file for chapter 11 bankruptcy protection, according to people familiar with the matter, capping one of the biggest losses ever for the physician-staffing company’s backers at private-equity firm KKR . The bankruptcy filing, which could be made as soon as this weekend, will wipe out the investment of KKR, which took Envision private in a $5.5 billion buyout in 2018. Including debt, the deal was worth about $10 billion, making it one of KKR’s largest investments in the healthcare industry.
Now, according to an internal U.N. estimate obtained by Reuters, 5 million additional people in Sudan will require emergency assistance, half of them children. Even before the latest crisis, U.N. humanitarian appeals for Africa faced a $17-billion funding gap this year, risking leaving millions without lifesaving assistance. Last year, it spent a third of its overseas aid budget housing refugees inside the UK, a British aid watchdog said in March. Sudan was hosting over 1 million refugees, mainly from South Sudan, Eritrea, Ethiopia and Syria, before the outbreak of fighting last month. Aid workers have been killed, food aid looted, and WFP says it's running out of stocks.
Evrnu: 2023 CNBC Disruptor 50
  + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com   time to read: +1 min
The clothing industry uses massive amounts of resources and creates a mountain of waste every year. The fashion industry creates an estimated 92 million metric tons of waste every year, with the vast majority of clothing waste incinerated or ending up in landfills. Startup Evrnu says its technologies can get us closer to making the circular economy a reality. Evrnu co-founder Stacy Flynn was moved to do something when she saw the waste firsthand on manufacturing sourcing trips to China. So I wanted to spend the rest of my career finding solutions that were able to turn this issue around."
SUDAN* More than 330,000 people have been displaced in Sudan since April 15, according to the International Organization for Migration. An internal U.N. estimate obtained by Reuters shows this figure is expected to increase by 5 million, including 2.5 million children. * A $1.75 billion U.N. aid programme for Sudan in 2023 is 15% funded. SOUTH SUDAN* Some 240,000 people are expected to flee from Sudan to South Sudan, UNHCR says. * The country's $1.7 billion U.N. aid programme for the year is 26% funded.
Summary Oil rallies after three straight weekly declinesGoldman Sachs says demand fears 'overblown'US inflation data and OPEC report in focus this weekSINGAPORE, May 8 (Reuters) - Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent crude was up $1.57, or 2.1%, at $76.87 a barrel by 11:19 a.m. EDT (1519 GMT). Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.
At a time when many investors are pulling back, family offices are moving into "risk on" mode, with plans to buy more stocks and alternative investments this year, according to a new survey. Nearly half (48%) of family offices plan to buy stocks this year, according to Goldman 2023 Family Office Investment Insight Report. "Family offices, for the most part, are really risk-on for the next 12 months," said Meena Flynn, co-head of Global Private Wealth Management at Goldman. The family offices surveyed have 12% of their assets in cash, slightly higher than 2021 levels. "The concept of staying invested is very important to the family office community.
Oil climbs more than 2% as recession fears begin to fade
  + stars: | 2023-05-08 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. Banking concerns have plagued the market recently after the collapse of three major regional banks. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.
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