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The International Energy Agency's (IEA) medium-term oil market report, released on Wednesday, forecast that Asia, and particularly China, was the engine of crude oil and refined product demand growth up until 2028. The report highlights that this presents both opportunities and risks for the global oil and product markets. The main risk is that the world's reliance on China's exports of refined fuels increases, but China's exports aren't determined by market imperatives. The IEA said China had about 3 million barrels per day (bpd) of unused refining capacity at the beginning of 2023. The IEA said its forecast for global product balances over the 2022-28 period is "heavily dependent on higher Chinese product exports, especially for diesel".
Persons: Clyde Russell, Tom Hogue Organizations: Energy, Beijing, IEA, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Asia, CHINA, Asia skyrocketing, Singapore, Russia, Ukraine
We're adding Stanley Black & Decker (SWK) to the Club's Bullpen — a collection of high-quality stocks we've identified as having the potential to join Jim Cramer's Charitable Trust portfolio. Stanley Black & Decker is a global leader in hand-and-power tools, household hardware and engineered fastening. There remains a significant imbalance in the market between housing supply and demand, with the U.S. housing market still short millions of homes. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Stanley Black & Decker drills are displayed for sale at a Home Depot store in Emeryville, California.
Persons: Stanley Black, Decker, Jim Cramer's, DeWalt —, Stanley, Patrick Hallinan, It's, Jim Cramer, Jim, David Paul Morris Organizations: Trust, Stanley, Federal Reserve, Deutsche Bank, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: Ukraine, U.S, Emeryville , California
The Bank of England in February removed its explicit guidance and tied decisions to inflation data. The Bank of Japan, by contrast, still battling to raise perennially weak inflation, has left the core part of its guidance intact with a pledge to "patiently" sustain loose policies. The European Central Bank says it has adopted a "meeting-by-meeting" approach with "a strong preference against returning to outright forward guidance on policy rates." If the projections show the policy rate moving up later this year, officials will likely face questions if they do as expected and hold rates steady at the June meeting. If the rate is not seen moving up, they will face questions about not being responsive to recent data showing strong inflation despite pledging to be "data dependent."
Persons: Jerome Powell, BOE, Andrew Bailey, Powell, Ben Bernanke, Bernanke, Gregory Daco, Louis, James Bullard, Data's, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Reserve Bank of Australia, Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Louis Fed, Reuters, Thomson Locations: Central
The future is DeFiDecentralized finance (DeFi) has gained significant traction in recent years, offering a new paradigm for financial services that are open, transparent, and community-driven. DeFi adoption will significantly enhance the concept of "embedded finance," and we will see more integration of financial services with traditionally non-financial services or products. Foresee market structure trends and shape them proactivelyWhile fintech's growth in developed markets is undeniable, even more significant potential for growth lies in developing economies. This will empower customers to make payments swiftly and conveniently, ultimately driving higher adoption and usage of fintech solutions. With the fintech industry projected to reach $492.81 billion by 2028, the time to start looking into tomorrow is now.
Persons: Irene Skrynova, Statista Organizations: Intelligence, Central Bank, Allied Market Research, Finance, World Bank, Insider Studios Locations: China, India, Eastern Europe, Africa
A house that juts out over Malibu's coveted beach hit the market for the first time in 36 years. Rod Stewart bought it in the 1970s and sold it to record executive Mo Ostin in 1987. The house was designed to look like a set of cresting waves by California architect Harry Gesner. The Coopers were friends with California architect Harry Gesner, and commissioned Gesner to design a house for their family that encapsulated their affinity for the outdoors. The estate of Mo Ostin, the home's most recent owner and onetime record executive who's known for signing Jimi Hendrix and The Kinks, listed the property in early June for $49.5 million.
Persons: Rod Stewart, Mo Ostin, Harry Gesner, , Gerry Cooper, Gesner, Glenn Cooper's, Cooper, Lisa Germany, Jimi Hendrix Organizations: Service, Glenn, Coopers, Malibu Colony Locations: California, Malibu, Mo
Yintao Yu said Communist Party members accessed data on US users as well as protesters in Hong Kong. Hong Kong is a semi-autonomous region in China with its own government. Some American lawmakers have expressed concern that TikTok's ties to ByteDance means the data it holds is subject to Chinese law. It was also available in Hong Kong until TikTok pulled out of the market in 2020 following the imposition of a sweeping national security law. Anyone who tries to open TikTok from within Hong Kong will see a message that reads "We regret to inform you that we have discontinued operating TikTok in Hong Kong."
Persons: Yintao Yu, ByteDance, , Yu, Charles Jung, Jung, Shou Zi Chew, Chew, TikTok Organizations: Communist Party, ByteDance, San Francisco Superior, British, Hong, Flipagram, Oracle, Chinese Communist Party, Communist Locations: Hong Kong, HONG KONG, U.S, China, Beijing
The Most Comfortable Pillows for Back Sleepers
  + stars: | 2023-06-06 | by ( ) www.wsj.com   time to read: +14 min
Best overall pillow for back sleepersSaatva Latex Pillow $165 at Saatva Saatva’s shredded latex pillow balances plush comfort with a solid amount of neck support. Best memory foam pillow for back sleepersTempur-pedic TEMPUR-Cloud Ultimate Pillow $89 at Tempur-pedic The Tempur-Cloud Ultimate Pillow is a responsive memory foam model that adapts to your body for plush comfort and pressure point relief. But within a day, it plumped up nicely to make a medium-loft memory foam option that would work for different size sleepers. I’ve written extensively about sleep and sleep hygiene in particular, including reviews for Buy Side of pillows for side sleepers, pillows for stomach sleepers and the best mattress toppers. Temperature regulation: For a comfortable night’s sleep, pillows should keep the microclimate—the area between the sleeper and the bedding—from feeling warm.
Persons: Lisa Lombardi, , Rahul Shah, you’re, We’ve, , Shah, Coop, it’s, Nolah’s, I’ve, Heather Swain, D.P.T, Robin Zachary, University of Toledo Robin Zachary Organizations: NASA, Health, University of Toledo Locations: M.D, Vineland , N.J, , Tempur, Toledo , Ohio, New York City
Following the announcement of Apple's Vision Pro headset at its annual Worldwide Developers Conference, some attendees were whisked away in golf carts to a location on the company's campus to try out the new headset. Many noted the device's display screens were impressive (each have a more-than 4K resolution) and its hand-eye scrolling and tapping functions were responsive and worked mostly smoothly. YouTuber Brownlee said the most impressive thing about the headset was the device's internal eye-tracking technology, calling the experience "telepathic." The Verge's Patel was impressed by the device's display, which he said was "easily the highest-resolution VR display I have ever seen," and its "video passthrough" technology — the device's display adjusting to show a person who is talking to you in-person or your surroundings. "The most perfect headset demo reel of all time is still just a headset demo reel — whether Apple's famed developer community can generate a killer app for the Vision Pro is still up in the air," The Verge's Patel wrote.
Persons: YouTuber Marques Brownlee, Nilay Patel, , YouTuber Brownlee, Brownlee, I've, Patel, Robin Roberts, Roberts, Joanna Stern, Stern Organizations: Apple, Developers, Apple's, Developers Conference, Vision
The PGA Tour, DP World Tour and one-time bitter rivals LIV Golf circuit announced a landmark agreement on Tuesday to merge. But Trump, who owns three courses on LIV Golf's 14-event schedule for 2023, celebrated the deal in a Truth Social post. "Great news from Liv Golf. The PGA Tour had responded by dramatically raising prize money for some events. The deal could also be seen as good for consumers, according to Steve Ross, a sport antitrust expert at Pennsylvania State University's law school.
Persons: Donald Trump, Yasir Al, LIV, Read, Jamal Khashoggi, Rumayyan, Richard Blumenthal, Chris Murphy, Trump, LIV Golf's, Liv Golf, PGA's, Seth Bloom, hasn't, Steve Ross, Nevena Simidjiyska, Diane Bartz, Echo Wang, Steve Keating, Tyler Clifford, Rosalba O'Brien Organizations: Trump National Golf Club, PGA Golf, Saudi Arabia Public Investment Fund, Liv, Department of Justice, Bloom, Pennsylvania State, Reuters, of Foreign Investment, Treasury, Fox Rothschild LLP, Thomson Locations: Washington, DC, USA, Sterling , Va, WASHINGTON, Saudi, Kingdom, American, United States, U.S
US services sector softens, factory orders boosted by defense
  + stars: | 2023-06-05 | by ( ) www.reuters.com   time to read: +5 min
"Momentum had been very strong in the services sector since the reopening process began, but the sector is clearly cooling down now," Thomas Simons, U.S. economist at Jefferies, wrote in a note. The services sector is at the center of the battle against inflation, as services prices tend to be stickier and less responsive to rate hikes. ISM services PMISome economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation. Excluding the defense sector, orders were down 0.4%, and excluding transportation orders - where military orders again had the largest footprint - bookings were down 0.2%. With consumer spending shifting more toward services, consumer goods orders slid for a third straight month to their lowest level since February 2022.
Persons: Thomas Simons, Simons, Lucia Mutikani, Dan Burns, Chizu Nomiyama, Paul Simao Organizations: Federal, Institute for Supply Management, Reuters, PMI, ISM, Fed, Jefferies, U.S, Services, Commerce Department, Factory, Thomson Locations: U.S
Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.
Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, , Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS
Government investigators almost never obtain a clear lens into a lawyer’s private dealings with their clients, let alone with such a prominent one as Mr. Trump. But in March, a federal judge ordered Mr. Corcoran’s recorded recollections — now transcribed onto dozens of pages — to be given to the office of the special counsel Jack Smith, who is leading the documents investigation. The decision by the judge, Beryl A. Howell, pierced the privilege that would have normally protected Mr. Corcoran’s musings about his interactions with Mr. Trump. Judge Howell, in a sealed memorandum that accompanied her decision, made clear that prosecutors believe Mr. Trump knowingly misled Mr. Corcoran about the location of documents that would be responsive to the subpoena, according to a person familiar with the memo’s contents. Mr. Corcoran’s notes, which have not been previously described in such detail, will likely play a central role as Mr. Smith and his team move toward concluding their investigation and turn to the question of whether to bring charges against Mr. Trump.
Persons: Trump, Corcoran, Corcoran’s, Jack Smith, Beryl A, Howell, Judge Howell, Smith Organizations: Mr
On the recording, Trump acknowledges he held onto a classified Pentagon document about a potential attack on Iran. Over the course of the Justice Department’s investigation, prosecutors have expressed skepticism that all classified documents had been returned. The federal government recovered dozens of documents with classified markings from Trump at various points throughout 2022. The audio of Trump acknowledging he had a classified document undercuts Trump’s repeated claims that he declassified everything he took from the White House when he left office. Trump attorney Jim Trusty declined to say on CNN this week whether the document was ever returned to the National Archives.
Persons: Donald Trump, Trump, Mark Milley, Trump’s, wouldn’t, Milley, Jack Smith, Smith, , ” Trump, Mark Meadows, Margo Martin, That’s, Martin’s, Jim Organizations: CNN, Prosecutors, Joint Chiefs of Staff, White, Lago, Trump, National Archives, Archives, Justice Department, Fox News, Bedminster, Milley Locations: Bedminster , New Jersey, Iran, Lago, Florida, declassify
Why It Matters: Beijing’s open-source intelligence collection could give it an advantage. As the relationship between the United States and China has become more adversarial, both countries are investing more in their intelligence collection capabilities. For example, the report details some of the work one prominent Chinese open-source intelligence company has done to analyze publicly available insights from the Office of Net Assessment, the Pentagon’s in-house think tank. Naval War College has a China Maritime Studies Institute, and it produces a lot of open-source research on China,” said Zoe Haver, a threat intelligence analyst with Recorded Future. China’s secret intelligence-gathering abilities have grown in leaps and bounds in recent decades, and Beijing’s investment in open-source information has intensified over the last decade.
Persons: , Zoe Haver, Ms, Haver Organizations: Naval War College, U.S . Naval, China Maritime Studies Institute, , ., China’s, Liberation Army Locations: United States, China, Newport, R.I, Taiwan, States, Beijing
[1/5] Soccer Football - Championship Play-Off Final - Coventry City v Luton Town - Wembley Stadium, London, Britain - May 27, 2023 Luton Town's Fred Onyedinma, Daniel Potts and Carlton Morris celebrate after winning the penalty shootout in the Championship Play-Off Final Action Images via... Read moreLONDON, May 27 (Reuters) - Luton Town will play in the Premier League for the first time after beating Coventry City 6-5 on penalties in Saturday's Championship playoff final at Wembley Stadium, earning a return to England's top flight after a 31-year absence. Luton will join Burnley and Sheffield United, who won automatic promotion as Championship winners and runners-up, in next season's Premier League. Their Kenilworth Road stadium will host top-flight soccer for the first time since 1992, when they were relegated from the Football League First Division. Luton substitute Joe Taylor had a goal disallowed due to handball late in extra time, after a second-half equaliser from Coventry midfielder Gustavo Hamer cancelled out Jordan Clark's brilliant opener. Luton captain Tom Lockyer was taken to hospital for tests after he collapsed on the pitch early in the first half.
TOKYO, May 26 (Reuters) - Group of Seven (G7) nation officials will meet next week to consider problems posed by generative artificial intelligence (AI) tools like ChatGPT, Japan said on Friday. Leaders of the G7, which includes the United States, European Union and Japan, last week agreed to create an intergovernmental forum called the "Hiroshima AI process" to debate issues around fast-growing AI tools. G7 government officials will hold the first working-level AI meeting on May 30 and consider issues such as intellectual property protection, disinformation and how the technology should be governed, Japan's communications minister, Takeaki Matsumoto, said. The meeting comes as tech regulators worldwide gauge the impact of popular AI services like ChatGPT by Microsoft-backed (MSFT.O) OpenAI. The G7 AI working group will seek input from the Organisation for Economic Co-operation and Development, Matsumoto told a regular press conference.
Opinion | Death and the City
  + stars: | 2023-05-17 | by ( Thomas B. Edsall | ) www.nytimes.com   time to read: +5 min
“Some have hypothesized that the rise in homicide rates is specifically a result of the June 2020 protests,” Chalfin and MacDonald wrote, but “theories about the role of the protests must contend with several challenges. The data also pinpoint the timing of the spikes to late May 2020, which corresponds with the death of George Floyd while in police custody in Minneapolis and subsequent anti-police protests — protests that likely led to declines in law enforcement. Although unemployment caused by Covid surged in April, there was little if any increase in murders at that time. That is the challenge that every city should be grappling with. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram.
Hong Kong CNN —China’s Communist Party had “supreme access” to all data held by TikTok’s parent company Bytedance, including on servers in the United States, a former employer who is bringing a wrongful termination lawsuit has alleged. Yintao “Roger” Yu filed a lawsuit of wrongful termination against Bytedance in Superior Court in San Francisco earlier this month. Yu’s lawsuit alleges that the company made user data accessible to China’s Communist Party via a backdoor channel, no matter where the data was located. Yu worked for ByteDance Inc. for less than a year and his employment ended in July 2018,” which Yu disputed in his complaint. So the risk would be similar to any government going to an American company, asking for data,” Chew said at the hearing.
In prepared testimony published on Monday by the Senate Banking Committee, Becker said he believed the bank was responsive to regulator concerns about managing risk and working to address issues before an "unprecedented" bank run led to its failure. Becker said he did not believe "that any bank could survive a bank run of that velocity and magnitude." The former executives for New York-based Signature Bank, which also failed in March, maintained the bank could have survived had regulators not chosen to close it, according to separate testimony. California banking regulators moved quickly to shut SVB down on March 10 after depositors withdrew $42 billion in 24 hours. Regulators closed Signature on March 12 after it also experienced liquidity issues following SVB’s collapse.
May 15 (Reuters) - Greg Becker, the former chief executive officer of Silicon Valley Bank, is set to appear before the U.S. Congress on Tuesday, two months after the collapse of his bank sparked panic among bank customers and investors, forcing the government to backstop deposits. California banking regulators moved quickly to shut down Silicon Valley Bank on March 10 after depositors withdrew $42 billion in 24 hours. Becker will testify before the Senate Banking Committee alongside Scott Shay and Eric Howell, the former chair and president, respectively, of Signature Bank. When his manager left to work for Silicon Valley Bank, Becker followed, he said on a 2021 Bloomberg podcast. Before becoming president and CEO of SVB Financial Group, Becker co-founded SVB Capital, the company's investment arm.
Opinion | Speeding Up the Update of Our Electrical Grid
  + stars: | 2023-05-14 | by ( ) www.nytimes.com   time to read: +1 min
To the Editor:Re “We Desperately Need a New Electrical Grid. Otherwise, America will not be able to decarbonize our grid or our economy. Fortunately, the proposed Streamlining Interstate Transmission of Electricity (SITE) Act would provide F.E.R.C. has decades of experience approving interstate natural gas pipelines. has been more responsive to the legitimate needs of states and other stakeholders when siting pipelines.
A New York federal judge warned JPMorgan Chase that he might find the bank in contempt of court if it does not speed up in producing evidence related to late sexual offender and money manager Jeffrey Epstein for lawsuits by an Epstein accuser and the government of the U.S. Virgin Islands, CNBC has learned. Judge Jed Rakoff suggested in a notice that JPMorgan and two law firms representing the bank have been slow-walking in turning over documents and other evidence to plaintiffs in the case, under a process known as discovery, according to a source familiar with the notice. "The Court also wishes to note that it is concerned that JPMorgan is not moving more expeditiously to produce responsive documents," Rakoff wrote in the notice, which has yet to appear on the public docket in the case in U.S. District Court in Manhattan. "So JPMorgan is put on notice that further expedition will be needed on pain of being put in contempt of Court," Rakoff wrote. A JPMorgan spokesperson had no comment on the notice.
These big chains and others have closed stores in major US cities recently, raising alarm about the future of retail in some of the country’s most prominent downtowns and business districts. How policymakers remake their downtowns — with retail as a crucial attraction — will be crucial to cities’ fiscal health and regional economies. People who are being employed in those stores are losing their jobs” because of crime, New York City Mayor Eric Adams, a Democrat, said in February. San Francisco lost around 6% of its retail establishments from 2019 to 2021, according to the think tank’s research. For example, chain-store closures in New York City have correlated to the products most frequently bought online.
LONDON, May 12 (Reuters) - Global commercial oil inventories were close to their long-term seasonal average at the end of the first quarter of 2023 following massive releases from the U.S. Strategic Petroleum Reserve (SPR) over the previous 12 months. In the countries of the Organisation for Economic Cooperation and Development (OECD), commercial stocks of crude and refined products stood at 2,804 million barrels at the end of March (“Short-Term Energy Outlook”, EIA, May 12). Commercial petroleum inventories had increased by 200 million barrels compared with the same month a year earlier but over the same time the U.S. SPR was depleted by 195 million barrels. The progressive normalisation of inventories took the upward pressure off oil prices and calendar spreads over the past year. Related columns:- Oil market has absorbed surprise production cut by OPEC⁺ (April 26, 2023)- Oil market has fully absorbed impact of Russia's invasion of Ukraine (March 9, 2023)John Kemp is a Reuters market analyst.
The Asus ROG Ally is a brand-new handheld gaming system that's set to hit Best Buy on June 13. On top of all that, the ROG Ally boasts more powerful hardware than even the Steam Deck. Asus plans on releasing two different versions: One with an AMD Z1 Extreme CPU that costs $700, and another with a weaker AMD Z1 chip for $600. Asus ROG Ally Gaming Handheld (Z1 Extreme) The Asus ROG Ally is a handheld gaming PC, running Windows 11. The ROG Ally is a mediocre way to use Windows 11Asus has built the ROG Ally to run Windows 11.
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