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☆ Biden warned China's Xi on West's investment after Putin meeting
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] U.S. President Joe Biden meets with Chinese President Xi Jinping on the sidelines of the G20 leaders' summit in Bali, Indonesia, November 14, 2022. REUTERS/Kevin Lamarque/File PhotoJuly 7 (Reuters) - U.S. President Joe Biden told Chinese President Xi Jinping following his meeting with Russia's Vladimir Putin to "be careful" because Beijing relies on Western investment, according to excerpts from an interview with CNN. "Since Russia went into Ukraine, 600 American corporations have pulled out of Russia. And you have told me that your economy depends on investment from Europe and the United States. Reporting by Costas Pitas; Editing by Sandra Maler and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Xi Jinping, Kevin Lamarque, Russia's Vladimir Putin, Biden, Putin, Xi, Janet Yellen, Costas Pitas, Sandra Maler, Leslie Adler Organizations: REUTERS, CNN, U.S ., Treasury, Thomson Locations: Bali , Indonesia, Beijing, Russia, Ukraine, Europe, United States, China, U.S, Taiwan

☆ Former Obama advisor David Axelrod says Cornel West's presidential candidacy could swing the 2024 election to Trump
▼ + stars: | 2023-07-08 | by ( John L. Dorman | ) www.businessinsider.com time to read: +2 min

Former Obama advisor David Axelrod said that Cornel West could flip the 2024 election to Trump. Axelrod brought up the 2016 election, as many Democrats feel Jill Stein cost Hillary Clinton the race. West is running on a progressive platform and could siphon some of Biden's support with young voters. "In 2016, the Green Party played an outsized role in tipping the election to Donald Trump," Axelrod tweeted, pointing to Jill Stein's candidacy in the contest featuring Trump and former Secretary of State Hillary Clinton. "Now, with Cornel West as their likely nominee, they could easily do it again.

Persons: David Axelrod, Cornel, Axelrod, Jill Stein, Hillary Clinton, Cornel West's, Joe Biden, Donald Trump, Biden, Axelrod —, Barack Obama —, Jill Stein's, Trump, Cornel West, Stein, Clinton Organizations: Trump, Service, White House, Biden, Green Party, Democratic, House, Black Locations: Wall, Silicon, Wisconsin, Michigan

NUCLEAR WEAPONS? Amid today's Ukraine war, the biggest land war in Europe since 1945, the town is again being enclosed by the tentacles of distant tumult. "No one is ever going to tell you where the tactical nuclear weapons are stationed - you should understand that," Kasinsky said. He repeatedly refused to confirm or deny whether the nuclear weapons were outside Osipovichi. "You should not try to make some sort of horror story out of the tactical nuclear weapons," said Kasinsky.

Persons: Wagner, Vladimir Putin, Mikhail Gorbachev, Alexander Lukashenko, Yevgeny Prigozhin, Prigozhin, Leonid Kasinsky, Kasinsky, Osipovichi, Hans Kristensen, Vladimir Lenin, Ilya Petrov, Lukashenko, Guy Faulconbridge, Mark Heinrich Our Organizations: Putin, Town, Bolshevik, Foreign, Belarus OSIPOVICHI, Red Army, U.S . Central Intelligence Agency, Federation of American Scientists, CIA, Communist, Thomson Locations: Belarus, Belarusian, Russia, Osipovichi, Tsel, Russian, Minsk, Ukrainian, Grand Duchy, Lithuania, Nazi Germany, Ukraine, Europe, Moscow, West

☆ Putin has an invitation to visit Cuba, says Russian ambassador
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, July 3 (Reuters) - Russia's ambassador to Cuba said President Vladimir Putin had an invitation to visit the Communist-run island but that it was too early to talk about preparations for such a trip, the state RIA news agency said. "Vladimir Vladimirovich (Putin) has an invitation, but I don't know how his plans will be lined up," Ambassador Viktor Koronelli told RIA. "The president of Cuba was in Moscow not long ago, in November of last year, so no real time has passed." Cuba had welcomed 66,000 tourists from Russia so far this year and Aeroflot's resumption of regular flights would probably mean a total of 100,000 Russian tourists visit the islands in 2023, Koronelli said. "I would like to say again that Russia can always rely on Cuba, all our aspirations and will," he told Putin, according to a Kremlin transcript.

Persons: Vladimir Putin, Vladimir Vladimirovich, Putin, Viktor Koronelli, Koronelli, Miguel Diaz, Canel, Raul Castro, Guy Faulconbridge, Andrew Osborn Organizations: Communist, Kremlin, Thomson Locations: MOSCOW, Cuba, Moscow, Russia, Cuban

☆ Southwest pilots' union lays groundwork for potential strike with labor talks at an impasse
▼ + stars: | 2023-06-29 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Southwest Airlines Co. plane takes off as representatives and pilots from the Southwest Airlines Pilots' Association (SWAPA) demonstrate outside Chicago Midway International Airport (MDW) in Chicago, Illinois, U.S., on Wednesday, May 18, 2016. Southwest Airlines pilots' union said Thursday it sought to be released from federal mediation for a new labor contract, laying the groundwork for a potential strike as talks with the carrier haven't yet yielded an agreement. The airline and union, the Southwest Airlines Pilots Association, have been in contract talks for more than three years and negotiations have been tense. Pilot strikes in the U.S. are extremely rare, and the Southwest Airlines Pilots Association's request does not mean that one is imminent because of procedures in U.S. labor law. There are several so-called cooling off periods should the National Mediation Board declare an impasse between Southwest and its pilots' union.

Persons: Jody R, Adam Carlisle, We've Organizations: Southwest Airlines Co, Southwest Airlines Pilots ' Association, Chicago, International, Southwest Airlines, Southwest Airlines Pilots Association, National, CNBC, Southwest, Pilots, Southwest Airlines Pilots, U.S, Spirit Airlines Locations: Chicago , Illinois, U.S, Dallas, Southwest

☆ PacWest sells $3.5 billion loan portfolio to asset manager Ares
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - PacWest Bancorp (PACW.O) unveiled a deal on Monday to sell a $3.54 billion lender finance portfolio to asset manager Ares Management (ARES.N), its latest move to strengthen its balance sheet after it was rocked by the U.S. regional banking crisis. The deal, which helped drive up PacWest shares by more than 6%, came after it said in May it was evaluating asset sales. As a result, PacWest turned to asset sales. Reuters GraphicsPacWest said the lender finance portfolio consisted of high-quality, asset-backed loans from a variety of borrowers. PacWest said it fetched $2.01 billion from selling the first part of its lender finance portfolio, with further tranches to close later.

Persons: Ares Management, Paul Taylor, PacWest, Christopher McGratty, Reuters Graphics PacWest, Banks, Blackstone, Ares, Niket, David French, Shinjini Ganguli, Matthew Lewis Organizations: PacWest Bancorp, U.S, Federal, Reuters Graphics, Barclays, Thomson Locations: KBW, Bengaluru, New York

☆ PacWest sells $3.5 bln loan portfolio to asset management firm Ares
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

June 26 (Reuters) - PacWest Bancorp (PACW.O) said on Monday it was selling a $3.54 billion lender finance loan portfolio to Ares Management (ARES.N), in an attempt to boost liquidity at the U.S. regional lender, sending its shares up 7% in premarket trading. Since late May, Los Angeles-based PacWest has also sold its real estate lending unit and a huge chunk of its real estate loans. Through sale of such loans, some regional banks in the United States are trying to shore up capital and build investor confidence after a recent banking crisis. PacWest fetched $2.01 billion in proceeds from sale of the first part of its lender finance loan portfolio, it said in a filing with the U.S. Securities and Exchange Commission. Its lender finance arm provided loans to small business lenders, commercial real estate lenders and consumer lenders.

Persons: PacWest, Paul Taylor, Blackstone, Ares, Niket, Shilpi Majumdar, Shinjini Organizations: PacWest Bancorp, Ares Management, U.S, Federal Reserve, U.S . Securities, Exchange Commission, Barclays, Thomson Locations: Los Angeles, United States, Bengaluru

☆ Squatting Russian diplomat leaves contested site after Australian court ruling
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, June 26 (Reuters) - A Russian diplomat squatting on land set aside for a future Russian embassy in Australia has left after a court ruled that Moscow had no claim to the site near the national parliament in Canberra. A Russian diplomat subsequently moved into a temporary building on the site and police were unable to arrest him because he had diplomatic immunity, local media reported. [1/2]A demountable shack is seen on the site of the former Russian embassy site in Canberra, Australia June 26, 2023. AAP Image/Mick Tsikas via REUTERSThe High Court on Monday rejected Moscow's appeal to hold onto the site and shortly afterwards the squatter left the site, SBS News reported. Relations between Moscow and Canberra have deteriorated sharply since Russia's invasion of Ukraine on Feb. 24, 2022.

Persons: Mick Tsikas, Anthony Albanese, Lewis Jackson, Gareth Jones Organizations: SYDNEY, SBS News, Russian Federation, Ukraine, Thomson Locations: Russian, Australia, Moscow, Canberra, Ukraine, Russia

SYDNEY, June 26 (Reuters) - The Australian government will provide a new A$110 million ($73.5 million) package to Ukraine including 70 military vehicles to defend against Russia's invasion, Prime Minister Anthony Albanese said on Monday. The fresh commitments take Australia's total contribution for Ukraine to A$790 million, including A$610 million in military support, since the conflict began in February 2022. Australia is one of the largest non-NATO contributors to the West's support for Ukraine and has been supplying aid, ammunition and defence equipment including scores of Bushmaster armoured vehicles. To prop up Ukraine's economy and trade, Albanese said Australia will also extend duty-free access for goods imported from Ukraine for another 12 months. The latest military assistance package will include 28 M113 armoured vehicles, 14 special operations vehicles, 28 medium trucks and 14 trailers.

Persons: Anthony Albanese, " Albanese, Vladimir Putin's, Albanese, Renju Jose, Alasdair Pal, Stephen Coates Organizations: SYDNEY, Australian, Ukraine, Bushmaster, Russian Federation, Thomson Locations: Ukraine, Canberra, Russia, Russian, Rostov, Australia, Kremlin, Sydney

☆ Southwest Airlines reaches tentative agreement with mechanics' union
▼ + stars: | 2023-06-23 | by ( Yuheng Zhan | ) www.cnbc.com time to read: +3 min

Southwest Airlines said Friday that it has reached a tentative agreement with the union representing its mechanics, aircraft inspectors, maintenance controllers and training instructors. "Our Mechanics & Related Employees work around the clock to safely maintain our aircraft, and we reached a Tentative Agreement that rewards them and helps Southwest maintain an efficient operation," Adam Carlisle, vice president of labor relations at Southwest, said in a press release. The union and airline didn't immediately disclose the details of the agreement but said they would in the coming days. Earlier this month, leaders at Transport Workers Union of America 556, which represents Southwest flight attendants, said they rebuffed a tentative agreement that would have allowed for a membership vote. As Members ourselves, we are just as eager to vote on and ratify a worthy Tentative Agreement."

Persons: Adam Carlisle, didn't, Bret Oestreich, Southwest's Carlisle, – CNBC's Leslie Josephs Organizations: Southwest Airlines Co, Boeing, International, Southwest Airlines, Southwest, Aircraft Mechanics Fraternal Association's, Transport Workers Union of America, U.S, Brotherhood of Teamsters, UPS Locations: Chicago , Illinois, U.S, Southwest, Seattle

☆ Midwest American Cities Are Facing a Downtown Crisis, Urban Doom Loop
▼ + stars: | 2023-06-22 | by ( Eliza Relman | ) www.businessinsider.com time to read: +16 min

But Midwestern cities are also facing a crisis of their own — struggling to attract workers, residents, and visitors to their downtowns. Nine of the 13 Midwestern cities tracked in the study were in the bottom half of the rankings. In the early part of the 20th century, Midwestern cities boomed — attracting workers and families seeking out manufacturing jobs and education. Many Midwestern cities relied on a single industry or even a single company to buttress its economy. "If office workers are coming downtown less, but college students are willing to come downtown more, what about literally putting a college in your downtown?"

Persons: COVID, Michael Hicks, Jacob Frey, Salesforce, Karen Chapple, Hicks, Michael Siluk, Amanda Weinstein, Weinstein, weren't, it's, Tracy Hadden Loh, Hadden Loh, It's, they've, you've, Chapple, Edwin Remsberg, downtowns, I've, —, Columbus, Keyvan Esfarjani, Eliza Relman Organizations: metros —, metros, Ball State University, University of Toronto, St, of Cities, Midwest, University of Akron, Brookings Institution, Institution, Arizona State University, Cleveland, Housing, While Ohio, Ohio State University's, Intel Locations: San Francisco, Seattle, Indiana, Midwest, Louis, Indianapolis, Minneapolis, Cleveland, Kansas City , Missouri, Detroit, Akron, leafier, downtowns, Lake Erie, Burke, Downtown, Kansas, Chicago, Columbus, While, Ohio

In the video, a Central African Republic rebel fighter says "the French want to drive Wagner out of Africa". Russia and Wagner have a track record of media manipulation and disinformation, which Wagner founder Yevgeny Prigozhin has admitted to. The European Union sanctioned Wagner in February for alleged rights abuses and spreading disinformation, including in Africa. The foreign ministry unit doesn’t promote or generate fake news, the two diplomats said. However, the foreign ministry unit, and the broader strategy, will face an uphill battle to convince people in Africa that France has changed, seven analysts and diplomats said.

Persons: Ibrahim Traore, Vincent Bado, Wagner, Catherine Colonna, Yevgeny Prigozhin, Emmanuel Macron, Macron, Maria Zakharova, Meta, Anne, Sophie Ave, Lakhta, Prigozhin, Viginum, Faustin, Archange Touadera, “, Michael Shurkin, I'm, Jean Gaspard Ntoutoume Ayi, John Irish, Elizabeth Pineau, Bate Felix, Michel Rose, Frank Jack Daniel Our Organizations: REUTERS, Russia, Central, Facebook, Kremlin, Reuters, Quai D'Orsay, Vigilance, Protection, European Union, West, Central African, Twitter, Democratic, Internet Research Agency, Meta, Global, National Union, Gabonese, Thomson Locations: Burkina, French, Ouagadougou, Burkina Faso, Russia, PARIS, DAKAR, Central African Republic, France, Russian, Africa, Paris, France's, Ukraine, Moscow, Central, West Africa, Quai, Kinshasa, Mali, Sahel, Europe, Democratic Republic of the Congo, DRC, U.S, Togo, Libreville, Senegal, Ivory Coast, Dakar

☆ 'Tough duel' ahead for Ukraine as Russia mounts fierce resistance to counteroffensive
▼ + stars: | 2023-06-20 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +6 min

Ukrainian officials are the first to admit that the country's armed forces face a "tough duel" with Russia in the weeks and months ahead. Nonetheless, there is mounting pressure on Ukraine to produce solid results — and analysts told CNBC that expectations could be far too high. Oleksiy Goncharenko, a Ukrainian lawmaker, told CNBC Tuesday that it was too early in the counteroffensive to make a judgment call. Urging patience, Ukraine defense advisor Yuriy Sak told CNBC: "We understand that everybody — and us more than anybody else — wants [the counteroffensive] to be progressing faster." Anders Fogh Rasmussen, chair of Rasmussen Global and former Secretary General of NATO, told CNBC Tuesday that "we are much too slow."

Persons: Anatolii Stepanov, Yuriy Sak, Hanna Maliar, Maliar, Oleksiy, —, Sak, Anders Fogh Rasmussen, Putin, Fogh Rasmussen, Oleksiy Goncharenko, Oscar Del Pozo Organizations: AFP, Getty, CNBC, Ukrainian, Google, Defense, NATO, Rasmussen Global, Afp Locations: Blagodatne, Donetsk, Ukraine, Russia, Zaporizhia, Kharkiv, Kherson, Ukrainian, Kyiv, Spanish, San Gregorio, Zaragoza

☆ Russia is charging foreign business execs over $25,000 to attend its version of Davos — but nobody really wants to be seen there in the first place
▼ + stars: | 2023-06-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Most attendees hail from the ex-Soviet states, Africa, Cuba, and the UAE, per the Moscow Times. But it's still charging foreign participants over $25,000 to attend, which appears to baffle even the forum's own organizers. "The main problem for the 2023 organizers is to scrape together participants," a forum organizer told The Moscow Times on Thursday. "Although it serves no real purpose, this forum will never be abandoned," a manager at another major Russian state-owned company told The Moscow Times. Organizers of the St. Petersburg International Economic Forum did not immediately respond to a request for comment from Insider sent outside regular business hours.

Persons: —, Emmanuel Macron, Angela Merkel, Vladimir Putin's Organizations: UAE, Moscow Times, Service, St ., Economic, United Arab Emirates, The Moscow Times Locations: Davos, Africa, Cuba, Moscow, St, St . Petersburg, Ukraine, Swiss, Russian, Europe, Petersburg

☆ JetBlue is painting its planes blue. Is that a good idea?
▼ + stars: | 2023-06-15 | by ( Dennis Green | ) www.businessinsider.com time to read: +5 min

JetBlue announced on Wednesday it's going to paint its planes blue. JetBlue's current white livery, for comparison's sake with the new blue one. JetBlue will be prominent on a plane's underside in the new livery. "The refreshed livery design was extensively reviewed and researched across the organization to ensure we will maintain our standard of great service. Southwest Airlines' paint scheme is the most similar to JetBlue's new one, with a blue fuselage and the airline's name in a large white typeface.

Persons: Jayne O'Brien, Lukas Wunderlich, John Hansman, It's, Hansman, it's, Kamil Krazaczynski Organizations: JetBlue, MIT Aeronautics, Astronautics, Getty, Spirit Airlines, Southwest Airlines, Sun, Frontier Locations: Delta, United, Alaska

☆ Australia cancels lease for new Russian embassy citing national security
▼ + stars: | 2023-06-15 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, June 15 (Reuters) - Australia said on Thursday it would introduce legislation to parliament to cancel Russia's lease to build a new embassy in the national capital of Canberra, citing national security. The move follows the conclusion of a long-running litigation regarding the leased site after the federal court ruled last month that an eviction order made by the National Capital Authority - a government body tasked with the planning of the national capital - was invalid. Russia bought the lease in 2008 and had plans approved in 2011 but the National Capital Authority blamed the embassy for leaving the site unused, according to Australian media. Home Affairs Minister Clare O'Neil said the "principal problem" with the proposed second Russian embassy was its location, as the site sits directly adjacent to the parliament house. Since the conflict began, Australia has provided millions in military support to Ukraine and has sanctioned more than 1,000 Russian individuals and entities.

Persons: Anthony Albanese, " Albanese, Clare O'Neil, Albanese, Renju Jose, Michael Perry Organizations: SYDNEY, National Capital Authority, Home Affairs, Ukraine, Thomson Locations: Australia, Canberra, Russian, Russia, Ukraine, Sydney

He has also said that there could be "nuclear weapons for everyone" who joined the Russia-Belarus union. Putin said Russia would remain in control of the weapons just as the United States controls its own tactical nuclear weapons deployed in Europe. Putin has repeatedly raised concerns about the 200 U.S. B61 tactical nuclear warheads deployed at bases in Belgium, the Netherlands, Germany, Italy and Turkey. Russia's nuclear weapons are controlled and transported by the 12th Main Directorate of the defence ministry (12th GUMO). By putting nuclear weapons back in Belarus, Putin is showing that the architecture of post-Cold War nuclear arms control is crumbling.

Persons: Stringer, Vladimir Putin, Moscow's, Putin, Pavel Zarubin, Su, Lukashenko, Jens Stoltenberg, Guy Faulconbridge, Nick Macfie Organizations: REUTERS, Kremlin, Street, Ukraine, Sukhoi, of American, WHO, United, NATO, B61, U.S, 12th, Directorate, State Department, Thomson Locations: Kakhovka, Nikopol, Ukraine, Dnipropetrovsk region, MOSCOW, Belarus, Russia, Soviet Union, Britain, United States, Belarusian, Lida, Lithuanian, Europe, U.S, Belgium, Netherlands, Germany, Italy, Turkey, Kazakhstan, States

It was inspired by the original wind phone set up in Otsuchi, Iwate Prefecture, Japan, ten years earlier. The plaque reads: "This phone is for everyone who has ever lost a loved one. The phone is an outlet for those who have messages they wish to share with their friends and family. 'I NEED AN OUTLET'During a recent afternoon, Joelle's family paid a visit to the phone to celebrate her life. Erin Sylvester, Joelle's mother, said they sometimes have pizza parties and invite friends to join them.

Persons: Corey Dembeck, Matt Mills McKnight, Joelle, Sylvester, Joelle Rose, Dembeck, Joelle's, Erin Sylvester, it's, welling, Jonah, Erin, It's, that's, Andre Sylvester, Matt McKnight, Diane Craft Organizations: REUTERS, Washington state's, U.S . Army, Thomson Locations: Olympia , Washington , U.S, Wash, Washington, Olympia, Otsuchi, Iwate Prefecture, Japan, United States

☆ Netflix investors voted 3-to-1 against hefty pay packages for top execs including co-CEOs Greg Peters and Ted Sarandos
▼ + stars: | 2023-06-09 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +3 min

Netflix shareholders on June 1 voted against pay packages for top execs totaling up to $109 million. The WGA had urged Netflix investors to reject the pay packages amid the Hollywood writers' strike. Netflix shareholders voted on June 1 by a nearly three-to-one margin against rich 2023 pay packages for the company's top executives, according to a recent company filing. Amid the ongoing Hollywood writers' strike, the Writers Guild of America had called on Netflix investors to reject this year's executive pay raises. The prelim ary results of the advisory vote were in favor of the executive pay plan, the company announced the day of the meeting.

Persons: Ted Sarandos, Greg Peters, Reed Hastings, Meredith Stiehm, Peters Organizations: Netflix, WGA, Hollywood, Morning, Writers Guild of America, Hastings, Comcast

Asked if he thought the world was in a new Cold War, Kostin said that it was now a "hot war" that was more dangerous than the Cold War. VTB, Kostin said, was discussing using yuan in settlements with third countries. "We have already entered into a hot war," Kostin said of the crisis with Ukraine. The situation is worse than in the Cold War, it is very difficult and alarming." Asked if Russia's economy would remain a free economy, Kostin said: "I very much hope so."

Persons: Dado Ruvic, Andrei Kostin, Kostin, Vladimir Putin, Putin, VTB, Guy Faulconbridge, Mark Potter Organizations: REUTERS, U.S ., European Union, Reuters, U.S, JPMorgan, VEB, EU, West ., Monetary Fund, Thomson Locations: Russian, China, MOSCOW, Russia, Ukraine, United States, Moscow, Australia, Britain, Soviet Union

☆ A former Southwest employee was charged with selling $1.9 million in fake travel vouchers
▼ + stars: | 2023-06-08 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

A former Southwest employee created and sold fake travel vouchers, according to a June 5 indictment. The airline usually issues Southwest Luv Vouchers to customers affected by delays and other circumstances. Between February and June 2022, the former employee allegedly created vouchers for a value of nearly $2 million. A customer service representative for Southwest Airlines at Midway Airport in Chicago when he allegedly created and sold fraudulent travel vouchers for a value of nearly $2 million. Federal prosecutors allege that Martin, who worked at Southwest from November 2018 to June 2022, used his employee credentials to create fake customer names and generate fake travel vouchers of the kind Southwest issues to customers who have experienced delays, cancellations, and other unfortunate circumstances.

Persons: DaJuan Martin, Ned Brooks, Martin, Brooks, Mr, Jonathan Bedi, Martin's, John Legutki Organizations: Southwest, Morning, Southwest Airlines, Midway Airport Locations: Chicago

☆ Analysis: Saudi Arabia's 'icing on the cake' oil cut could feed US producers
▼ + stars: | 2023-06-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +5 min

With the new Saudi reduction, the group has agreed to take some 4.6 million bpd off the market in July, equivalent to 4.6% of global demand of 100 million bpd. OPEC+ also agreed on Sunday to extend the group's existing supply cuts of 3.66 million bpd into 2024. In response, oil prices rose nearly $2 a barrel early on Monday to $78 per barrel . "This market needs stabilisation," Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday, calling his surprise decision to deepen Saudi production cuts "the icing on the cake" for the deal. So far this year, a weakening global economy, concern about the U.S. banking crisis, and a slow Chinese recovery from COVID-19 restrictions have capped oil prices.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Natasha Kaneva, Morgan, Tamas Varga, Jorge Leon, Sunday's, JPM, Kaneva, Alex Lawler, Ahmad Ghaddar, el, Dmitry Zhdannikov, Simon Webb, Barbara Lewis Organizations: Saudi Energy, OPEC, White, International Energy Agency, Rystad Energy, United, Thomson Locations: Saudi, Saudi Arabia, OPEC, U.S, Russia, Ukraine, Riyadh, United States, States, COVID, Angola, Nigeria, United Arab Emirates

Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. "This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. EXTENSION TO END OF 2024OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April. In addition to extending the existing OPEC+ cuts of 3.66 million bpd, the group also agreed on Sunday to reduce overall production targets from January 2024 by a further 1.4 million bpd versus current targets to a combined of 40.46 million bpd. By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.

Persons: Prince Abdulaziz, Brent, Amrita Sen, Gary Ross, Giovanni Staunovo, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Barbara Lewis Organizations: Saudi, UAE, Saudi Energy, Organization of, Petroleum, Brent, OPEC, Analysts, Energy, Veteran OPEC, Black Gold, UBS, United Arab, Thomson Locations: Russian, Angolan, VIENNA, Saudi Arabia, OPEC, Saudi, Russia, Ukraine, Nigeria, Angola, United Arab Emirates

☆ Want to know why younger generations seem so pissed? Look at the housing market.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

But the biggest issue is probably a housing market that simply feels unfair. From a shaky economy to student debt, to general inflation and spiking healthcare costs, there's lots to be worried about. "One was the long, weak labor market in the wake of the Great Recession, and the other is how badly the housing market functions." When you look at the housing market, it's particularly grim right now. But while Americans have different health situations (and lifestyles and levels of student debt), all of them live somewhere.

Persons: Gen Zers, —, Zers, Josée Rose, there's, Matt Yglesias, Phil Rosen, Goldman Sachs, James Rodriguez, Pew, John Myers, Ben Southwood, Sam Bowman, homebuyers Organizations: Service, Deloitte, TIAA Institute, Federal Reserve Bank of New, Mortgage, Association, Commonwealth Fund Locations: Federal Reserve Bank of New York, New York, isn't

Four sources familiar with OPEC+ discussions have told Reuters that additional production cuts were being discussed among options for Sunday's session. Three out of four sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May. If approved, the new cut would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand. Typically, production cuts take effect the month after they are agreed but ministers could also agree a later implementation. Three OPEC+ sources also said the group will address the issue of baselines for 2023 and 2024, from which each member performs cuts.

Persons: Prince Abdulaziz, Sunday's, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Hugh Lawson, Emelia Organizations: OPEC, Organization of, Petroleum, Reuters, Brent, Saudi Arabia's Energy, Thomson Locations: VIENNA, Nigeria, Angola, OPEC, Russia, West, UAE, Ukraine, China, India

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