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☆ British oil giant BP posts weakest quarterly earnings in nearly four years on lower crude prices
▼ + stars: | 2024-10-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024. British oil major BP on Tuesday reported its weakest quarterly earnings in nearly four years, weighed down by a slump in crude prices and lower refining margins. The energy firm posted underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion for the July-September period. BP reported net profit of $2.8 billion for the second quarter of the year and $3.3 billion for the third quarter of 2023. The firm's third-quarter results were the weakest since the fourth quarter of 2020, when industry profits cratered during the coronavirus pandemic.

Persons: Murray Auchincloss Organizations: BP, British Petroleum Locations: Warsaw, Poland

☆ Manchester United sack manager Erik ten Hag after dismal start to the season
▼ + stars: | 2024-10-28 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Erik ten Hag, Manager of Manchester United, reacts as he looks on during the Premier League match between West Ham United FC and Manchester United FC at London Stadium on October 27, 2024 in London, England. Manchester United sacked Erik ten Hag as the club's first-team manager on Monday following a dismal start to the Premier League season. The move brings an end to months of speculation about Ten Hag's future at Manchester United. Shares of Manchester United, which is listed on the New York Stock Exchange, rose 3% in premarket trading. The Glazer family, which has owned Manchester United since 2005, retain a majority stake under the terms of the deal.

Persons: Erik, Hag, Ruud van Nistelrooy, Jim Ratcliffe, Ratcliffe, Glazer, Alex Ferguson Organizations: Manchester United, Premier League, West Ham United FC, Manchester United FC, London, Manchester, Manchester City, New York Stock Exchange, Ineos, Ratcliffe's Locations: London, England, Dutch, West Ham

☆ Ted Danson apologizes to Kelsey Grammer for 'getting angry' at him when they were on 'Cheers'
▼ + stars: | 2024-10-24 | by ( Liz Calvario | ) www.nbcnews.com time to read: +3 min

Ted Danson and Kelsey Grammer are putting the past behind them. I have a memory of getting angry at you once and it stuck in both of our memories,” Danson told Grammer, who played Dr. Frasier Crane in “Cheers” and its spinoff, “Frasier.”“Yeah, you came and told me that one day,” Grammer replied. Danson continued, "I feel like I missed out on the last 30 years of Kelsey Grammer. Danson and Grammer did not specify what their argument was about or when it happened. Danson and Grammer last publicly reunited during the “Cheers” cast reunion at the 75th annual Emmy Awards in January.

Persons: Ted Danson, Kelsey Grammer, ”, Woody Harrelson, ” Danson, Sam Malone, Grammer, “, Frasier Crane, “ Frasier, ” Grammer, Danson, —, ‘, Cheers ”, Rhea Perlman, John Ratzenberger, George Wendt, ” Shelley Long, Harrelson wasn’t, Jesse Collins Organizations: NBC, Ulster, Hollywood Locations: “, London

☆ Britain announces major change to fiscal rules to free up billions in spending
▼ + stars: | 2024-10-24 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

U.K. Finance Minister Rachel Reeves on Thursday confirmed she intends to change the country's fiscal rules in the October budget, a move designed to free up billions of pounds for investment. Writing in The Financial Times on Thursday, Reeves said her "investment rule" will "get debt falling as a proportion of our economy." A Treasury spokesperson declined to comment when asked whether the fiscal rule change would target PSNFL in the U.K.'s measure of debt. The Institute for Fiscal Studies, an influential think tank, said on Sept. 30 that a change in the fiscal rules to target PSNFL would offer as much as £50 billion ($64.8 billion) of additional headroom for the government. Reeves confirmed the change to Britain's fiscal rules during a trip to the International Monetary Fund's annual meetings in Washington.

Persons: Rachel Reeves, Labour government's, Reeves, Keir Starmer Organizations: Britain's, Finance, Labour, Financial, Treasury, Fiscal Studies, International Monetary Locations: Washington

Mārtiņš Kazāks, governor of the Bank of Latvia and a member of the European Central Bank's Governing Council, on Thursday weighed in on the possibility of a jumbo half-point interest rate cut for December. When asked for his views on a 50-basis rate cut by the ECB at its next meeting, he said that "everything should be on the table." "But we will have that discussion in December," he told CNBC's Karen Tso at the IMF's annual meetings in Washington, D.C. Thursday. His comments come after the ECB delivered a back-to-back interest rate cut for the first time in 13 years at its October meeting. It also comes a day after Portuguese central bank chief Mario Centeno made similar comments.

Persons: Mārtiņš Kazāks, CNBC's Karen Tso, —, Mario Centeno, Centeno Organizations: Bank of, European Central Bank's Governing, ECB, CNBC Locations: Bank of Latvia, Washington ,, Portuguese

☆ World’s largest sovereign wealth fund posts $76 billion in quarterly profit as interest rates fall
▼ + stars: | 2024-10-22 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Norway's sovereign wealth fund on Tuesday reported third-quarter profit of 835 billion Norwegian kroner ($76.3 billion), citing a stock market boost from falling interest rates. The so-called Government Pension Fund Global, one of the world's largest investors, said it had a value of 18.870 trillion kroner at the end of September. Trond Grande, deputy CEO of Norges Bank Investment Management (NBIM), which manages the world's largest sovereign wealth fund, said recent changes in monetary policy had "a pretty significant impact" on the fund's third-quarter results. "What I think you have seen from our numbers is that with a rising tide, all boats rise, right? And so, you saw a very broad increase in the stock market based on lower interest rates, essentially."

Persons: Trond Grande, Grande, CNBC's Silvia Amaro Organizations: Fund, Norway's Finance Ministry, FTSE, Bloomberg Barclays, Norges Bank Investment Management

☆ 10-year Treasury yield rises above 4.11% as investors monitor Fed speeches
▼ + stars: | 2024-10-21 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The yield on the 10-year Treasury rose about 4 basis points to 4.112%. The yield on the 2-year Treasury was up about 2 basis points to 3.979%. The U.S. 10-year Treasury yield rose above 4.11% on Monday as investors awaited a flurry of speeches from Federal Reserve policymakers. Dallas Fed President Lorie Logan, Minneapolis Fed President Neel Kashkari, Kansas City Fed President Jeff Schmid and San Francisco Fed President Mary Daly are all expected to deliver remarks on Monday as investors await clues on the Fed's monetary policy outlook. The Federal Open Market Committee took the unusual step last month of lowering its baseline interest rate by a half percentage point, or 50 basis points, to a target range of 4.75% to 5%.

Persons: Lorie Logan, Neel Kashkari, Jeff Schmid, Mary Daly, Christopher Waller, Waller, —, Jeff Cox Organizations: Treasury, Federal Reserve, U.S, Dallas, San Francisco Fed, Market Locations: U.S, Minneapolis, Kansas

☆ Prince Andrew's future is murkier than ever. But the royals may never fully cut ties.
▼ + stars: | 2024-10-19 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +7 min

Prince Andrew's "Newsnight" interview has been depicted in a new series. AdvertisementThe public may not completely forgive Prince Andrew's controversies – but the royal family might, according to royal experts. AdvertisementSchofield said the institution is unlikely to ever fully reject Prince Andrew. However, she noted that his involvement in family events could be scaled back when Prince William ascends the throne. "Prince William is incredibly intelligent and recognizes that you are only as strong as your weakest member.

Persons: Prince Andrew's, Duke, York, Jeffrey Epstein, Andrew, —, Prince, Kinsey Schofield, he'd, Andrew's, Prince Andrew, Gillian Anderson, Rufus Sewell, Billie Piper, Sam McAlister, Emily Maitlis, Ruth Wilson, Michael Sheen, Epstein, Ghislaine Maxwell, Epstein's, Virginia Roberts Giuffre, Maxwell, Maitlis, King Charles, King Charles and Prince William, Princess Beatrice, Princess Eugenie, Kristien, Sovereign Grant, Richard Fitzwilliams, Sarah Ferguson, it's, Ferguson, MailOnline, Victoria, Schofield, Prince William, King William, William, Kate, Prince Harry —, Buckingham Organizations: Service, BBC, YouTube, Netflix, Amazon, Palace, International Trade, Investment, KPMG, Standard Chartered, Cisco, BBC News, Sovereign, Telegraph Locations: Windsor, Porta

☆ Germany’s auto giants are struggling to stay relevant
▼ + stars: | 2024-10-18 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

The latter appeared to hint at the Germany's waning influence over regional policy — a likely unthinkable notion only a few years ago. "The question is whether German car makers manage to adjust their product portfolios, change their organizations, and ramp up productivity quickly enough to preserve the status and relevance they had for decades." Brand loyaltyNot everyone is as concerned about the outlook for Germany's car industry. Sigrid de Vries, director general of the European Automobile Manufacturers' Association (ACEA), a car lobby group, said she finds it "really hard to believe" that Germany's auto sector is struggling to adapt to the electrification. Stephane Mouchmouche | Afp | Getty ImagesSome hope that this week's Paris Motor Show could prove to be a turning point for Europe's auto industry.

Persons: Julian Stratenschulte, Rico Luman, Robert Habeck, Luman, Chancellor Olaf Scholz, Germany's, Sigrid de Vries, de Vries, ACEA's de Vries, Porte, Stephane Mouchmouche, John Cooper, Julia Poliscanova, Poliscanova Organizations: VW, Getty, Volkswagen, Mercedes, Benz Group, BMW, Union, ICE, ING, CNBC, Federal, Economic Affairs, Emden ., EVs, Reuters, European Automobile Manufacturers ' Association, Paris, Automotive Summit, Porte de, Afp, John Cooper Works Electric, Transport, Environment Locations: Wolfsburg, Germany, China, Emden, German, Berlin, Europe, France, automaking, Paris

Products displayed at the Schneider Electric SE booth at the International Photovoltaic Power Generation and Smart Energy Expo in Shanghai, China, on Thursday, June 13, 2024. The chief executive of French power-equipment maker Schneider Electric said on Thursday that the firm's $850 million deal to take a controlling stake in U.S.-based liquid cooling company Motivair will help to bolster its offering to fast-growing and energy-intensive data centers. "We've always said we are going to be agile in respect to acquisitions and targets out there that fit exactly into the strategy of Schneider Electric," Schneider Electric CEO Peter Herweck told CNBC's "Squawk Box Europe" on Thursday. Herweck said the all-cash deal to acquire an initial 75% controlling interest in the equity of Motivair, which was announced on Thursday, was "rich, but not overly expensive" and "fits great" with the firm's strategy. The acquisition takes place as a global rush for the next wave of generative AI coincides with increasing public scrutiny on environmental concerns, with technology giants recently pivoting to nuclear in an attempt to power its AI ambitions.

Persons: We've, Peter Herweck, CNBC's, Herweck, — Sam Meredith Organizations: Schneider, International, Power, Smart Energy Locations: Shanghai, China, U.S

☆ Auto giants launch a flurry of cheaper electric vehicles — taking the fight to China
▼ + stars: | 2024-10-17 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Carlos Tavares, chief executive officer of Stellantis NV, beside a Citroen C5 Aircross Concept automobile at the Paris Motor Show in Paris, France, on Monday, Oct. 14, 2024. So, Citroen, Peugeot [and] Renault, they are all showing some smaller affordable models," Poliscanova said. The partly covered wheel of a BYD Co. electric vehicle at the Paris Motor Show in Paris, France, on Tuesday, Oct. 15, 2024. "This year in Europe, we did not have affordable models, so people are not buying those overpriced premium vehicles. Not that many full electric vehicles in Europe for less than that price," he added.

Persons: Carlos Tavares, Julia Poliscanova, Poliscanova, carmaker, Environment's Poliscanova, JATO, Denis Le Vot, CNBC's Charlotte Reed, Le Vot Organizations: Stellantis, Citroen, Paris, Bloomberg, Getty, Europe's, Transport & Environment, CNBC, Peugeot, Renault, carmaker Renault, Tech, Auto, Parc des, Chesnot, U.S, Beijing, Dacia, EV Locations: Paris, France, PARIS, Europe, China, Dacia, EVs, Parc, U.S

☆ The solid-state batteries hype is fading – prompting auto giants to consider alternatives
▼ + stars: | 2024-10-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Solid-state batteries have long been billed as the "holy grail" of sustainable driving. As the name suggests, solid-state batteries contain a solid electrolyte, made from materials such as ceramics. Automakers have invested billions of dollars in solid-state battery research and teamed up with developers to produce their own versions for mass production. Tomohiro Ohsumi | Getty Images News | Getty ImagesJapan's Toyota, for instance, has said it is aiming to bring solid-state batteries into mass production between 2027 and 2028. Yet, despite growing hype over the potential rollout of solid-state batteries, analysts remain skeptical about when they will actually make it to market.

Persons: Tomohiro Ohsumi, Japan's Nissan, Germany's Mercedes, Max Reid, Wood Mackenzie, Reid, Wood Mackenzie's Reid, Julia Poliscanova, Poliscanova, Nio, Ganfeng, Environment's Poliscanova Organizations: Afp, Getty, Toyota Motor Corp, Benz Group, Stellantis, Hyundai, Kia, Environmental Defense Fund, CNBC, Transport, Environment, Paris, Show, Qingtao Energy Locations: Nanjing, China's, Jiangsu, PARIS, France, Tokyo, Japan, U.S, China

☆ From swimming cars to rectangular steering wheels, here's what's going on at the Paris auto show
▼ + stars: | 2024-10-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

PARIS, France — Auto giants have descended on the Paris Motor Show to showcase their latest concepts and production models, jostling to capture the public's attention with eye-catching designs and futuristic technologies. The pressure on European automakers is poised to ratchet up even further next year when emissions-reduction targets come into force. It is hoped that the Paris Motor Show can prove to be something of a turning point for Europe's auto industry, with many rolling out affordable EVs in an attempt to keep up with their Chinese competitors. The automaker welcomed visitors — including French President Emmanuel Macron — to take a close look at its Hypersquare steering wheel. Peugeot said the steering wheel's rectangular shape, which resembles a video game controller, will be in production from 2026.

Persons: Emmanuel Macron — Organizations: France — Auto, Paris, Volkswagen, BMW, Peugeot Locations: PARIS, France

☆ European markets expected to open slightly higher; UK economy expands 0.2% in August
▼ + stars: | 2024-10-11 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Heavy rain clouds pass over the city of London skyline on September 23, 2024 in London, United Kingdom. European markets are expected to open slightly higher on Friday as investors take in U.K. gross domestic product (GDP) figures and look ahead to highly anticipated fiscal stimulus from China. The U.K.'s FTSE 100 index is poised to open 19 points higher at 8,254, Germany's DAX 23 points higher at 19,228, France's CAC up 15 points at 7,559 and Italy's FTSE MIB 11 points higher at 33,943, according to data from IG. The U.K. economy returned to growth in August, according to official data published on Friday. Asia-Pacific markets mostly traded higher on Friday, breaking ranks with U.S. stocks, which saw key benchmarks dip overnight as investors reacted to a hotter-than-expected U.S. inflation report.

Persons: Germany's DAX Organizations: France's CAC, IG, Reuters ., U.S, CSI Locations: London, United Kingdom, China, U.K, Reuters . Asia, Pacific, Hong Kong

☆ 10-year Treasury yield dips as investors await producer prices data
▼ + stars: | 2024-10-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The yield on the 10-year Treasury fell around 2 basis points to 4.075%. The yield on the 2-year Treasury was down by more than 2 basis points to 3.974%. The U.S. 10-year Treasury yield edged lower on Friday as market participants awaited the release of the Producer Price Index (PPI) report. The yield on the 10-year Treasury briefly topped 4.1% in the previous session following commentary from Atlanta Federal Reserve President Raphael Bostic that suggested his openness to a cutting pause. Sticking on the data front, investors will turn their attention to the release of the latest PPI reading, which is expected at 8:30 a.m.

Persons: Raphael Bostic, Bostic, Dow, — CNBC's Brian Evans Organizations: Treasury, Atlanta Federal Reserve, Wall Street Journal, Fed, U.S, Consumer, Index, PPI Locations: U.S

☆ Nobel Peace Prize 2024 awarded to Japanese atomic bomb survivor organization Nihon Hidankyo
▼ + stars: | 2024-10-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Japanese atomic bomb survivor organization Nihon Hidankyo won the Nobel Peace Prize on Friday in recognition of the organization's efforts to achieve a world free of nuclear weapons. "Gradually, a powerful international norm developed, stigmatising the use of nuclear weapons as morally unacceptable. The Norwegian Nobel Committee said it had not been able to contact Nihon Hidankyo yet, but that "it hoped to do so very soon." The committee has previously sought to spotlight the issue of nuclear weapons, awarding the peace prize to the International Campaign to Abolish Nuclear Weapons (ICAN) in 2017. Winners of the Nobel Prize typically receive 11 million Swedish krona ($1.06 million), although multiple winners share the sum.

Persons: Kido Suechi, Nihon Hidankyo, Nihon, Alfred Nobel Organizations: Nuclear, Austrian, International Locations: Japan, Vienna, Austria, Norwegian, Hiroshima, Nagasaki, Oslo, Norway, Swedish

☆ Swedish battery maker Northvolt says head of Europe’s first homegrown gigafactory to step down
▼ + stars: | 2024-10-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Employees of the State Archaeological Office have hung pictures of finds from a construction trailer during a main archaeological investigation on the Northvolt site. Sweden's Northvolt on Wednesday said the head of its main plant, Europe's first homegrown gigafactory for lithium-ion battery cells, will step down with immediate effect. The position will be held until the end of the year as the company seeks to secure a permanent replacement for CEO of Northvolt Ett, it added. Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately held tech firms that builds lithium-ion batteries for the electric vehicle industry. The strategic action required the company to cut a total of 1,600 jobs in Sweden, Northvolt said.

Persons: Northvolt, Mark Duchesne, Northvolt Ett, Angéline J, Bilodeau Organizations: Office, Volkswagen, Volvo Locations: Sweden, North America, Stockholm

☆ Anthropic's power players: Here are the 11 leaders helping shape the future of the Amazon-backed AI company
▼ + stars: | 2024-10-09 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +10 min

It's sought to position itself as the safer, more responsible AI company. She, along with her brother Dario, was part of the team that left OpenAI with the goal of creating a more responsible AI company. Krishna Rao, Chief Financial OfficerAs any emerging AI company can attest, conducting groundbreaking research isn't enough. In this role, he's building deep relationships with users and helping to turn Anthropic's research into a mass-market product. These capabilities are essential to Anthropic's positioning of itself as the safer AI company.

Persons: Anthropic, It's, —, OpenAI's, Dario Amodei, Amodei, Dario, Daniela Amodei, She's, Jack Clark ,, Clark, Jared Kaplan, Kaplan, Chris Olah, Sam McCandlish, McCandlish, Tom Brown, Brown, Krishna Rao, Rao, Mike Krieger, São Paulo, Krieger, Claude, Brian Israel, it's, Brian, Sam Bowman, Bowman, Jan Leike Organizations: Service, OpenAI's ChatGPT, Google, Princeton University, Hertz, Stanford University School of Medicine, sager, Bloomberg, Harvard, Johns Hopkins University, Research, Organization, Core Resources, Stanford University, Brandeis University, Core, Blackstone, Bain & Company, Anthropic, State Department, NASA Locations: OpenAI, Anthropic, Airbnb, São, Menlo Park, San Francisco, New York, Israel

☆ Sweden's Volvo says deputy CEO to step down in management reshuffle as EV demand slows
▼ + stars: | 2024-10-09 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Swedish automaker Volvo Cars on Wednesday announced deputy CEO Björn Annwall will step down from his current role as part of a management reshuffle designed to increase simplicity and collaboration in the organization. It comes shortly after Volvo Cars abandoned its near-term goal of selling only electric vehicles (EVs), citing a need to be "pragmatic and flexible." "In a rapidly changing world, we need to ensure our organisation is equipped to navigate a more challenging market," Jim Rowan, CEO at Volvo Cars, said in a written statement. "We are now regrouping our commercial leadership team with a focus on making Volvo Cars even stronger with increased speed and efficiency," he added. Volvo Cars said it was taking these steps to navigate challenges facing the automotive industry, such as headwinds driven by geopolitical and macroeconomic uncertainties, market sentiment, rapid technology shifts and supply chains.

Persons: Björn Annwall, Jim Rowan, Annwall, Arek Nowinski, Gretchen Saegh, Fleming, Oscar Bertilsson Olsborg Organizations: Volvo, Wednesday, Volvo Cars Locations: China

☆ Russia is on a 'sustained mission' to create mayhem on Europe's streets, UK spy chief says
▼ + stars: | 2024-10-08 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The head of Britain's domestic spy agency on Tuesday accused Russian military intelligence of being on a "sustained mission" to cause mayhem in Britain and Europe. The spy chief said the agency was having to deal with a "dizzying range" of beliefs and ideologies, citing risks posed by Russia, Iran, China and others. McCallum said the number of state threat investigations MI5 is running had jumped 48% in the last year. He said the GRU — Russian military intelligence — in particular was on "a sustained mission to generate mayhem on British and European streets: we've seen arson, sabotage and more." "This goes well beyond all historical precedent – and has put a big dent in the Russian intelligence services' ability to cause damage in the West," he added.

Persons: Ken McCallum, McCallum, Vladimir, " McCallum Organizations: MI5, CNBC Locations: Britain, Europe, London, Russia, Iran, China, Ukraine, Moscow

☆ Why oil and gas markets are dreading the risk of supply disruption in the Strait of Hormuz
▼ + stars: | 2024-10-08 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

In 2022, oil flow in the Strait of Hormuz averaged 21 million barrels per day, according to the U.S. Energy Information Administration (EIA). Saul Kavonic, senior research analyst at MST Financial, said supply disruptions along the Strait of Hormuz could send oil prices significantly higher. Oil prices traded more than 3% on Monday, extending gains even after notching their sharpest weekly gain since early 2023 last week. "But seeing where the oil price sits right now the market doesn't seem to hold much probability for such a development at all," he added. "A significant disruption to these flows would be enough to push oil prices to new record highs, surpassing the record high of close to $150/bbl in 2008," he added.

Persons: Alan Gelder, Wood Mackenzie, CNBC's, Iraq —, Gelder, Saul Kavonic, Kavonic, Bjarne Schieldrop, SEB, Brent, Schieldrop, Warren Patterson, Patterson Organizations: Nurphoto, U.S . Energy Information Administration, Energy, Brent, U.S, West Texas, ING, bbl, United Arab Emirates, Space Shuttle Columbia Locations: Persian, Bushehr, Iran, Hormuz, Oman, Strait, Israel, Saudi Arabia, Kuwait, Iraq, UAE, Gulf, Muscat

☆ Why oil prices haven't skyrocketed on Middle East supply fears — yet
▼ + stars: | 2024-10-04 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Iran, which is a member of OPEC, is a major player in the global oil market. It's estimated that as much as 4% of global supply could be at risk if Israel targets Iran's oil facilities. For some analysts, the reason crude prices have yet to move even higher is because the oil market is short. watch nowTamas Varga, an analyst at oil broker PVM, told CNBC via email on Thursday that the oil market was pricing in some risk premium given the geopolitical concerns. These fears, however, will be greatly alleviated in [the] coming days unless oil supply from the region or traffic through the Strait of Hormuz are materially impacted," he added.

Persons: Fatemeh, Goldman Sachs, SEB, Jeff Currie, Carlyle, CNBC's, it's, Currie, we've, Amrita Sen, We've, Sen, Joe Biden, Biden, Tamas Varga, " Varga, Benjamin Netanyahu, Masoud Pezeshkian Organizations: Anadolu, Getty, Energy, OPEC, Brent, U.S, West Texas, CNBC, White House, Islamic Revolutionary Guard Corps, Persian, Nurphoto Locations: Isfahan Refinery, Iran, Isfahan, Israel, Swedish, backwardation, bearishness, U.S, Hormuz, Oman, Tehran, Qatar, Persian, Bushehr, Bushehr province

☆ Auto giants are getting nervous about the prospect of mega fines as EV demand falters
▼ + stars: | 2024-10-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Cfoto | Future Publishing | Getty ImagesEurope's top car giants appear to be increasingly concerned about the prospect of massive fines, particularly as electric vehicle demand falters ahead of the next tightening of carbon regulations. "The fines are massive actually. "Manufacturers are pretty much focused on conventional hybrids and ICE vehicles because they are much more profitable," ING's Luman said. Pooling refers to the process in which car manufacturers team up to be considered as one entity when calculating their performance against a CO2 emissions target. Not everyone is convinced that the sales challenge that Europe's car industry faces constitutes an industry-wide crisis.

Persons: Rico Luman, Europe's carmakers, Luman, Luca de Meo, ACEA, Tim McPhie, McPhie, ING's Luman, Sean Gallup, Xavier Demeulenaere, Demeulenaere, Brandon Bell Organizations: Volkswagen, ING, CNBC, videoconference, Renault, EV, Reuters, European Automobile Manufacturers ' Association, BMW, Ferrari, Volvo, European Commission, Ford, Benz Group, Manufacturers, Getty, P Global Mobility, Transport, Environment, Hill Locations: Anhui, Hefei, China, Europe, ACEA, Weissenfels, Germany, Austin , Texas

☆ Oil market faces a rude awakening if Iran’s energy infrastructure is targeted, analysts say
▼ + stars: | 2024-10-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

It comes amid speculation that Israel could be planning to launch a retaliatory attack on Iran targeting its oil infrastructure — a prospect which would likely deliver a rude awakening to bearish energy market participants. Iran, which is a member of the Organization of the Petroleum Exporting Countries (OPEC), is a major player in the global oil market. So much so, it is estimated that as much as 4% of the world's supply could be at risk if Iran's oil infrastructure becomes a target for Israel. That, of course, would add a significant risk premium to oil," Schieldrop said. Situated between Iran and Oman, the Strait of Hormuz is a narrow but strategically important waterway that links crude producers in the Middle East with key markets across the world.

Persons: Bjarne Schieldrop, SEB, Schieldrop Organizations: CNBC, Organization of, Petroleum, Israel Locations: Isfahan Refinery, Iran, Isfahan, Israel, Strait, Hormuz, Oman

☆ Mining giant Fortescue says it's time to walk away from the 'proven fantasy' of net zero
▼ + stars: | 2024-10-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Australian mining tycoon Andrew Forrest, founder and executive chairman of Fortescue, says it is time for the world to walk away from the "proven fantasy" of net zero emissions by 2050 and to embrace "real zero" by 2040 instead. Someone with a bit of ticker because the technology is there," he continued. "We know the world can go real zero 2040 and I'm reaching out to the business people and politicians across our planet to say it is time now to walk away from this proven fantasy [of] net zero 2050 and adopt real zero 2040," Forrest said. Net zero refers to the goal of achieving a state of balance between the carbon emitted into the atmosphere and the carbon removed from it. More than 140 countries, including major polluters such as the U.S., India and the European Union, have adopted plans to reach net zero.

Persons: Andrew Forrest, Fortescue, Forrest Organizations: I'm, European Union Locations: U.S, India

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