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☆ Shell beats expectations with $9.6 billion in first-quarter profit, boosted by fuel trading
▼ + stars: | 2023-05-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Shell reported adjusted earnings of $9.6 billion for the first three months of the year, comfortably beating analyst expectations of $8.6 billion, according to Refinitiv. The company posted adjusted earnings of $9.1 billion over the same period a year earlier and $9.8 billion for the final three months of 2022. It added that robust results from fuel trading and optimization offset the impact of weaker oil and gas prices. The company reported first-quarter net debt of $44.2 billion, down from $48.5 billion when compared to the same period a year earlier. Shell's results follow hot on the heels of U.K. rival BP, which on Tuesday reported a drop in first-quarter profit but beat analyst expectations on robust oil and gas trading.

☆ Oil major BP reports drop in first-quarter profit on weaker commodity prices
▼ + stars: | 2023-05-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $4.96 billion for the first quarter. Analysts had expected BP to report first-quarter profit of $4.3 billion, according to Refinitiv. The group said it completed its previously announced $2.75 billion share buyback on April 28. BP's dividend remained unchanged from the previous quarter at 6.61 cents per ordinary share, following a 10% increase in February. The company reported first-quarter net debt of $21.2 billion, down from $27.5 billion when compared to the same period a year earlier.

☆ Australia's home prices rise again in sign of market bottom
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, May 1 (Reuters) - Australian home prices rose for a second straight month in April, in a further signal that the nation's property market may have hit a floor ahead of a central bank rate decision on Tuesday. Figures from property consultant CoreLogic released on Monday showed prices nationally rose 0.5% in April from March, when values were up 0.6%, indicating Australian home prices may have bottomed out after slumping 9.1% from May 2022 to February. We now expect home prices to rise by 3% in 2023 and forecast a further increase of 5% in 2024." Shane Oliver, chief economist at AMP, also no longer expects a top-to-bottom fall of 15-20% in housing prices, citing "a far worse property demand and supply imbalance" with immigration levels surging and supply remaining tight. PropTrack data on Monday showed that home prices rose 0.14% in April, bringing the cumulative increase this year to 0.75%.

☆ BP agrees to buy Shell's stake in Australian Browse gas project
▼ + stars: | 2023-04-29 | by ( Samuel Mckeith | ) www.reuters.com time to read: +2 min

Woodside, BP and Shell are also all stakeholders in the North West Shelf LNG plant. "BP believes development of the Browse gas resources could make a significant contribution to energy security in Australia and to the Asia Pacific region," a BP spokesperson said. The company said it supported the concept of using carbon capture for the project and processing Browse gas in the North West Shelf LNG plant. Credit Suisse analyst Saul Kavonic said it was likely "very modest" given "the risks and ongoing spend required at the Browse project". Woodside last week played down concerns over the status of Browse project and told Reuters talks had resumed with the North West Shelf LNG joint venture about a processing deal for Browse.

☆ OPEC says IEA should be 'very careful' with repeated calls to stop investing in oil
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." OPEC Secretary General Haitham al-Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." He added that the influential group of 23 oil-exporting exporting nations was not targeting oil prices, but instead focusing on market fundamentals. In a Bloomberg TV interview on Wednesday, IEA Executive Director Fatih Birol used similar language in warning OPEC about boosting oil prices. "Other energy markets have been far more volatile," al-Ghais said, "with oil markets less so, mainly due to the stabilizing role of OPEC and the OPEC+ group."

☆ Recession risk and inflation fears creating 'a huge amount of confusion' for investors, strategist says
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Market participants are contending with the risk of persistently higher inflation and a bleak economic outlook, which strategists say is stoking a heady mix of confusion and pessimism. Bob Parker, senior advisor at International Capital Markets Association, said investor confusion appeared to be emerging as a big theme in financial markets. "If you look at the surveys of investor positioning and investor thinking, there is a huge amount of confusion at the moment," Parker told CNBC's "Squawk Box Europe" on Wednesday. To what extent is the U.S. economy and for that matter, the European economy slowing down? "And so, given those uncertainties, I think investors are reducing risk at the moment and booking, frankly, what are decent profits year-to-date."

☆ Oil major BP braces itself for shareholder revolt after scaling back its climate targets
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Dutch group Follow This, a small activist investor and campaign group with stakes in several Big Oil companies, has tabled a resolution at BP's shareholder meeting. It calls on the energy giant to align its climate targets with the landmark Paris climate accord and commit to absolute carbon emissions cuts by 2030. Those emissions cuts, Follow This says, should include emissions generated by customers' use of their oil and gas, known as Scope 3 emissions. Follow This says it expects BP's annual general meeting to be a "contentious" one, warning investors will be "rightfully concerned" about BP dialing back its climate strategy amid an ever-worsening climate crisis. Proxy advisors ISS and Glass Lewis have recommended that shareholders of BP vote against the resolution tabled by Follow This.

☆ EU agrees to decarbonize air travel with the 'world's largest green fuels mandate for aviation'
▼ + stars: | 2023-04-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

EU officials described the agreement as a "turning point" and "another important step" for European aviation, saying the measures were designed to reduce reliance on fossil fuel imports and improve energy security. European Union negotiators secured a deal to decarbonize the air travel sector, seeking to slash heat-trapping emissions by stimulating the region's green aviation fuel market. The new rules are set to require aviation fuel suppliers to supply a minimum share of sustainable aviation fuels — or SAF — at EU airports, starting at 2% of overall fuel supplied by 2025. "Fuel suppliers at EU airports must provide an increasing share of sustainable aviation fuels and aircraft operators increase their use," Frans Timmermans, executive vice-president for the European Green Deal, said in a statement. If aviation is to align itself with the Paris climate accord and curb global heating, the industry will need to move away from fossil fuels completely in the long term.

☆ Ukraine war live updates: Two killed, 10 wounded in Russian attack on museum; Russian diplomats expelled by Sweden, Moldova
▼ + stars: | 2023-04-25 | by ( Amanda Macias Karen Gilchrist Sam Meredith | Amanda Macias | Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Ukraine's President Volodymyr Zelenskyy said Russian forces struck a museum in Kupyansk in the east of the country, killing two people, wounding 10 others and burying some under rubble. Speaking at a U.N. meeting as he sat next to Russian Foreign Minister Sergei Lavrov, Guterres criticized the Kremlin's war in Ukraine, saying it was in violation of the U.N. Charter and international law. Britain's Defense Ministry said a downward trend of Russian casualties in April is likely accurate after what it described as "exceptionally heavy" losses from January to March this year. The ministry said it sees "Russian forces are now focused on preparing for anticipated Ukrainian offensive operations." Elsewhere, Sweden expelled five Russian diplomats for activities it said were "incompatible" with their diplomatic status, while Russia expelled a Moldovan diplomat in what it called a retaliatory move.

☆ 'One of a kind': Australians pay tribute to 'icon' Barry Humphries
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +2 min

[1/4] Australia's Barry Humphries poses after receiving his Most Excellent Order of the British Empire from the Queen at Buckingham Palace, London October 10, 2007. REUTERS/Steve Parsons/Pool/File PhotoSYDNEY, April 23 (Reuters) - Australians have paid tribute to Barry Humphries, the comedian best known for his character Dame Edna Everage, as both a "one-of-a-kind" entertainer and a charming and intelligent man. The Sydney Morning Herald said Humphries died on Saturday at St Vincent’s Hospital in Sydney, where he had been treated for various health issues. Another Sydneysider, Lucy Bloom, said it felt like the character of Dame Edna would never come to an end. "Barry Humphries entertained us through a galaxy of personas, from Dame Edna to Sandy Stone.

☆ Australia says discovery of WW2 shipwreck ends 'tragic' maritime chapter
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

Marles said the SS Montevideo Maru, an unmarked prisoner of war transport vessel missing since being sunk off the Philippines' coast in July 1942, had been discovered northwest of Luzon island. The ship was torpedoed en route from what is now Papua New Guinea to China's Hainan by a U.S. submarine, unaware of the POWs onboard. It is considered Australia's worst maritime disaster. "This brings to an end one of the most tragic chapters in Australia's maritime history," Marles said in a video message. More than 1,000 men - POWs and civilians from several countries - are thought to have lost their lives in the tragedy.

☆ Australia unveils direct pathway to citizenship for New Zealanders
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 22 (Reuters) - Australia announced on Saturday a direct pathway to citizenship for New Zealanders living in the country, reversing controversial visa rules a day before a visit by New Zealand Prime Minister Chris Hipkins. Hipkins, set to visit Queensland state's capital Brisbane on Sunday, hailed the move as "the biggest improvement in the rights of New Zealanders living in Australia in a generation". "Kiwis taking up Australian citizenship will still retain their New Zealand citizenship. The changes also meant children born in Australia since July to an Australia-based New Zealand parent would be automatically entitled to Australian citizenship, he said. Around 670,000 New Zealand citizens live in Australia, while there are around 70,000 Australians in New Zealand, according to Australia's Department of Foreign Affairs and Trade.

☆ A recession is coming — and stock markets won't come through it unscathed, strategist says
▼ + stars: | 2023-04-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The latest U.S. economic data suggests a recession is coming, according to the chief executive of financial advisory firm Longview Economics, and investors may need to prepare for some pain in the stock market. Speaking to CNBC's "Squawk Box Europe" on Friday, Chris Watling said he believed a recession was on its way, citing what he described as "pretty compelling" and "brutally bad" leading economic indicators. The Conference Board on Thursday said its Leading Economic Index for the U.S. fell by 1.2% in March, slipping to its lowest level since November 2020. The data appeared to indicate that economic weakness could soon intensify and spread throughout the U.S. economy. "Every time you've had that in the U.S., you've had a recession.

☆ Israel’s Netanyahu says damage to investor confidence ‘a momentary problem’ as mass protests persist
▼ + stars: | 2023-04-19 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Protestors gather in Tel Aviv on April 15 to stage a protest against Israeli Prime Minister Benjamin Netanyahu's government's regulations restricting the powers of the judiciary. Israeli Prime Minister Benjamin Netanyahu on Wednesday dismissed concerns about damaged investor confidence, despite massive and intensifying weekly protests over his planned overhaul of the country's judiciary. I think the momentary fluff, the momentary dust that is in the air is just that — dust. The country has been rocked by mass protests over the government's months-long bid to push through deeply contentious judicial reforms. Netanyahu, re-elected in November to serve as prime minister for a third time, agreed late last month to delay the planned judicial reforms.

☆ Power firm SSE says backing renewables can help get Britain closer to energy self-reliance
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The chief executive of British power firm SSE says a rapid build-out of renewable projects can help the U.K. to secure its energy security and bring costs down for consumers. "Consumers everywhere across Europe have seen prices rise significantly," SSE CEO Alistair Phillips-Davies told CNBC's Arabile Gumede from the firm's Viking Wind Farm in the Shetland Islands, Scotland. Russia's full-scale invasion of Ukraine in Feb. 2022 prompted a radical upheaval of Europe's energy supplies. U.K. Energy Security Secretary Grant Shapps reaffirmed the government's plan to deliver greater energy independence last month, pledging to seek to power the country by switching to home-grown sources, including nuclear and renewables. Asked whether the U.K. possessed enough wind energy to power at least most of the U.K., SSE's Phillips-Davies replied, "I definitely think the U.K. has got a huge amount of natural resources.

☆ Norway’s giant sovereign wealth fund says there’s money to be saved by identifying ‘rotten apples’
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norges Bank Investment Management CEO Nicolai Tangen says it is becoming increasingly important to identify as many "rotten apples" as it can. Norway's gigantic sovereign wealth fund believes it is becoming increasingly important to identify as many "rotten apples" as possible, saying there is money to be saved by reducing risks to companies whose state of health is not all as it seems. "We think it's becoming more and more important to put resources into finding what I call the 'rotten apples.' The Jan. 24 report accused Adani Group companies of "brazen stock manipulation and accounting fraud" — allegations that the conglomerate has denied. We'll never be able to spot all of the 'rotten apples', but we can try to find as many as we can."

☆ MLB roundup: Phillies score 9 in first, bash 23 hits to rout Reds
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +11 min

Lopez allowed two runs and seven hits in six innings. Both were 2-for-4 as Boston finished with seven hits. Alcantara (1-2) allowed seven hits and five runs (four earned) in six innings for the Marlins. Alek Manoah (1-1) allowed seven runs, nine hits and four walks in 4 2/3 innings for the Blue Jays. Castillo allowed two hits, didn't walk a batter and struck out nine over seven innings.

☆ UK identifies several areas to scour for vital rare earth metals in push for minerals sovereignty
▼ + stars: | 2023-04-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Pembrokeshire, Wales was one of the areas recognized by the British Geological Survey to be prospective for critical raw materials. Several large swathes of the U.K. on Monday were identified as prospective sites to search for critical raw materials, reflecting the country's push to deliver a domestic supply of rare earth minerals that are seen as crucial for a clean energy transition. Critical raw materials are economically important minerals and can be used to make the batteries and semiconductors that are vital to the global shift away from fossil fuels. The report was produced on behalf of the government-funded Critical Minerals Intelligence Centre, the country's first-ever center established to collect and analyze information on the supply of critical minerals. The mapping of these prospective areas for critical raw materials represents one of the first steps in the U.K. government's critical minerals strategy.

SYDNEY, April 16 (Reuters) - Fifty climate change activists were charged with unlawful protest near Australia's biggest coal export port on Sunday after protesters climbed on a coal train. Climate activist group Rising Tide, which claimed responsibility for the protest, said arrests were made when people were "occupying the train". "Twenty of the group scaled the train and used shovels to unload coal from the laden wagons," it said in a statement. Climate change is a divisive issue in Australia, the world's top exporter of coal. The protest group posted an image on Twitter showing protesters in front and on top of a coal train.

☆ Western Australia assesses Cyclone Ilsa's 'path of destruction'
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, April 15 (Reuters) - Emergency authorities in Western Australia were assessing damage on Saturday from a tropical cyclone that hit the state's northwest, sparing heavily populated areas but affecting several remote communities. Ilsa, downgraded to a severe weather system, made landfall in the sparsely populated Pilbara region of Western Australia early on Friday with an intensity rating of 5, the highest. Western Australia Department of Fire and Emergency Services Assistant Commissioner Rick Curtis said crews were surveying damage in the "very large area" hit by Ilsa. "It’s quite a remote part of Western Australia so getting support services to the area will take some time and effort." Australia's weather forecaster warned of possible severe weather on Saturday in parts of the neighbouring Northern Territory, including potential flooding in the outback town of Alice Springs, as the ex-cyclone tracked east.

☆ 'Mayo for Sam!' Biden delights Irish ancestors with sporting shoutout
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

The proud Irish-American, wrapping up a nostalgic three-day visit to Ireland with a rally in the County Mayo town that his great-great-great-grandfather left for the United States in 1851, got the biggest cheer of the night with three parting words: "Mayo for Sam." Ireland's hugely popular national sports of Gaelic football draws capacity crowds of up to 82,000 for the finals each year. Mayo for Sam! Mayo for Sam!" Biden told the Irish and American flag waving crowd, raising his fist in the air.

☆ Surprise oil output cuts from OPEC+ could hurt consumers and derail the economic recovery, IEA warns
▼ + stars: | 2023-04-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In its latest monthly oil market report, the IEA said the energy alliance's self-described "precautionary move" was likely to spell bad news for consumers at a time of heightened economic uncertainty. The International Energy Agency on Friday warned surprise oil output cuts from the OPEC+ producer group risk exacerbating a projected supply deficit and could scupper an economic recovery. In its latest monthly oil market report, the IEA said the energy alliance's self-described "precautionary move" was likely to spell bad news for consumers at a time of heightened economic uncertainty. It means the combined voluntary cuts of OPEC+ members will be in excess of 1.6 million barrels per day. Rising oil stocks likely contributed to the move, the IEA said, highlighting that OECD industry stocks in January hit their highest level since July 2021.

☆ NHL roundup: Islanders beat Habs, clinch playoff berth
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

[1/5] Apr 12, 2023; Elmont, New York, USA; New York Islanders center Brock Nelson (29) brings the puck up ice against the Montreal Canadiens during the second period at UBS Arena. New York holds a one-point lead over the Florida Panthers, who host the Carolina Hurricanes on Thursday in their regular-season finale. With his team short-handed, Suzuki beat Islanders defenseman Samuel Bolduc to a puck and handcuffed Sorokin to trim New York's lead to 3-2 with 3:22 remaining in the second period. Tyler Seguin had a goal and an assist for the Stars, who won their fifth straight game. Joe Pavelski and Roope Hintz also scored, and Scott Wedgewood earned the victory with 16 saves.

☆ Billionaires are fascinated by solar geoengineering — but climate scientists are far from convinced
▼ + stars: | 2023-04-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

David Gannon | Afp | Getty ImagesWhat is solar geoengineering? Solar geoengineering or SRM refers to a speculative set of technologies designed to cool the Earth. To be sure, researchers calling for the rigorous study of SRM are not endorsing solar geoengineering as a climate solution. watch nowThe paper advocates for an International Non-Use Agreement on Solar Geoengineering, a call that has since received the backing of hundreds of climate scientists. Lili Fuhr, deputy director of the Center for International Environmental Law, described solar radiation management or solar geoengineering as "the ultimate false solution."

☆ This is what happened when 25 AI avatars were let loose in a virtual town
▼ + stars: | 2023-04-12 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Researchers let 25 AI avatars loose in a virtual town. "To be honest, I don't like Sam Moore," the AI Tom said. Jaime Sevilla, an AI researcher not involved in the study, told Insider the models behind the study could be applied to non-player characters in video games. After all, the AI agents in the study were prone to hallucinations — like failing to recall certain events — which he attributes to how the model was trained. While researchers concluded their AI agents displayed emergent human behaviors, Woolridge said "we need to be skeptical" and "question" what AI tells us at face value.

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