DIRS.INFO The most relevant business & tech news

☆ Thursday's CPI print will be another bit of good news for the Fed, says UBS' Jonathan Pingle
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThursday's CPI print will be another bit of good news for the Fed, says UBS' Jonathan PingleChris Harvey, Wells Fargo Securities head of equity strategy, and Jonathan Pingle, chief U.S. economist at UBS Investment Bank, join 'Squawk on the Street' to discuss what the latest Federal Reserve headlines mean for markets and the economy, when equity volatility will wane, and much more.

Persons: Jonathan Pingle Chris Harvey, Jonathan Pingle Organizations: UBS, Wells, Wells Fargo Securities, UBS Investment Bank, Federal Locations: Wells Fargo

Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, beating a company-provided median estimate from 15 analysts of $29.8 billion. The group declared a base dividend of about $19.5 billion for the second quarter, roughly in line with its payout for the first quarter. Aramco will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter, it said. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. The firm still sees capital expenditure at between $45 billion and $55 billion this year, Nasser said on a media call.

Persons: Maxim, Graphics Brent, Brent, Amin Nasser, Nasser, Maha El Dahan, Yousef Saba, Jan Harvey, Bernadette Baum Organizations: Aramco, Investment Fund, Saudi, REUTERS, Graphics, of, Petroleum, Thomson Locations: China chem, DUBAI, Saudi Arabian, Aramco, Saudi, Saudi Arabia, Russia, Saudi Aramco, Abqaiq, Moscow, Riyadh

☆ World Bank to help fund 1,000 mini solar power grids in Nigeria
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] A technician works on solar power panels at the Atlantic Shrimpers farm in Badagry, Lagos, Nigeria July 5, 2022. REUTERS/Temilade Adelaja/File PhotoABUJA, Aug 5 (Reuters) - The World Bank is aiming to help fund construction of 1,000 mini solar power grids in Africa's biggest economy Nigeria in partnership with the government and private sector, the lender's president Ajay Banga said on Saturday. Mini grids, made up of small-scale electricity generating units, typically range in a size from a few kilowatts to up to 10 MW, enough to power some 200 households. "Now the idea is not for the World Bank to be the only person putting the money. World Bank data shows that in sub-Saharan Africa, 568 million people still lack access to electricity.

Persons: Temilade, Ajay Banga, Banga, Abraham Achirga, MacDonald Dzirutwe, Jan Harvey Organizations: REUTERS, Bank, World Bank, Thomson Locations: Badagry, Lagos, Nigeria, ABUJA, Abuja, Banga, Saharan Africa, Africa

☆ Berkshire posts record operating profit, rising rates boost Buffett's returns
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

"The earnings impact of higher interest rates on investment income is offsetting the economic softness caused by those same rates," he added. Investors closely watch Berkshire because of Buffett's reputation, and because results from the Omaha, Nebraska-based company's operating units often mirror broader economic trends. NOT LOVING VALUATIONSQuarterly operating profit rose 7% to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Berkshire repurchased $1.4 billion of stock in the quarter, down from $4.4 billion from January to March. Overall profit from Berkshire Hathaway Energy, where Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Jim Shanahan, Edward Jones, Buffett, Cathy Seifert, Seifert, PacifiCorp, Jonathan Stempel, Ira Iosebashvili, Angus MacSwan, Jan Harvey, Alistair Bell, Diane Craft Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Berkshire's Clayton Homes, Profit, BNSF, Forbes, Berkshire repurchased, Apple, Berkshire Hathaway Energy, Occidental Petroleum, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Oregon, An Oregon, Occidental, New York

☆ Berkshire posts record operating profit, $35.9 billion of net income
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Quarterly operating profit topped $10 billion for the first time but grew just 7%, in part from recent purchases of the Alleghany insurer and Pilot truck stop operator. Second-quarter operating profit rose to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Net income totaled $35.91 billion, or $24,775 per Class A share, compared with a year-earlier $43.62 billion loss. Pilot added $114 million to operating profit. Overall profit from Berkshire Hathaway Energy, in which Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Cathy Seifert, Seifert, Buffett, PacifiCorp, Jonathan Stempel, Angus MacSwan, Jan Harvey, Alistair Bell Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Clayton Homes, BNSF, Berkshire repurchased, Apple, Occidental Petroleum, Berkshire Hathaway Energy, Forbes, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Occidental, An Oregon, New York

☆ Niger's ousted prime minister hopes talks can end military coup
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +4 min

[1/5] Niger's Prime Minister Ouhoumoudou Mahamadou speaks about the situation in Niger during an exclusive interview with Reuters, in Paris, France, August 5, 2023. Niger's military takeover, the seventh in West and Central Africa in three years, has rocked the western Sahel region, one of the poorest in the world, which has strategic significance to global powers. Still, as the deadline loomed, Bazoum's Prime Minister Ouhoumoudou Mahamadou believed a last-minute intervention was possible, he said in an interview in Paris. France said on Saturday it will support efforts to overturn the coup, without specifying whether its backing would entail military assistance for an ECOWAS intervention. Niger's neighbours Mali and Burkina Faso, where military juntas have also seized power in recent years, said they would support Niger in the event of military intervention.

Persons: Ouhoumoudou Mahamadou, Stephanie Lecocq, Niger's, Mohamed Bazoum, Mahamadou, Bazoum, General Abdourahamane Tiani, Abdel, Fatau Musah, Mahamadou shrugged, Julitte Jabkhiro, Michel Rose, Clotaire Achi, Louise Dalmasso, Edward McAllister, Jan Harvey Organizations: Niger's, Reuters, REUTERS, Economic, West African States, ECOWAS, Sunday, Bazoum's, Thomson Locations: Niger, Paris, France, Stephanie Lecocq NIAMEY, West, Central Africa, Niamey, Rome, China, Europe, Russia, Nigeria's, Abuja, Mali, Burkina Faso

After six seasons in the Champions League, where Klopp's side reached the final three times and won the trophy in 2019, Liverpool now find themselves back in the Europa League. Premier League clubs sacked 14 managers last season but Klopp, currently the longest-serving coach at a single club in England's top flight, was never in danger of losing his job. Liverpool did not inject fresh blood into an ageing midfield while injuries in the forward line scuppered a title challenge. This year Saudi Arabian clubs have forced Liverpool's hand, with the cash-rich league tearing up the Anfield club's transition plans by luring away their two midfield stalwarts. Returning to the Champions League will be their first priority, which is why a top four finish -- or even winning the Europa League -- will be the bare minimum that is expected of Liverpool.

Persons: Klopp, Jordan Henderson, James Milner, Naby Keita, Alex Oxlade, Chamberlain, It's, Alexis Mac Allister, Dominik Szoboszlai, Szoboszlai, Fabio Carvalho, Romeo Lavia, Thiago, Curtis Jones, Harvey Elliott, Trent Alexander, Arnold, Diogo Jota, Luis Diaz, Darwin Nunez, Mohamed Salah, Cody Gakpo, Rohith Nair, Pritha Sarkar Organizations: Liverpool, Premier League's, Champions League, Europa League, Premier League, Anfield, Saudi Pro League, RB Leipzig, Thomson Locations: Liverpool, England's, Saudi, Saudi Arabia, Bengaluru

☆ Relentless Man City seek record four titles in a row
▼ + stars: | 2023-08-04 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

However, such is the nature of the Premier League that City will certainly not have everything their own way. Juergen Klopp's side's failure to qualify for the Champions League would have stung, especially with Manchester United finishing eight points above them. Newcastle United, who finished fourth last term, will be determined to prove it was no flash in the pan, although they will need to juggle the demands of battling for a top-four finish with the Champions League this time. The additions of winger Harvey Barnes from Leicester City and Sandro Tonali from Milan will certainly help. Postecoglou is the first Australian to manage in the Premier League and faces a big challenge at the north London club who endured a toxic 2022-23 campaign under Antonio Conte.

Persons: Phil Foden, Aymeric Laporte, Ruben Dias, Pep Guardiola, Guardiola, pacesetters, Ilkay Gundogan, Riyad Mahrez, Chelsea's Mateo Kovacic, Declan Rice, Alexis Mac Allister, Dominik Szoboszlai, Juergen, Erik ten Hag, Harvey Barnes, Sandro Tonali, Ange Postecoglou, Antonio Conte, Harry Kane, Martyn Herman, Ken Ferris Organizations: Soccer Football, Manchester, Victory, Champions League, FA, Premier League, Manchester United's, League, Inter Milan, pacesetters Arsenal, City, Arsenal, Etihad, LIVERPOOL Liverpool, Manchester United, Newcastle United, Leicester City, Tottenham Hotspur, Bayern Munich, Luton Town's, Luton, Bournemouth, Nottingham Forest, Thomson Locations: Manchester, Britain, Manchester City, Abu Dhabi, Spanish, Istanbul, Barcelona, Al, Ahli, Saudi Arabia, City, Milan, Postecoglou, London, Fulham

REUTERS/Dado Ruvic/IllustrationAug 4 (Reuters) - Canadian pipeline operator Enbridge Inc (ENB.TO) reported higher second-quarter profit on Friday due to increased oil volumes, and said it was not considering splitting its business. "I just don't see (a split) today for a company of our breadth, size and diversity, and frankly low risk diversification." The Mainline earned C$1.45 billion ($1.09 billion) in the quarter, up 19% from last year. The company reaffirmed its 2023 core earnings guidance and posted adjusted earnings of 68 Canadian cents, in line with analysts' average expectations, according to Refinitiv data. Enbridge reported net income of C$1.8 billion, or 91 Canadian cents per share, for the quarter, compared with C$450 million or 22 Canadian cents per share in the same period of last year.

Persons: Dado Ruvic, Greg Ebel, Ebel, Arshreet Singh, Rod Nickel, Sriraj Kalluvila, Jan Harvey Organizations: REUTERS, Enbridge, TC Energy, Thomson Locations: Calgary , Alberta, Toronto, Alberta, Enbridge's, U.S, Bengaluru, Winnipeg

☆ Adidas turnaround gathers pace as Yeezy boosts margins
▼ + stars: | 2023-08-03 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +4 min

Adidas has to manage Yeezy drops very carefully, Gulden said, adding that the company's guidance was conservative. Adidas' 2023 outlook does not include the second Yeezy release, which is being sold through retailers as well as Adidas' own channels. JD Sports (JD.L) said it had started selling Yeezy shoes from the second drop on Wednesday. Citi analysts expect further Yeezy drops to generate 1.5 billion euros ($1.64 billion) in revenues and 700 million euros in earnings after Adidas' planned charity donations. Adidas donated 10 million euros in the second quarter and set aside 100 million euros for further donations to charities including the Foundation to Combat Antisemitism and the Anti-Defamation League.

Persons: Bjorn Gulden's, Ye, Gulden, Harm Ohlmeyer, Kanye West, Shannon Stapleton, Zuzanna Pusz, Pusz, Liu Qingyi, Shuting Qiu, Helen Reid, Mark Potter, Jan Harvey, Alistair Bell Organizations: FX, Adidas, JD, Citi, Foundation, Combat, Defamation League, ADIDAS, REUTERS, UBS, North, Thomson Locations: Garden City , New York, U.S, Greater China, China, Shanghai, North America

☆ Yeezy destocking helps lift Adidas sales outlook
▼ + stars: | 2023-08-03 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

Sales of surplus Yeezy shoes generated around 400 million euros ($437 million) in the second quarter, helping Adidas reduce its predicted loss for the year to 450 million euros, down from the 700 million euro loss previously expected. JD Sports (JD.L) said it had started selling Yeezy products from Adidas' second release of Yeezy shoes on Wednesday. Adidas said its 2023 outlook does not include the second Yeezy release. Citi analysts expect further Yeezy drops to generate 1.5 billion euros in revenues and 700 million euros in earnings after Adidas' planned charity donations. North America was the laggard, with sales dropping 16.4% in currency-neutral terms, which Adidas put down to high inventory levels there.

Persons: Kanye West, Shannon Stapleton, Bjorn Gulden's, Ye, Cristina Fernandez, Fernandez, Gulden, Liu Qingyi, Shuting Qiu, Helen Reid, Sonali Paul, Mark Potter, Jan Harvey Organizations: Adidas, REUTERS, FX, Foundation, Combat, Defamation League, Telsey, JD, Citi, North, Thomson Locations: Garden City , New York, U.S, New York, Greater China, China, Shanghai, North America

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File PhotoSummary Saudi Arabia flags possibility of 'deepening' cut in the futureRussia announces 300,000 bpd export cut in Sept.OPEC+ panel to meet FridayDUBAI, Aug 3 (Reuters) - Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said on Thursday, adding it could be extended beyond that or deepened. The cut may be "extended, or extended and deepened", he added, flagging the possibility of further market tightening. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement. Oil rose on Thursday, rebounding from an earlier decline after the Saudi announcement, with Brent crude futures up 42 cents to $83.62 a barrel by 1328 GMT.

Persons: Ahmed Jadallah, Alexander Novak, Prince Abdulaziz bin Salman, Ahmed Elimam, El, Alex Lawler, Jane Merriman, Jan Harvey Organizations: REUTERS, Friday DUBAI, OPEC, Organization of, Petroleum, Ministerial, Brent, Saudi Energy, Thomson Locations: Saudi, Saudi Arabia, Russia, OPEC, Vienna, Riyadh, El Dahan, Dubai, London

☆ Website creator Wix.com raises 2023 estimates after large Q2 beat
▼ + stars: | 2023-08-03 | by ( Steven Scheer | ) www.reuters.com time to read: +2 min

The Israeli company said on Thursday it had earned $1.38 per share excluding one-time items in the April to June period, compared with a loss of 14 cents per share a year earlier. Wix was forecast to earn 60 cents excluding one-time items on revenue of $383 million, according to Refinitiv I/B/E/S data. Wix projected third-quarter revenue of $386 million to $391 million, representing annual growth of up to 13%. It also raised its full-year 2023 revenue estimate to $1.543 billion to $1.558 billion - 11-12% growth - from $1.522 billion to $1.543 billion. "We're proud of being an Israeli company," he said.

Persons: Refinitiv, Lior Shemesh, Wix, Shemesh, Nir Zohar, Zohar, Steven Scheer, Jane Merriman, Jan Harvey Organizations: Revenue, Nasdaq, Thomson Locations: Israel, Delaware, Israeli

REUTERS/David GrayLONDON, Aug 3 (Reuters) - Rio Tinto (RIO.L) is finding out just how hard it is to produce low-carbon aluminium. The company's biggest carbon headache is its aluminium business, which last year accounted for 21.1 million metric tons of carbon emissions out of a group total of 30.3 million metric tons. The pilot plant will produce around 6,000 metric tons of alumina per year while cutting carbon dioxide emissions by about 3,000 metric tons per year. Capacity at the low-carbon AP60 smelter, also in Quebec, will be expanded by 160,000 metric tons per year, with commissioning expected in 2026. Rio is investing heavily in recycled aluminium, which can be remelted using just 5% of the power needed to produce virgin metal.

Persons: David Gray, Rio, we're, Jakob Stausholm, Peter Cunningham, Jan Harvey Organizations: Rio Tinto, REUTERS, David Gray LONDON, Queensland Aluminium, Japan's Sumitomo Corp, International Aluminium Institute, Alcoa, Giampaolo, Reuters, Thomson Locations: Rio, Gove, Darwin, Australia's Northern, Pacific, Queensland, Australia, Portland, U.S, Canada, Quebec, North

☆ Bombardier quarterly profit beats estimates on demand for business jets
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Christinne Muschi/File PhotoMONTREAL, Aug 3 (Reuters) - Canada's Bombardier Inc (BBDb.TO) on Thursday reported better-than-expected quarterly profit and higher revenue despite supply chain pressures, helped by demand for flying and maintaining private planes. The Montreal-headquartered business jet maker reported a second-quarter profit of $10 million from continuing operations, compared with a loss of $109 million a year earlier. CEO Eric Martel told analysts that despite "pressure points" such as smaller suppliers, the supply chain is improving and will "remain a key area of focus for the foreseeable quarters". Last month, Gulfstream jet maker Textron Inc (TXT.N) raised its full-year profit forecast on strong jet pricing. On a per share basis, quarterly adjusted profit was 72 cents, compared with a loss of 48 cents a year earlier.

Persons: Christinne, Eric Martel, Refinitiv, Allison Lampert, Abhijith, Saumyadeb Chakrabarty, Jan Harvey Organizations: Bombardier Global, REUTERS, MONTREAL, Bombardier Inc, Gulfstream, Textron Inc, Bombardier, Thomson Locations: Montreal, Quebec, Canada, Bengaluru

☆ Wells Fargo's Chris Harvey: Stock pullback will be 'relatively short and shallow'
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo's Chris Harvey: Stock pullback will be 'relatively short and shallow'Chris Harvey, Wells Fargo Securities head of equity strategy, joins 'Closing Bell' to discuss a pullback in the market following Fitch's rating downgrade, opportunities for investment outside of prominent growth names, and troubling valuation of the overall market.

Persons: Wells, Chris Harvey Organizations: Wells, Wells Fargo Securities Locations: Wells Fargo

☆ India gives partial relief on tax to online gaming firms
▼ + stars: | 2023-08-02 | by ( Nikunj Ohri | ) www.reuters.com time to read: +1 min

NEW DELHI, Aug 2 (Reuters) - India has decided to levy taxes on online gaming companies on the total funds deposited to play online games and not on every bet, federal Finance Minister Nirmala Sitharaman said on Wednesday, offering some relief to the industry. Last month, India decided to impose a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking the nascent $1.5 billion industry which is backed by global investors. More than 100 gaming companies and top investors like Top Tiger Global and Peak XV, previously known as Sequoia Capital India, wrote to government asking it to reconsider the decision. Sitharaman said the government aims to impose the tax from Oct. 1 and a review of the decision would be undertaken in the next six months. Some industry watchers said the 28% tax is still higher for smaller players to survive.

Persons: Nirmala Sitharaman, Sitharaman, Sudipta Bhattacharjee, Nikunj Ohri, Jan Harvey, Kirsten Donovan Organizations: Top Tiger, Sequoia Capital, Goods, Services Tax Council, Sitharaman, Khaitan, Thomson Locations: DELHI, India, Sequoia Capital India

☆ U.S. debt downgrade sinks global markets — but economists are not concerned
▼ + stars: | 2023-08-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Global stock markets tumbled on Wednesday after ratings agency Fitch downgraded the United States' long-term credit rating — but top economists say there is nothing to worry about. U.S. stock futures were sharply lower after the downgrade, pointing to a fall of almost 300 points for the Dow Jones Industrial Average at the Wednesday open on Wall Street. Current Treasury Secretary Janet Yellen described the downgrade as "outdated." Phillips said the downgrade "should have little direct impact on financial markets as it is unlikely there are major holders of Treasury securities who would be forced to sell based on the ratings change." Harvey noted that, ahead of the 2011 S&P downgrade, stocks were in correction territory, credit spreads were widening, rates were falling, and the global financial crisis "was still in the market's collective conscience" — whereas the conditions today are "almost the opposite."

Persons: Fitch, Larry Summers, Mohamed El, Erian, Summers, Janet Yellen, Goldman Sachs, Alec Phillips, Phillips, Wells, Chris Harvey, Harvey, Mark Mobius, they've, CNBC's Organizations: United, AAA, Dow Jones, U.S ., Allianz Chief, Treasury, Wells Fargo Securities Head, Equity, CNBC, ., Mobius Capital Partners Locations: United States, London, Asia, Pacific, Wells Fargo, U.S

☆ 'A short-term glitch:' Wall Street pros shrug off the effect of Fitch's downgrade on markets
▼ + stars: | 2023-08-02 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The Dow Jones Industrial Average fell more than 200 points Wednesday after the downgrade as traders weighed the move. US10Y 1Y mountain 10-year yield 1-year However, Wall Street strategists mostly took the downgrade in stride. The S & P 500's 17% rally this year and the Nasdaq Composite's 33% advance had some traders worrying that equities have surged "too far, too fast." Stovall's S & P 500 year-end target is at 4,575 . Goldman Sachs' Jan Hatzius said Tuesday the downgrade will have "little direct impact" on financial markets.

Persons: Fitch, Janet Yellen, Sam Stovall, Stovall's, Wells Fargo's Christopher Harvey, Goldman Sachs, Jan Hatzius, Steven Zeng, Management's Yung, Yu Ma, Ma, CFRA's Stovall, Deutsche Bank's Zeng, Michael Bloom Organizations: U.S ., Fitch, AAA, Dow Jones, Treasury, Street, Nasdaq, Deutsche, BMO Locations: Washington, U.S, Tuesday's

☆ Carlyle’s big fee strain comes into sharper view
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

The logo for Carlyle is seen at the company’s offices in New York City, U.S., June 28, 2022. REUTERS/Brendan McDermidNEW YORK, Aug 2 (Reuters Breakingviews) - Private equity veteran Carlyle (CG.O) is behind the buyout times. Carlyle and Blackstone kicked off the latest results season at opposite ends of the valuation spectrum. Carlyle trades at about 10 times expected earnings for 2023, according to Refinitiv, the lowest among major peers. And yet, Carlyle’s primary business of doing deals held up relatively better: Proceeds from asset sales declined 36%, versus an 82% slump at Blackstone.

Persons: Carlyle, Brendan McDermid, Harvey Schwartz, Blackstone, Steve Schwarzman, Schwartz, Jonathan Guilford, Aston Martin, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Blackstone, Twitter, Thomson Locations: New York City, U.S, Japan

A stronger dollar makes crude more expensive for investors holding other currencies. PVM analyst Tamas Varga noted that for months, predictions have been made that global oil demand will grow in the second half of 2023 versus the first half, in tandem with supply cuts to reduce global oil inventories. The latest figures from the U.S.- the world's biggest fuel consumer - showed fuel demand rose the highest level since August 2019. A Reuters poll also estimated U.S. crude oil and gasoline stockpiles were expected to have declined last week. In a conference on Monday, BP (BP.L) chief Bernard Looney presaged oil demand growth continuing into next year and OPEC+ being increasingly disciplined.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Dennis Kissler, Tamas Varga, group's, Bernard Looney, Arathy somasekhar, Natalie Grover, Emily Chow, Christian Schmollinger, Sonali Paul, David Evans, Nick Macfie, Jan Harvey Organizations: Reuters Connect, HOUSTON, Brent, . West Texas, BOK, Reuters, Thomson Locations: North, ., U.S, OPEC, Saudi Arabia, Houston, London, Singapore

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2023 were $2.17 billion, versus $2.36 billion a year before. That was partially offset by higher revenues from increased volumes on its natural gas liquids, natural gas and crude oil businesses, it said. Enterprise sees natural gas liquids pricing and ethane pricing as constructive in the second half of 2023. During the quarter, the company saw operational records for natural gas pipeline volumes and natural gas liquids fractionation volumes. It brought online new projects including the 400 million cubic feet per day expansion of its Haynesville Extension of the Acadian natural gas pipeline system, and its Poseidon cryogenic natural gas processing plant in the Midland Basin.

Persons: Gary McWilliams, Stephanie Kelly, Jan Harvey, Andrea Ricci Organizations: Enterprise Products Partners, REUTERS, Reuters Connect Companies Enterprise Products, Enterprise, Oil, Thomson Locations: Houston , Texas, U.S, Corpus Christi , Texas, Midland, Chambers County , Texas, Delaware, Texas

☆ Meta to seek user consent for targeted ads in the EU
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

EU flag and Meta logo are seen in this illustration taken, May 22, 2023. Meta said the change is to address a number of evolving regulatory requirements in the region and stems from an order in January by Ireland's Data Protection Commissioner, Meta's lead EU regulator, to reassess the legal basis on how it targets ads. Once this change is in place, advertisers will still be able to run personalised advertising campaigns to reach potential customers and grow their businesses. Meta added that it would share further information on how the process will work in practice over the coming months following further engagement with regulators. A spokesperson for Ireland's Data Protection Commissioner, which is the lead privacy regulator for many of the world's largest technology companies within the EU, said it had received correspondence from Meta on the matter.

Persons: Dado Ruvic, Meta, Meta's, Padraic Halpin, Jan Harvey Organizations: REUTERS, Reuters Connect DUBLIN, European Union, Facebook, Ireland's Data, Data, Meta, Thomson Locations: Switzerland

☆ China gallium, germanium export curbs kick in; wait for permits starts
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Aug 1 (Reuters) - China's export controls on some gallium and germanium products take effect on Tuesday, with traders braced for a drop in international supply in August and September while exporters sort out newly required permits. China, the world's top supplier of the two minor metals used to make semiconductors, announced restrictions on the exports of eight gallium and six germanium products in early July, citing national security reasons. At the same time, the export restrictions are expected to result in a growing surplus of the products in China. Chinese exports of wrought germanium and germanium products in the first half totalled 27,825 kg, up 75.5% from a year earlier, customs data showed. Exports of wrought gallium and gallium products totalled 17,565 kg, down 53.5%.

Persons: Willis Thomas, CRU's Thomas, Andrew Hayley, Florence Tan, Jason Neely, Jan Harvey Organizations: China's Ministry of Commerce, Reuters, Commerce, China Nonferrous Metals Industry Association, Beijing Newsroom, Thomson Locations: BEIJING, China, London, Rotterdam, Beijing

Investors have been jittery about the strength of domestic travel demand, as recent fare data shows ticket prices have peaked. Like leisure carrier Alaska Air (ALK.N), JetBlue said soaring demand for long-haul international trips has led to a drop in domestic travel. While JetBlue expects the trend to improve in the fourth quarter, around the winter holidays, it is still estimated to hurt the company's full-year earnings. JetBlue now expects full-year adjusted profit of 5 cents to 40 cents per share, compared with its previous forecast of 70 cents to $1 per share. Profit for the second quarter came in at 45 cents per share, compared with analysts' average estimate of 44 cents per share, according to Refinitiv data.

Persons: Chris Helgren, Pratt, Ursula Hurley, Rajesh Kumar Singh, Anil D'Silva, Jan Harvey Organizations: JetBlue, Newark Liberty International Airport, REUTERS, JetBlue Airways, American Airlines, NYSE, Investors, Carriers, Alaska Air, Pratt & Whitney, Airbus, Pratt, Whitney, Thomson Locations: New York City, New Jersey, U.S, York, Boston, New York, Chicago, Bengaluru

Search resuls for: "Harvey"

25 mentions found