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The deal fits the Italian group's plan to increase the share of gas in its total hydrocarbon production and is expected to boost its earnings immediately, Eni said in a statement. Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. VAAR EXPANDING IN NORWAYUnder the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vaar directly from Neptune in a separate deal, the two groups said in a statement. The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.

Persons: Italy's Eni, Eni, Claudio Descalzi, Descalzi, Vaar, Torger Roed, Rothschild, Ernst, Young, Shadia Nasralla, Terje Solsvik, Alvise Armellini, Jason Neely, Simon Cameron, Moore, Philippa Fletcher Organizations: Eni, MILAN, Italy's, Neptune Energy, Vaar Energy, LNG, Eni's Gas, Royal Bank of Canada's, Neptune, China Investment Corporation, Carlyle Group, CVC Capital Partners, HSBC, White, Case, Thomson Locations: Europe, Algeria, Indonesia, Milan, Russia, Oslo, Norway, Vaar, NORWAY, Germany, Norwegian, Neptune, Neptune Norway, Italian, Britain, Netherlands, LNG, London

☆ How one of the biggest investors in the world uses AI to move slower, trade less, and make more money
▼ + stars: | 2023-06-23 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

A top portfolio manager there just revealed how it's using AI to generate superior returns. The fund is using AI to move more slowly and trade less, rather than the reverse. Wall Street firms are racing to use AI, hoping the technology can help it move quicker, save costs, and gain an edge. On the other side of the Atlantic, the investment giant Norges Bank Investment Management is using AI to slow down. But Strand's team is able to use the AI tool to decide on the timing of each buy, prioritizing buying the stocks in green, and buying the stocks in red a little bit later.

Persons: Jon Egil Strand, we're, NBIM Organizations: Norges Bank Investment Management, Wall, Equity Locations: Norwegian

☆ Sterling volatile, Norwegian crown surges and Swiss franc falls on rate hikes
▼ + stars: | 2023-06-22 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The BoE's Monetary Policy Committee (MPC) voted 7-2 to raise its main interest rate to 5% from 4.5%, its highest since 2008 and its largest rate increase since February. SWISS FRANCThe Swiss franc fell after the Swiss National Bank (SNB) hiked its benchmark interest rate by 25 basis points to 1.75%, defying some market expectations of a bigger increase. However, economists polled by Reuters had expected the SNB to hike rates by 25 bps. The Swiss franc fell 0.15% to 0.8942 against the dollar, moving away from a six-week high it touched last week. In an attempt to curb inflation, Norges Bank raised interest rates to 3.75%, sending the crown more than 1% higher both against the euro and dollar.

Persons: Dado Ruvic, BoE, Sterling, BOE, Paul Oberschneider, Alex Livingstone, Thomas Jordan, Thomas Gitzel, POWELL, Jerome Powell, Joice Alves, Alexander Smith, Conor Humphries Organizations: U.S, REUTERS, Norges Bank, Swiss, Bank of England, Swiss National Bank, MPC, Reuters, Hilltop Credit Partners, Trading, Titan Asset Management, SWISS, ECB, European Central Bank, Fed, Federal, Bank Group, bps, Bank, Capitol, The U.S, Thomson Locations: Norwegian, London, Liechtenstein, NORWEGIAN, The, Asia, Hong Kong, China

"There has been significant upside news in recent data that indicates more persistence in the inflation process," the MPC said. BoE policymakers had given little indication that a half-point rate increase was under consideration in the run-up to Thursday's announcement. Expectations for BoE rate tightening have surged in recent days - sharply raising the cost of new mortgages - and before Thursday's decision financial markets expected the BoE's Bank Rate to peak at 6% by the end of the year. The central bank also noted that short-dated British government bond yields had risen sharply - pricing in an average level of Bank Rate of 5.5% for the next three years. Last month the central bank forecast that inflation would fall to just over 5% by the end of this year and be below its 2% target in early 2025.

Persons: BoE, Silvana Tenreyro, Swati Dhingra, Andrew Bailey, Jeremy Hunt, Joachim Nagel, Jerome Powell, David Milliken, Suban Abdulla, BRITAIN BOE Organizations: Bank of England, MPC, Reuters, Central, U.S . Federal, Thomson Locations: Ukraine, Swedish, Norwegian, Britain

☆ Stock Market Today: Dow, S&P 500 Slip with Powell Speech, Bank of England in Focus
▼ + stars: | 2023-06-22 | by ( ) www.wsj.com time to read: +1 min

U.S. stocks moved between small gains and losses around midday, with global central banks in focus. Federal Reserve chairman Jerome Powell is delivering a second day of testimony before Congress on Thursday. Doubts over how high the Fed will ultimately raise rates have helped lift stocks in the U.S. this year. The Dow industrials were in the red, while the Nasdaq Composite and S&P 500 ticked higher. Government bond yields were higher.

Persons: Jerome Powell, Powell, Stocks, Dow industrials, Bitcoin Organizations: Federal, Nasdaq, Amazon.com, Federal Trade Commission, Amazon Prime, Microsoft, Apple, Nvidia, Treasury, Bank of England's Locations: U.S, Government, Europe

☆ Norway central bank raises rate to 15-year high, with more to come
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: +2 min

The facade of Norway's central bank, also known as Norges Bank, in Oslo, Norway. The central bank predicted the policy rate would rise to 4.25% during the autumn. "If we do not raise the policy rate, prices and wages could continue to rise rapidly and inflation become entrenched," Norges Bank Governor Ida Wolden Bache said in a statement. "Today's hawkish decision shows that Norges Bank means business and is concerned about inflation becoming entrenched," analysts at Nordea said in a note to clients. The hike raises the policy rate to its highest level since the outbreak of the global financial crisis of 2008.

Persons: Norges Bank Governor Ida Wolden Bache, Nordea Organizations: Norges Bank, Reuters, Norges Bank Governor, Bank, European Central Bank, U.S . Federal Reserve Locations: Oslo, Norway, Norway's, U.S

☆ Factbox: As electric cars take off, makers pledge $14.3 billion for US lithium iron phosphate
▼ + stars: | 2023-06-22 | by ( Paul Lienert | ) www.reuters.com time to read: +1 min

June 22 (Reuters) - Interest and investment in lithium iron phosphate (LFP) battery cells and materials, used to power electric vehicles, continue to climb in the United States. FORDFord Motor (F.N) is planning to open a $3.5 billion LFP manufacturing plant in 2026 in Marshall, Michigan, using technology licensed from China’s CATL (300750.SZ). GMGeneral Motors (GM.N) has announced a $3 billion LFP plant in Fort Wayne, Indiana, with partner Samsung SDI (006400.KS), to open in 2026. FREYRNorwegian battery startup Freyr (7XN.F) expects to open a $1.7 billion battery plant outside Atlanta, using technology from Aleees and 24M. ICLIsrael’s ICL Group (ICL.TA) has announced it will build a $400 million battery materials plant near St Louis, Missouri, to open in 2024.

Persons: China’s, FREYR, Paul Lienert, Matthew Lewis Organizations: FORD Ford Motor, GM General Motors, Samsung SDI, LG, ICL, Thomson Locations: United States, U.S, Marshall , Michigan, Fort Wayne , Indiana, KS, Holland , Michigan, Big Rapids , Michigan, FREYR Norwegian, Atlanta, Aleees, Michigan, Van Buren Township, St Louis , Missouri, Detroit

☆ Travel experiences you can only enjoy while you’re young
▼ + stars: | 2023-06-21 | by ( Francesca Street | ) edition.cnn.com time to read: +11 min

But if you’re still in your teens or 20s, it’s worth knowing about some of the amazing discounts, experiences and adventures only available to those under 30. From discount air fares to working vacation visas, we’ve rounded up some of the best travel experiences to enjoy while you’re young. “It’s 100% worth using the pass whilst you can get the youth discount,” Landon tells CNN Travel. Thurman absentmindedly Googled working working holiday visas, and to her surprise, realized the scheme “was so straightforward to apply for.”“I realized that the only barrier was me and my decision whether or not to apply,” Thurman recalls. If you’re not enrolled in college but you’re still under 30, the International Youth Travel Card could be an alternative.

Persons: CNN —, you’re, There’s, Kofi Landon, Kofi Landon Kofi Landon, Landon, he’d, Landon reckons, ” Landon, “, ”, Tammy Thurman, don’t, –, jetted, Thurman enviously, Thurman absentmindedly, ” “, ” Thurman, Thurman, it’s, she’s, who’s, you’ve, doesn’t, Markus Mainka, Gideon Hagström Lung, He’s, Hagström Lung, Lung Organizations: CNN, EU, Travelers, CNN Travel, Canada, Walt Disney World, Cathay Pacific, Eiffel, SAS, Emirates, Scandinavian Airlines Locations: Europe, Paris, Berlin, Venice, there’s, Prague, Czech Republic, Manchester, Lake Bled, Slovenia, Australia, Tasmania, South Korea, Portugal, Iceland, Canada, France, Ireland, Sydney, London, Melbourne, Emirates, Florence’s Uffizi, Helsinki, Finland, New York City, New York, Stockholm, Copenhagen

☆ Project Iliad: Amazon used a sneaky tactic to make it harder to quit Prime and cancellations dropped 14%, according to leaked data
▼ + stars: | 2023-06-21 | by ( Hannah Towey | Eugene Kim | ) www.businessinsider.com time to read: +4 min

Amazon intentionally made it harder to cancel Prime memberships with a project code-named "Iliad." The FTC sued Amazon on Wednesday, alleging the company made it more difficult for consumers to cancel Prime subscriptions. Amazon intentionally drew out the process of canceling a Prime membership under a project code-named "Iliad," according to internal documents obtained by Insider. "Customer transparency and trust are top priorities for us," Jamil Ghani, vice president of Amazon Prime, said in a statement. Starting February 18, Amazon's annual Prime membership fee increased from $119 to $139, and the monthly fees increased from $13 to $15.

Persons: Jamil Ghani, Hannah Towey Organizations: FTC, Amazon, Federal Trade Commission, Norwegian Consumer Council

☆ Norway Opens Door For Deep-Sea Mining of Copper and Other Critical Materials
▼ + stars: | 2023-06-20 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

The target crusts contain copper, zinc and cobalt, as well as some rare-earth elements, according to the Norwegian Petroleum Directorate. A seabed nodule obtained during a Norwegian Petroleum Directorate expedition to the Mohns Ridge in the Norwegian Sea in 2020. Currently, deep-sea mining in international waters isn’t yet legal, but it is expected to become so this year. “To forge ahead and unleash deep-sea mining in the Arctic would be criminal. Companies including Maersk and Lockheed Martin have also been divesting their deep-sea mining investments.

Persons: ”, Terje Aasland, Aasland, Nag, Louisa Casson, Lockheed Martin, Yusuf Khan Organizations: Sustainable Business, Clarion, Minerals, Norwegian Petroleum Directorate, Norway’s, Petroleum, Energy, NPD, International, Companies, Mining, Greenpeace International, Maersk, Lockheed Locations: Norwegian, Europe, Zone, Mexico, Hawaii, Norway, Jamaica, France, Germany, Clarion, yusuf.khan

☆ Norway Opens Door for Deep-Sea Mining of Copper and Other Critical Materials
▼ + stars: | 2023-06-20 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

CNN —It appears increasingly likely that the 31 NATO members will be unable to coalesce around a candidate to be the alliance’s next secretary general and Jens Stoltenberg will be asked to remain in the job for an additional year, multiple sources told CNN. Biden and Stoltenberg met in the Oval Office last week, where the topic of his succession was expected to arise. White House officials have declined to say whether the president asked Stoltenberg to remain in job. “The current Secretary General Jens Stoltenberg has been, in President Biden’s eyes, a remarkable leader,” Blinken said. “There are also some rather extraordinary people now who people were talking about as the next secretary general.

Persons: Jens Stoltenberg, Mette Frederiksen, Ben Wallace, Joe Biden, Stoltenberg, “, ”, Antony Blinken, Biden, I’ve, Blinken, ” “, General Jens Stoltenberg, Biden’s, ” Blinken Organizations: CNN, NATO, Danish, British, United Locations: Ukraine, United States, Norwegian, London

☆ A rare pod of orcas washed up dead on a beach in Chile. It's the first event of its kind in 67 years and only the second in recorded history.
▼ + stars: | 2023-06-20 | by ( Chris Panella | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +3 min

A rare pod of orcas washed up dead on a beach in Chile late last year, according to LiveScience. It was only the second time in recorded history the Type D orcas had been found stranded. It's the first mass stranding of these killer whales in 67 years and only the second event of its kind in recorded history, according to LiveScience. Type D orcas have one of the highest levels of inbreeding of any mammalLittle is known about Type D orcas, since they tend to live in especially turbulent and rough seas in the Southern Pacific where few boats venture. The researchers found an almost identical genetic code between Type D orcas in Chile and the skeleton of a Type D that was beached in New Zealand.

Persons: —, Robert Pitman, LiveScience, Pitman, Andrew Foote of Organizations: Service, Oregon State University, Norwegian Institute of Science, Technology, National Oceanic, Atmospheric Administration Locations: Chile, Gibraltar, Spain, New Zealand, Southern Pacific

☆ Delta is the most overbought stock on Wall Street right now. Here are the others
▼ + stars: | 2023-06-18 | by ( Fred Imbert | ) www.cnbc.com time to read: +4 min

There are overbought stocks, and then there's Delta Air Lines . A stock is considered overbought if its 14-day RSI goes above 70, signaling investors should consider easing their exposure. A 14-day RSI under 30, however, signals that a stock is oversold, meaning there may be a buying opportunity. Take a look at the most overbought stocks in the S & P 500 . Earlier this month, shares got a boost on news that General Motors will use Tesla's electric vehicle charging network .

Persons: Tesla, Bernstein's Toni Sacconaghi, Sacconaghi, Ford's, downgrades, Campbell, Campbell Soup, Mills, Kraft Heinz, — CNBC's Michael Bloom Organizations: Delta Air Lines, Delta, Retail, Walmart, Ford, American Airlines, Netflix, Cruise, Parts, Dollar, SolarEdge Technologies, Kraft

☆ U.S. Open second round underway after Fowler, Schauffele make hot starts
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] Jun 15, 2023; Los Angeles, California, USA; Rickie Fowler hits a tee shot on the 8th hole during the first round of the U.S. Open golf tournament at Los Angeles Country Club. Mandatory Credit: Kiyoshi Mio-USA TODAY SportsLOS ANGELES, June 16 (Reuters) - Americans Rickie Fowler and Xander Schauffele will look to build on their record-breaking starts to the U.S. Open as the second round began on Friday at the Los Angeles Country Club. They produced matching eight-under-par 62s on Thursday, the lowest round in U.S. Open history, after 2014 runner-up Fowler poured in a tournament-record 10 birdies and world number six Schauffele avoided a bogey all day to take a share of the lead. Both Rose and Day will have their work cut out, after carding a six-over par 76 and three-over par 73, respectively. Reporting by Amy Tennery in New York Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.

Persons: Rickie Fowler, Kiyoshi Mio, Xander Schauffele, Fowler, Justin Rose of England, Jason Day, Byron Nelson, Rose, Viktor Hovland, Jon Rahm of, LIV Golf's Dustin Johnson, Wyndham Clark, Brian Harman, Rory McIlroy, LIV, Amy Tennery, Toby Davis Organizations: U.S, Los Angeles Country Club, LOS ANGELES, PGA Tour, . Justice, Thomson Locations: Los Angeles , California, USA, Jon Rahm of Spain, New York

"The (Biden) administration is coming around the idea of Stoltenberg staying on for another year," said the U.S. official, who also spoke on condition of anonymity. But, as some governments push for a first female NATO secretary-general, Danish Prime Minister Mette Frederiksen is also emerging as a serious contender. Frederiksen met U.S. President Joe Biden in Washington earlier this month, before Stoltenberg visited the White House this week for talks with Biden. Biden believes Stoltenberg has done a tremendous job during a challenging time, a view held by many other allies, the source added. Reporting by Humeyra Pamuk and Steve Holland; writign by Simon Lewis; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Jens Stoltenberg, Stoltenberg, Biden, Ben Wallace, Mette Frederiksen, Frederiksen, Joe Biden, Humeyra Pamuk, Steve Holland, Simon Lewis, Jonathan Oatis Organizations: U.S, Reuters, U.S ., NATO, British, Danish, Thomson Locations: Lithuania, Norwegian, Vilnius, Ukraine, Russia, NATO, Washington

☆ These two cruise stocks and this chipmaker led the market higher this week
▼ + stars: | 2023-06-16 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Wall Street is rolling into the long weekend with some positive momentum thanks to a group of stocks that caught fire this week. Stocks are poised to finish the busy week , which is filled with consumer price index and producer price index readings as well as the closely watched Federal Reserve policy announcement, higher. Cruise stocks Carnival and Norwegian were, respectively, on pace to be the best and third-best performing stocks. Both rallied this week following upgrades to Carnival shares from JPMorgan Chase and Bank of America. CCL RCL,NCLH YTD mountain The three public cruise lines Chipmaker Intel was also among the best performers this week with a gain of more than 15%.

Persons: Stocks, Andrew Didora, David Zinsner, —, Fred Imbert Organizations: Nasdaq, U.S, CNBC Pro, JPMorgan Chase, Bank of America, Royal, CCL, Intel, Bloomberg, Adobe Locations: Norwegian, Friday's, Royal Caribbean

☆ Exclusive: Mondelez 'singled out' in boycott over Russia business, exec says
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +6 min

"If you look in most kitchen cupboards, you will see many products from food and beverage companies that have not exited Russia." Mondelez rivals in chocolate including Nestle (NESN.S) still operate in Russia as do many other consumer products companies. Reuters GraphicsShipments of all Mondelez products to Russia jumped to 45 million kilograms from 28.7 million kilograms in the same time periods, according to the data. Mondelez also said Thursday it was continuing to reduce its activities in Russia and expects further volume and sales declines. Jan Kæraa Rasmussen, head of environmental, social and governance (ESG) and sustainability at Mondelez investor PensionDanmark, said the Danish pension fund considers the "downscaling of their business in Russia a progression.

Persons: Vinzenz Gruber, Gruber, Mondelez, Mondelez's, Nestle, Nestle didn't, Jan Kæraa Rasmussen, PensionDanmark, Rasmussen, Jessica DiNapoli, Maurice Tamman, Terje Solsvik, Anna Driver Organizations: YORK, Reuters, Mondelez, SAS, Ukraine's National Agency for, Facebook, Russian Embassy, Nestle, confectionary, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Europe, Russia, Nordics, Sweden, Norway, Nordic, Ukraine, Russian, Washington ,, Danish, New York

☆ Major central banks not done with rate hikes just yet
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +6 min

[1/2] A view shows the logo of the European Central Bank (ECB) outside its headquarters in Frankfurt, Germany March 16, 2023. Fed policymakers paused on its rate hikes since March 2022, and kept the federal funds target rate unchanged at 5.25%, its highest level since August 2007. Reuters Graphics5) AUSTRALIAAustralia's central bank raised its benchmark rate by a quarter-point on June 6 to an 11-year high of 4.1%. It expects inflation to stay above its 2% target through 2025 and hinted at more rate hikes ahead. Reuters Graphics10) JAPANThe Bank of Japan remains the world's most dovish major central bank under new Governor Kazuo Ueda.

Persons: Heiko Becker, Jerome Powell, BoE, Christine Lagarde, Thomas Jordan, Kazuo Ueda, Samuel Indyk, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Dhara Ransinghe, Jonathan Oatis Organizations: European Central Bank, REUTERS, Heiko Becker LONDON, U.S . Federal Reserve, Bank of England, Reuters, Reserve Bank of New, UNITED, Fed, Bank of Canada, BRITAIN, Bank of, ECB, Norges Bank, Reuters Graphics Reuters, Swiss National Bank, Bank of Japan, Thomson Locations: Frankfurt, Germany, Canada, Japan, dovish, Reserve Bank of New Zealand, U.S, Bank of England, AUSTRALIA, SWEDEN, NORWAY, SWITZERLAND, JAPAN

Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets. They're nervously monitoring a hybrid war where physical energy infrastructure has already been targeted, from the Nord Stream gas pipelines to the Kakhovka dam. It said Russia had tried to destroy digital networks and cause power cuts, and that missile attacks on facilities were often accompanied by cyberattacks. "Companies in the energy space, their core business is producing energy, not cybersecurity," said Jalal Bouhdada, CEO of cybersecurity firm Applied Risk, a division of DNV.

Persons: Nora Buli, Henriette Borgund, she's, shoring, Michael Ebner, cyberattacks, didn't, Swantje Westpfahl, James Forrest, Cem Gocgoren, Stephan Gerling, Mathias Boeswetter, Leonhard Birnbaum, Jalal Bouhdada, Nina Chestney, Christoph Steitz, America Hernandez, Paris Pavel Polityuk, Guy Faulconbridge, Pravin Organizations: REUTERS, Norway's Hydro, Reuters, Hydro's Oslo, Hydro, Ukraine, cyberattacks, Germany's Institute for Security, TRITON, Triton, Svenska, ICS CERT, University of Tulsa, E.ON, " Companies, Pravin Char, Thomson Locations: Norwegian, Fosen, Norway, Ukraine, OSLO, LONDON, FRANKFURT, Europe, Nord, Russia, Ukrainian, Moscow, United States, Russian, Capgemini, Saudi, Swedish, DNV, Oslo, London, Frankfurt, Paris, Kiev

☆ European natural gas prices soar 30% as key source to close permanently after hundreds of earthquakes
▼ + stars: | 2023-06-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Europe's biggest gas field is set to close permanently in October, Bloomberg reported. The news sparked a 30% jump in benchmark European natural gas futures on Thursday. Earthquakes near the Groningen field in the Netherlands have damaged thousands of homes over the years. The six-decade operation has been an important energy source for much of Western Europe. Europe has since stockpiled natural gas to levels not seen in years, helped by a mild winter, but this summer's hot weather is boosting demand, while outages in Norwegian gas fields and increased competition for liquefied natural gas are also adding to price pressures.

Persons: —, Mark Rutte Organizations: Bloomberg, Earthquakes, Service Locations: Groningen, Netherlands, Western Europe, Europe, Russia, Ukraine

☆ Cruise stocks soar as industry rebounds. Here's what analysts expect to happen next
▼ + stars: | 2023-06-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +9 min

Carnival and Norwegian Cruise Line hit 52-week highs Wednesday, while Royal Caribbean did so Tuesday. RCL YTD mountain Royal Caribbean year to date For Farley, Royal Caribbean stands out because it has about 64% of its cruises in the Caribbean, a strong market. Investors now may be waiting to see if there will be more price target increases from analysts after the latest run up. Royal Caribbean has 3% downside to the average analyst price target of $92.77 as of Tuesday's close, per FactSet. Carnival has 21% downside to its average price target of $12.11, and Norwegian has 15% downside to its $16.60 average price target.

Persons: It's, Jason Liberty, Patrick Scholes, Robin Farley, Matthew Boss, Bank of America's Andrew Didora, Josh, Didora, Farley, Truist's Scholes, James Hardiman, Greg Badishkanian, Scholes, Managements, Boss, CNBC's Michael Bloom, Josh Weinstein Organizations: shutdowns, Wall Street, Cruise Line, Royal, CNBC, Royal Caribbean, JPMorgan Chase, Bank of America, CCL, Bank of America's, UBS, Argus Research, Citi, Wolfe Research, JPMorgan, Investors Locations: Royal Caribbean, U.S, Miami, Tuesday's, Caribbean, Norwegian

Biogen — Shares of the biotech stock dipped 2.8% after Biogen revamped its board of directors. Oracle — Shares rose 0.2% to an all-time high on the back of a strong earnings report for the fiscal fourth quarter. Oil stocks — Oil shares rose broadly as WTI crude gained following Monday losses. Chinese internet stocks, metals and mining stocks — Shares of Chinese internet companies and metals and mining stocks jumped Tuesday after the People's Bank of China cut a key short-term policy rate in an effort to stimulate a post-Covid recovery. Metals and mining stocks were also boosted by the news, with shares of Freeport-McMoRan and Steel Dynamics rallying 5.3% and 6%, respectively.

Persons: Susan Langer, Biogen, Refinitiv, Goldman Sachs, Morgan Stanley, Transocean, JD.com, —, Samantha Subin, Sarah Min, Alexander Harring, Jesse Pound, С. Organizations: Biogen, Oracle, Revenue, Cruise Line Holdings, Bank of America, Royal, Urban Outfitters, Devon Energy, —, VanEck Oil Services, Halliburton, People's Bank of, CSI China, Metals, Steel Dynamics Locations: China, Gu'an, Royal Caribbean, Devon, Salt Lake City, People's Bank of China, Freeport, McMoRan

The growth in bookings is largely driven by pent-up demand from loyal customers returning to taking summer vacations and other leisure travel, said the analysts. JPMorgan upgraded Carnival shares to "overweight", while Bank of America raised its rating on the stock to "buy", and the analysts raised their price targets on all the three cruise companies. Carnival shares rose 14% to a more than 1-year high in early trading on Monday while Norwegian Cruise gained nearly 8%. The S&P 500 Hotels Resorts & Cruise Lines Sub-Industry Index was up 0.9% led by gains in cruise stocks. Commercial airline shares were also making gains on Monday amid falling crude oil prices and growth in demand for seats.

Persons: Chibuike Oguh, Granth Vanaik, Stephen Culp, Lance Tupper, David Gregorio Our Organizations: YORK, Carnival Corp, Cruise Line Holdings, JPMorgan, Bank of America Global Research, Carnival, Royal Caribbean Cruises, Bank of America, Norwegian Cruise, Royal, Hotels Resorts, Cruise, Southwest Airlines, Hawaiian Holdings, American Airlines, Thomson Locations: Royal Caribbean, New York

☆ Oreo-maker Mondelez faces Nordic backlash over Russia business
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

OSLO, June 12 (Reuters) - Mondelez International (MDLZ.O), facing a widening corporate boycott in the Nordic region over its continued presence in Russia, said late on Sunday it had asked to meet with the Norwegian government to protect its local business. Airlines SAS and Norwegian Air, railway group SJ, hotel chain Strawberry, retailer Elkjop, shipping group Fjord Line and the Norwegian Football Association were among those announcing in recent days that they would stop selling Mondelez products. Although some Western companies sold their Russian assets after Moscow's invasion of Ukraine last year, others such as Mondelez have stayed despite pushback from employees in other countries. Nordic companies said their decision stop selling Mondelez products was based on an announcement this year by Ukraine's National Agency for the Prevention of Corruption to blacklist the snack maker and other groups. Mondelez said it maintained "limited" activity in Russia while halting investment and advertising, and had condemned the war.

Persons: Mondelez, Terje Solsvik, Gerry Doyle Organizations: Mondelez, Airlines SAS, Norwegian Air, SJ, Norwegian Football Association, Ukraine's National Agency for, Coop Norge, Thomson Locations: OSLO, Nordic, Russia, Norwegian, Norway, Sweden, Ukraine, U.S

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