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☆ Russian budget revenues from oil taxes drop to lowest since March 2021 in December
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

MOSCOW, Jan 12 (Reuters) - Russian state budget revenue from oil taxes declined in December to 511.7 billion roubles ($7.6 billion), the lowest since March 2021, according to data from the Finance Ministry, following a slide in oil prices. Russian oil producers have had no difficulties in securing export deals despite those moves, Deputy Prime Minister Alexander Novak said on Wednesday. Oil tax revenues were down by a third from December 2021 as the price of Russia's flagship Urals oil blend , fell to an average of $50.47 per barrel last month from $72.71 a year earlier, according to the Finance Ministry. The ministry said proceeds from the oil mineral extraction tax (MET) - the single largest tax item for oil producers - fell in December by 29.5% year-on-year to 474.8 billion roubles ($7 billion). Proceeds from oil export duty plummeted last month by 59.5% year-on-year to 36.9 billion roubles, as the government is phasing out export taxes in favour of the mineral extraction tax.

SummarySummary Companies Russia to resume forex interventionRussia to sell yuan amid lower oil and gas revenueUse of yuan underscores greater role of ChinaMOSCOW, Jan 11 (Reuters) - Russia said it would resume foreign currency interventions with the sale of yuan from Friday, underscoring the growing importance of China's currency in Moscow's efforts to ensure economic stability amid Western sanctions. Russian nominal GDP is likely to be $2.14 trillion this year, the highest level since 2013, according to the International Monetary Fund. Its share of the currency market reached 48% in November, MOEX Group (MOEX.MM) said last month, up from less than 1% at the start of 2022. The Russian central bank said it would carry out forex transactions on the yuan market of the Moscow Exchange - the yuan-rouble for settlement tomorrow (CNYRUB_TOM). ($1 = 68.6875 roubles)Reporting by Reuters Writing by Guy Faulconbridge Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Kremlin says it hasn't seen cases of oil price caps
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Jan 11 (Reuters) - The Kremlin said on Wednesday it had not yet seen any cases of price caps on Russian oil imposed by the West last month, in comments about possible losses from such measures. Some analysts have previously said that the caps will have little immediate impact on the oil revenues that Moscow is currently earning. The price cap allows non-EU countries to continue importing seaborne Russian crude oil, but prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than $60. Russian oil traditionally sells at a discount to international benchmarks, such as Brent. Peskov also said that Russia would do everything to protect itself from plans by the Group of Seven (G7) leading economies to impose two sets of price caps on Russian oil products.

☆ An oil historian explains China's impact on a key Russian oil product — which is now trading far below the EU's price cap
▼ + stars: | 2023-01-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

In December, a $60-per-barrel price cap was established to limit how much cash Moscow could pull in from oil exports. But the country's key oil product is trading far below that level, which in one sense makes the cap moot. Russian President Vladimir Putin, center, speaks to workers while visiting the Rosneft oil refinery in the Black Sea port of Tuapse, southern Russia. But to Gregory Brew, a Kissinger Visiting Scholar at Yale, rather than being a direct consequence of any sanction measure, the steep discount reflects the easing global market. It isn't about what Russia can produce or how badly it's revenue is impacted by sanctions, but instead the focus should be on what kind of market Russia will be operating in.

☆ Morning Bid: Goodbye to all that
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Tom Westbrook:After three years, travellers are streaming into China by air, land and sea. the official newspaper of the Chinese Communist Party, the People's Daily, wrote on Sunday. The yuan punched through its 200-day moving average to its highest since August, and the dollar was in retreat wherever Chinese tourists are expected. The twin hopes, then, of a gentler Fed and reviving China are holding recession fears at bay. In emerging markets, focus is on the open of trade in the Brazilian real after hundreds of supporters of far-right former President Jair Bolsonaro were arrested during an invasion of the country's Congress, presidential palace and Supreme Court.

☆ Asia shares up on Fed rate wagers, China reopening lifts yuan
▼ + stars: | 2023-01-09 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 2.0% to a five-month top, with South Korean shares (.KS11) gaining 2.2%. Japan's Nikkei (.N225) was closed for a holiday but futures were trading at 26,215, compared with a cash close on Friday of 25,973. Earnings season kicks off this week with the major U.S. banks, with the Street fearing no year-on-year growth at all in overall earnings. "China reopening is one upside risk to 2023 EPS, but margin pressures, taxes, and recession present greater downside risks." Fed fund futures now imply around a 25% chance of a half-point hike in February, down from around 50% a month ago.

☆ Asia shares rise on U.S. rate bets, China reopening
▼ + stars: | 2023-01-09 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.5% to a five-month top, with South Korean shares (.KS11) gaining 2.1%. S&P 500 futures added 0.2% and Nasdaq futures 0.3%. EUROSTOXX 50 futures added 0.5%, while FTSE futures firmed 0.4%. "China reopening is one upside risk to 2023 EPS, but margin pressures, taxes, and recession present greater downside risks." The market scaled back bets on rate hikes for the Federal Reserve.

☆ An oil expert breaks down China's role in crude markets as a key Russian fuel sinks far below the $60-a-barrel price cap
▼ + stars: | 2023-01-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Russian Urals, the nation's largest crude oil export, is trading at roughly $38 a barrel, well below the $60 price cap. "Softer market conditions have made the [price] cap somewhat moot," he told Insider. But in Brew's view, the key variable behind cheap Russian oil is China. Whether China sees fuel demand come roaring back will hold the biggest sway over prices for Russian oil. "Softer market conditions have made the [price] cap somewhat moot," Brew said.

☆ 4 survival strategies for proptech housing startups as they enter the sector's hardest year yet
▼ + stars: | 2023-01-07 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +6 min

Proptech, the application of technology and venture capital to real estate, is naturally grappling with the change. Amid the threat of a recession, proptech startups have resorted to layoffs and other cost-cutting measures. In the meantime, Wedlake said, proptech companies and venture capitalists have shelved the "growth at all costs" mindset. In a recent blog post, Wedlake outlined four tactics that proptech startups were using to survive the deep freeze. So if proptech startups need to fundraise in 2023, they're likely going to have to accept lower valuations to attract any capital, Wedlake said.

☆ This Salad Recipe Makes a Hearty Meatless Meal
▼ + stars: | 2023-01-06 | by ( Kitty Greenwald | ) www.wsj.com time to read: 1 min

IF A CHOPPED SALAD sounds like a sad, unsatisfying desk lunch, read on. The final Slow Food Fast recipe from chef Mike Solomonov brings new oomph to the classic Israeli salad of chopped tomatoes and cucumbers with the addition of olives, peppers, roasted chickpeas, bagel chips and feta cheese. “This you actually eat as a meal,” Mr. Solomonov said. “In America they may call this an Israeli salad; in Israel it’s mostly called an Arabic salad,” he said. “With the bagel chips, it’s a bit like a fattoush.” Tart sumac and za’atar, the fragrant blend of dried herbs and sesame seeds, give it punch.

[1/2] An aerial view shows a storage facility owned by Lukoil company at the Arctic port of Varandei October 22, 2013. Arctic crude exports to India have steadily increased since May, with a record 6.67 million barrels loaded in November and 4.1 million barrels in December, Refinitiv data showed. At least three oil tankers that loaded Arctic crude in Murmansk port are now heading to China, Refinitiv data showed. Refinitiv listed the grades carried by these ships as Arco crude although one Chinese trader said there could be Varandey crude onboard. Oil tankers, carrying Russian Arctic crude, are passing Europe and the Middle East to head to China and IndiaReporting by Nidhi Verma in New Delhi, Muyu Xu and Florence Tan in Singapore; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

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☆ Brazil's Petrobras to play leading role on refinery expansion -new energy minister
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

Companies Petroleo Brasileiro SA Petrobras FollowRIO DE JANEIRO, Jan 2 (Reuters) - Brazil's new mines and energy minister Alexandre Silveira said on Monday that state-run oil company Petrobras (PETR4.SA) would play a leading role in expanding the refining sector, and stressed the importance of developing renewable resources. Petrobras would encourage other groups to join the process, Silveira said during an official event to start his term in office. The ministry would seek to "revalue" biofuels and include them in Brazil's main energy system through safe and efficient long-term policies, Silveira said. Natural gas and biomass could be especially prominent as Brazil looks to build a medium- and low-carbon economy, added Silveira. "The future of our generation should be guided towards innovation and the expansion of renewable resources," he said.

☆ 5 ways to make affordable housing for all in 2023 — from construction laws to mortgage financing
▼ + stars: | 2023-01-01 | by ( Kelsey Neubauer | Alcynna Lloyd | ) www.businessinsider.com time to read: +11 min

Houston has been able to keep its housing affordable in large part because of just this, he said. Jeff Tucker, the chief economist at Zillow, also told Insider that the biggest hurdle to affordable housing was "zoning reform." California has already done this when its citizens voted to pass Proposition 46, which provides funding specifically for affordable housing. It allocated just shy of $1 billion to the multifamily sector, according to CCIM, and is expected to see $13 billion in private funds be pushed into affordable housing. In July, Ginnie Mae, a federally-backed mortgage provider, specifically focused on affordable housing, requested that a manufactured home mortgage program be extended.

☆ 2023 will see more of a blend between AR and VR, says WSJ's Stern
▼ + stars: | 2022-12-30 | 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 Email2023 will see more of a blend between AR and VR, says WSJ's SternJoanna Stern, Wall Street Journal, joins 'TechCheck' to discuss what she's expecting for the technology sector in 2023, the crypto space next year and more.

☆ Dry January is almost here. Here are 7 of our favorite, tasty non-alcoholic beverages to enjoy all month
▼ + stars: | 2022-12-30 | by ( Bethany Biron | ) www.businessinsider.com time to read: +8 min

Dry January is almost upon us, and people around the world are gearing up for a booze-free month. The non-alcoholic beverage market is booming, with sales up 7% to become a $11 billion market in 2022. Here are some of our favorite booze-free options to enjoy all month long, and beyond. In addition to containing zero alcohol, it also has zero calories, zero carbohydrates, and zero gluten, making it a health-conscious option as well. The fizzy beverage has become a fan favorite on social media, with several TikTok posts dedicated to the drink.

☆ The soda market is flat, but not for Dr Pepper
▼ + stars: | 2022-12-28 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +8 min

And recently, Dr Pepper has been gaining ground on its competitors, even as the overall soda market goes flat. “One of the bright spots … has been Dr Pepper.”Founded in 1885 in Waco, Texas, Dr Pepper was the first in a wave of 19th-century upstart soda companies. Courtesy Keurig Dr PepperToday, Dr Pepper advertises itself as a treat, using a pint-sized mascot called Lil’ Sweet in its commercials. After Dr Pepper established itself as an alternative to mainstream colas, it launched on a path that ultimately made it part of the country’s third-largest soft drink maker, Keurig Dr Pepper. Dr Pepper hits the sceneDuring the wave of mega-mergers in the 1980s, Coca-Cola tried to scoop up Dr Pepper.

☆ FanDuel's Amy Howe tries to balance pragmatism, humility, and profitability — all while being a trailblazer in a male-dominated industry
▼ + stars: | 2022-12-28 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

As the CEO of FanDuel, Amy Howe accomplished a feat this year that so far no other US sports-betting platform has been able to achieve: profitability. Seeking constant innovationThis year Howe launched FanDuel TV, a 24-hour television network, which features a mix of studio programming and live sports. She also sealed deals with the WNBA and the New York Yankees, making FanDuel the official sportsbook partner and official daily fantasy partner for the league and team. At the SBC Summit North America trade show and conference this year, she described the female market as an "untapped opportunity" and detailed a number of FanDuel's initiatives to bring more women bettors into the fold. "We're always a little bit paranoid about making sure that we can continue to maintain that position," Howe told Insider last year.

LONDON, Dec 27 (Reuters Breakingviews) - One of China’s biggest exports in 2023 will be its social e-commerce phenomenon. There’s early evidence that selling goods over live social networking works beyond the People’s Republic. Live online shopping revenue will help offset shrinking marketing budgets. By contrast, consultancy McKinsey projects U.S. social media e-commerce sales will increase 20% annually over the same span, to $80 billion. Such anecdotes are what will make e-commerce go viral on Western social media.

He also said that despite Europe's efforts to cut reliance on Russian oil and gas, energy exports from Russia are in demand worldwide and Moscow has been diversifying its buyers. Russian President Vladimir Putin said on Thursday he would issue a decree early next week on Moscow's actions in response to the price cap. Novak said the decree would ban sales of oil and oil products to countries that join the price cap and companies that demand its observance. EXPORTS DECLINEThe sanctions have hit sales of Russian oil, which makes up a large share of state budget revenues. He also praised the work of the OPEC+ group of leading global oil producers, which includes Russia, saying that the oil price is likely to remain in current range of $70-$100 per barrel next year barring the emergence of unforeseen events.

☆ Exclusive: Sanctions could cut Russia's Baltic oil exports by 20%
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

According to traders' data and calculations made by Reuters, Urals exports from the Baltic Sea ports will probably fall to around 5 million tonnes this month from 6 million tonnes in November. The cap allows non-EU countries to import seaborne Russian crude oil, but prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for under $60. In December, Urals crude has been sold at deeper discounts, and dominant buyer India has bought barrels at well below the $60 price cap. PRICE CAP STRIKES BACKWhen U.S. officials first discussed the idea of capping Russian oil export prices, the aim was to squeeze Russia's oil revenues, which have so far remained high. As Russia minimised the use of services provided by Western shipping and insurance companies, oil exports outside Western countries continued after Dec. 5 with no respect to the price cap.

☆ 19 Unique Valentine’s Gifts for Women Who Have Everything
▼ + stars: | 2022-12-22 | by ( ) www.wsj.com time to read: +10 min

Maybe she’s the type who tuts, “Oh, I don’t need anything” as Valentine’s Day or her birthday approaches. “There’s something a little decadent about wearing a matching cashmere set when you’re traveling by plane, for example,” Deyette notes. Note: The earrings can also be purchased as singles if you or your recipient like to mix and match. Constructed of 100% Australian sheepskin upper and footbed, they feel incredibly luxe and confer the benefit of breathable, moisture-wicking materials. It comes with a 72-ounce pitcher and an ice-crushing blade, as well as two single-serve blender cups for beverages on the go.

☆ Your 30-day plan for bouncing back from a layoff and landing a new job in no time
▼ + stars: | 2022-12-22 | by ( Jerry Lee | ) www.businessinsider.com time to read: +8 min

But if you structure your first 30 days after a layoff wisely, you'll maximize your chances of landing your next job and minimize the "job gap" in your résumé. It's the same 30-day plan I've recommended to friends and former colleagues — and they all started landing interviews shortly after they followed it. If you're having a hard time remembering, find a similar job description on a job portal and see which are relevant for you. I'm writing to you to introduce myself and reach out for the role you're hiring for. It's important to be upfront about being laid off, but focus on the future — what you hope to gain from the new role you're applying to.

☆ Rapper-actor Common revels in his Broadway stage debut
▼ + stars: | 2022-12-21 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

Rapper and actor Common has made his Broadway debut in the play “Between Riverside and Crazy” and what he sees from the stage is something he never imagined: a multi-cultural audience hanging on to every word. Common plays his ex-con son struggling to do right by his father. “This is a really, truly wonderful Broadway season and it reflects all of Broadway and it reflects all of America with respect to New York City. And because New York City reflects America and the world,” Henderson said. Despite some early closures on Broadway this season — including “KPOP,” “Ain’t No Mo” and “Almost Famous” — Common sees progress when it comes to the shows that have come to Broadway since the pandemic, including his own.

Mike Hodges, the British filmmaker who directed the hard-boiled gangster saga "Get Carter" and the campy space opera "Flash Gordon," died Saturday, according to his friend Mike Kaplan. "My middle-class eyes were forced to witness horrendous poverty and deprivation that I was previously unaware of," Hodges wrote in a letter published in The Guardian in May. "Get Carter" quickly entered the pantheon of British film classics. He replaced the acclaimed British director Nicolas Roeg ("Walkabout") on "Flash Gordon," a goofy project that has since attracted a cult following. I think that as a young man I probably did."

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