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The EPA said it also ordered Norfolk Southern to conduct additional investigations into oily sheen, or film, on water and sediments in two creeks in East Palestine. "Through this order, Norfolk Southern will take a thorough look at the waterways to ensure there are no lasting impacts from the derailment," EPA Regional Administrator Debra Shore said. Norfolk Southern said the order "formalizes the continuation of work that has been ongoing since the derailment under a different regulatory scheme. Norfolk Southern remains cooperative, working with EPA and Ohio EPA at the site, and will continue to address derailment-related impacts in the waterways of Sulphur and Leslie Runs." In February, EPA issued a Superfund unilateral administrative order, compelling Norfolk Southern to eliminate spilled materials and contaminated soil from the location of train derailment.
Persons: Alan Freed, Leslie, Debra Shore, Leslie Runs, Sherin Elizabeth Varghese, Rahul Paswan, Leslie Adler Organizations: REUTERS, Environmental Protection Agency, Norfolk Southern Corp, EPA, Norfolk, Norfolk Southern, Ohio EPA, Thomson Locations: East Palestine , Ohio, U.S, Norfolk Southern, East Palestine, Ohio, Pennsylvania, Sulphur, Norfolk, Bengaluru
India, the world's third biggest oil importer and consumer, also raised imports from Iraq while taking less Saudi oil, the data showed. India imported about 1.55 million barrels per day (bpd) of Russian oil in September, 16% more than in August, while imports from Iraq increased by 17% to about 1.1 million bpd, LSEG data showed. Vortexa pegged imports of Russian oil at 1.52 million bpd, compared with 1.44 million bpd in August. India's Saudi Oil Imports surged in Aug, Russia fell to 7-mth lowAccording to Kpler data, India's imports of Russian crude jumped back to 1.8 million bpd in September from less than 1.5 million bpd in August. They mostly purchase Russian oil on the spot market, while largely relying on term contracts for Middle Eastern crude.
Persons: Viktor Katona, Kpler's Katona, Nidhi Verma, Mohi Narayan, Arpan Varghese, Simon Cameron, Moore Organizations: Saudi Oil Imports, Thomson Locations: DELHI, Russia, LSEG, India, Iraq, Kpler, Saudi Arabia, Ukraine
On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory. Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. Pharmaceutical products, worth about $418 million, made up the bulk of Indian exports last year, followed by iron and steel products worth about $328 million and machinery, nuclear reactors and boilers worth about $287 million. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.
Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, Justin Trudeau, Canpotex, Manoj Kumar, Arpan Varghese, Jaiveer, Clarence Fernandez, Anil D'Silva Organizations: REUTERS, Trading Economics, UN, Canpotex, Pharmaceutical, Caisse, Ontario Teachers, Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: Surrey, British Columbia, Canada, DELHI, India, New Delhi, India's, Punjab, Bengaluru
Tesla, Saudi Arabia in early talks for EV factory - WSJ
  + stars: | 2023-09-18 | by ( ) www.reuters.com   time to read: +2 min
The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. One of the proposals the kingdom is considering involves extending financing to commodities trader Trafigura for a flailing Congo cobalt and copper project, which could help provide a Tesla factory with supplies, the WSJ report said. Tesla did not immediately respond to Reuters requests for comment, while Saudi Arabia's sovereign fund, the Public Investment Fund, declined to comment. Musk said in May Tesla would probably pick a location for a new factory by the end of 2023. Tesla has a goal to sell 20 million vehicles a year by 2030, up from around 1.3 million in 2022.
Persons: Matthew Childs, Tayyip Erdogan, Tesla, Elon Musk, Benjamin Netanyahu, Musk, Samrhitha Arunasalam, Arpan Varghese, Arun Koyyur Organizations: REUTERS, U.S, Tesla, Wall Street, Democratic, Lucid, Public Investment Fund, Thomson Locations: London, Britain, Saudi Arabia, Turkey, California, Democratic Republic of Congo, Congo, Saudi, Mexico, Nuevo Leon, Bengaluru, Rachna, Dubai
Daniel VargheseDaniel Varghese is the Gear and Gadgets editor of Off Duty, the weekend lifestyle section of The Wall Street Journal. He currently writes The Fixer, an advice column for the gadget curious. Before joining the Journal in 2022, Daniel worked at New York Magazine, GQ and Wirecutter.
Persons: Daniel Varghese Daniel Varghese, Daniel Organizations: Street, New York Magazine, GQ
TODAY’S smartwatches and fitness trackers can be powerful tools. Many can monitor your heart rate, give you detailed information about workouts, even trick you into getting into bed earlier. Unfortunately, most look terrible. Laurel Pantin, Los Angeles-based writer of style newsletter Earl Earl, started wearing a diminutive Fitbit Inspire 3 ($100) in the middle of 2020, soon after giving birth to her second child—and fell in love with its ability to track her activity and sleep. “It’s become a thing I rely on, but it’s just so hideous,” she said.
Persons: TODAY’S, Laurel Pantin, Earl Earl, , “ It’s Locations: Los Angeles
(Reuters) - The Texas power grid operator said late on Wednesday it was resuming normal operations after lifting emergency measures, but still encouraged users to reduce power electric use. The Electric Reliability Council of Texas (ERCOT), which serves more than 26 million customers, had earlier declared an Energy Emergency Alert Level 2 (EEA 2), as operating reserves continued to drop. "No power outages associated with the ERCOT power grid were necessary," ERCOT said, adding that Texas had set a new September peak demand record of 82,705 Megawatts (MW). That was still below its all-time peak demand record of 85,435 MW hit on Aug. 10. Real-time power prices briefly hovered around $5,000 in most of ERCOT's Texas hubs, according to the ERCOT website.
Persons: ERCOT, Swati Verma, Rahul Paswan, Sherin Elizabeth Varghese, Ashitha, Richard Chang, Jamie Freed, Kim Coghill Organizations: Reuters, Reliability, of Texas, Energy, Texas Locations: Texas, EEA, ERCOT's Texas, Bengaluru
S&P 500 futures and Nasdaq 100 futures also both hovered around 0.1% higher. The moves followed a third consecutive winning session on Wall Street as investors made up some ground at the end of the month. The S&P 500 rose about 1.5%, notching its best performance since June. The Nasdaq Composite is poised to end August 2.8% lower, while the Dow and S&P 500 are both slated for drops of around 2%. Jobless claims numbers are due Thursday, followed by data on nonfarm payrolls, wages and the unemployment rate on Friday.
Persons: Dow, Tuesday's, Dow Jones, Sonu Varghese, Brown, Forman, Daniel's Organizations: New York Stock Exchange, Stock, Dow Jones Industrial, Nasdaq, Conference, U.S . Bureau of Labor Statistics, Treasury, Federal, Carson Group, Dow Locations: New York City
One of the biggest risks to the stock market and economy is a gasoline price shock, according to Carson Group's Sonu Varghese. Gas prices are already up 23% year to date, and a further rise could reaccelerate inflation. His big worry is that surging gas prices can have a negative knock-on effect on the broader economy. That's because higher gas prices at the pump weigh heavily on consumer sentiment and can lead to curtailed spending. While he remains bullish on the outlook for the stock market and economy, he does worry that another gasoline price shock could serve as a big headwind for investors and consumers.
Persons: Carson Group's Sonu Varghese, Sonu Varghese, that's, Varghese, there's Organizations: Service, Carson Group, Energy Information Administration, Federal Reserve Locations: Wall, Silicon, Russia, Ukraine, Louisiana
REUTERS/Gaby Oraa/File Photo Acquire Licensing RightsHOUSTON, Aug 29 (Reuters) - U.S. oil producer Chevron (CVX.N) on Tuesday said it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan (KMI.N) planned to shut a petroleum pipeline, as the energy companies braced for Hurricane Idalia. Blind Faith and Petronius are up to 160 miles (257 km) southeast of New Orleans in the central Gulf of Mexico. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. Meanwhile, Kinder Morgan shut its Port Manatee, Port Sutton and Tampaplex terminals, which handle commodities such as fertilizers, scrap metal, pet coke and coal. "Our Orlando refined products facility remains operational at this time, but we are closely monitoring the storm’s progress to prepare for any impacts," Kinder Morgan said.
Persons: Gaby Oraa, Kinder Morgan, Idalia, Petronius, Faith, Gary McWilliams, Arpan Varghese, Chizu Nomiyama, Cynthia Osterman Organizations: Chevron, U.S, REUTERS, Rights, Idalia, Gulf, Central Florida Pipeline, Florida Pipeline, Thomson Locations: Venezuela, Caracas, U.S, Gulf, Mexico, New Orleans, Port Manatee, Port Sutton, Tampa, Morgan's
Corporate bankruptcy filings have surged so far this year, already eclipsing the number of bankruptcies in 2022. But there are three reasons why bankruptcy filings aren't as scary as they sound, according to Carson Group. But according to Varghese, there are three reasons why investors shouldn't panic about the recent uptick in bankruptcy filings. But bond investors — even those who buy below-investment-grade debt — have not shown signs of worry. "Bond investors typically sniff out hard economic times for companies well ahead of other investors.
Persons: it's, Sonu Varghese, Varghese, , Banks Organizations: Carson Group, Service, Bed, Valley Bank, Party, Treasury, Carson, Federal Reserve, Entrepreneurship Locations: Wall, Silicon
Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Despite the surge, shares of U.S. Steel were trading well below the offer price at $27.92, indicating some investors believe a deal may not happen at that price. Cleveland-Cliffs shares were down 6.1%. A combination between the two firms will create the largest steel producer in North America and the 10th largest steel producer in the world and will be a dominant supplier to the transportation sector, KeyBanc Capital Markets analyst Philip Gibbs said in a note. U.S. Steel said it has invited Cleveland-Cliffs to be a part of the review process.
Persons: Lawrence Bryant, steelmaker, Philip Gibbs, Gibbs, Priyamvada, Reshma George, Arpan Daniel Varghese, Saumyadeb Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, KeyBanc Capital, Midwest, AK Steel, U.S, . Steel, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, North America, China, ArcelorMittal, Bengaluru
Three months ago, a Reuters poll predicted prices would average $1,950 in 2023. Standard Chartered analyst Suki Cooper said gold is "more likely to test the downside until rate cuts materialise unless a new catalyst emerges". For silver , the poll forecast average prices of $23.52 an ounce in 2023 and $25.00 in 2024. "Anaemic performance from gold and concerns over economic outlook especially in China" have weighed on silver, O'Connell added. But silver could still find support from solar panels demand, analysts said.
Persons: Ross Norman, Carsten Menke, Julius Baer, Suki Cooper, Rhona O'Connell, Silver, O'Connell, Ashitha Shivaprasad, Harshit Verma, Arpan Varghese, Barbara Lewis Organizations: Federal Reserve, U.S, Thomson Locations: China, Bengaluru
These are the three signs that suggest the economy's strength means it doesn't have to worry about sticking the landing. "Not only do we see no sign of recession, but it also doesn't even look like the economy is looking for a 'landing' at this point," Varghese said. Looking at the last three months of economic data, Varghese highlighted three data points that suggest the economy is likely to remain stronger than many expect and ultimately avoid a recession. Retail sales rose at an annualized pace of 4.7% in the second-quarter, and retail sales excluding vehicle and gas station sales rose at a 6.3% annual pace. Taken altogether, the data suggests to Varghese that the US economic growth reaccelerated over the past year.
Persons: Carson Group's Sonu Varghese, Carson, Sonu Varghese, Varghese, it's Organizations: Carson, Federal Locations: Atlanta
Goldman Sachs said this week that rising interest rates would remain a "persistent drag" on oil. "There's been little sign of weakness in China's oil demand even if the general reopening boost has disappointed some investors. Global oil demand is forecast to grow between 1 to 2 million barrels per day (bpd), as per the poll. "Once these deficits become visible in on-land oil inventories, we expect prices to trend higher," said UBS analyst Giovanni Staunovo. Respondents also largely agreed that the Organisation of the Petroleum Exporting Countries would take measures to keep the floor for oil prices at $80.
Persons: Brent, Ole Hansen, Saxo, Goldman Sachs, There's, Ian Moore, Bernstein, Giovanni Staunovo, Seher, Arpan Varghese, Noah Browning, Elaine Hardcastle Organizations: bbl, International Energy Agency, Saudi, of, Petroleum, Thomson Locations: China, Saudi, OPEC, Saudi Arabia, Saudi Aramco, India, Moscow, Turkey, Bengaluru
SP Angel analyst John Meyer said that with global EV sales expected to reach around 15 million vehicles this year, sales of palladium, chiefly used to neutralise harmful car emissions, could be impaired by 1.5 million-2.25 million ounces. While there are still few battery-powered vehicles in the heavy-duty market, exhaust-free electric vehicles are eating into the palladium-focused light vehicle market, Johnson Matthey said. Palladium prices could fall to the $1,250 level, Edward Moya, senior market analyst at OANDA, said. "The reason why people are more pessimistic about palladium than platinum is due to adoption of EVs," he said. "There's a lack of interest in the palladium market.
Persons: John Meyer, Johnson, Wilma Swarts, PGMs, Johnson Matthey, Edward Moya, palladium's bearishness, Tai Wong, Bart Melek, Ashitha, Seher Dareen, Arundhati Sarkar, Brijesh Patel, Arpan Varghese, Jan Harvey Organizations: Palladium, SP, Metals, TD Securities, Thomson Locations: Ukraine, New York, China, Bengaluru
Recent strength in the housing market suggests the US economy may have dodged a recession, according to Carson Group. Housing starts surged nearly 22% in May while building permits also rose, indicating builders are confident about demand. "Housing historically bottomed prior to the end of a recession and has typically led the economy out of one." That's a big deal because weakness — not strength — in housing starts data has historically foreshadowed recessions. Housing starts measure the groundbreaking of a foundation and precedes sales of new homes as well as spending on home goods and appliances.
Persons: , Sonu Varghese, They're, Varghese Organizations: Carson Group, Housing, Service
A lawyer used ChatGPT to help search for legal cases to write an affidavit backing his lawsuit. The AI hallucinated six fake cases, per a federal judge, which the lawyer included in the filing. US District Court Judge P. Kevin Castel asked lawyer Steven Schwartz of personal injury law firm Levidow, Levidow & Oberman, according to Inner City Press. The court filing included six court cases that were "bogus judicial decisions with bogus quotes and bogus internal citations," Castel wrote in a previous court order. "I have worked with Mr. Schwartz for 27 years," LoDuca said in court, Inner City Press reported.
Persons: , didn't, Matthew Russell Lee, P, Kevin Castel, Steven Schwartz, Levidow, Schwartz, Peter LoDuca, Castel, Varghese, LoDuca Organizations: Service, Inner City Press, Google, City Press, Mr Locations: New York
One is about the possibility that we’re going to have this super intelligent AI that’s capable of great destruction. casey newtonI think that’s right. But it’s just like — I don’t think — I don’t think about to do these things in the moment like Dan. I don’t think that there’s an ethical issue with doing what he wants to do. And yeah, I just think it’s going into an area that’s going to be uncomfortable for the friend.
Persons: kevin roose, casey newton, we’re, ” casey newton I’ve, kevin roose It’s, Kevin Roose, ” casey newton, Casey Newton, clowned, New York Times ’, Kate Conger, Casey, Ajeya Cotra, kevin roose Totally, Sam Altman, Demis Hassabis, Dario Amodei, Elon Musk, Steve Wozniak, They’re, Kevin, Dan Hendricks who’s, , “ I’m, don’t, you’re, I’m, — casey newton, it’s, ChatGPT, casey newton I’m, I’ve, Martinez, Varghese, kevin roose Tyler, , Steven A, Schwartz, , they’re, it’ll, there’s, Mr, Bean, We’ve, James Vincent, It’s, Jensen Huang, Harry Potter, Harry Potter of, kevin roose —, casey newton Parallelelizable, Parallelizable, — casey newton Let’s, that’s, who’s, NVIDIA —, casey newton Well, doesn’t, katie cogner, Kate Conger who’s, katie cogner Hi, katie cogner I’m, Dan, what’s, Getty, casey newton Kate, let’s, John, Here’s John, john, kevin roose That’s, Kate, he’s, He’s, he’ll, casey newton That’s, There’s, we’ve, “ I’ve, ” Kate, cogner, Prince Harry, katie cogner Doesn’t, Harry, casey newton We’re, We’re, kevin roose Kate, they’ve, Joni Mitchell, Chris Vecchio, Chris, kevin roose I’m, You’d, casey newton “, you’ll, casey newton Oh, ” kevin roose Organizations: The New York Times, NVIDIA, New York Times, Safety, Google, AI, ChatGPT, Avianca Airlines, Delta Airlines, China Southern Airlines, KLM Royal Dutch Airlines, Royal Dutch Airlines, , Bar Association, Texas, M University Commerce, Apple, Microsoft, Netflix, Harry Potter of Kentucky Christian, Facebook, eBay, “ New York Times, Boston, Garden, MetLife, TED, AIs Locations: British, Avianca, Durden, ChatGPT, Taiwan, Kentucky, Hogwarts, Harry Potter of Kentucky, California, Madison,
Will OPEC+ announce more output cuts? Analysts have their say
  + stars: | 2023-05-31 | by ( ) www.reuters.com   time to read: +2 min
May 31 (Reuters) - The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, meet on June 4 to discuss whether additional oil production cuts should be implemented. But going into the meeting this weekend, OPEC+ has given mixed signals on whether further cuts are likely, keeping oil prices volatile recently. HSBC:* "We think OPEC+ will wait to see the impact of the latest series of cuts before making any further changes to supply." Viktor Katona, lead crude analyst at Kpler:* "We think OPEC+ is forced to react and one way or another will be inclined to cut." "A second cut would display their fears more openly and indicates greater weakness; we construe a second cut as a bearish signal unless the cuts are extremely substantive."
Persons: Goldman Sachs, Viktor Katona, Arpan Varghese, Ashitha, Matthew Lewis Organizations: of, Petroleum, bbl, HSBC, RaboBank, Thomson Locations: Russia, OPEC, China, Bengaluru
Buying a Printer? Don’t Make This Mistake
  + stars: | 2023-05-31 | by ( Daniel Varghese | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/printer-buying-guide-how-to-use-your-phone-as-a-scanner-904838d0
Persons: Dow Jones
New York CNN —The meteoric rise of ChatGPT is shaking up multiple industries – including law, as one attorney recently found out. Steven Schwartz, an attorney with Levidow, Levidow & Oberman and licensed in New York for over three decades, handled Mata’s representation. Schwart’s affidavit Wednesday contained screenshots of the attorney appearing to confirm the authenticity of the case with ChatGPT. “is varghese a real case,” Schwartz asked the chatbot. 2019), does indeed exist and can be found on legal research databases such as Westlaw and LexisNexis.
Here’s What Happens When Your Lawyer Uses ChatGPT
  + stars: | 2023-05-27 | by ( Benjamin Weiser | ) www.nytimes.com   time to read: +1 min
The lawsuit began like so many others: A man named Roberto Mata sued the airline Avianca, saying he was injured when a metal serving cart struck his knee during a flight to Kennedy International Airport in New York. When Avianca asked a Manhattan federal judge to toss out the case, Mr. Mata’s lawyers vehemently objected, submitting a 10-page brief that cited more than half a dozen relevant court decisions. There was Martinez v. Delta Air Lines, Zicherman v. Korean Air Lines and, of course, Varghese v. China Southern Airlines, with its learned discussion of federal law and “the tolling effect of the automatic stay on a statute of limitations.”There was just one hitch: No one — not the airline’s lawyers, not even the judge himself — could find the decisions or the quotations cited and summarized in the brief. That was because ChatGPT had invented everything. The lawyer who created the brief, Steven A. Schwartz of the firm Levidow, Levidow & Oberman, threw himself on the mercy of the court on Thursday, saying in an affidavit that he had used the artificial intelligence program to do his legal research — “a source that has revealed itself to be unreliable.”
Valero responds to fire at Corpus Christi, Texas, refinery
  + stars: | 2023-05-17 | by ( ) www.reuters.com   time to read: +1 min
Companies Valero Energy Corp FollowMay 17 (Reuters) - Valero Energy Corp (VLO.N) said crews are responding to a fire on Wednesday within its 290,000 barrel-per-day Corpus Christi West refinery in Texas. "This morning, a fire occurred at Valero's West Plant refinery. Most of the motor fuels made at the refinery comes from the West Plant. The Bill Greehey refinery East and West plants are located along the Corpus Christi ship channel and the East refinery processes sour crude, while the West plant processes sweet and sour crude and residual fuel oil, according to the refinery website. Community air monitoring indicated there were no offsite concerns, Valero's Schroeder said and the City of Corpus Christi posted on its website.
One worker dies after fire at Marathon's Texas refinery
  + stars: | 2023-05-15 | by ( ) www.reuters.com   time to read: +1 min
Companies Marathon Petroleum Corp FollowMay 15 (Reuters) - A Marathon Petroleum <MPC.N> worker has died from injuries suffered in a fire that broke out on Monday at the company's giant Galveston Bay Refinery in Texas City, Texas, the company said. "A Marathon employee has passed away as a result of the fire today at Marathon Petroleum's Galveston Bay refinery," company spokesperson Jamal Kheiry said in an emailed response to Reuters. The Texas City Emergency Management Department said on Twitter earlier that a shelter-in-place order was not needed. A contract worker died in March after receiving an electric shock at the refinery. Texas City is located 42 miles (68 km) southeast of Houston.
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