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☆ Mission Impossible: Paramount reckoning
▼ + stars: | 2023-07-05 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

NEW YORK, July 5 (Reuters Breakingviews) - Paramount Global’s (PARA.O) predicament is worthy of its successful “Mission: Impossible” franchise. Over the past year or so, Warren Buffett’s Berkshire Hathaway (BRKa.N) has bought and increased its stake in Paramount to about 15%. Without the funding, her closely held firm might have needed to pledge more of its Paramount stock against a loan. Streaming service Paramount+ is similar to Netflix, whose enterprise is worth 5 times next year’s estimated revenue. “Mission: Impossible Dead Reckoning Part One,” from Paramount Pictures, opens in movie theaters on July 12.

Persons: Shari Redstone, Looney, Walt Disney, Sumner, Warren Buffett’s Berkshire Hathaway, Goldman Sachs, Byron Trott, Rudolph Valentino, Mae West, Marx, Trustbusters, Martin Davis, Sumner Redstone, Simon, Schuster, Walt, Jeffrey Goldfarb, Sharon Lam, Streisand Neto Organizations: YORK, Reuters, Paramount, Warner Bros Discovery, AT, Netflix, Apple, Comcast, Electronic Arts, MSD Partners, Viacom, Audio Communications, CBS, Nickelodeon, MTV, Time Warner, Reuters Graphics Reuters, Tiffany Network, National Football League, Fox, Amazon, MGM, U.S, Penguin Random, Walt Disney, Amusements, Paramount Global, BDT Capital Partners, “, Paramount Pictures, Thomson Locations: U.S, Gulf, Western, NAI

SummarySummary Companies Shell to hold oil output steadyCompany to grow gas and LNG businessCapital spending reduced for 2024-25LONDON, June 14 (Reuters) - Shell (SHEL.L) will ramp up its dividend and share buybacks while keeping oil output steady into 2030, it said on Wednesday, as CEO Wael Sawan moved to regain investor confidence that wavered over its energy transition plan. Shell shares were up 1.5% at 1204 GMT, against a 1% rise for an index of European oil and gas companies (.SXEP). Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Shell, Sawan, Biraj Borkhataria, Thilo, Bernard Looney, Ron Bousso, David Goodman, Jan Harvey Organizations: Shell, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

The plan is the linchpin of Sawan's effort to boost Shell's share performance relative to its U.S. peers, which has suffered despite a record $40 billion profit last year. Its shares closed up 0.4%, against a flat index of European oil and gas companies (.SXEP) on Wednesday. Reuters Graphics Reuters GraphicsOIL STEADYShell scrapped its previous target to cut oil output by 20% by 2030 after largely reaching the goal. It currently has a target to cut its 2030 emissions intensity, including from the combustion of the fuels it sells, by 20%. Shell also faces a Dutch court ruling ordering the company to drastically cut emissions.

Persons: Wael Sawan, Sawan, Biraj Borkhataria, Thilo, Shell, Bernard Looney, Ron Bousso, Jan Harvey, Alexander Smith, Elaine Hardcastle Organizations: Shell, British, RBC, Reuters Graphics Reuters, Royal, REUTERS, BP, Lebanese, Reuters, Thomson Locations: New York, Wesseling, Cologne, Germany, Bukom, Jurong, Singapore, Paris

[1/2] A Shell logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) in Geneva, Switzerland, May 23, 2022. His more cautious approach to the energy transition marks a change in tack from his predecessor Ben van Beurden who introduced the carbon reduction targets and the energy transition strategy. It is also exiting its European power retail businesses, which were seen only a few years ago as key to its energy transition. At the same time, Shell reported record profits of $40 billion last year on the back of strong oil and gas prices. Sawan previously flagged that the 2021 target to cut oil output by 20% the end of the decade was under review.

Persons: Denis Balibouse, Sawan, Wael Sawan's, Ben van Beurden, Shell, Bernard Looney, Lucas Herrmann, Herrmann, Ron Bousso, Elaine Hardcastle Organizations: European Business Aviation Convention, REUTERS, Shell, LONDON, BP, Reuters Graphics Reuters, U.S, Exxon Mobil, Chevron, Investors, Thomson Locations: Geneva, Switzerland, New York, Shell, Lebanese, Namibia, London

☆ A secretive annual meeting attended by the world's elite has A.I. top of the agenda
▼ + stars: | 2023-05-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI, is one among a number of business and political leaders set to join the annual Bilderberg Meeting in Lisbon, Portugal. OpenAI CEO Sam Altman will join forces with key leadership from firms like Microsoft and Google this week as a secretive meeting of the business and political elite kickstarts in Lisbon, Portugal. Artificial intelligence will top the agenda as the ChatGPT chief meets with Microsoft CEO Satya Nadella, DeepMind head Demis Hassabis, and former Google CEO Eric Schmidt at the annual Bilderberg meeting. All in, around 130 participants from 23 countries are set to attend the private meeting — a similar number to previous years. However, the event's organizers say that the discrete nature of the event is to allow for greater freedom of discussion.

LONDON, May 18 (Reuters) - Shell (SHEL.L) will likely face one of its most acrimonious annual meetings next week as it struggles to balance investor pressure to capture profits from oil and gas and a vocal minority saying it must move faster to tackle climate change. Big Oil firms posted record profits last year amid soaring energy prices following Russia's invasion of Ukraine. That resolution echoes a ruling by a Dutch court telling Shell to adjust its climate targets, which Shell has appealed. It also said it was pleased that proxy advisers ISS and Glass Lewis had recommended votes against the Follow This resolution. The measures, however, did not prevent climate activist participants from heckling and disrupting proceedings before being escorted out, some carried by security staff.

While paying bonuses at bailed-out energy groups raises questions around the use of taxpayers' money, it also highlights the need for the companies to remain competitive. One of the sources said 200 of Sefe's traders in London had received hundreds of millions of dollars in bonuses, adding mid-level traders had received $5 million-$7 million each. Two of the other people said that generous subsidies had been paid at both Sefe and Uniper. Uniper confirmed that bonuses were paid to trading staff for 2022 but below the level of the previous year. The Finance Ministry, which is responsible for the government's ownership of Uniper, also referred questions on operating issues including staff remuneration to the company.

☆ BP’s strategy risks pleasing no one
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

Investors had cheered its February decision to walk back previously targeted 2030 oil and gas production cuts: BP’s shares rose 12% from Feb. 6 to Friday, compared with Shell’s (SHEL.L) 2%. BP’s shares subsequently fell 5% on Tuesday morning, wiping $6 billion off its market value, despite otherwise rosy earnings. Chief Financial Officer Murray Auchincloss pointed out that the decision was consistent with BP’s commitment to allocate 60% of 2023 surplus cash flow to share buybacks. CEO Bernard Looney is getting heat from both sides, with some investors pushing for faster decarbonisation and others willing him to pump more oil. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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

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

☆ BP shares slide as first-quarter profit dips
▼ + stars: | 2023-05-02 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Shares of BP fell more than 5% Tuesday after the energy giant said it would return less cash to investors following a drop in first-quarter profit. BP (BP) reported underlying profit of $5 billion for the first three months of the year. BP (BP), Chevron (CVX), ExxonMobil, Shell and TotalEnergies (TOT) handed more than $100 billion to their investors in 2022 via share buybacks and dividend payments. Looking ahead, BP said it expects oil prices to “remain elevated,” following supply cuts by OPEC+ and strengthening demand from China. Gas prices in Europe and Asia would be supported by recovering Chinese demand, restocking of European storage capacity and coal-to-gas switching, it added.

☆ Oil AGMs presage awkward investor decoupling
▼ + stars: | 2023-04-28 | by ( Yawen Chen | ) www.reuters.com time to read: +3 min

Chair Helge Lund defended a sudden reversal in February to now cut less oil and gas production by 2030. Big Oil had more than doubled its profits in 2022 as energy prices spiked after Western sanctions on Russian energy. Pension investors like the Universities Superannuation Scheme, for example, are strengthening their climate investment policies and targeting board members to drive change. The traditional oil investor base may soon start to question why companies aren’t doing much more in oil and gas, if that’s what drives profitability and market performance. The oil world’s own awkward decoupling is happening fast.

☆ NBA roundup: Jimmy Butler, Heat eliminate Bucks
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +4 min

[1/3] Apr 26, 2023; Milwaukee, Wisconsin, USA; Miami Heat forward Jimmy Butler (22) drives against Milwaukee Bucks guard Jrue Holiday (21) during game five of the 2023 NBA Playoffs at Fiserv Forum. Butler followed up his franchise-playoff-record, 56-point performance in Game 4 by helping the eighth-seeded Heat overcome a 16-point, fourth-quarter deficit with 12 straight Heat points during one stretch before converting an alley-oop in the final second to force overtime. Bam Adebayo collected 20 points, 10 rebounds and 10 assists for the Heat, who will face the fifth-seeded New York Knicks in the Eastern Conference semifinals. Antetokounmpo recorded 38 points and 20 rebounds and Khris Middleton pumped in 33 points for the Bucks. Anthony Davis amassed 31 points and 19 rebounds and Austin Reaves registered 17 points, eight rebounds and six assists for the seventh-seeded Lakers.

☆ The Yoga Regimen That Keeps an N.B.A. Forward Centered
▼ + stars: | 2023-04-25 | by ( Scott Cacciola | ) www.nytimes.com time to read: +1 min

The sun was beginning to burn through a hazy sky as Looney propped his iPad against a small metal column, unrolled his black yoga mat and greeted one of the more important figures in his professional life. It belonged to Jana Webb, the creator of a self-styled brand of yoga known as Joga, which she originally conceived as yoga for athletes. Moses Moody, one of Looney’s teammates, was also on the call, dialing in from his apartment near the arena. It was 8:30 a.m., about four hours before Game 4 of Golden State’s first-round playoff series against the Sacramento Kings. “Reach, reach, reach,” she said as Looney, who is 6-foot-9, stood on his toes and extended his arms, a small pool of sweat forming on the mat below.

☆ NBA roundup: Devin Booker leads Suns to series lead vs. Clippers
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

[1/3] Apr 20, 2023; Los Angeles, California, USA; Los Angeles Clippers guard Russell Westbrook (0) drives past Phoenix Suns guard Devin Booker (1) in the second half at Crypto.com Arena. Bones Hyland put up 20 points for Los Angeles. Andrew Wiggins finished with 20 points for the Warriors, who trail 2-1 heading into a game in San Francisco on Sunday. The 76ers, up 3-0 in the Eastern Conference first-round playoff series, can eliminate the Nets on Saturday in Game 4 in New York. Harden scored 21 before being ejected for committing a flagrant foul 2 when he elbowed Royce O'Neale late in the third quarter.

☆ 10 fascinating theme parks that have closed forever
▼ + stars: | 2023-04-19 | by ( Joe Yogerst | ) edition.cnn.com time to read: +9 min

In April, we’re taking a thrilling ride into the world of theme parks. “We think of amusement parks as vibrant, colorful, noisy, cheerful places,” says Jim Futrell of the National Amusement Park Historical Association. Pripyat Amusement Park (Ukraine)The Pripyat Amusement Park was built right before the Chernobyl disaster. Yongma Land (South Korea)Once in a blue moon, abandoned theme parks find new life by adopting totally new functions. Faced with increased competition from Orlando’s modern theme parks, Cypress Gardens closed in 2009 and was eventually absorbed into LEGOLAND Florida.

LONDON, March 28 (Reuters) - BP (BP.L) and Abu Dhabi's state oil giant on Tuesday offered to acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector. The offer would involve acquiring NewMed's free floating shares and taking the company private. BP shares gained 2% by 0810 GMT while NewMed shares were up around 30%. For BP, the deal highlights the British company's focus on growing natural gas production after Chief Executive Bernard Looney last month slowed down its shift away from fossil fuels. After the deal closes NewMed will become a private corporation equally held by the BP-ADNOC JV and Delek Group (DLEKG.TA), which holds the remaining 50%.

☆ NBA roundup: 3-pointer at buzzer pushes Mavs past Lakers
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +6 min

Anthony Davis scored 26 points with 10 rebounds for the Lakers after missing Wednesday's defeat to the Houston Rockets because of load management. Austin Reaves scored 16 points and Dennis Schroder added 15 as Los Angeles played its 10th consecutive game without LeBron James (foot). Washington's 12 points and Kelly Oubre Jr.'s 11 points led Charlotte. Jalen Green paced Houston with 25 points while Kevin Porter Jr. added 20. Brandon Ingram led the Pelicans with 31 points and six assists, while Jonas Valanciunas had 22 points and 17 rebounds.

☆ Premarket stocks: From Wile E. Coyote to edibles: Recession forecasts are getting weird
▼ + stars: | 2023-03-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

And for the US economy, it could likely mean a “Wile E. Coyote moment,” Summers said — if we run off the cliff, gravity will eventually win out. AntibioticsWhen describing the state of the economy, Summers doesn’t just rely on Looney Tunes. “Will working people be better off if we just walk away from our jobs and inflation remains 5% or 6%?” Powell replied. Before the Bell: Is it necessary to increase the unemployment rate to successfully fight inflation? In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days.

Looney's base salary of 1.3 million pounds was topped up by retirement benefits and performance-related elements including an annual bonus and shares to 10.03 million pounds ($11.99 million), more than double the 4.46 million pounds he was awarded in 2021. The ex-CEO of energy rival Shell (SHEL.L), Ben van Beurden, saw his pay package rise 53% to 9.7 million pounds after Shell reported record profits of $40 billion. EMISSIONSBP's emissions in 2022 were broadly unchanged from the previous year at around 340 million tonnes of CO2 equivalent, according to its annual report and Reuters calculations. Unlike Shell, BP in its figures excludes emissions from fuels it sells that are derived from crude oil it does not produce. This measure includes all energy BP sells including fuel originally produced by other companies.

☆ CERAWEEK-BP says fuel efficiency has more impact on oil demand than EVs
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

Companies Bp Plc FollowHOUSTON, March 7 (Reuters) - Fuel efficiency in new light vehicles is having a bigger impact on fuel demand than rising sales of electric vehicles, BP Chief Executive Bernard Looney said at an energy conference on Tuesday. "That is locked in, and that's having a bigger impact on oil demand than electric vehicles," Looney said at the CERAWeek energy conference. Around 3 percent of the global vehicle fleet is EVs, he said. With more efficient vehicles and many more electric vehicles on the road, fuel demand could fall by 5 million to 10 million barrels per day by 2040, Looney said. The existing global light vehicle fleet consumes about 32 million bpd, he said.

Last month he applied the brakes, slowing BP's planned cuts in oil and gas and scaling back planned renewables spending in the wake of the war in Ukraine. The oil major isn't backing away from renewables though, its green chief Anja-Isabel Dotzenrath stresses, it's simply changing the terms of the relationship. "I'm (now) just reviewing the onshore renewables part - so the onshore wind and solar part." BP's head of renewables and gas didn't elaborate on the nature of the latest review. The green stakes are high, though, given solar alone comprises more than half of BP's 43-gigawatt renewables project pipeline.

☆ BP CEO defends spending plans as climate protesters block entrance to London energy conference
▼ + stars: | 2023-02-28 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Holding banners reading "Climate Criminals Enter Here" and "No New Oil," activists from climate action group Fossil Free London gathered outside the luxury hotel to protest BP's continued fossil fuel investment. "An energy system that works is one that provides energy that is secure and affordable as well as lower carbon — what's known as the energy trilemma," Looney said. "To solve it, action is clearly needed to accelerate the energy transition and at the same time, that transition has got to be orderly. We need to invest in the energy transition and — not or — we need to invest in today's energy system, which is predominantly an oil and gas system." The extraordinary scale of the oil and gas industry's earnings has renewed criticism and sparked calls for higher taxes.

☆ The US economy may be inching closer to the cliff edge given these 4 troubling signs, Larry Summers says
▼ + stars: | 2023-02-24 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Ex-Treasury chief Larry Summers thinks the economy is edging closer to a "Wile E. Coyote" fall off a cliff. "People may be reading a bit too much into the moment in terms of economic strength," he warned. On the other, there is stuff when you look down the road a bit that has to be substantially concerning about a Wile E. Coyote kind of moment," Summers said. As a result, he warned the Federal Reserve needs to stay nimble and flexible given the continued uncertainty about the US economy. Summers' pessimism about the economy builds on warnings he's made in the past.

☆ NBA roundup: Bucks take advantage of undermanned Celtics
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +4 min

The Celtics played without four starters: Jayson Tatum (illness), Jaylen Brown (facial fracture), Marcus Smart (ankle) and Al Horford (knee). Deandre Ayton provided the Suns with 29 points and a team-high 11 rebounds, while Chris Paul had 17 points to complement a season-high 19 assists. Kristaps Porzingis contributed 28 points, 12 rebounds and five assists, while Bradley Beal scored 19 points and Kendrick Nunn added 10 for Washington. Scottie Barnes added 17 points, and Precious Achiuwa amassed 11 points and 13 rebounds. Wendell Carter Jr. scored 26 points for the Magic, who have alternated wins and losses for the past six games.

☆ Big Oil doubles profits in blockbuster 2022
▼ + stars: | 2023-02-08 | by ( Ron Bousso | ) www.reuters.com time to read: +4 min

The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP (BP.L), Chevron (CVX.N), Equinor (EQNR.OL), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) to shower shareholders with cash. Oil companies last year also pulled out of Russia, a major energy producer, leading to huge writedowns, including BP's $24 billion exit from its 19.75% stake in Kremlin-controlled oil giant Rosneft (ROSN.MM). Benchmark oil prices are currently near $85 a barrel. BP will lean more into oil & gas for the remainder of this decade," Clint said in a note.

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