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☆ Google-parent Alphabet offloads nearly 90% stake in trading app Robinhood
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoAug 4 (Reuters) - Google-parent Alphabet (GOOGL.O) said on Friday it had slashed its stake in Robinhood Markets (HOOD.O) by nearly 90%, days after the trading app said it had turned a profit for the first time as a public company. Shares of the company, whose trading platform was at the center of a meme stock frenzy in January 2021, have lost 86% since hitting their peak in August of the same year. To counter this weakness in its mainstay trading business, Menlo Park, California-based Robinhood is looking for new revenue streams. In its regulatory filing, Alphabet said it had around 612,214 shares in Robinhood as of June 30, compared with 4.9 million shares in the first quarter ended March 31. As of Robinhood's last close on Thursday, Alphabet's stake would be worth just about $7 million, according to Reuters calculations.

Persons: Andrew Kelly, Robinhood, Alphabet's, Niket, Nivedita Bhattacharjee, Anil D'Silva Organizations: Inc, REUTERS, Robinhood, Menlo, Thomson Locations: New York City, U.S, Menlo Park , California, Robinhood, Bengaluru

☆ UK markets watchdog ready to pounce as new consumer power comes into force
▼ + stars: | 2023-07-31 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

The new duty is particularly significant for being more granular, requiring "good outcomes" and no "forseeable harm" for customers across products and services, price and value. The duty will help the FCA tackle harms pre-emptively to stop a mis-selling scandal in the first place, she added. Firms will have to demonstrate to the FCA how they are providing good outcomes, a step the watchdog hopes will improve on the low trust in financial services. It says it will help ensure that banks pass on higher interest rates to savers, and provide help to those struggling to pay a mortgage. ($1 = 0.7770 pounds)Reporting by Huw Jones; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Nisha Arora, Arora, Philip Deeks, James's, Jonathan Herbst, Herbst, KPMG's Deeks, Deeks, Huw Jones, Conor Humphries Organizations: Financial, Authority, FCA, Reuters, Norton Rose, Thomson

☆ Israel plans $27 billion rail expansion, eyes future link to Saudi Arabia
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, July 30 (Reuters) - Israel will build a 100 billion shekel ($27 billion) rail expansion that will connect its outlying areas to metropolitan Tel Aviv and, in the future, could provide overland links to Saudi Arabia, Prime Minister Benjamin Netanyahu said on Sunday. The announcement followed a trip by top U.S. officials to Saudi Arabia last week to advance a possible forging of formal relations between the Muslim powerhouse and Israel. The government in 2010 approved a similar multi-billion shekel initiative for a nationwide network that did not gain traction. "I would like to add that in the future we will also be able to transport cargo by rail from Eilat to our Mediterranean, and will also be able to link Israel by train to Saudi Arabia and the Arabian peninsula," he said in televised remarks. Israel's finance minister said the idea was to have the high-speed, north-south rail link ready in the next 10 years.

Persons: Benjamin Netanyahu, Netanyahu, Dan Williams, James Mackenzie, David Evans Organizations: Tel, U.S, Israel, Thomson Locations: Israel, Tel Aviv, Saudi Arabia, Eilat

Companies Harley-Davidson Inc FollowJuly 27 (Reuters) - Harley-Davidson Inc. (HOG.N) revised its sales outlook for the year after profit fell 17.5% in the second quarter as a suspension of production hit motorcycle shipments, the company said on Thursday. The 120-year old manufacturer revised its full-year revenue target and is anticipating sales growth of flat to 3% from its previous forecast of 4-7%. Net profit fell to $178 million, or $1.22 per share, in the second quarter, from $215.9 million, or $1.46 per share, a year earlier. Sales from motorcycles and related products fell about 4.4% to $1.19 billion in the quarter, which ended June 30. The company's financial services division saw a 19% increase in revenue growth but operating income was down 31% from the year prior.

Persons: Harley, Bianca Flowers, Sriraj, Conor Humphries Organizations: Davidson, Harley, Davidson Inc, . Company, Thomson Locations: York, Pennsylvania, Chicago, Bengaluru

☆ Worsening euro zone business downturn reignites recession fears
▼ + stars: | 2023-07-24 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

The survey also indicated the European Central Bank's sustained campaign of interest rate rises is starting to take its toll on consumers and denting the services sector. In our baseline case we expect subdued growth for the second half of the year, but today's data suggest the risk of a small contraction in euro zone GDP in Q3 is increasing." In France a downturn extended into July as both the services and manufacturing sectors did worse than expected. A PRICE TO PAYThe euro zone services PMI fell to 51.1 from 52.0, its lowest since January and shy of the Reuters poll forecast for 51.5. An index measuring output, which feeds into the composite PMI, fell to its lowest in over three years.

Persons: Paolo Grignani, Jack Allen, Reynolds, Jonathan Cable, John Stonestreet, Toby Chopra Organizations: P Global, June's, Oxford Economics, PMI, Reuters, Capital Economics, ECB, Thomson Locations: Germany, France, Europe's, Britain

☆ Israel parliament starts vote on limiting supreme court power
▼ + stars: | 2023-07-24 | by ( Maayan Lubell | ) www.reuters.com time to read: +4 min

Nonetheless, commanding a comfortable majority in parliament, Netanyahu's coalition looked set to win the vote on the bill that limits the Supreme Court's powers to overrule decisions made by governments and ministers. 'DISASTER'[1/10]Israeli Prime Minister Benjamin Netanyahu shows Justice Minister Yariv Levin his phone as lawmakers gather at the Knesset plenum to vote on a bill that would limit some Supreme Court power, in Jerusalem July 24, 2023. "If you vote for this bill you will weaken the state of Israel, the people of Israel and the Israel Defence Forces." Justice Minister Yariv Levin who has been driving the changes defended the bill, which would amend a law enabling the Supreme Court to void decisions it deems "unreasonable". Netanyahu's coalition has been determined to push back against what it describes as overreach by a Supreme Court that it says has become too politically interventionist.

Persons: gov't, Netanyahu, Benjamin Netanyahu, Isaac Herzog, Yair Lapid, Yariv Levin, Amir Cohen, We're, Lapid, Levin, Dan Williams, Steven Scheer, Miral Fahmy, Tomasz Janowski Organizations: Monday, Police, Netanyahu's, REUTERS, Israel Defence Forces, Supreme, Thomson Locations: Washington, JERUSALEM, Jerusalem, Israel

☆ Thorny Rules and Maybe an Absent Trump: A Month Out From the First G.O.P. Debate
▼ + stars: | 2023-07-24 | by ( Jonathan Weisman | More About Jonathan Weisman | ) www.nytimes.com time to read: +1 min

Mr. Trump is likely to face charges next month stemming from his efforts to overturn President Biden’s 2020 victory in Georgia, and has been notified that he could be indicted soon on federal charges for clinging to power after his electoral defeat. Yet he remains the prohibitive leader in state and national polling, with Mr. DeSantis a distant second and the rest of the field clustered in single digits. Over the next month, political observers will see a steady taunting of the front-runner by candidates who see a no-lose scenario. Either they goad Mr. Trump to share the stage with them, giving them equal billing with the front-runner and a chance to take a shot at him, or they paint him as too scared to show up, denting his tough-guy image. On CBS’s “Face the Nation” on Sunday, Mr. Christie promised, “I’ll be on this stage for all of the debates, and I will hold Donald Trump personally responsible for failing us.”

Persons: Trump, Biden’s, DeSantis, ”, Bryan Griffin, Christie, “ I’ll, Donald Trump Locations: Milwaukee, Georgia

☆ India Yes Bank's net profit rises 10.3% in April-June, misses estimates
▼ + stars: | 2023-07-22 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

The private lender's standalone net profit rose 10.3% for the April-June quarter from the same period last year to 3.43 billion rupees ($5.25 million), missing analysts' average forecast of 3.80 billion rupees, according to Refinitiv data. Yes Bank's provisions and contingencies, net of recoveries made against loan accounts written off as bad, more than doubled to 3.60 billion rupees from 1.75 billion rupees a year earlier. The bank had outstanding security receipts worth 72.24 billion rupees, for which it has set aside 45.73 billion rupees. The Mumbai-based bank's net interest income, the difference between the interest earned on loans and paid to depositors, rose 8.1% to 20 billion rupees. The net interest margin, a key indicator of a bank's profitability, rose to 2.5% from 2.40% a year earlier.

Persons: Prashant Kumar, Kumar, Bank's, Siddhi Nayak, Robert Birsel, William Mallard Organizations: Bank, Siddhi, Thomson Locations: MUMBAI, Mumbai

☆ Stock Market Today: Dow Futures Hover; Netflix, Tesla Shares Fall Premarket
▼ + stars: | 2023-07-20 | by ( ) www.wsj.com time to read: +1 min

A premarket selloff in Netflix and Tesla shares weighed on stock futures, denting investor optimism about the second-quarter earnings season after largely reassuring bank results. Netflix shares slid more than 6% premarket after the company reported revenue that fell short of its own projections , despite adding 5.9 million subscribers. Tesla shares were down more than 3% after Chief Executive Officer Elon Musk cautioned that the company might need to cut prices further . Johnson & Johnson reported earnings ahead of the market open Thursday. Dow futures rose 0.2%, putting the index on track for its ninth day of gains.

Persons: Elon Musk, Johnson Organizations: Netflix, Tesla, Tech, Nasdaq, Dow, Futures, Monday, ’, Japan’s Nikkei Locations: Russia, Ukraine, Odesa, Europe

☆ Stock Market Today: Dow Opens Higher; Netflix, Tesla Stocks in Focus
▼ + stars: | 2023-07-20 | by ( ) www.wsj.com time to read: +1 min

A selloff in Netflix and Tesla shares weighed on the S&P 500 and the Nasdaq Composite, denting investor optimism about the second-quarter earnings season after largely reassuring bank results. Netflix slid after the company reported revenue that fell short of its own projections , despite adding 5.9 million subscribers. Tesla fell after Chief Executive Officer Elon Musk cautioned that the company might need to cut prices further . The S&P 500 and Nasdaq Composite were down. Chip stocks fell, pulled down by a disappointing update from Taiwan Semiconductor Manufacturing Co., the world’s biggest contract chip maker.

Persons: Tesla, Elon Musk, Stocks, Dow industrials Organizations: Netflix, Tesla, Nasdaq, Truist, Zions Bancorp, Taiwan Semiconductor Manufacturing Co

☆ Israeli minister says protests may affect judicial overhaul drive
▼ + stars: | 2023-07-19 | by ( Dan Williams | ) www.reuters.com time to read: +3 min

[1/2] People demonstrate on the 'Day of National Resistance' in protest against Israeli Prime Minister Benjamin Netanyahu and his nationalist coalition government's judicial overhaul, in Tel Aviv, Israel July 18, 2023. REUTERS/Nir EliasJERUSALEM, July 19 (Reuters) - The Israeli government could rethink its polarising drive to overhaul the judiciary if there is a major escalation in protests, a cabinet minister said on Wednesday, in a signal of pliability as Washington tries to close ranks with its ally. Netanyahu confidant Culture Minister Miki Zohar offered rare acknowledgement of the impact of six-month-old demonstrations, which surged in March after the premier fired Israel's defence minister for openly voicing worry at the impact on the military. He declared those fruitless last month, and revived the bill limiting Supreme Court powers to void some government decisions. Proponents of the change pursued by Netanyahu's religious-nationalist coalition say the Supreme Court has become too interventionist and that the change will facilitate effective governance.

Persons: Benjamin Netanyahu, Nir Elias JERUSALEM, Joe Biden, Tzachi Hanegbi, Netanyahu, Miki Zohar, Yoav Gallant's, Zohar, Kan, Israel Hayom, Ari Rabinovitch, Alexandra Hudson Organizations: of, Israeli, REUTERS, Washington, U.S, National Security, Netanyahu's, Ben Gurion, Israel, Defence Ministry, Alexandra Hudson Our, Thomson Locations: Tel Aviv, Israel

☆ Russian oil tops price cap set by Western countries for first time
▼ + stars: | 2023-07-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow. “This is the first real test of the price cap sanctions,” Matthew Wright, a senior freight analyst at Kpler, told CNN. “High interest rates, declining economic activity in China, and a potential recession in the West,” have depressed oil prices globally. The smaller gap shows that the G7 price cap is “having a diminishing impact on Russian oil revenues,” Richard Bronze, co-founder and head of geopolitics at Energy Aspects, told CNN. Despite rising oil prices, buyers like India are unlikely to turn their backs on Russian oil, said Wright at Kpler.

Persons: ” Matthew Wright, Wright, “ It’s, Russia —, That’s, ” Richard Bronze, Natalia Kolesnikova, “, Tim Lister Organizations: London CNN, Group, Moscow, Argus Media, European Union, Argus, EU, CNN, Organization of, Petroleum, Gazprom, US Treasury, International Energy Agency, IEA Locations: China, India, Europe, Russia, OPEC, Ukraine, Brent, Moscow, AFP, Western, Kpler, Russian, Saudi Arabia

The strong ramp-up in sales for EVs, led by growth in China, means copper demand will continue to grow for the remainder of the decade, but innovation in EVs has emerged as a limiting factor, according to two recent forecasts. In a report this week, Goldman Sachs said EVs accounted for two-thirds of the global demand growth in copper last year. "Some of the projections out there have been very aggressive in terms of potential green energy demand (for copper)." Goldman Sachs called innovation in batteries and the potential shift to higher voltage systems like Tesla's "the main threat to copper's EV demand leverage." It expects copper demand for EVs to be 1 million metric tons this year and 2.8 million by 2030.

Persons: Goldman Sachs, Robert Edwards, Tesla, Elon Musk, CRU's Edwards, Mai Nguyen, Kevin Krolicki, Emelia Sithole Organizations: EVs, CRU Group, London Metal Exchange, Thomson Locations: HANOI, China, EVs, Hanoi, Singapore

For months, NATO leaders had hoped that when they convened for their annual summit next week, they could use the occasion to welcome Sweden as the alliance’s newest member. Now, that outcome appears all but impossible, as stalling by Hungary and continued objections by President Recep Tayyip Erdogan of Turkey have drawn out the process, raising questions about when Sweden might be able to join and what sort of breakthrough would be necessary. All 31 member states must agree to admit new members, and the split over Sweden risks denting the alliance’s ability to project a united front against President Vladimir V. Putin of Russia as his forces seek to beat back a Ukrainian counteroffensive. NATO officials say the hope is to get all the alliance’s leaders to agree at the two-day summit set to begin on Tuesday in Vilnius, the Lithuanian capital, to let Sweden join. Then, the thinking goes, Mr. Erdogan and Prime Minister Viktor Orban of Hungary can push the approval through their respective parliaments.

Persons: Recep Tayyip Erdogan, Vladimir V, Putin, Russia, Erdogan, Viktor Orban Organizations: NATO Locations: Sweden, Hungary, Turkey, Ukrainian, Vilnius, Lithuanian

SummarySummary Companies UPS slips after Teamsters say it walked away from talksModerna climbs on deal to develop mRNA medicines in ChinaChip stocks slide on China's export curbsFed minutes awaited at 2:00 p.m. ETFutures down: Nasdaq 0.51%, S&P 0.42%, Dow 0.42%July 5 (Reuters) - Wall Street futures fell on Wednesday as investors awaited minutes of the Federal Reserve's June meeting for clues on the central bank's monetary policy path, while Sino-U.S. tensions and weak economic data from Beijing dented sentiment. Investors are focused on the Fed minutes, expected to be released around 2 p.m. More economic data, including the non-farm payrolls report on Friday, is scheduled for release this week. ET, Dow e-minis were down 146 points, or 0.42%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 78 points, or 0.51%.

Persons: Ipek Ozkardeskaya, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Moderna, Dow, Wall, Sino, Microsoft, Investors, Fed, Swissquote Bank, Traders, Nvidia, Micron Technology, Netflix, Wolfspeed Inc, Renesas Electronics Corp, Tesla, Dow e, Nasdaq, United Parcel Service, Teamsters, Rivian, Thomson Locations: China, U.S, Beijing, Washington, Germany, Bengaluru

☆ Oil prices ease as worries over global economic slowdown weigh
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Wednesday, paring the previous day's gain as fears over a global economic slowdown denting fuel demand outweighed expectations of tighter supply due to output cuts announced by top exporters Saudi Arabia and Russia for August. Brent crude was down 14 cents, or 0.2%, at $76.11 a barrel by 0027 GMT, after climbing $1.60 on Tuesday. "Oil prices came under pressure again due to lingering worries over a slowdown in the global economy and further hikes of interest rates in the United States and Europe," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting. The latest decision by Saudi and Russia could be viewed as a bearish signal for prices, as it confirms that optimistic views on demand growth are faltering. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe.

Persons: paring, Brent, Tomomichi Akuta Organizations: Raffles, . West Texas, Mitsubishi UFJ Research, Consulting, Saudi, OPEC, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters Locations: Yantai, East China's Shandong province, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria

Brent crude futures settled down 1%, or 76 cents, at $74.65 a barrel while U.S. West Texas Intermediate crude settled down 1.2%, or 85 cents, to $69.79. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. "Oil is facing serious economic headwinds and the market is trying to make sense of what additional crude cuts mean in that context," said John Kilduff, partner at Again Capital LLC in New York. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy factory activity last month in Europe, China limits gainsJuly 3 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, prompting prices to bounce of early losses spurred by worries about a slowing global economy and possible U.S. interest-rate hikes. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Brent crude futures were up 0.6%, or 43 cents, at $75.84 a barrel by 11:52 a.m. EDT (1652 GMT) U.S. West Texas Intermediate crude rose 0.6%, or 39 cents, to $71.03. Russia, seeking to tighten global crude supplies and boost prices in concert with Saudi Arabia, will reduce oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd.

Persons: Brent, John Kilduff, Alexander Novak, Tamas Varga, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman, David Gregorio Our Organizations: Brent, West Texas, OPEC, Thomson Locations: Saudi Arabia, Russia, Europe, China, U.S, New York, Riyadh, Moscow, London, Singapore

SummarySummary Companies Saudi Arabia extends production cuts through AugustRussia to cuts August exports by 500,000 bpdGloomy European PMI data limits gainsLONDON, July 3 (Reuters) - Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates. Saudi Arabia on Monday said it would extend its voluntary cut of one million barrels per day (bpd) for another month to include August, the state news agency said. Russia, seeking to nudge up global oil prices in concert with Saudi Arabia, will reduce its oil exports by 500,000 bpd in August, Deputy Prime Minister Alexander Novak said on Monday, further tightening global supplies. The cuts amount to 1.5% of global supply and bring the total pledged by OPEC+ oil producers to 5.16 million bpd. Brent has dropped from $113 a barrel a year ago, sent lower by concerns of an economic slowdown and ample supplies from major producers.

Persons: Alexander Novak, Brent, Tamas Varga, Prices, Alex Lawler, Natalie Grover, Florence Tan, Emily Chow, Jason Neely, David Goodman Organizations: OPEC, . West Texas, Thomson Locations: Saudi Arabia, Russia, Riyadh, Moscow, China, Europe, London, Singapore

☆ Exclusive: India refiners start yuan payments for Russian oil imports -sources
▼ + stars: | 2023-07-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +5 min

It could not immediately be determined how much Russian oil Indian refiners have bought with yuan, although Indian Oil has paid in yuan for multiple cargoes, sources said. The rise in yuan payments has given a boost to Beijing's efforts to internationalise its currency, with Chinese banks promoting its use specifically for Russian oil trade. Indian refiners have also settled some non-dollar payments for Russian oil in the United Arab Emirates' dirham, sources have said. One private refiner has also been using the same mechanism for payments for Russian oil, one of the sources said. Another state refiner, Bharat Petroleum Corp Ltd (BPCL.NS), is also exploring yuan payment for Russian oil, a separate source said.

Persons: IOC's, Rosneft, Nidhi Verma, Tony Munroe, Tom Hogue Organizations: U.S, Indian Oil Corp, Reliance Industries Ltd, Nayara Energy, HPCL Mittal Energy Ltd, Oil, Gazprom Neft, Reuters, United Arab, State Bank of India, NS Bora, Sun Ship Management, European Union, IOC, ICICI Bank, Bank of China, Bharat Petroleum Corp Ltd, Thomson Locations: DELHI, Russia, Moscow, Ukraine, India, China, Saudi Arabia, Indian, Dubai, United Arab Emirates, Iraq, United Kingdom, Bank, Rosneft, ICICI

TOKYO, June 29 (Reuters) - Oil prices eased on Thursday, paring some of the previous day's gains, as investors took profits on concerns that further interest rate hikes by central banks could dampen economic growth and global fuel demand. "The market turned around on renewed worries about further rate hikes in the U.S. and Europe, which will reduce global oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Leaders of the world's top central banks reaffirmed on Wednesday they think further policy tightening will be needed to tame stubbornly high inflation but still believe they can achieve that without triggering outright recessions. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. Brent's six-month backwardation - a price structure whereby sooner-loading contracts trade at higher prices than later-loading ones - reached its lowest since December, indicating higher demand for immediate delivery.

Persons: paring, Hiroyuki Kikukawa, Jerome Powell, Christine Lagarde, Kikukawa, Yuka Obayashi, Sonali Paul Organizations: Brent, . West Texas, U.S . Energy Information Administration, NS, Nissan Securities, U.S . Federal, European Central Bank, Thomson Locations: TOKYO, U.S, Europe, China, United States

☆ Oil steadies after spiking on U.S. inventory fall
▼ + stars: | 2023-06-29 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Brent crude futures was up 10 cents, or 0.1%, to $74.13 a barrel by 1032 GMT. Nonetheless, the impact that stocks have on oil prices was on display yesterday on a smaller scale," PVM Oil analyst Tamas Varga said. Concerns about the impact that rising interest rates will have on economic growth came back to the fore, however, halting the rally. Adding to pressure, annual profits at industrial firms in China, the world's second-biggest oil consumer, extended a double-digit decline in the first five months as softening demand squeezed margins. "The lack of prospects for fuel demand growth has limited the gain in oil prices, even with supply curbs by oil producers," said Tetsu Emori, CEO of Emori Fund Management Inc.

Persons: Tamas Varga, Jerome Powell, Christine Lagarde, Tetsu Emori, Yuka Obayashi, Jason Neely Organizations: Brent, . West Texas, U.S . Energy Information Administration, . Federal, European Central Bank, Emori Fund Management Inc, Thomson Locations: China, Saudi Arabia, OPEC

☆ The Northeast and Midwest will likely be hot with homebuyers this summer. Homes are flying off the shelves in these 8 cities.
▼ + stars: | 2023-06-28 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Homes are selling like hotcakes in several Northeastern and Midwestern cities. In Rochester, New York, homes were on the market less than two weeks on average last month. Still, it provides some insight into what homebuyers are looking for, and where sellers are most likely to close quickly this summer. To compile the list, Realtor.com considered the total number of days the typical home in the 50 cities was on the market. The only two cities that were not in the Northeast or Midwest on this list were San Jose, California, and Virginia Beach, Virginia.

Persons: —, That's, Realtor.com Organizations: Service Locations: Northeastern, Rochester , New York, Midwest, Portland , Maine, Milwaukee , Wisconsin, Jose , California, Virginia Beach , Virginia

☆ 28 Things Every Student Needs to Pack for College
▼ + stars: | 2023-06-27 | by ( Lisa Lombardi | ) www.wsj.com time to read: +12 min

One of these plug-in air fresheners will keep a dorm room smelling good, and each scent refill lasts for over a month. Aromatherapy diffuserTakeout meals from the dining hall and dirty laundry sure can stink up a tiny dorm room. But with an aromatherapy diffuser, you can keep a dorm room smelling great and exude calm vibes. Bed risers with USB portsHold N' Storage Bed Risers with Power Outlet and USB Ports $48 at AmazonTo add under bed storage, you can’t beat bed risers, says Saltman. These Hold N’ Storage bed risers elevate a bed by 7.25 inches, providing room for extra bins and luggage.

Persons: Lisa Lombardi, —, ”, Barbara Reich, “, Lauren Saltman, Will, Jamie Vacca, Decker, expanders Max, Covid, Vacca’s, Covid —, they’re, it’s, ” Vacca, Command Hooks, Tuck, Clay White, Bellamy Richardson Organizations: Facebook, YouTube, University of Wisconsin – Madison, Walmart, Apple Cider, Amazon, University of Wisconsin, Emory University, Washington University, “, Command, Target, tote Locations: New York City, Newfields, Florida, Alaska, Ikat

☆ EBRD lends 50 million euros to Ukraine's Ukreximbank
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

KYIV, June 23 (Reuters) - The European Bank for Reconstruction and Development will provide a 50-million-euro ($54 million) loan to one of Ukraine's biggest banks, state-owned Ukreximbank, under an agreement signed on Friday. Matteo Patrone, EBRD’s Managing Director for Eastern Europe and the Caucasus, said in a statement that the funding would help keep finance flowing to Ukraine's private sector and municipalities despite Russia's war on its neighbour. Russia's full-scale invasion in February 2022 has hit the Ukrainian economy hard, devastating Ukraine's infrastructure and denting its industrial production capacity. New financing from the EBRD will definitely strengthen the resilience and adaptability of Ukraine’s economy,” said Oleksandr Shchur, a member of Ukreximbank's Management Board. The loan agreement was signed at the EBRD's headquarters a day after Ukrainian officials wrapped up the Ukraine Recovery conference in London.

Persons: Matteo Patrone, ”, Oleksandr Shchur, Volodymyr Zelenskiy, Zelenskiy, Olena Harmash, Timothy Organizations: European Bank for Reconstruction, EBRD’s, Eastern, Ukreximbank's Management, Timothy Heritage, Thomson Locations: Eastern Europe, Caucasus, Russia's, Ukrainian, Ukraine, London

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