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When companies’ input costs go up for some reason, the prices they charge their customers go up like a rocket. The example most of us can relate to is the retail price of gasoline. At least in the feather scenario, retail prices do go down. Rines said he coined the term “price over volume” in June 2022 to describe how companies were fighting higher costs at the time. “If you’re profit-maximizing you’re going to do that and you should do that,” he told me.
Persons: Samuel Rines, Rines, Organizations: Locations: U.S, Houston
UK's FTSE 100 slips on dour earnings; NatWest falls
  + stars: | 2023-07-26 | by ( Shashwat Chauhan | ) www.reuters.com   time to read: +2 min
The FTSE 100 index (.FTSE) lost 0.2%, while the more domestically focussed FTSE 250 midcap index (.FTMC) was flat. UK earnings season picked up pace with Lloyds Banking Group(LLOY.L), Britain's biggest mortgage lender, posting a pre-tax first-half profit below analysts' forecast compiled by the bank. The lender fell 2.7%, while the UK banks index (.FTNMX301010) slipped 0.9%. Rolls-Royce (RR.L) soared 19.3%, to hit its highest level in over three years after the aero-engineering company raised its full-year operating profit forecast. Reporting by Shashwat Chauhan in Bengaluru; editing by Eileen Soreng and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.
Persons: Royce, Aston Martin, Alison Rose, Nigel Farage, Georgina Cooper, Aston, Shashwat Chauhan, Eileen Soreng, Sohini Organizations: HY, U.S, Fed, Lloyds, NatWest, NatWest Group, BBC, Lloyds Banking Group, BNY, Equity, Rio Tinto, Royce, Dunhill, Tobacco, Aston Martin Lagonda Global Holdings, U.S . Federal Reserve, Thomson Locations: Rio Tinto, London, Rio, Bengaluru
NEW YORK, July 24 (Reuters) - Electric-vehicle charger operator EVCS is looking to raise $125 million, according to a document seen by Reuters, as it races to expand its network of fast chargers eightfold by 2025 and capitalize on the U.S. government's push to boost EV adoption. EVCS, which operates its own network of fast chargers as well as stations for clients such as Hertz and Hilton, plans to increase its network to 2,100 fast chargers by 2025 from 260 currently and focus on the U.S. states of California, Washington and Oregon, according to the document. A person familiar with the matter said a $125 million investment would represent a large minority stake in the business. Reuters was not immediately able to ascertain what valuation the company or its advisers had arrived at for the entire business. The deals between Tesla and rivals also could make it easier for operators to cater to virtually all EVs.
Persons: Tesla, EVCS, Biden, Isla Binnie, Abhirup Roy, Peter Henderson, Matthew Lewis Organizations: YORK, Reuters, BNP, Hertz, Hilton, Tesla, Volta, stoke, Thomson Locations: California, EVCS, Washington and Oregon, New York, Francisco
CARACAS, July 21 (Reuters) - Venezuelan expects to sign licenses by year-end for developing the nation's vast natural gas reserves, oil minister Pedro Tellechea said on Friday, even amid U.S. sanctions. Most of the South American country's gas reserves remain undeveloped after decades of insufficient investment, contract changes and - in recent years - U.S. sanctions to oust President Nicolas Maduro. But new officials running the oil ministry and PDVSA want to encourage new investment and unfreeze projects. Oil major Shell Plc (SHEL.L), which produces in Trinidad, could operate the Dragon gas field in Venezuela if Maduro's government extends it a license, Trinidad officials have said. Venezuela is producing 831,000 barrels of crude per day (bpd) this month and expects to increase to 1 million bpd by year-end.
Persons: Pedro Tellechea, Nicolas Maduro, Tellechea, Spain's, Maurel, Deisy Buitrago, Mayela Armas, Vivian Sequera, Marianna Parraga, Alison Williams Organizations: Eni, Shell, Thomson Locations: CARACAS, Caracas, United States, Trinidad and Tobago, Venezuela, Trinidad, China
UK pension fund USS wins appeal over fossil fuel investments
  + stars: | 2023-07-21 | by ( ) www.reuters.com   time to read: +2 min
The 82 billion-pound ($103 billion) Universities Superannuation Scheme (USS) faced legal action from two of its members over its continuing investments in coal, natural gas and petroleum. Judge Sarah Asplin said in a written ruling that the parts of the lawsuit relating to USS investments in fossil fuels were an attempt to challenge the scheme's management and investment decisions which was "bound to fail". The attempt to bring the case on behalf of USS against its directors, which has also been attempted by environmental law charity ClientEarth against Shell (SHEL.L), will be keenly watched by other pension funds and environmental groups. The two academics bringing the case, Ewan McGaughey and Neil Davies, argued that fossil fuel investments pose a "significant and increasing" financial risk to USS that its directors were not addressing. However, lawyers representing USS argued the case should be dismissed as the scheme's investments in fossil fuels have not caused any loss to USS or the two academics, which is necessary for a derivative lawsuit to proceed.
Persons: Sarah Asplin, Ewan McGaughey, Neil Davies, David Grant, , Davies, Sam Tobin, Sarah Young, Mike Harrison Organizations: London's, Shell, McGaughey, Thomson Locations: London
BASRA, Iraq, July 19 (Reuters) - Iraq secured its $27 billion oil deal with France's TotalEnergies (TTEF.PA) last week by offering quicker, less risky payback through greater revenue-sharing, a model it could replicate in the future to lure investors. The new deal is designed to allow Total to take a portion of revenues from the Ratawi oil field in Iraq's oil-rich Basra region and use them to help finance three other projects, two senior Iraqi oil officials said. In the end, Total took a 45% share while the state-owned Basra Oil Company took 30% and QatarEnergy 25%. Revenues will be split according to those stakes, one of Iraq's senior oil officials said. Iraq's oil officials said the model could be replicated in the future but that would be considered on a project-by-project basis.
Persons: France's, Aref Mohammed, Silvia Aloisi, Timour Azhari, Elaine Hardcastle Organizations: Exxon Mobil, Shell, BP, Total, Reuters, Basra Oil Company, Thomson Locations: BASRA, Iraq, U.S, Basra, Ratawi, Saudi, Iraqi, Timour Azhari, Baghdad, Paris
The $109 billion asset manager run by Larry Fink said on Monday it would add Saudi Aramco (2222.SE) Chief Executive Amin Nasser to its 16-strong board. But judged through an investment lens the appointment makes sense. Nasser, who led Aramco through its 2019 initial public offering, will take the seat currently occupied by Bader Alsaad, a former managing director of the Kuwait Investment Authority. Follow @thereallsl on TwitterCONTEXT NEWSBlackRock on July 17 said Amin Nasser, chief executive of Saudi Aramco, would join its board as an independent director. “Amin’s distinguished career at Aramco, spanning more than four decades, gives him a unique perspective on many of the key issues facing our firm and our clients,” BlackRock Chief Executive Larry Fink said in a statement.
Persons: Larry Fink, Amin Nasser, Nasser, Bader Alsaad, Jamal Khashoggi, Randall Stephenson, Fink, Richard Blumenthal, T Rowe Price, Fink –, “ Amin’s, Peter Thal Larsen, Sharon Lam Organizations: YORK, Reuters, BlackRock, Aramco, Kuwait Investment Authority, of, Petroleum, Saudi, Golfers ’ Association, Global Energy, Exxon Mobil, Chevron, Shell, Thomson Locations: BlackRock, Saudi Aramco, Kuwait, Saudi Arabia, United States, U.S, Texas, Connecticut, Aramco
July 14 (Reuters) - Chevron Corp (CVX.N) is comfortable with buying U.S. liquefied natural gas (LNG) on long-term contracts rather than constructing its own U.S. domestic export facility, said Freeman Shaheen, the company's head of global gas. The second largest U.S. oil and gas producer in June 2022 signed agreements with LNG developers Cheniere Energy (LNG.A) and Venture Global LNG for a combined 4 million tonnes per annum (MTPA) of the super-chilled natural gases. The Cheniere and Venture Global LNG deals will provide an outlet for natural gas flowing from its Permian Basin shale holdings in West Texas and New Mexico. It opted not to build an export terminal in the U.S., where several major plants are already under construction. Top LNG traders Shell (SHEL.L) and BP (BP.L) separately filed for arbitration against Venture Global LNG for failing to supply contracted cargoes, even as it sold to non-contract customers as prices soared last year.
Persons: Freeman Shaheen, Shaheen, Curtis Williams, Josie Kao Organizations: Chevron Corp, Cheniere Energy, Venture Global LNG, Chevron, Venture Global, Reuters, Top, Shell, BP, Thomson Locations: U.S, Angola, Australia, Israel, West Texas, New Mexico, Argentina, West Africa, Calcasieu, Houston
Lucid shares drop as deliveries take hit from Tesla's price war
  + stars: | 2023-07-12 | by ( ) www.reuters.com   time to read: +1 min
July 12 (Reuters) - Lucid Group (LCID.O) said its second-quarter production dropped from the previous three months while deliveries stayed flat, sending the shares of the luxury electric-vehicle maker down about 6% on Wednesday. The Saudi Arabia-backed startup has been struggling to ramp up production in the face of supply chain issues, while a price war started by market leader Tesla (TSLA.O) in January has intensified competition. Lucid delivered 1,404 vehicles in the quarter to June 30, compared with 1,406 deliveries in the previous quarter. The company had trimmed its 2023 production forecast and reported a lower-than-expected first-quarter revenue in May as it took a hit from Tesla's price war and rising interest rates. The company said it would report financial results for the second quarter on August 7 after markets close.
Persons: Tesla, Lucid, Aston Martin, Akash Sriram, Arun Koyyur Organizations: Air, Elon, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Bengaluru
A Venture Global LNG spokesperson did not comment on the Shell and BP claims. Shell and BP missed out on billions of dollars in sales that went to Venture Global LNG because they were unable to get their contracted fuel, one of the people familiar with the arbitration filings said. Another Venture Global LNG contract customer, Spanish energy firm Repsol SA (REP.MC), has asked U.S. regulators to release confidential records that would shed light on the plant's startup. Founded by a former energy lawyer and investment banker, Venture Global LNG has emerged as a market force with its ability to obtain financing and rapidly build export plants. The contracts were tied to Calcasieu Pass LNG, the first of Venture Global LNG's three planned facilities.
Persons: Costas Baltas, Ira Joseph, Marwa Rashad, Curtis Williams, Scott DiSavino, Gary McWilliams, David Gregorio Our Organizations: REUTERS, Top, Shell, BP, U.S, Venture Global LNG, Venture Global, London Court, International, Edison SpA, Repsol SA, Columbia University's Center, Global Energy, Thomson Locations: Bermuda, Revithoussa, Greece, Europe, Calcasieu, London, Houston
How does code interpreter work? But when code interpreter is enabled, ChatGPT writes and runs a piece of computer code to find the answer, OpenAI said. “The code objectively does something right,” said Ethan Mollick, an associate professor at the University of Pennsylvania, who tested code interpreter for two months before it was released. What have people used code interpreter to do? Some people have also used code interpreter to convert the formats of files, such as turning images into videos or PDF documents into pictures.
Persons: ChatGPT, OpenAI, , Ethan Mollick, Mollick Organizations: University of Pennsylvania, Financial Locations: United States
European shares inch lower ahead of US jobs report
  + stars: | 2023-07-07 | by ( ) www.reuters.com   time to read: +1 min
July 7 (Reuters) - European shares edged lower on Friday, following sharp losses in the previous session, after U.S. data that showed a still strong labor market, while investors await a key U.S. jobs report due later in the day for more clues on interest rate outlook. The pan-European STOXX 600 index (.STOXX) fell 0.4% by 0710 GMT, set for its worst week since mid-March, led by declines in utilities shares (.SX6P), which slid 1.2%. European equities took a hit on Thursday after private payrolls in the United States surged far more than expected in June, suggesting the labor market remained solid despite growing risks of a recession. Investors will be hawkeyed on the American non-farm payrolls report, due at 8:30 a.m. The report is expected to show a drop in number of jobs created in the U.S. in June compared to a month earlier.
Persons: Matteo Allievi, Shubham Batra, Janane Organizations: Shell, Thomson Locations: U.S, United States, Gdansk, Bangalore
Shell warns of significant drop in gas trading results
  + stars: | 2023-07-07 | by ( ) www.reuters.com   time to read: 1 min
July 7 (Reuters) - Energy giant Shell (SHEL.L) expects second-quarter gas trading results to be "significantly lower" than in the previous quarter, it said on Friday. In an update ahead of second-quarter results on July 27, the world's biggest liquefied natural gas (LNG) trader also flagged $3 billion in writedowns for the quarter, primarily driven by a 1% increase in the discount rate used for impairment testing. It added that trading performance in its chemicals and products business was also expected be lower than in the first quarter, with the indicative refining margin forecast to drop to $9 a barrel from $15 a barrel. U.S. rival Exxon also guided for lower refining margins this week. Reporting by Eva Mathews in Bengaluru Additional reporting by Shadia Nasralla Editing by Krishna Chandra Eluri and David GoodmanOur Standards: The Thomson Reuters Trust Principles.
Persons: Eva Mathews, Shadia, Krishna Chandra Eluri, David Goodman Organizations: Energy, Shell, Exxon, Thomson Locations: writedowns, Bengaluru
Shell warns of big drop in gas trading results
  + stars: | 2023-07-07 | by ( ) www.reuters.com   time to read: +2 min
July 7 (Reuters) - Shell (SHEL.L), the world's biggest liquefied natural gas (LNG) trader, said on Friday second-quarter gas trading results were expected to come in "significantly lower" quarter-on-quarter, though in line with the previous two years' second quarters. Shell cited "seasonality and fewer optimisation opportunities" as reasons for its lower gas trading result. The company does not provide figures for its gas trading results or say what proportion of its business it accounts for. "Shell's trading update included a number of operational indicators which were broadly in line with our forecasts," said RBC equity analyst Biraj Borkhataria in a note. "Weaker trading across oil and gas which should be expected by the market given lower gas prices and the seasonality of Shell's LNG portfolio."
Persons: Shell, Biraj Borkhataria, Eva Mathews, Nora Buli, David Goodman, Mark Potter Organizations: Shell, RBC, Exxon, Thomson Locations: Norway, writedowns, Bengaluru, Shadia, London
Suspected suicide attempts among adolescents Ellis’s age were up 49 percent in 2021 compared with prepandemic levels, according to the Centers for Disease Control and Prevention. “Because it did not contextualize in any way what the issues were in my son’s suicide. And it says the school is being proactive to deal with this mental health crisis. Totally dishonest.”Jeffrey Gural, Ellis’s grandfather, also pressed the school’s board of trustees. The elder Mr. Gural is chairman of GFP Real Estate L.L.C.
Persons: Gural, Tompkins, , , ” Jeffrey Gural, Ellis’s, Newmark Knight Frank, Ellis, , ’ ”, Ann’s Organizations: Centers for Disease Control, Newmark Holdings
An interim sales agreement is in place until the new pact is finalised, the two partners said in a statement. "The transformational new agreements between Botswana and De Beers reflect the aspirations of the people of Botswana, propels both Botswana and De Beers forward, and underpins the future of their Debswana joint venture through long-term investment," the statement said. Botswana, the world's second largest diamond producer after Russia by output, supplies 70% of De Beers' rough diamonds. Diamond sales, almost entirely from Debswana, account for two-thirds of Botswana's foreign currency receipts and a fifth of its gross domestic product. Debswana's diamond sales hit a record $4.6 billion last year, compared to $3.5 billion in 2021.
Persons: De Beers, Lefoko Moagi, Debswana, De, Okavango Diamond, Mokgweetsi Masisi, Masisi, Felix Njini, Nelson Banya, Edwina Gibbs Organizations: Botswana Mines, De Beers, De, HB Antwerp, Thomson Locations: Botswana, Russia, Nairobi, Harare, Nilutpal
July 1 (Reuters) - Botswana and De Beers Group have agreed a new diamond sales deal in which the African country, the world's No. 1 diamond producer by value, gradually increases the share of rough stones it gets from their joint venture Debswana over the next decade to 50%, the government and the mining company said on Saturday. The Botswana government and De Beers said they had agreed on a 10-year sales deal for Debswana's rough diamond production through to 2033, and on a 25-year Debswana mining licence valid until 2054. The Botswana-De Beers agreement allows the partners to advance the investment required to secure Debswana's position as one of the world's leading gem producers, De Beers said. Botswana, where De Beers has been present for 50 years, is heavily reliant on diamonds, with two-thirds of its foreign currency receipts coming from mining, sales and ancillary activities linked to the precious stone.
Persons: De Beers, Debswana, Mokgweetsi Masisi, weren't, Felix Njini, Promit Mukherjee, Nelson Banya, Leslie Adler, David Holmes Organizations: De Beers Group, Okavango, Thomson Locations: Botswana, Debswana, pula, Nairobi, Harare, Nilutpal
LONDON, June 30 (Reuters) - Shell's (SHEL.L) head of renewable generation Thomas Brostrom is leaving the company, a spokesperson said on Friday, weeks after CEO Wael Sawan scaled back the company's energy transition plans. "Thomas Brostrøm has elected to leave Shell to pursue an external opportunity," the company said. He will be succeeded by Greg Joiner, currently VP Shell Energy Australia. Sawan also introduced a new structure to the company's top leadership that eliminated Brostrom's role and split it into regions. Reporting by Ron Bousso; Editing by Susan Fenton and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Thomas Brostrom, Wael Sawan, Thomas Brostrøm, Shell, Greg Joiner, Brostrom, Sawan, Ron Bousso, Susan Fenton, Barbara Lewis Organizations: Shell Energy Australia, Shell, Thomson
Last year, I wrote an amicus brief in a case called 303 Creative L.L.C. v. Elenis, arguing that a wedding website designer had a First Amendment right not to speak. This case was not, as it has been widely described, about whether a website designer could refuse gay customers. That would be both illegal and immoral, and I would not participate in such a case. The case was not about whether a business could refuse to provide goods or services but whether it could refuse to generate specific expressions with which it disagreed.
Persons: Lorie Smith, “ ‘, , Smith, Neil Gorsuch, Bostock Organizations: Supreme Locations: Colorado, Clayton County
The case, though framed as clash between free speech and gay rights, was the latest in a series of decisions in favor of religious people and groups, notably conservative Christians. A Colorado law forbids discrimination against gay people by businesses open to the public as well as statements announcing such discrimination. But when the Supreme Court agreed to hear the case, 303 Creative L.L.C. He was the author of every major Supreme Court decision protecting gay rights under the Constitution. But he was also the court’s most ardent defender of free speech.
Persons: Neil M, Gorsuch, Lorie Smith, Smith, Smith’s, Mary Beck Briscoe, Judge Briscoe, , ” Judge Briscoe, Timothy M, Tymkovich, George Orwell, ’ ”, , Anthony M, Kennedy, Justice Kennedy, Jack Phillips, Ruth Bader Ginsburg, Brett M, Kavanaugh, Amy Coney Barrett Organizations: Supreme, U.S ., Appeals, Circuit, Colorado Civil Rights Commission Locations: Colorado, Denver, “ Colorado
The case, though framed as clash between free speech and gay rights, was the latest in a series of decisions in favor of religious people and groups, notably conservative Christians. A Colorado law forbids discrimination against gay people by businesses open to the public as well as statements announcing such discrimination. But when the Supreme Court agreed to hear the case, 303 Creative L.L.C. He was the author of every major Supreme Court decision protecting gay rights under the Constitution. But he was also the court’s most ardent defender of free speech.
Persons: Neil M, Gorsuch, Lorie Smith, Smith, Smith’s, Mary Beck Briscoe, Judge Briscoe, , ” Judge Briscoe, Timothy M, Tymkovich, George Orwell, ’ ”, , Anthony M, Kennedy, Justice Kennedy, Jack Phillips, Ruth Bader Ginsburg, Brett M, Kavanaugh, Amy Coney Barrett Organizations: Supreme, U.S ., Appeals, Circuit, Colorado Civil Rights Commission Locations: Colorado, Denver, “ Colorado
"This (deal) really kicks off that wing of the Lucid Group's business," CEO Peter Rawlinson told Reuters. Lucid's initial focus will be on providing high-performance, ultra-high voltage technology that would not be suitable for the mass-market, reflected in the Aston deal, Rawlinson said. However, he continued, its business licensing out parts should grow as the company moves to more mass-market models. Aston and Lucid share a common shareholder in Saudi Arabia's Public Investment Fund (PIF), but Rawlinson said the Saudi wealth fund played no role in the deal. "Aston Martin had options and they chose quite independently what they felt is the best technology available on the planet," he added.
Persons: Aston Martin, Peter Rawlinson, Rawlinson, Tesla, I'm, Aston, Nick Carey, Emma Rumney Organizations: EV, Aston, Reuters, Tesla's, Public Investment Fund, Thomson Locations: U.S, Arizona, Croatian, Aston, Saudi
June 27 (Reuters) - Aston Martin (AML.L) said on Tuesday it remained on track to report an adjusted profit of 500 million pounds ($636.7 million) by the fiscal year 2025. The Gaydon-based group said it expects to "substantially achieve" those financial targets in 2024 - including a revenue forecast of about 2 billion pounds - and added it is likely to exceed them in 2025. The company had posted an adjusted core profit of 190.2 million pounds for the year ended Dec. 31, 2022. The luxury car maker, which has marked 2023 to be the "peak year" of capital spend, in May had maintained its outlook for the current financial year, helped by strong sales of its sport utility vehicle DBX and higher selling price. ($1 = 0.7854 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.
Persons: Aston Martin, AML.L, Aby Jose Koilparambil, Nivedita Organizations: Thomson Locations: Bengaluru
The total number of recent victims from the online extortion ring has reached 121 organizations, according to Brett Callow, whose cybersecurity company Emsisoft helps companies respond to digital shakedown attempts. In 2021, Ukrainian authorities announced the arrests of six people tied to cl0p, but it's not clear that they were core members of the group, which continued to hack victims. Plundering file transfer protocols has become increasingly popular as hackers shift from encrypting data to simply stealing files and threatening to release them unless a ransom is paid. Many of the organizations stress that the target of the hack is the file transfer service, not their systems. The FBI said it was "aware of and investigating the recent exploitation of a MOVEit vulnerability by malicious ransomware actors."
Persons: Brett Callow, encrypting, TrendMicro, didn't, Cl0p, Emsisoft, Charles Carmakal, Raphael Satter, Christopher Bing, James Pearson, Cynthia Osterman Organizations: University of California, Siemens Energy, Abbvie Inc, Schneider, Publicly, Sony, Shell PLC, Government, U.S . Energy Department, Alphabet Inc, FBI, Thomson Locations: Los Angeles, Russia, Washington, London
Adding to uncertainty was the start of the second quarter's final week on Monday, weeks ahead of the financial reporting season. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 15, 2022. But Carnival (CCL.N) slumped 7.6% after the cruise operator forecast third-quarter earnings below Wall Street expectations. The S&P 500 posted 18 new 52-week highs and two new lows; the Nasdaq Composite recorded 53 new highs and 154 new lows. On U.S. exchanges 9.28 billion shares changed hands compared with the 11.62 billion average for the last 20 sessions.
Persons: Tesla, Aston Martin, Vladimir Putin's, Putin, Jerome Powell, Carol Schleif, they've, Schleif, Chris Zaccarelli, Zaccarelli, Brendan McDermid, Powell, Goldman Sachs, UK's Aston Martin, decliners, Sinéad Carew, Sruthi Shankar, Johann M, Shinjini Ganguli, Richard Chang Organizations: Pfizer, Aston, Dow, Nasdaq, Monday, U.S . State Department, Meta Platforms Inc, Inc, Tesla Inc, BMO, Investors, Independent, Alliance, Dow Jones, New York Stock Exchange, REUTERS, University of, Pfizer Inc, UBS, Ares Management, NYSE, Thomson Locations: Russia, Minneapolis, Charlotte, North Carolina, New York City, U.S, New York, Bengaluru
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