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☆ What’s next for the auto strikes
▼ + stars: | 2023-10-26 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +8 min

But the strike at the company isn’t quite over, and there’s no immediate end in sight for the strikes at General Motors and Stellantis. And pay increases will be even greater for some workers who were being paid at a lower pay tier. Generally union members do not return to work when a tentative agreement is reached until after a ratification vote is concluded. The Mack Trucks deal also had double-digit pay hikes of 10% immediately and 20% over the four-year life of that contract. But it didn’t have the COLA or some of the other gains the union achieved in the deal at Ford.

Persons: “, Ford, Isaiah Goddard, He’s, ”, Chuck Browning, Shawn Fain, “ We’re, John Deere, Mack Trucks, Fain, John Lawler Organizations: New, New York CNN, Ford, General Motors, United Auto Workers, Chrysler, CNN, UAW, Stellantis, GM, Management, Fortune, EV Locations: New York, Ypsilanti , Michigan, Ford

☆ New York Republican moves to expel George Santos from Congress
▼ + stars: | 2023-10-26 | by ( David Morgan | ) www.reuters.com time to read: +3 min

REUTERS/Elizabeth Frantz/File Photo Acquire Licensing RightsWASHINGTON, Oct 26 (Reuters) - A New York state Republican on Thursday made a privileged motion in the U.S. House of Representatives to expel indicted fellow Republican George Santos from Congress, a move that forces the chamber to hold a vote on the question. "George Santos is not fit to serve his constituents as a United States representative," said Representative Anthony D'Esposito, who stood on the House floor flanked by fellow New York Republicans Nick LaLota, Marc Molinaro and Mike Lawler. With a narrow 221-212 majority, the House's Republican leadership has not taken action against Santos. D'Esposito and his fellow New York Republicans announced plans to seek Santos' expulsion on Oct 11. Democrats have repeatedly called for Santos to be expelled, and over a dozen Republicans have done the same.

Persons: George Santos, Elizabeth Frantz, Republican George Santos, Anthony D'Esposito, New York Republicans Nick LaLota, Marc Molinaro, Mike Lawler, Santos, I'm, Mike Johnson, D'Esposito, Kevin McCarthy, LaLota, David Morgan, Stephen Coates Organizations: U.S . Rep, U.S, Capitol, REUTERS, Rights, Republican, U.S . House, Congress, United, New York Republicans, Santos, Thomson Locations: Washington , U.S, York, U.S, United States, New York City

☆ Ford will postpone about $12 billion in EV investment as buyers become more cautious
▼ + stars: | 2023-10-26 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

As a result, it's postponing about $12 billion in planned spending on new EV manufacturing capacity. But it now plans to ramp up its EV manufacturing capacity, and its spending on that capacity, more gradually than previously planned. Lawler said that Ford will postpone about $12 billion in planned spending on manufacturing capacity for EVs, including a planned second battery plant at a new campus in Kentucky. But, he noted, construction of Blue Oval City – Ford's new EV manufacturing campus in Tennessee – will continue as originally planned. As part of its third-quarter earnings report, Ford said on Thursday that its electric-vehicle business unit, called Ford Model e, lost $1.3 billion on an operating basis in the period.

Persons: Ford's –, Ford, John Lawler, Lawler Organizations: Ford, Blue Oval, Model, United Auto Workers Locations: North America, Kentucky, Tennessee

SAN FRANCISCO (AP) — Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates. The results came out just a day after Ford reached a tentative contract agreement with the United Auto Workers union. The Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike. The UAW called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain. Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down 3.4% in after-hours trading following the earnings report.

Persons: — Ford, Ford, John Lawler, Lawler, “ We’re, ”, Farley, Kumar Galhotra, “, Shawn Fain, Tom Krisher Organizations: FRANCISCO, Ford, EV, United Auto Workers, General Motors, UAW, Ford Motor Co, Associated Press Locations: Kentucky, Marshall , Michigan, Dearborn , Michigan, Detroit

The decision by Saudi Arabia and Russia to extend the voluntary cuts drove up oil prices to over $90 a barrel in late September. Saudi crude exports to China rose to nearly 1.6 million bpd in September, up from 1.2 million bpd in August and 1.37 million bpd in July, Kpler data showed. U.S. CRUDE EXPORTS FALLAs the U.S. sees less crude imports, it has exported less oil to Europe. U.S. crude exports to Europe fell to 1.86 million bpd in September and 1.84 million bpd in August, from 2.01 million bpd in July, Kpler data showed. Tight supply led the premium for front-month Brent crude futures to rise to as much as $3.26 a barrel above the second month , the highest since 2022.

Persons: Lucy Nicholson, Matt Smith, Smith, refiners, Vortexa's Rohit Rathod, Adi Imsirovic, Brent, Stephanie Kelly, Alex Lawler, David Gregorio Our Organizations: Port, REUTERS, Brent, Organization of, Petroleum, Total U.S, Americas, Kpler, West, Surrey Clean Energy, CSIS, Midland, P, Insights, Thomson Locations: Port of Long Beach, Port of Los Angeles, Los Angeles , California, U.S, Saudi Arabia, Europe, Russia, Nigeria, Algeria, Saudi, China, Richmond , California, Los Angeles, Midland, Brent

☆ Ford misses on earnings, as warranty costs move carmaker back near the penalty box
▼ + stars: | 2023-10-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Ford (F) reported weaker-than-expected earnings on Thursday as warranty costs ate into profits. Earnings before interest and taxes (EBIT) increased 22% from last year to $2.2 billion but fell short of the $2.7 billion analysts forecasted. Ford shares moved more than 3% lower in after-hours trading in reaction to the disappointing quarter. Ford said the strike has caused Ford to trim about 80,000 units from its plan, reducing 2023 EBIT by $1.3 billion. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Ford, we've, Jim Farley, John Lawler, Jim Cramer's, Jim Cramer, Jim, James Farley, Emily Elconin Organizations: Ford, United Auto Workers union, LSEG, UAW, Ford Model, Management, Ford Pro, United Auto Works, CNBC, Ford Motor Co, Rouge Electric Vehicle, Bloomberg, Getty Locations: EVs, Dearborn , Michigan, U.S

☆ World oil, gas, coal demand to peak by 2030, IEA says
▼ + stars: | 2023-10-24 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment. In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments' current policies - the first time this has happened. "The transition to clean energy is happening worldwide and it's unstoppable. "Governments, companies and investors need to get behind clean energy transitions rather than hindering them." The IEA also sees China's role as a key source of energy demand growth changing.

Persons: Sun, Siphiwe, Fatih Birol, Alex Lawler, Jonathan Oatis Organizations: Kendal Power, REUTERS, International Energy Agency, Organization of, Petroleum, trillions, Energy, IEA, U.S, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Paris, China, OPEC

☆ How the G.O.P. Speaker Mess Has Divided N.Y. House Republicans
▼ + stars: | 2023-10-19 | by ( Nicholas Fandos | More About Nicholas Fandos | ) www.nytimes.com time to read: +1 min

If there is one thing Representative Mike Lawler of New York wants his constituents to know these days, it is that his political party is an absolute mess. “Stuck on stupid,” he branded a band of hard-right Republicans who pulled Congress to the brink of a government shutdown. He said their ouster of Speaker Kevin McCarthy “undermined the will of the American people.” As for the fight over a replacement that has ground the House to a halt for two weeks and counting? His mounting frustration, voiced in interviews with reporters in the Capitol and on networks like CNN that are typically reviled on the right, is not merely an unusual display of bluntness. It is a risky gambit by one of the House’s most endangered Republicans to insulate himself from his own party as it careens, leaderless, toward another possible shutdown.

Persons: Mike Lawler, “, Kevin McCarthy “, Mr, Lawler, Jim Jordan Organizations: York, Republicans, CNN

Jordan's vote total of 199 was less than the 200 Republican votes he secured on Tuesday. "It's just painfully obvious that what a lot of our people want to do we can't do," said Republican Representative Steve Womack, who voted against Jordan. That idea has been floated by Republicans and Democrats, as well as two former Republican speakers, Newt Gingrich and John Boehner. He simply tells you straight up," Republican Representative Tom Cole said as he nominated Jordan for speaker ahead of the vote. Republicans who opposed Jordan voted for 10 different candidates, including Boehner and two others who no longer serve in Congress.

Persons: Jim Jordan, Jordan, Donald Trump, Kevin McCarthy, McCarthy, It's, Steve Womack, Patrick McHenry, Mike Lawler, Newt Gingrich, John Boehner, Tom Emmer, Hakeem Jeffries, Jordan's, dissemble, Tom Cole, Kay Granger, Boehner, Trump, Joe Biden's, David Morgan, Moira Warburton, Katharine Jackson, Makini Brice, Susan Heavey, Andy Sullivan, Scott Malone, Nick Zieminski, Grant McCool Organizations: U.S . House, Republicans, Republican, Democrats, U.S . Rep, Representatives, Democratic, REPUBLICAN, White, Senate, Jordan ., Committee, Thomson Locations: U.S, East, Ukraine, Washington, Jordan, Jordan . New, McHenry

☆ For Republicans, Plan D in the House speaker crisis could require Democrats
▼ + stars: | 2023-10-18 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +6 min

Hardline Republicans axed Rep. Kevin McCarthy, the man who spent years orchestrating his rise to become House speaker, after he relied on Democrats to help pass a short-term funding bill to keep the government open last month. When McCarthy got the boot, McHenry was elevated to become the powerless temporary speaker – known as speaker pro tempore – able to keep the House in session but not to pass any legislation. The mechanism for such an arrangement could be a simple resolution giving McHenry the temporary power to move appropriations legislation. I asked her by email about why having a temporary speaker would be appealing, and she suggested it’s not a good option, but maybe the least bad option in the face of an institutional leadership crisis. In fact, Postell predicted an even more partisan atmosphere if the House speaker was to permanently become a less powerful position.

Persons: you’ve, here’s, Kevin McCarthy, McCarthy’s, Steve Scalise, McCarthy, Scalise, He’ll, Jim Jordan, couldn’t, Sean Hannity, Jordan, Patrick McHenry, McHenry, –, Mike Lawler, CNN’s Manu Raju, Jordan’s, Newt Gingrich, John Boehner, Paul Ryan –, ” Gingrich, Raju, Hakeem Jeffries, ”, Jeffries, ” Jeffries, Sarah Binder, it’s, ” Binder, bipartisanship, Joseph Postell, Postell, ” Postell Organizations: CNN, Republicans, Caucus, Fox News, ’, Republican, Israel, ”, New York Republican, Republican House, McHenry, Representatives, Brookings Institution, George Washington University, Democrats, Hillsdale College Locations: McHenry, “ America

☆ 20 Republicans oppose Jim Jordan for speaker, sinking his chances on the first ballot
▼ + stars: | 2023-10-17 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +5 min

Republican Rep. Jim Jordan failed to win enough support on the first ballot, losing 20 Republicans. Jordan, who chairs the powerful House Judiciary Committee, received 200 votes on the first ballot with 20 Republicans voting for other candidates. With full Democratic attendance and united opposition, Jordan could only afford to have lost three Republican votes. By at least one measure, Jordan would be the most conservative Speaker compared to the average House Republican in recent years. The 20 Republicans that have voted against Jordan thus far:Seven Republicans voted for House Majority Leader Steve Scalise: Scalise was briefly the party's nominee to become speaker before he withdrew from the race.

Persons: Kevin McCarthy's, Jim Jordan, —, Jordan, Hakeem Jeffries, Rather, McCarthy, Jordan's, Gus Bilirakis, Joe Biden, Donald Trump, Kay Granger, Rep, Steve Womack, Juan Ciscomani, Steve Scalise, Scalise, Mario Díaz, Tony Gonzales, Texas Mike Kelly of Pennsylvania John Rutherford of, Mike Simpson, Don . Bacon, Lori Chavez, Carlos Gimenez, Jen Kiggans, Doug LaMalfa, Mike Lawler, Lee Zeldin, Zeldin, Donald Trump's, Anthony D'Esposito Rep, Andrew Garbarino Rep, Nick LaLota Organizations: Republican, Republicans, Lawmakers, Service, Judiciary, Florida Republican, Democratic, Caucus, Jordan, Arkansas Republican, D.C, Seven, Florida Rep, Texas Rep, Texas Mike Kelly of Pennsylvania John Rutherford of Florida Rep, Idaho Rep, Arkansas Six, Nebraska Rep, Oregon Rep, Virginia Rep, California Rep, New, New York Three New York Republicans, Rep Locations: Florida, Ohio, Kay Granger of Texas, Arkansas, Texas, Texas Mike Kelly of Pennsylvania John Rutherford of Florida, Idaho, New York

On Tuesday, 20 Republicans voted against his candidacy – far more than the handful he could afford to lose given the party’s narrow majority in Congress. These are the House Republicans who voted against Jordan in each ballot:First ballot1. Don Bacon of Nebraska voted for former House Speaker Kevin McCarthy2. Anthony D’Esposito of New York voted for former Rep. Lee Zeldin of New York4. Kelly voted for former House Speaker John Boehner15.

Persons: Jim Jordan of, Jordan –, Kevin McCarthy’s, Jordan, Don Bacon of Nebraska, Kevin McCarthy, Lori Chavez, McCarthy, Anthony D’Esposito, Lee Zeldin, Mario Diaz, Steve Scalise, Jake Ellzey, Mike Garcia, Andrew Garbarino, Carlos Gimenez, Tony Gonzales, Kay Granger, Mike Kelly, Jennifer Kiggans, Nick LaLota, Mike Lawler, John Rutherford of, Mike Simpson, Steve Womack, Ken Buck, Tom Emmer, John James of Michigan, Tom Cole, Doug LaMalfa, Victoria Spartz, Thomas Massie of, Bacon, Vern Buchanan, Byron Donalds, Buck, Chavez, DeRemer, D’Esposito, Diaz, Balart, Ellzey, Garcia, Drew Ferguson, Garbarino, Gimenez, Gonzales, Granger, James, Candice Miller, Kelly, John Boehner, Kiggans, Lawler, LaLota, Mariannette Miller, Meeks, Rutherford, Simpson, Pete Stauber, Bruce Westerman, Womack Organizations: Washington CNN — Republican, House Republicans, New York, Michigan Locations: Jim Jordan of Ohio, Oregon, New, New York, Florida, Louisiana, Texas, California, Virginia, John Rutherford of Florida, Idaho, Arkansas, Colorado, Minnesota, Oklahoma, Indiana, Thomas Massie of Kentucky, Georgia, Iowa

☆ Here Are the 20 Republicans Who Opposed Jordan
▼ + stars: | 2023-10-17 | by ( Annie Karni | More About Annie Karni | ) www.nytimes.com time to read: +2 min

Representative Jim Jordan of Ohio lost a bid to become speaker on Tuesday after 20 Republicans refused to back him, prolonging a two-week fight that has paralyzed the chamber and underscored the deep Republican divisions in the House. The group included vulnerable Republicans from districts that President Biden won in 2020 and congressional institutionalists worried that Mr. Jordan, if elected, would demand extreme spending cuts, including to the military, potentially forcing a government shutdown. Here’s a look at the lawmakers who opposed Mr. Jordan on the first vote. Biden-district RepublicansThere are 18 Republicans in the House who represent districts Mr. Biden won in the last presidential election. John Rutherford of FloridaMike Simpson of IdahoSteve Womack of Arkansas Mr. Womack said he voted against Mr. Jordan on principle because Mr. Scalise was “kneecapped before he could win over his opponents.”McCarthy LoyalistsDoug LaMalfa of California The northern Californian said he would vote for Mr. Jordan on the second ballot.

Persons: Jim Jordan, Biden, Mr, Jordan, Kevin McCarthy, Steve Scalise, McCarthy’s, Don Bacon, Nebraska Lori Chavez DeRemer, Oregon Anthony D’Esposito, York Jen Kiggans, Virginia Nick LaLota, Mike Lawler, Jordan’s, Mario Diaz, Florida Jake Ellzey, Texas Tony Gonzales, Texas Kay Granger, John Rutherford of, John Rutherford of Florida Mike Simpson, Idaho Steve Womack, Womack, Scalise, “ kneecapped, ” McCarthy, Doug LaMalfa, John James of Michigan Andrew Garbarino, New York Carlos Gimenez, Florida Mike Kelly of Organizations: Mr, Biden, Republicans, Committee, New York, Florida Mike Kelly of Pennsylvania Wild Locations: Ohio, Louisiana, Oregon, York, Virginia, Florida, Texas, Texas Kay Granger of Texas, John Rutherford of Florida, Idaho, Arkansas, California, New, Indiana

☆ Jim Jordan's House Speaker bid gains momentum as Biden warns of 'dangerous' leadership vacuum in Congress
▼ + stars: | 2023-10-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

US Representative Jim Jordan (R-OH) speaks to members of the media at the US Capitol in Washington, DC, on October 4, 2023. The renewed momentum came at a crucial moment for Jordan, whose candidacy seemed destined to fail late last week. After winning the internal, closed door nomination vote, Jordan still faced a bloc of around 50 House Republicans who opposed his speakership. Jim Jordan can do it," McCarthy said in a social post. President Joe Biden called the leadership vacuum in the House "dangerous" in an interview with CBS News that aired Sunday.

Persons: Jim Jordan, Jim Jordan of, Republican holdouts, Jordan, Mike Rogers of, Ken Calvert of, Ann Wagner of Missouri, Carlos Gimenez of, Don Bacon of, Gimenez, Kevin McCarthy, Steve Womack, Mike Lawler, Mario Diaz, Matt Gaetz, McCarthy, Joe Biden, Biden, Michael McCaul, Steve Scalise Organizations: Jim Jordan of Ohio, Representatives, Republican, Republicans, Armed Services, Mike Rogers of Alabama, NBC News, Carlos Gimenez of Florida, California Republican, Rep, Jordan, CBS News, Republican Party, Foreign Affairs, NBC, Texas Republican, GOP Locations: Washington ,, Ken Calvert of California, Don Bacon of Nebraska, Arkansas, York, Florida, Israel, Ukraine, Kyiv, Russia, United States, Texas, Louisiana

Unlike Russia, one of the world's top oil and gas producers, Israel has very modest energy production. But there is a risk the war could spread to major energy producers in the Middle East and affect oil and gas flows. Second, a deal being brokered by Washington to normalise relations between Saudi Arabia and Israel, which could see the kingdom increase oil output, could be derailed. Saudi Arabia told the White House it is willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported last week. Russian Deputy Prime Minister Alexander Novak added on Thursday that current oil prices factored in the conflict and reflected the market's belief that risks posed by the clashes were not that high.

Persons: Dado Ruvic, Brent, David Goldwyn, Rob Thummel, Janet Yellen, Iranian Oil Minister Javad Owji, Joe Biden, Helima Croft, Biden, Ben Cahill, Prince Abdulaziz, Alexander Novak, Vladimir Putin, Natalie Grover, Ahmad Ghaddar, Alex Lawler, Laura Sanicola, Kirsten Donovan, Cynthia Osterman Organizations: REUTERS, Hamas, U.S . State Department, Tortoise, Iran, U.S, Treasury, Iranian Oil Minister, RBC Capital Markets, Macquarie, SAUDI, Israel, Wall Street, Washington, Strategic, International Studies, Saudi Arabia's Energy, CNBC, OPEC, Organization of, Petroleum, Thomson Locations: Israel, Ukraine, Russia, U.S, Iran, Hormuz, Washington, Saudi Arabia, Strait, Riyadh, Moscow, United States, Tehran, Washington . Saudi Arabia, Saudi, OPEC, London, New York

☆ Rep. Jim Jordan nominated for House speaker, but falls short of total votes needed
▼ + stars: | 2023-10-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Rep. Jim Jordan, R-Ohio, talks to reporters after a House Republican Conference meeting in the U.S. Capitol on the speaker of the house nomination on Thursday, October 12, 2023. On this vote, Jordan came away with 152 votes for him, and 55 against, far short of the 217 he would need in a formal vote on the House floor. Following the second vote, lawmakers broke for the weekend, with few signs of what would come next. House Republicans had nominated Scalise Wednesday after he defeated Jordan in a narrow 113-to-99 internal party vote behind closed doors. The lower chamber is effectively in a state of paralysis, unable to move forward with urgent business until a House speaker is elected.

Persons: Jim Jordan, Jim Jordan of, Steve Scalise, Jordan, Austin Scott of, Mark Alford, Scalise, Matt Gaetz, Kevin McCarthy of California, Joe Biden's, Dan Meuser, Newsmax, Tom McClintock of, McCarthy, McCarthy's, McClintock, Mike Lawler, —, Emily Wilkins Organizations: Republican, U.S, Capitol, House Republicans, GOP, Committee, CNBC, Republicans, Rep, Russia, Jordan, York, NBC News Locations: Ohio, Jim Jordan of Ohio, Austin Scott of Georgia, R, Texas, Louisiana, Florida, Israel, Ukraine, Pennsylvania, Tom McClintock of California, Washington ,

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsSummary IEA trims 2024 oil demand forecast to 880,000 bpdOPEC sticks to 2024 forecast of 2.25 million bpdIEA cites signs of demand destruction from higher pricesLONDON, Oct 12 (Reuters) - The gap between two leading oil forecasters' views on 2024 demand growth widened on Thursday, with the International Energy Agency (IEA) predicting a sharper slowdown while producer group OPEC stuck to expectations for buoyant China-led growth. By contrast, in its latest report OPEC stuck to its forecast that demand will rise by 2.25 million bpd in 2024. The difference between the two forecasts - 1.37 million bpd - is equivalent to more than 1% of daily world oil use. Oil demand growth is an indication of likely oil market strength, and can affect prices and fuel costs for consumers and businesses. "In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC said in a monthly report.

Persons: Nick Oxford, Natalie Grover, Alex Lawler, Jason Neely, Susan Fenton, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, International Energy Agency, of the Petroleum, IEA, OPEC, Economic Co, Development, Thomson Locations: Midland , Texas, China, OPEC, Israel, Palestinian, Nigeria, Pakistan, Egypt, United States, London

☆ OPEC sticks to 2024 oil demand growth forecast
▼ + stars: | 2023-10-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 12 (Reuters) - OPEC on Thursday stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has consistently forecast stronger demand growth for next year than other forecasters such as the International Energy Agency. "In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC said in the report. The OPEC report also said OPEC oil production rose in September despite pledged OPEC+ supply cuts, driven by increases in Nigeria, Saudi Arabia and Kuwait.

Persons: Dado Ruvic, Alex Lawler, Jason Neely Organizations: REUTERS, Organization of, Petroleum, OPEC, International Energy Agency, for Economic Co, Development, Thomson Locations: China, OPEC, Europe, Nigeria, Saudi Arabia, Kuwait

LONDON, Oct 12 (Reuters) - The International Energy Agency (IEA) lowered its oil demand growth forecast for 2024 on Thursday, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. The Paris-based agency in its monthly report lowered its 2024 demand growth forecast to 880,000 barrels per day (bpd) from its previous forecast of 1 million bpd. However, it raised its 2023 demand forecast to 2.3 million bpd from a forecast of 2.2 million. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. However, prices dropped dramatically last week as a darkening macroeconomic outlook intensified fears of slower demand growth, eclipsing supply concerns.

Persons: Natalie Grover, Alex Lawler, Jason Neely Organizations: International Energy Agency, OPEC, Brent, Thomson Locations: Paris, OPEC, Saudi Arabia, Russia, London

☆ Chaos in House GOP intensifies with Scalise’s speakership bid in peril
▼ + stars: | 2023-10-12 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

GOP lawmakers did select Steve Scalise as their nominee for the job that is second in the line of presidential succession on Wednesday. The worsening debacle in the House follows the ouster of former Speaker Kevin McCarthy last week by eight Republicans voting with Democrats. But some GOP leaders are irritated that the jockeying is distracting from the imperative to find a speaker. He was still well short of the 217 votes – a majority of the current House – needed to claim the speakership on the floor. “He has no path to 217,” one top House Republican said on condition of anonymity.

Persons: Steve Scalise, Scalise, CNN’s Manu Raju, Melanie Zanona, Steve, ”, Jim Jordan, Kevin McCarthy, McCarthy, Tom Emmer, Kevin Hern, Byron Donalds of, ” Scalise, –, grandstanding, Donald Trump, Michael McCaul, CNN’s Wolf Blitzer, “, Xi, Putin, Matt Gaetz, – it’s, holdouts, Joe Biden, Marjorie Taylor Greene –, Trump, Jordan, Scalise –, ” Greene, Nancy Mace, David Duke, Mace, CNN’s Jake Tapper, Lauren Boebert, ” Boebert, …, Mike Lawler, Laura Blessing Organizations: CNN, The House Republican Party, Louisiana Republican, Republican, GOP, Ohio Republican, Texas, Foreign Affairs, Georgia, ” South Carolina Rep, Scalise, Ku Klux, ”, Republicans, New York Rep, Senate, Georgetown University’s Government Affairs Institute Locations: Wednesday’s, Washington, –, Minnesota, Oklahoma, Byron Donalds of Florida, Jordan, Israel, Florida, ”, Colorado

☆ New York Republicans are finally ready to expel George Santos
▼ + stars: | 2023-10-11 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

GOP Rep. George Santos' fellow New Yorkers have had enough. AdvertisementAdvertisementRep. George Santos' fellow New York Republicans have had enough. The New Yorker's move against Santos is notable as they previously led the effort in May to sidestep House Democrats' push to expel Santos. "Great to hear that the New York Republican Freshmen are finally ready to expel fraudster George Santos from Congress. House Republicans are meeting behind closed doors on Wednesday with the hopes of completing the first step in finding a new leader.

Persons: George Santos, Santos, —, Anthony D'Esposito, D'Esposito, Nick LaLota, Mike Lawler, Marc Molinaro, Nick Langworthy, Brandon Williams, Robert Garcia's, Kevin McCarthy, McCarthy, fraudster George Santos, Garcia, James A, Patrick McHenry Organizations: Republican New, Service, New York Republicans, New, sidestep, Democrats, Democratic, Former, New York Republican, Congress, Republicans, Ohio Democrat, GOP, House Republicans Locations: Republican New York, Ohio

☆ IMF fiscal chief: U.S., China must rein in debt, face different challenges
▼ + stars: | 2023-10-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

IMF Director of Fiscal Affairs Vitor Gaspar speaks to reporters at the headquarters of the International Monetary Fund in Washington, U.S., October 12, 2022. Continuing along their projected fiscal paths will ultimately cause difficulties for the world's two largest economies, Gaspar told Reuters in an interview. The U.S. and China are fueling a projected return to higher debt levels after two years of falling debt-to-GDP ratios as a post-COVID growth surge fades. DEFICITS RISINGGaspar said the challenge for the United States was persistently high and growing budget deficits. GROWTH FADESChina faces different challenges, the largest of which is slowing economic growth.

Persons: Vitor Gaspar, James Lawler Duggan, Gaspar, David Lawder, John Stonestreet Organizations: Fiscal, International Monetary Fund, REUTERS, Rights, Monetary Fund Fiscal, Reuters, U.S, Congressional Budget Office, Social, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco, U.S, China, United States, Washington

But should the vote drag on in the intensely divided chamber, some lawmakers warn that efforts to provide assistance to Israel amid the conflict would be stymied. Since McCarthy’s ouster, two candidates have formally announced their bid for the speakership – House Majority Leader Steve Scalise of Louisiana and Rep. Jim Jordan of Ohio. Accordingly, questions about the role of Rep. Patrick McHenry, who stepped in as “speaker pro tempore” after McCarthy’s historic ouster, have begun circulating. The position is widely considered to be a placeholder with the primary function of helping the chamber to elect a new speaker. But some experts have argued the House can vote on resolutions, like one condemning Hamas, without a speaker.

Persons: Kevin McCarthy’s, “, Mike Lawler, McCarthy, what’s, Steve Scalise, Jim Jordan of, Patrick McHenry, ”, Michael McCaul, ” McCaul, Dan Goldman, Chuck Schumer, Jacob J, Lew, Joe Biden, ” Sen, Ben Cardin Organizations: U.S ., Republicans, ”, New, New York Republican, CNN, Texas Republican, House Foreign Affairs, Israel, New York Democrat, Congress, State Department, Democrats, Maryland Democrat, Foreign Relations Locations: Israel, U.S, New York, Louisiana, Jim Jordan of Ohio, Texas, China, Maryland

☆ Some Republicans are actually talking about reinstating McCarthy as speaker — and he's not saying no
▼ + stars: | 2023-10-09 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

He's leaving the door open to it, saying it's up to his colleagues to decide. AdvertisementAdvertisementMost House Republicans have moved on from last week's sudden removal of Kevin McCarthy as speaker of the House. "The only workable outcome is to restore Kevin McCarthy," said Rep. Tom McClintock, a California Republican, in a statement last Thursday. McClintock called on the Republicans who ousted McCarthy to "disenthrall themselves from their decision and to repair the damage before it is too late." AdvertisementAdvertisement"A short window is all we need in the House to reinstate Kevin McCarthy," Rep. John Duarte of California told POLITICO.

Persons: Kevin McCarthy's, He's, —, Kevin McCarthy, Jim Jordan, Steve Scalise, instate McCarthy, Tom McClintock, McClintock, McCarthy, Mike Lawler, Lawler, Carlos Gimenez, Carlos A, Gimenez, John Duarte of Organizations: Service, Republicans, California Republican, York, Rep, —, POLITICO, John Duarte of California, House GOP Locations: Israel, California, Palestinian, Gaza, Carlos Gimenez of Florida

☆ America’s political turmoil hampers its capacity to lead through yet another global crisis
▼ + stars: | 2023-10-09 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

But no one could foresee just how quickly the paralysis in Washington would test the country’s reaction to a major global crisis. A situation this dangerous requires a calm, united and thoughtful US response, supported across the political spectrum. This means, at best, the United States will spend the coming months preoccupied by its own political plight. As president, I will once again stand with Israel,” Trump said. A growing sense abroad that America’s political problems are limiting its ability to lead globally could also have a devastating effect on its power.

Persons: –, Kevin McCarthy, Donald Trump, Joe Biden, “ Joe Biden, Israel, ” Trump, Biden, autocrats, doesn’t, Michael McCaul, Xi, Michael Lawler, “, ” Lawler, CNN’s Dana Bash, McCarthy, Jim Jordan, Trump, Steve Scalise, Ukraine –, America’s, Russia –, Antony Blinken, ”, Nikki Haley, Blinken, ” Haley, GOP Sen, Tim Scott of, Biden – Organizations: CNN, Republicans, Israel, Republican, Trump, Hamas, House Foreign Affairs, Texas Republican, GOP, Senate, Democratic, White, Russia, Republican Party, US Treasury Department, Union, United Nations, Press, Washington Locations: Israel, United States, Washington, Ukraine, Iran, Russia, China, “ State, Texas, New York, Kyiv, Beijing, Moscow, Tehran, Gaza, Islamic Republic, Saudi Arabia, Tim Scott of South Carolina

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