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Vietnam targets LNG-sourced gas generating up to 22.4 gigawatts (GW) of power by 2030, enough to power 20 million households and account for nearly 15% of national power supply. Complicating LNG efforts, much of Vietnam's planned gas power investment is directed to the south of the country despite the under-served north's greater vulnerability to blackouts. Reuters GraphicsThe first plant due to come online, the Nhon Trach 3 facility being built by state-run PetroVietnam Power (PV Power) (POW.HM) near Ho Chi Minh City, is scheduled to begin operation in late 2024. Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted "hard negotiations". PV Gas said this month it was in talks with U.S. energy giant ExxonMobil and Russia's Novatek on LNG cooperation.

Persons: Thi, Kaushal Ramesh, EVN, Japan's Marubeni, Takafumi, Rystad's Ramesh, Francesco Guarascio, Khanh, Emily Chow, Florence Tan, Phuong Nguyen, Tony Munroe, William Mallard Organizations: European Chamber of Commerce, Reuters, Energy, Tokyo Gas, Industry, Plant, Foreign, Delta Offshore Energy, Gulf International Holdings, Delta Offshore, Gulf Energy Development, Buyers, PV Gas, ExxonMobil, Russia's, Gas, Thomson Locations: Vietnam, Hanoi, HANOI, China, Thailand, Singapore, Philippines, Ho Chi Minh City, Oslo, U.S, Tokyo, Quang Ninh, South, Southeast Asia, Asia, Khanh Vu

☆ Heineken, Unilever and Oreo maker Mondelez accused of breaking promises to leave Russia
▼ + stars: | 2023-07-10 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

It’s shameful and unethical.”Sonnenfeld, who has testified before Congress about companies leaving Russia, is not accusing these corporations of breaking the law. ‘Implied endorsement of the Putin regime’The “poster child” for this problem is the popular Dutch brewing giant Heineken, Sonnenfeld said. In March 2022, just one month after the invasion of Ukraine, Heineken won praise for promising to leave Russia. “We expect a significant financial loss to the Heineken company. The Yale research said Mondelez shows “no tangible signs of progress towards exiting” and continues to do business in Russia.

Persons: Vladimir Putin, Jeff Sonnenfeld, Philip Morris, ” Sonnenfeld, “, ”, ‘, Putin, Sonnenfeld, Steven Tian, ExxonMobil –, ” Heineken, ” Mondelez, Mondelez, That’s, Lipton, Mark Dixon, Nestle, Kit Kat, Purina, Sbarro, Carl’s Jr, Carl’s, Yale, Tim Calkins, Calkins Organizations: New York CNN Business, Yale, Heineken, Unilever, CNN, ”, Institute . Yale, BP, ExxonMobil, Nabisco, Kyiv School of Economics, Agency, Nestle, WeWork, Mondelez, McDonald’s, Starbucks, Restaurants Holdings, CKE, Northwestern University’s Kellogg School of Management Locations: Russia, Ukraine, Moscow, Russian, ”, American, South Africa

[1/4] Liquified petroleum gas vessel Zita Schulte is seen docked at the port of Corpus Christi, Texas, U.S., May 15, 2023. A hydrogen hub would require access to millions of gallons of water – a challenge in Corpus Christi which is experiencing a multi-year drought. Peter Zanoni, the city manager for Corpus Christi, said the hydrogen project, if approved, all but requires the adoption of seawater desalination. And seawater desalination plants are energy intensive and expensive to build and maintain, energy experts say. Corpus Christi first proposed seawater desalination in 2017 to supply its rapidly growing energy and petrochemicals industries.

Persons: Zita Schulte, Joe Biden's, Read, Jennifer Granholm, Biden, Minh Khoi, Radhika Fox, Peter Zanoni, Zanoni, Paul Montagna, Christi, Errol Summerlin, Brandon Marks, Marks, Charles Zahn, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Investment, Jobs, Biden, Coastal Alliance, Corpus, U.S . Energy, Reuters, Rystad Energy, Department of Energy, DOE, Environmental, Corpus Christi, ExxonMobil, Saudi Arabia's Basic Industries Corporation, M University, Harte Research, Gulf of, Gulf of Mexico Studies, EPA, Texas Commission, Texas Campaign, Thomson Locations: Corpus Christi , Texas, U.S, Gulf, Christi , Texas, Corpus Christi, Southern California , Colorado , Kansas, New Mexico, Texas, Corpus, United States, Gulf of Mexico, San Diego , California, Hillcrest, San Antonio

☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

☆ Premarket stocks: Why Wall Street is bullish on beaten-down energy
▼ + stars: | 2023-06-30 | by ( Analysis Krystal Hur | ) edition.cnn.com time to read: +5 min

New York (CNN) Some investors are turning bullish on energy stocks, despite their disappointing performance this year and some major challenges facing Big Oil. But energy stocks have fallen 7.8% this year, compared to a gain of 14.5% for the S&P 500. Why are energy stocks down? The energy sector rose about 59% last year after Russia's invasion of Ukraine sent commodity prices skyrocketing. There are two main reasons why investors are keen on energy stocks: They're priced attractively, and the companies are making money.

Persons: It'sthe, Jay Rhame, Eric Diton, Catherine Thorbecke Organizations: CNN Business, Bell, CNN, International Energy Agency, Asset Management, Brent, West, downer, Federal Reserve, Apple, Nvidia, ExxonMobil XOM Energy, Chevron, Wealth Alliance Locations: New York, Ukraine, Europe, West Texas, China, India

☆ Summer's here, and a 5%-10% pullback in concentrated big cap tech may be too
▼ + stars: | 2023-06-26 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The risk of too great a concentration in big cap tech stocks is again back in focus. Many have been saying that a 5%-10% pullback is overdue, certainly for big cap tech. The correction may already be starting: many big tech names, particularly semiconductors, were down in the high- to mid-single digits last week. (market cap vs. country GDP) Apple $2.9 trillion France $2.9 trillion Source: Wells Fargo Microsoft bigger than Italy? "Using 1999 as our example, we wonder how much longer the current chart (Apple > France and Tesla > Taiwan) is sustainable," he writes.

Persons: Today's Russell rebalance, Wells, Chris Harvey, Harvey —, Russell, There's, David Faber, Wells Fargo's Chris Harvey, Tesla, Harvey, Dan Ives, Ives Organizations: NYSE, Nasdaq, Intel, AMD, Broadcom, Apple, Microsoft, Nvidia, Wells, today's Tech, General Electric, Cisco, Walmart, Nokia, Pfizer, ExxonMobil, IBM, Citigroup, Tesla, Big Tech Locations: France, Italy, Mexico, Taiwan, Wedbush

☆ Stocks making the biggest moves midday: Goldman Sachs, Avis, Rivian, Nike and more
▼ + stars: | 2023-06-20 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading. Goldman Sachs — Shares declined 2.2% in midday trading. Avis — The car rental company surged more than 6%. Chevron , ExxonMobil — Energy giants Chevron and ExxonMobil slipped more than 2% each in midday trading. Dice Therapeutics — Shares surged 37% after Eli Lilly said it was acquiring the biopharmaceutical company for $2.4 billion.

Persons: Goldman Sachs, Avis —, Morgan Stanley, Avis, Jay Sole, Rivian, Eli Lilly, Alibaba, Daniel Zhang, Wells, Biden, —, Jesse Pound, Alex Harring, Michelle Fox Theobald Organizations: UBS, Bank of America, Chevron, ExxonMobil — Energy, ExxonMobil, U.S . West Texas, Nike —, Rivian, Ford, GM, Intel, Bloomberg, Wall, JPMorgan Chase Locations: China, Brent, U.S, Germany, Wells Fargo, New York City

☆ Today is the day stock options and index futures expire, so expect a lot of volume
▼ + stars: | 2023-06-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

Today is expiration day, so expect a lot of volume. Two things happen today: the so-called triple witching, or the quarterly expiration of stock and index options and index futures, and the S & P 500 quarterly rebalancing, where additions and deletions to the S & P are done. The effect of the triple witching has been greatly reduced due to the tremendous growth of weekly and monthly options that have been big competition for the quarterly expiration. The S & P rebalancing will see Palo Alto Networks go into the S & P 500, and Dish Network relegated to the small-cap S & P 600. This is also the day when index funds — such as S & P 500 index funds run by Vanguard, State Street, iShares, etc.

Organizations: Palo Alto Networks, Dish Network, Vanguard, Apple, ExxonMobil, Meta, Nvidia Locations: Palo Alto, iShares, Chevron , Berkshire

☆ Fundstrat's Tom Lee shares his S&P 500 target for 2024 and names stocks to buy
▼ + stars: | 2023-06-16 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The S & P 500 has further upside going into next year, predicts Tom Lee, managing partner of Fundstrat Global Advisors. Lee said he believes that comments from the U.S. Federal Reserve meeting this week are giving stocks the "green light" to rally further. "Whenever you are at a turning point for earnings, that's really when you want to be long cyclicals and essentially risk-on sectors," Lee said. I think that's why … it's a green light for stocks to continue to rally." In a separate June 14 report, Lee said he would "buy the dip on a hawkish pause" and "buy a 5% pullback in stocks."

Persons: Tom Lee, Lee, that's, Powell, he's Organizations: Fundstrat Global Advisors, U.S . Federal Reserve, Fed, BofA, Survey, Microsoft, Nvidia, ExxonMobil, Occidental Petroleum, American Express, Apple

☆ Opinion | America Has a Chance to Make Farming More Climate Friendly
▼ + stars: | 2023-06-12 | by ( Robert B. Semple Jr. | ) www.nytimes.com time to read: +14 min

Why, when we think of climate change, do we think of big oil, not big ag; Exxon and not Tyson? It’s time you met the big ag lobby, one of the most powerful influences on policy in America. But when we started digging into the big ag lobby, we discovered it’s basically — “The most powerful lobby on Capitol Hill. So the big ag lobby has one key aim — block environmental regulation. I absolutely envy how good these lobbyists are at their job.” It’s outrageous what the big ag lobby has gotten away with.

Persons: “, Peter Lehner, He’s, I’m, It’s, Tyson, Jennifer Jacquet, She’s, Peter, she’s, ”, Zippy Duvall, “ —, John Boehner, —, You’ve, Waxman, Markey, Obama, American Farm Bureau Federation didn’t, ” —, JBS, don’t, they’re, Chuck Schumer, Cory Booker, I’ve, they’ve Organizations: Agriculture, ExxonMobil, Shell, Exxon, Washington , D.C, American Farm Bureau Federation, Capitol, U.S . Farmers, Tyson, New York Times, Republican, Senate’s Agriculture, pharma Locations: America, United States, Lake Erie, U.S, China, Washington ,, Kyoto, Senate’s

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

☆ How Nvidia’s rise has changed the biggest momentum ETF
▼ + stars: | 2023-06-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The biggest momentum ETF, the iShares MSCI USA Momentum ETF (MTUM) , rebalanced in the final days of May and now has Nvidia as the biggest holding in its portfolio, at about 6.3%. MTUM YTD mountain The biggest momentum ETF has struggled in 2023. How the index works The MSCI USA Momentum Index attempts to capture hot stocks, with the hope their rally will continue over the coming months. The MSCI USA Momentum Index is rebalanced every six months, with the most recent update taking effect June 1. There are other momentum funds with different methodologies that rebalance more frequently, such as the Invesco DWA Momentum ETF (PDP) and the Alpha Architect U.S. Quantitative Momentum ETF (QMOM) , which have outperformed MTUM this year, but those two funds are still trailing the S & P 500.

Persons: MTUM, Todd Sohn, Abhishek Gupta, Roman Mendoza, Strategas, Sohn, we've Organizations: Nvidia, ExxonMobil, Chevron, Meta, Microsoft, ETF, Alpha Architect

☆ Exxon and Chevron investors shoot down climate proposals after a year a record profits
▼ + stars: | 2023-06-01 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Investors shot down proposals urging Exxon and Chevron to set more ambitious climate targets. Climate-minded investors blame Big Oil's soaring profits and Republicans' criticism of ESG. "It's incomprehensible why investors are accepting this when they have more to worry about than the profits of Big Oil. Exxon in December said more than 70% of its capital investments in the coming years would flow to fossil-fuel development. "To be fair, we have seen change at Exxon in the last two years.

Persons: Big, Mark van Baal, Critics, Andrew Logan Organizations: Exxon, Chevron, Service, ExxonMobil, BlackRock, Vanguard, Big, Big Oil Locations: Ukraine

☆ Global tax would spoil investors’ plastic party
▼ + stars: | 2023-06-01 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

This may change if supporters of taxes and other restrictive measures prevail at ongoing talks for a global treaty to end plastic pollution by 2040. And the world lacks sufficient infrastructure to sort discarded resins: only 9% of global plastic is recycled each year, the Organisation for Economic Co-operation and Development reckons. Some 90% of people support measures to combat plastic pollution, a global Ipsos survey from 2021 shows. Countries including Britain have already started applying levies on virgin plastic packaging. CONTEXT NEWSRepresentatives of 175 countries in March endorsed a landmark resolution to develop international, legally binding rules to end plastic pollution by 2040.

Persons: Inger Andersen, Barr, Aimee Donnellan, Pranav Kiran Organizations: MILAN, Reuters, Big Oil, ExxonMobil, Dow, Indorama Ventures, Saudi Aramco, Minderoo, Organisation for Economic Co, ” United Nations, Reuters Breakingviews, Barclays, Twitter, Thomson Locations: Sinopec, Britain, Paris

☆ Here are Thursday's biggest analyst calls: Target, Tesla, Toast, Chevron, Meta, Toll Brothers and more
▼ + stars: | 2023-06-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

JPMorgan downgrades Okta to neutral from overweight JPMorgan Chase said it sees too many macroeconomic pressures for the company. " JPMorgan downgrades Target to neutral from overweight JPMorgan Chase said in its downgrade of the stock it sees a "weakening" consumer. Bank of America initiates Toast as buy Bank of America said the restaurant tech company is "best in class." JPMorgan upgrades Domino's Pizza to overweight from neutral JPMorgan Chase said in its upgrade of Domino's that it's too cheap to ignore. Bank of America reiterates Dick's as buy Bank of America said it's bullish on the company's new store format.

Persons: Goldman Sachs, Goldman, Johnson, it's, Salesforce, JPMorgan downgrades, JPMorgan Chase, we've, Horton, PulteGroup, TOST, BorgWarner, Morgan Stanley, Tesla, XOM, Cowen, Phillips, Wedbush, Macquarie, Dick's, it's bullish, DKS Organizations: AAP, Barclays, JCI, RBC, Chevron, JPMorgan, JPMorgan downgrades Target, Deutsche Bank, " Bank of America, Bank of America, Restaurant Association, BorgWarner Deutsche Bank, Citi, Meta, ExxonMobil, UBS, CSX, Garden Entertainment, Knicks, Rangers, Networks Locations: Europe, New York

☆ Stocks making the biggest moves midday: Nvidia, Tesla, Coinbase and more
▼ + stars: | 2023-05-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Visitors at the Nvidia stand at the 2022 Apsara Conference in Hangzhou, China, Nov 3, 2022. Nvidia — Shares of the chipmaker and artificial intelligence beneficiary popped nearly 6%, building on its recent gains on the heels of a blowout quarter. Tesla — Shares gained 6% following a Reuters report a private jet used by CEO Elon Musk arrived in China, his first visit in three years. ChargePoint — Shares rose nearly 11%. Devon Energy , Diamondback , Chevron , ExxonMobil — Energy stocks were under pressure Tuesday as prices for oil and natural gas slid.

☆ What comes next for ESG funds after the political backlash
▼ + stars: | 2023-05-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

Surging energy stocks in 2022 hurt the performance of many of the largest funds, and political backlash has gained traction with several states moving to block state funds from being invested in ESG products. According to AllianceBernstein, there were $12.1 billion of outflows from ESG funds in North America during the first quarter, although that was due to large outflows from a handful of funds. "This was primarily driven by redemptions from a few large passive ESG funds (e.g., iShares ESG Aware MSCI USA ETF ) due to underlying investors rebalancing their factor exposure. Clearly the political backlash against ESG also weighed on sentiment and demand for ESG products in North America," AllianceBernstein's Zhihan Ma said in an early May note to clients. There were $2.7 billion of inflows into ESG funds in Western Europe during the first quarter, according to Bernstein.

☆ Norway's sovereign wealth fund votes against Chevron and Exxonmobil
▼ + stars: | 2023-05-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The world’s biggest investor in the stock market wants ExxonMobil and Chevron to do more to tackle the climate crisis. Norway’s sovereign wealth fund, which holds $1.4 trillion in total assets, announced Friday that it would back calls for the US oil companies to set more aggressive emission reduction targets. It said it would support motions proposed by climate activist group Follow This at the companies’ annual shareholder meetings next Wednesday. ExxonMobil and Chevron (CVX) have urged shareholders to reject them. It holds a 0.86% stake in Chevron and a 1.13% stake in ExxonMobil, according to the latest fund data.

LONDON, May 19 (Reuters) - U.S. oil refinery margins have halved since the middle of 2022 but they are still at historically high levels and will be supported through the summer of 2023 by high operating rates and low fuel stocks. Even at this reduced level, however, margins are in the 95th percentile for all trading days since 2001, which is underpinning refinery profitability and encouraging high levels of capacity utilisation. After adjusting for the impact of inflation, real margins are at the highest levels for almost eight years since July 2015. Gross margins have to cover operating expenses, including fuel, electricity and catalysts, as well as labour and capital costs. Related columns:- Low U.S. fuel stocks support prices and cracks (May 17, 2023)- U.S. diesel stocks tighten but fear of shortage eases (April 21, 2023)John Kemp is a Reuters market analyst.

☆ Equinor, Shell and Exxon agree LNG project with Tanzania
▼ + stars: | 2023-05-19 | by ( Terje Solsvik | ) www.reuters.com time to read: +2 min

OSLO, May 19 (Reuters) - Equinor (EQNR.OL), Shell (SHEL.L) and Exxon Mobil (XOM.N) have agreed a deal with the government of Tanzania for the development of a liquefied natural gas (LNG) export terminal in the East African country, the two sides said on Friday. "It paves the way for the series of milestones that need to follow to realise this fantastic LNG opportunity for the country and the world," Equinor's Tanzania country manager Unni Fjaer said in a statement. Equinor and Shell are joint operators of the development while Exxon, Pavilion Energy, Medco Energi and Tanzania's national oil company TPDC are partners. Tanzania said in 2014 that the project could cost $30 billion to develop, but analysts have said cost inflation in recent years could add billions more to the investment. Shell operates Tanzania's Block 1 and Block 4, which hold 16 trillion cubic feet in estimated recoverable gas.

☆ Exxon Mobil Settles Indonesians’ Long-Running Abuse Suit
▼ + stars: | 2023-05-15 | by ( Erin Mulvaney | ) www.wsj.com time to read: 1 min

Exxon Mobil headquarters in Spring, Texas Photo: Meridith Kohut for The Wall Street JournalExxon Mobil has reached a settlement with Indonesian villagers who sued the oil giant more than 20 years ago for alleged human-rights abuses by contract soldiers hired to guard the company’s operations in Aceh province. The settlement, announced in a court filing Monday, comes ahead of a widely anticipated trial that was scheduled to begin May 24. The villagers sued in U.S. court in 2001, alleging the soldiers committed atrocities including sexual assault, torture, and murder at or near ExxonMobil’s large natural gas operations in the Arun field.

☆ Vivek Ramaswamy's firm courts GOP officials as he pushes businesses to stay out of politics
▼ + stars: | 2023-05-12 | by ( Brian Schwartz | ) www.cnbc.com time to read: +14 min

Scott Olson | Getty ImagesRepublican presidential hopeful Vivek Ramaswamy built his White House bid around urging companies to stay out of politics. The messages show Ramaswamy's firm actively engaged with GOP state leaders who have defended the fossil fuel industry and criticized environmentally conscious investment standards. Ramaswamy on Thursday defended the firm's engagement with GOP officials, saying bigger firms BlackRock, Vanguard and State Street have conducted similar practices with state officials across the country. Strive has become one of the more vocal opponents of ESG investing and has gained enough notoriety to challenge the likes of fossil fuel giant ExxonMobil . Ron DeSantis, have often attacked ESG investing standards and corporations that support social causes — an increasingly common refrain within the GOP.

☆ UK's Smiths Group names Alcoa's Williams as next chair
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - British industrial technology company Smiths Group Plc (SMIN.L) on Wednesday named Steve Williams as its next chairman to succeed George Buckley, who is retiring at the end of the company's annual general meeting in November. UK-born Williams, who is currently chair of U.S. aluminum producer Alcoa Corporation (AA.N), started his career at ExxonMobil. His appointment at Smiths Group is subject to his election as non-executive director at the company's AGM. He will be appointed to the board as an independent non-executive director and as chair designate in September, Smiths Group said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Billionaires and CEOs descended on Beverly Hills to talk recession, bank failures, and more. Here's the inside track.
▼ + stars: | 2023-05-07 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: The big takeaways from the Milken Institute Global Conference in Beverly Hills. Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference Mike Blake/ReutersThe big-money set jetted into LA last week for the Milken Global Conference. Biggest opportunityCampbell: The pullback in lending by banks is raising the hopes of those in the private credit industry. Read more:'Junk fees'Getty ImagesIt goes by many names: an administrative fee, a transaction fee, even a "regulatory compliance" fee. Akash Nigam, the founder and CEO of Genies, who is spending $2,400 a month on ChatGPT accounts for all his employees.

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