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☆ 10-year Treasury yield edges higher as investors await economic data
▼ + stars: | 2024-04-03 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Yields and prices move in opposite directions, and one basis point equals 0.01%. The 2-year Treasury note yield was up around 1 basis point at 4.709%. The 10-year Treasury note briefly broke above 4.4% in intraday trade on Tuesday to notch its highest level since late November. The 10-year Treasury note yield moved higher on Wednesday, building on gains from the previous session as investors await the release of further U.S. economic data. The market moves come as investors track economic data and closely monitor clues from Fed policymakers about the expected number of interest rate cuts in 2024.

Persons: Loretta Mester, Mary Daly, —, Jeff Cox Organizations: Treasury, Traders, Cleveland Federal, San Francisco Fed, PMI, Institute for Supply Management Locations: U.S

☆ 10-year Treasury yield rises slightly as bets on June rate cuts cool down
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

The 2-year Treasury note yield was flat at 4.712%. The 10-year Treasury note yield rose slightly Tuesday, adding to its gains from the previous session, as traders reassessed the possibility of the Federal Reserve cutting rates in June. The ISM manufacturing index rose to 50.3, up from 47.8 in February and significantly better than the 48.1 Dow Jones consensus estimate. Markets interpreted the unexpected return of U.S. manufacturing growth "as reducing the chances of meaningful Fed rate cuts," Dutch bank ING said in a research note. The Fed also said at the time that it still expects three quarter-percentage point cuts by the end of the year.

Persons: Gregory Faranello, Jeff Cox, Fred Imbert Organizations: Federal Reserve, Dow Jones, ING, AmeriVet Securities Locations: U.S

☆ From Miami to Melbourne, a quiet revolution is underway to fend off a silent and invisible killer
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +7 min

Javier Torres | Afp | Getty ImagesA quiet revolution is underway to address a widely underestimated climate challenge: extreme heat. Myrivili said she believes that extreme heat is often overlooked because it lacks the visible drama of roofs being ripped from homes or streets being turned into rivers. Most people wouldn't know that in Australia, extreme heat kills more people than bushfires and floods and storms. Tiffany Crawford Co-chief heat officer of Melbourne, AustraliaThe CDC defines extreme heat as summertime temperatures that are significantly hotter and/or more humid than average. Melbourne, AustraliaTiffany Crawford, co-CHO of Melbourne, told CNBC that extreme heat kills more people in Australia than bushfires, floods and storms.

Persons: Javier Torres, Eleni Myrivili, CHO, Myrivili, Tiffany Crawford Co, Jane Gilbert, We've, Gilbert, Giorgio Viera, Afreen, Dhaka North's CHO, Bushra, Australia Tiffany Crawford, Crawford, Krista Milne, Diego Fedele Organizations: Afp, Getty, CNBC, Centers for Disease Control, CDC, Dade, Dhaka North, Dhaka North's, Nurphoto, Environmental, Station Locations: Quilpue comune, Valparaiso region, Chile, Athens, U.S, Australia, Melbourne, Miami, Miami , Florida, Dhaka, Bangladesh, Australian

☆ Oil prices climb to five-month high on escalating Middle East tensions and fresh supply threats
▼ + stars: | 2024-04-02 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

A flare stack burns beyond oil storage tanks at the Taneco Oil Refining and Petrochemical complex, operated by Tatneft PJSC, in Nizhnekamsk, Tatarstan, Russia, on Tuesday, March 5, 2019. Oil prices on Tuesday rose to their highest level since October as investors closely monitored fresh supply threats amid an escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. International benchmark Brent crude futures for June delivery traded at $88.58 per barrel at 1:15 p.m. London time, up $1.2 per barrel from the previous session. U.S. West Texas Intermediate (WTI) futures with May expiry stood at $84.97 per barrel, roughly $1.3 per barrel higher. PVM's Varga warned that the potential for direct Iranian involvement in the Israel-Hamas war could spark a "region-wide conflict with plausible impact on oil supply."

Persons: Tatneft PJSC, Brent, Tamas Varga, Israel, PVM's Varga, Rustam Minnikhanov, Minnikhanov, Russia —, — CNBC's Elliot Smith Organizations: Oil Refining, Petrochemical, Brent, . West Texas, Sky News, Organization of, Petroleum Locations: Nizhnekamsk, Tatarstan, Russia, Ukrainian, London, haven't, Iran, Syrian, Damascus, Tehran, Israel, Ukraine, Moscow, OPEC

☆ Don't sweat the prospect of no Fed rate cuts, economist says — markets will still march higher
▼ + stars: | 2024-03-28 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Federal Reserve Bank Chair Jerome Powell speaks during a news conference at the bank's William McChesney Martin building on March 20, 2024 in Washington, DC. His comments come as investors await the release of further U.S. economic data and closely monitor clues from Fed officials about the expected number of interest rate cuts in 2024. Asked on Thursday about the likelihood of one or no Fed interest rate cuts this year, Blitz said that it's "getting pretty good. Blitz said markets will likely continue to march higher, even if the Fed decides not to impose any interest rate cuts this year — a prospect that U.S. asset manager Vanguard named as their base-case scenario. Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, March 22, 2024.

Persons: Jerome Powell, William McChesney Martin, Chip Somodevilla, Steven Blitz, Blitz, They're, CNBC's, it's, Christopher Waller, Waller, Raphael Bostic, Jerome, Powell Organizations: Bank, Getty, Federal Reserve, TS Lombard, Traders, Fed, Vanguard, Economic, of New, Atlanta Federal Reserve, US Federal Reserve, Bloomberg Locations: Washington ,, U.S, of New York, Atlanta, Washington , DC

☆ Here's what we know about the Singapore-flagged container ship that hit the Baltimore bridge
▼ + stars: | 2024-03-27 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

The Key Bridge was hit by a ship and collapsed on March 26, 2024. The incident, which has wreaked havoc at one of the country's busiest ports and sparked fears about supply chain disruption, has raised questions about the Singapore-flagged container ship involved. In an aerial view, cargo ship Dali is seen after running into and collapsing the Francis Scott Key Bridge on March 26, 2024 in Baltimore, Maryland. Tasos Katopodis | Getty ImagesHowever, Singapore's port authority on Wednesday said that the container ship had passed overseas inspections and carried certificates to cover its structural integrity and functionality at the time of the Baltimore bridge incident. In the June inspection, the container ship was found to have had a faulty monitor gauge for fuel pressure, but this was fixed before the vessel departed the port.

Persons: Francis, Dali, Wes Moore, Moore, Francis Scott Key, Tasos Katopodis Organizations: Washington Post, The Washington Post, Getty, Bridge, Maryland, NBC, Francis Scott Key Bridge, Port Authority Locations: Baltimore, Patapsco, Singapore, Sri Lanka, Belgium's Port of Antwerp, Europe, San Antonio, Chile, Baltimore , Maryland

☆ A global gold rush for buried hydrogen is underway — as hype builds over its clean energy potential
▼ + stars: | 2024-03-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Geologic hydrogen, sometimes referred to as white, gold or natural hydrogen, refers to hydrogen gas that is found in its natural form beneath Earth's surface. Last year, researchers found what may be the world's largest geologic hydrogen deposit to date in France's eastern Lorraine region. The unexpected discovery further boosted interest in its clean energy potential. Some have expressed skepticism about the clean energy potential of natural hydrogen. Grey hydrogen — produced using natural gas and the most common form of hydrogen production — leads to large greenhouse gas emissions.

Persons: Alex Halada, Le, Canada's Hydroma, Ousmane Makaveli, Geoffrey Ellis, Ellis, we've, Minh, Energy's Le, Ana Maria Jaller, Makarewicz, Sebastien Salom Organizations: Geological Agency of, Ministry of Energy, Mineral Resources, Nurphoto, Afp, Getty, Research, Rystad Energy, CNBC, Energy Resources Program, . Geological Survey, U.S . Department of Energy, Institute for Energy Economics, videoconference, Carbon Trust Locations: Pute Jaya, Morowali Regency, Central Sulawesi Province, Indonesia, U.S, Canada, Australia, France, Spain, Colombia, South Korea, Gampern, Upper Austria, Mali's, Bamako, Malian, Bourakébougou, France's, Lorraine, Niger, Mali, gomis

☆ WikiLeaks founder Julian Assange will not be immediately extradited to the U.S., British court rules
▼ + stars: | 2024-03-26 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

WikiLeaks founder Julian Assange on Tuesday was granted permission by a U.K. court to appeal his extradition to the U.S., where he is wanted on spying charges. Assange will therefore not be extradited immediately, the court said. A further hearing on May 20 will determine whether the assurances provided are satisfactory, the court said. Assange is wanted in the U.S. on 18 charges, including 17 under the Espionage Act and one under the Computer Fraud and Abuse Act. He faces up to 175 years in prison after WikiLeaks published hundreds of thousands of leaked confidential military files and diplomatic documents related to the Afghanistan and Iraq wars.

Persons: Julian Assange, Assange Organizations: Royal, of Justice, Constitution, Computer, WikiLeaks Locations: U.S, London, Ecuadorian, Belmarsh, Afghanistan, Iraq

☆ World's first-ever global emissions tax takes a step closer to reality
▼ + stars: | 2024-03-22 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Countries at the meeting of the United Nations' International Maritime Organization in London signed a deal for shipping emissions to reach net zero "by or around" 2050. Ucg | Universal Images Group | Getty ImagesTwo weeks of talks at the United Nations shipping agency concluded in London on Friday, with a clear majority of countries emerging in favor of introducing the world's first-ever global emissions levy. The UN is on the edge of adopting the world's first-ever global emissions price, but the policy will only be as successful as countries make it to be. "The UN is on the edge of adopting the world's first-ever global emissions price, but the policy will only be as successful as countries make it to be," said Sandra Chiri, shipping emissions international outreach manager at the Ocean Conservancy, a U.S.-based advocacy group. Other proposals include a push to combine a price on shipping emissions with an international emissions standard for maritime fuel.

Persons: Sandra Chiri, Chiri, Gregor Fischer Organizations: United Nations, International Maritime Organization, Ucg, Getty, UN, Ocean, Ocean Conservancy, EU, Marshall Locations: London, Caribbean, U.S, Pacific, Africa, Canada, decarbonize, Fiji, Marshall Islands, Vanuatu, Barbados, Jamaica, Grenada, Belize

☆ Big Oil’s green-bashing stokes backlash as campaigners hit out at 'talking points from the 1970s'
▼ + stars: | 2024-03-20 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Aramco and Saudi ministry officials have previously advocated for ongoing investment in hydrocarbons to avoid energy shortages until renewables can fully meet global energy demands. Nasser's comments drew applause from the audience at CERAWeek — an annual energy conference by S&P Global that's known as the "industry's Super Bowl." Other oil and gas executives at the event echoed Nasser's views, but spoke less directly about the state of the energy transition. Separately, Exxon Mobil CEO Darren Woods on Monday said that demand for petroleum products is "still very, very healthy." And the impact that price has on demand," Woods told CNBC's "Squawk on the Street."

Persons: Amin Nasser, Nasser's, Wael Sawan, Darren Woods, hasn't, Woods, CNBC's Organizations: Aramco, Saudi, Shell, Reuters, Exxon Mobil Locations: Houston , Texas, Saudi Aramco, Europe

☆ Earth on the brink of key warming threshold after year of ‘chart-busting’ extremes, researchers say
▼ + stars: | 2024-03-19 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A wind change increased flames during a planned ignition on the Ross Moore Lake wildfire in Kamloops, British Columbia, Canada, on July 28, 2023. A series of climate records last year gave new meaning to the phrase "off the charts," the U.N.'s weather agency said on Tuesday, warning that the planet is now on the brink of surpassing a key warming threshold. It confirmed 2023 as the hottest year on record and said the period from 2014 to 2023 also reflected the hottest 10-year period on record. The global average temperature in 2023 stood at 1.45 degrees Celsius above pre-industrial levels, researchers said, marginally below the key warming threshold of 1.5 degrees Celsius. The 1.5 degrees Celsius level is widely recognized as an indicator of when climate impacts become increasingly harmful to people and the planet, as outlined in the landmark Paris Agreement.

Persons: Ross Organizations: State, World Meteorological Organization, WMO Locations: Kamloops , British Columbia, Canada, Paris

☆ Vonovia falls 6% after its biggest ever loss shines light on Germany's property crisis
▼ + stars: | 2024-03-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Shares of German property giant Vonovia fell as much as 7% on Friday, shining a light on a deepening real estate crisis in Europe's largest economy. The residential real estate company on Thursday reported an annual loss of 6.76 billion euros ($7.37 billion) for 2023, citing a decreasing valuation trend that "significantly weakened" over the course of the year. In the 2023 fiscal year, Vonovia said it had taken total value adjustments of around 10.7 billion euros across its portfolio of more than 500,000 properties. The company added that the value of its properties at the end of last year, when adjusted to reflect investments, had fallen to around 81.1 billion euros. "The collapse of valuations is the worst we have ever seen," Vonovia CEO Rolf Buch told reporters on Thursday evening, according to Reuters.

Persons: Vonovia, Rolf Buch Organizations: Reuters Locations: Huerth, Germany, Europe's, London

☆ Crisis-stricken Argentina must dollarize and get rid of the central bank, veteran economist says
▼ + stars: | 2024-03-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

A man wearing a Diego Maradona t-shirt walks by the Argentine Central Bank on November 30, 2023 in Buenos Aires, Argentina. Data published Tuesday by the country's statistical office showed that Argentina's 12-month inflation rate through February rose to 276.2%, reaffirming Argentina's position as having the world's worst inflation. Hanke said that in 1999 he had drafted a law at the request of former President Carlos Menem that would have dollarized Argentina's economy. Advocates of dollarizing Argentina's economy say the switch could help the country tame skyrocketing inflation and bring an end to its boom-and-bust cycle. Ecuador and Panama are two notable examples of countries that have previously dollarized their economies, but no country of Argentina's size has previously shifted to the U.S. dollar.

Persons: Diego Maradona, Tomas Cuesta, Javier Milei, Steve Hanke, Milei, Hanke, CNBC's, Carlos Menem, he'd, Argentina Javier Milei, Donald Trump Organizations: Argentine Central Bank, Getty, Monday, Johns Hopkins University, Argentine Congress, International Monetary Fund, CNBC, U.S . Locations: Buenos Aires, Argentina, London, Ecuador, Panama

☆ Oil giant Shell waters down its near-term emission cuts in strategy update
▼ + stars: | 2024-03-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. Shell said it had also dropped its goal of a 45% reduction by 2035, citing "uncertainty in the pace of change in the energy transition." The net carbon intensity targets are measured against a baseline of emissions in 2016. We have updated our net carbon intensity target to reflect that change." Shell's update comes as European energy majors continue to tweak their plans in the transition to clean-energy technologies.

Persons: Shell, Wael Sawan Organizations: BP

☆ Oil strategist says the market could be caught off guard by a crude spike this summer
▼ + stars: | 2024-03-13 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Investors could be caught off guard by the strength of an oil price rally this summer, according to Morgan Stanley 's Martijn Rats. Brent futures have largely been trading in a narrow $75 to $85 interval since the start of the year. "There is a view in the market that the non-OPEC producers can meet all of the demand growth this year and therefore there isn't much incremental room for OPEC oil and that means you rely on continued OPEC cuts," Rats said. "Now, they are doing that, but people think that that dynamic for now puts a little bit of a cap on the price. I think the summer could be tighter than people expect but this is the dynamic that currently exists."

Persons: Morgan Stanley, We've Organizations: Federal Reserve, Brent, U.S, West Texas Locations: London

☆ Argentina’s Milei accused of double standards in a scandal over a 48% pay raise
▼ + stars: | 2024-03-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Argentina's President Javier Milei gestures while delivering his first policy speech to parliament during the inauguration of the 142nd ordinary session of Congress in Buenos Aires on March 1, 2024. Argentina's Javier Milei has been accused of hypocrisy for orchestrating a substantial increase in presidential pay while pushing through an austerity package, in a scandal that has rocked the right-wing populist's government. It reflected a 48% increase in presidential pay from January. The libertarian economist, who has often been compared to former U.S. President Donald Trump, sought to defend the pay increase by claiming it was automatically triggered by a decree signed by former President Cristina Fernandez de Kirchner 14 years ago. Opposition lawmakers, however, said the president's own signature was used on a February decree that enabled the pay increase.

Persons: Javier Milei, Argentina's Javier Milei, Milei, Omar Yasin, Donald Trump, Cristina Fernandez de Kirchner, Cristina Kirchner Organizations: 142nd, Argentine Locations: Buenos Aires, Milei

☆ Gold prices could keep climbing — but analysts expect silver to steal the show before long
▼ + stars: | 2024-03-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A record-breaking rally for gold may yet continue, particularly as investors position for interest rate cuts — but analysts say silver appears well placed to outshine the yellow metal in the second half of the year. Spot gold prices on Monday edged higher to $2,178 per ounce, after settling at their highest since 1979 on Thursday last week. Spot silver prices, meanwhile, were last seen up 0.2% at $24.36 per ounce at 6:24 a.m. London time (1:24 a.m. Precious metal prices have pushed higher in recent weeks amid growing expectations of U.S. interest rate cuts. Gold, which is typically considered a "safe haven" asset at times of financial uncertainty, has rallied despite high interest rates and a relatively strong U.S. dollar.

Persons: Jerome Powell, Marcus Garvey, CNBC's Organizations: Macquarie Locations: London

☆ Portugal’s election shows a surge in support for the far right, reflecting a broader European trend
▼ + stars: | 2024-03-11 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Democratic Alliance (AD) leader Luis Montenegro celebrates his victory as he addresses supporters at the party's election night headquarters, in Lisbon on March 10, 2024. Portugal's far-right Chega party on Sunday received a surge in support in the country's snap general election, reflecting a broader shift to the radical right across Europe. Portugal's center-right Democratic Alliance claimed victory in the vote, winning 79 seats in the country's 230-seat National Assembly — well short of a parliamentary majority. The incumbent center-left Socialist Party followed closely behind with 77 seats. The result — which saw the parliamentary representation of the Chega party quadruple to at least 48 lawmakers — gives the political right a combined majority.

Persons: Luis Montenegro, —, Pedro Nuno Santos Organizations: Democratic Alliance, Sunday, Assembly, Socialist Party, Social Democratic Party, Chega, Democratic Locations: Lisbon, Portugal's, Europe

☆ Chocolate is getting more and more expensive — but it's not yet showing signs of destroying demand
▼ + stars: | 2024-03-07 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Workers collect dry cocoa beans in front of the store of a cocoa cooperative in the village of Hermankono on Nov. 14, 2023. Analysts believe the cost of the core chocolate ingredient may have room to extend its record-breaking run, with no sign of significant demand destruction yet on the horizon. Concerns over the supply of cocoa in West Africa, home to around three quarters of the world's production, have driven the market higher in recent months. In New York, benchmark ICE cocoa futures stood at $6,549 per metric ton on Wednesday. Somewhat surprisingly, the historic price surge has not yet hampered global demand.

Persons: Paul, CNBC's Organizations: Analysts, Rabobank Locations: Hermankono, West Africa, New York

☆ Bill Gates-backed startup confident it can unearth more buried treasure after a historic copper find
▼ + stars: | 2024-03-06 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Copper plates on wagons ready for onward shipping at the Mufulira refinery, operated by Mopani Copper Mines Plc, in Mufulira, Zambia, on Friday, May 6, 2022. KoBold Metals, a mining startup backed by billionaires including Bill Gates and Jeff Bezos, is bullish on the discovery potential of some of the most sought-after energy transition metals. It comes shortly after the Silicon Valley-based metals exploration company announced the rare discovery of a vast copper deposit in Zambia. The point of the company is to discover, find and develop mineral resources that we need for the energy transition," Goldman said via videoconference. KoBold Metals says it uses artificial intelligence to create a "treasure map" to help find new deposits of materials such as copper, lithium, cobalt and nickel.

Persons: Bill Gates, Jeff Bezos, Josh Goldman, Goldman Organizations: Mopani Copper Mines, KoBold Metals, CNBC, KoBold Locations: Mufulira, Zambia, videoconference

☆ Goldman says the bear market for battery metal prices is far from over
▼ + stars: | 2024-03-05 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Goldman Sachs finds it is too early to call an end to a battery raw materials price plunge, warning that significant supply pipelines and Western electric vehicle headwinds could keep prices lower for longer. Goldman Sachs said the outlook appeared bearish for nickel, lithium and cobalt. On a 12-month basis, analysts at Goldman said the Wall Street bank is targeting a 12%, 15% and 25% downside in cobalt, nickel and lithium carbonate, respectively. Lithium prices are down nearly 70%, compared to the same period last year. Nickel prices on the London Metal Exchange (LME) were last trading at $17,945 per metric ton on Tuesday, while cobalt prices on the LME stood at $28,550 per metric ton.

Persons: Goldman Sachs, Nicholas Snowdon, Goldman Organizations: Western EV, London Metal Exchange Locations: China

☆ Haiti declares state of emergency after armed gangs storm two of the country's largest prisons
▼ + stars: | 2024-03-04 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

This screen grab taken from AFPTV shows tires on fire near the main prison of Port-au-Prince, Haiti, on March 3, 2024, after a breakout by several thousand inmates. A 72-hour state of emergency has been declared in Haiti after armed gangs stormed two of the country's largest prisons, reportedly allowing thousands of people to escape. A government statement said two prisons, one in the capital of Port-au-Prince and another in nearby Croix des Bouquets, were overrun by gang members over the weekend, according to multiple media reports. Nearly all the 4,000 inmates at Haiti's National Penitentiary in Port-au-Prince were thought to have escaped. Haitian lawyer Arnel Remy, head of the Collective of Lawyers for the Defense of Human Rights in Haiti, said in a Google-translated update on the X social media platform that a total of 3,597 prisoners escaped from the National Penitentiary.

Persons: Patrick Boisvert, Al, Ariel Henry, Arnel Remy Organizations: CNBC, Finance, Lawyers, Defense of Human Rights, National Penitentiary Locations: Port, Prince, Haiti, Croix des, Haiti's, Al Jazeera, Boisvert, Haitian, Kenya

☆ The North Sea could become a 'central storage camp' for carbon waste. Not everyone likes the idea
▼ + stars: | 2024-03-04 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +7 min

The receiving dock at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024. Offshore carbon capture and storage (CCS) refers to a range of technologies that seek to capture carbon from high-emitting activities, transport it to a storage site and lock it away indefinitely under the seabed. Storage tanks at the Northern Lights carbon capture and storage project, controlled by Equinor ASA, Shell Plc and TotalEnergies SE, at Blomoyna, Norway, on Friday, Jan. 19, 2024. Bloomberg | Bloomberg | Getty ImagesNorway has a long history of carbon management. Bloomberg | Bloomberg | Getty Images"There is definitely a public acceptance risk to storing CO2 onshore.

Persons: Terje Aasland, Aasland, Norway's Aasland, Børre Jacobsen, —, Jacobsen Organizations: Equinor ASA, Shell Plc, Bloomberg, Getty, Norway's Energy, CCS, Institute for Energy Economics, Workers, Northern Lights, Shell, Northern, Venture, CNBC, videoconference Locations: Blomoyna, Norway, Europe, videoconference, Brevik, Norwegian, Sleipner, U.S, Norway's, Longship

☆ Elon Musk sues OpenAI and CEO Sam Altman over contract breach
▼ + stars: | 2024-03-01 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Sam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, on Jan. 18, 2024. Elon Musk is suing Microsoft -backed OpenAI and its CEO Sam Altman, among others, alleging they abandoned the company's founding mission to develop artificial intelligence "for the benefit of humanity broadly." "To this day, OpenAI, Inc.'s website continues to profess that its charter is to ensure that AGI benefits all of humanity.' In reality, however, OpenAI, Inc. has been transformed into a closed-source de facto subsidiary of the largest technology company in the world: Microsoft," the lawsuit filing said. Musk's lawyers said in the lawsuit that OpenAI's focus on maximizing profits for Microsoft breaks that agreement.

Persons: Sam Altman, Elon Musk, Altman, OpenAI, Greg Brockman, Musk Organizations: Economic, Microsoft, San Locations: Davos, Switzerland, San Francisco

☆ 'Stupidity' poses a bigger threat than AI, CEO of Italian defense giant Leonardo says
▼ + stars: | 2024-03-01 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Roberto Cingolani, chief executive officer of Leonardo SpA, during an interview in London, UK, on Tuesday, Jan. 23, 2024. The chief executive of Italian defense group Leonardo said Friday that he's more concerned about the "stupidity" of users of artificial intelligence rather than the threats posed by the technology itself. "With this in mind, artificial intelligence is a tool. It is an algorithm made by humans, that is run by computers made by humans, that controls machines made by humans. I am more afraid, more worried [about] national stupidity than artificial intelligence to be honest," he added.

Persons: Roberto Cingolani, Leonardo SpA, Leonardo, he's, António Guterres, Guterres, CNBC's Organizations: U.N, Economic, International Monetary Fund, D.C Locations: London, Davos, Switzerland, Washington

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