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☆ 4 key takeaways from the Pennsylvania Senate debate between John Fetterman and Mehmet Oz
▼ + stars: | 2022-10-26 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +6 min

John Fetterman and Mehmet Oz faced off in their first and only debate on Tuesday evening. The Fetterman campaign lauded his performance shortly after the debate ended. "I do support fracking," Fetterman repeatedly said. Oz attacked Fetterman over crime, while Fetterman hit Oz on his wealth. In their final statements, Fetterman said he's fighting for the "forgotten communities" of Pennsylvania, and Oz declared himself a "candidate for change."

☆ Fetterman campaign says it raised $1 million in 3 hours after rough Pennsylvania Senate debate with Oz
▼ + stars: | 2022-10-26 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

John Fetterman's campaign said Wednesday it raised more than $1 million in just three hours following the Democratic Senate candidate's debate with his Republican rival, Dr. Mehmet Oz. The "unprecedented" haul demonstrates "deep grassroots enthusiasm" for Fetterman, his campaign said. "It's clear that the people of Pennsylvania have John's back in this race," Fetterman campaign manager Brendan McPhillips said in a press release announcing the post-debate fundraising windfall. Each candidate also repeatedly accused the other of lying, echoing the aggressively rancorous tone that has defined the pivotal Pennsylvania Senate race for months. Fetterman and Oz are competing to succeed GOP Sen. Pat Toomey, who is retiring at the end of the term.

☆ Mehmet Oz, John Fetterman Clash Over Crime, Abortion in Pennsylvania Senate Debate
▼ + stars: | 2022-10-25 | by ( Aaron Zitner | ) www.wsj.com time to read: 1 min

Democrat John Fetterman and Republican Mehmet Oz clashed over crime, fracking and abortion during a testy Pennsylvania Senate debate Tuesday that featured frequent verbal stumbles by Mr. Fetterman. The debate put the communication challenges related to a stroke Mr. Fetterman suffered earlier this year in the foreground of one of the year’s most consequential elections for the Senate. The debate between Mr. Oz, the celebrity heart doctor, and Mr. Fetterman, Pennsylvania’s lieutenant governor, was a highly anticipated event in the neck-and-neck Senate contest, which offers the Democratic Party its best chance to pick up a seat now held by Republicans in the 50-50 chamber.

☆ Rishi Sunak set to become UK PM after meeting King Charles
▼ + stars: | 2022-10-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

Rishi Sunak has been named as the U.K.'s new prime minister and the country's first leader of color. Jeff J Mitchell | Getty Images News | Getty ImagesLONDON — Rishi Sunak will become the U.K.'s third prime minister of the year Tuesday following a meeting with King Charles III. Sunak was elected party leader by fellow Conservative lawmakers on Monday following the resignation of Liz Truss on Thursday. watch nowThe 42-year-old will be the youngest U.K. prime minister since 1812, and the first person of color to lead the country, which U.S. President Joe Biden said Monday was "a groundbreaking milestone." Sunak's parents are of Indian descent and in the 1960s moved from East Africa to the U.K. Sunak also has the greatest personal wealth of any of his predecessors.

☆ Fact Check-Image of Jacob Rees-Mogg at centre of scuffle is from 2018, not alleged House of Commons incident in October 2022
▼ + stars: | 2022-10-21 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Social media users are sharing a photo of UK Parliamentarian Jacob Rees-Mogg at the centre of a fracas and claiming it shows an alleged scuffle inside the House of Commons on Oct. 19, 2022. However, the picture was taken at an event at the University of the West of England (UWE) on Feb. 2, 2018. One Facebook page (here), uploaded an article (here) which uses a thumbnail image of the British MP in the centre of a group of tussling men. Similar social media posts can be seen on Facebook (here and here) and Twitter (here and here), where the tweets have amassed more than 1,500 shares combined. This article was produced by the Reuters Fact Check team.

LONDON — Her tenure as Britain’s prime minister began in the early days of fall, but it didn’t even last until winter. The plan was criticized not only by the opposing Labour Party, but also President Joe Biden and the International Monetary Fund. Chancellor of the Exchequer Kwasi Kwarteng and British Prime Minister Liz Truss attend the annual Conservative Party conference on Oct. 2. Truss told Parliament on Wednesday, “I am a fighter, not a quitter,” after repeatedly being told she was unfit for office by opposition lawmakers. Under an expedited process, leadership challengers must win the support of 100 fellow Conservative Party lawmakers (out of a total of 357) by Monday afternoon.

☆ Truss and UK market turmoil: What you need to know
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +4 min

Following are latest events, comments and context:POLITICS* Truss is meeting with Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. The Guardian's political editor Pippa Crerar said on Twitter that Truss had called the meeting. * Conservative lawmaker Simon Hoare, in parliament for seven years, said Thursday and Friday were crunch days for the government. * Truss has promised disciplinary action against Conservative lawmakers who abstained or failed to support her party in a vote about fracking amid a total breakdown of unity and discipline. * Truss has lost her interior minister, Suella Braverman, who quit on Wednesday, less than a week after she fired her finance minister.

☆ Britain's political scene is in absolute chaos — right at the worst possible time. Here's what you need to know
▼ + stars: | 2022-10-20 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

Political chaos in the U.K. continues, including a high-profile resignation and questions over how long Liz Truss has in office. House of Commons - PA Images / Contributor / Getty Imageswatch nowTruss said she was "a fighter not a quitter" as she was grilled by parliamentarians. Opposition Labour leader Keir Starmer asked how the British public could have faith in a leader whose "promises didn't last a week." Truss has apologized for mistakes made during her first six weeks in office. Members were also told they would "lose the whip" – effectively losing their position in Parliament – if they voted to ban fracking.

☆ How Liz Truss’ term as British prime minister went from bad to worse
▼ + stars: | 2022-10-20 | by ( Sana Noor Haq | ) edition.cnn.com time to read: +7 min

Here are the lowlights – and lowerlights – of Truss’ term as Britain’s shortest-serving prime minister. Jessica Taylor/UK Parliament/ReutersThe prime minister later defends her government’s controversial tax cuts in an exclusive interview with CNN’s Jake Tapper. October 20: Truss quitsAfter a chaotic six-week spell in Downing Street, Truss announces her resignation. She will remain UK prime minister until her successor is chosen. Her swift exit as prime minister prompts calls for an early general election in Britain.

☆ Colombia will respect current oil contracts, ministry says
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, Oct 20 (Reuters) - Colombia's government will respect already-signed oil contracts, the energy ministry said on Thursday, amid industry jitters over tax reform and plans by the new leftist government to move the country more aggressively toward renewables. President Gustavo Petro, who took office in August, has pledged to raise an additional $5 billion in tax revenue next year, partially through higher taxes on oil exports. He has also backed a ban on fracking and said he will not support the inking of new oil development contracts. But current contracts will be respected, the energy ministry said in a statement. Of 207 exploration contracts, 117 are active, the ministry said.

☆ UK PM Truss clings to power as chaos in Westminster deepens
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - British Prime Minister Liz Truss struggled to retain a grip on power on Thursday, a day after a second top minister quit and rowing and jostling broke out among her lawmakers in parliament in a dramatic breakdown of unity and discipline. Lawmakers openly argued in parliament on Wednesday amid confusion over whether a vote on fracking was a confidence vote in her administration. In a sign of the chaos, Downing Street issued a statement at 1:33 am (0033 GMT) to say the prime minister had "full confidence" in the chief whip and her deputy. "The whips will now be speaking to Conservative MPs who failed to support the government," a government spokesperson said. A handful of lawmakers have openly called for Truss to quit, and others have discussed who should replace her.

☆ Former Treasury Secretary Larry Summers says chance of recession next year is substantial
▼ + stars: | 2022-10-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN Business —Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. But this recession will likely be relatively short and mild. There is currently a 98.1% chance of a global recession next year, according to a probability model run by Ned Davis Research. “I think the Fed has to do what is necessary to contain inflation,” said Summers, who has been critical of the Fed in the past. But there are “no silver bullets or miracle cures,” said Summers — especially not in the three weeks ahead of US midterm elections.

☆ Fracking: What's all the fuss about it in the UK?
▼ + stars: | 2022-10-20 | by ( Reuters Christian Edwards | Christian Edwards | ) edition.cnn.com time to read: +5 min

Fracking, or hydraulic fracturing, involves drilling into the Earth and injecting water and chemicals at high pressure to break rocks and release the gas trapped inside. Since only few test wells have been drilled, there are no estimates of proven reserves to confidently predict how much shale gas would be technically and economically viable to extract by fracking. Cuadrilla, 96% owned by Australia’s AJ Lucas, was the only one of these firms to receive consent to begin fracking. Former British Chancellor Kwasi Kwarteng said in March when he was Business and Energy secretary gas fracking would not lead to lower British gas prices. “With the best will in the world, private companies are not going to sell the shale gas they produce to UK consumers below the market price,” he tweeted.

☆ Embattled British PM Truss loses 2nd minister in a week amid political and economic turmoil
▼ + stars: | 2022-10-19 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

British Prime Minister Liz Truss described herself as “a fighter and not a quitter” Wednesday as she faced down a hostile opposition and fury from her own Conservative Party over her botched economic plan. And within hours of Truss’ appearance in Parliament for a regular session titled Prime Minister’s Questions, she lost a senior member of her government. Truss faced another test in Parliament later Wednesday when lawmakers vote on a Labour Party motion seeking to ban fracking for shale gas — a policy that Truss recently approved. Conservative Party whips said the vote would be treated as “a confidence motion in the government,” meaning the government would fall if the motion passed, triggering an election. Some Conservative legislators believe Truss could be forced to resign if the party agrees on a successor.

☆ Details on UK fracking consent mechanism expected on Wednesday, says PM
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

British Prime Minister Liz Truss leaves Number 10 Downing Street for the Houses of Parliament, in London, Britain, October 19, 2022. REUTERS/Toby MelvilleLONDON, Oct 19 (Reuters) - British business minister Jacob Rees-Mogg will provide details later on Wednesday on what kind of mechanism will be used to establish whether local communities agree to fracking, Prime Minister Liz Truss said. "We will consult on the robust system of local consent, give clear advice on seismic limits and safety before any fracking takes place," Truss, whose government last month lifted a fracking moratorium in England, told parliament. "The business Secretary will be saying more about this later today." Register now for FREE unlimited access to Reuters.com RegisterReporting by William James, writing by Sachin Ravikumar, editing by Elizabeth PiperOur Standards: The Thomson Reuters Trust Principles.

"I think it is a shambles and a disgrace," he said, in a video that a couple of other Conservative lawmakers tweeted in agreement. "I have made a mistake, I accept responsibility, I resign," she said in a letter to the prime minister. As a replacement, Truss appointed former minister Grant Shapps, who said recently that Truss faced a massive battle to survive. He also failed to offer a ringing endorsement of the prime minister. "I have been very clear that I am sorry, and I have made mistakes," Truss told jeering opposition lawmakers in parliament.

☆ UK PM Truss has no plans to resign, political spokesman says
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 19 (Reuters) - British Prime Minister Liz Truss will be in power when a fiscal plan is delivered on Oct. 31 and has no plans to resign, her political spokesman said on Wednesday, before a vote in parliament on fracking which her party is treating as a confidence vote. Asked if Truss was 100% sure she would be in power by the end of the month, the spokesman said "yes" and asked if Truss would resign if she lost the fracking vote, he said "The prime minister's not resigning." Register now for FREE unlimited access to Reuters.com RegisterReporting by Elizabeth Piper, writing by Alistair Smout; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ UK government wins vote in parliament on fracking
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 19 (Reuters) - The British government on Wednesday won a vote in parliament on fracking it had earlier told Conservative lawmakers it was treating as a confidence vote. Members of parliament voted by 326 to 230 against introducing a ban on fracking for shale gas. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; Editing by Alistair SmoutOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 19 (Reuters) - British Prime Minister Liz Truss sought to reassert authority over her fraught party on Wednesday with Conservative enforcers telling lawmakers they had to support her fracking policy as a vote treated as a test of confidence in the government. She has admitted her radical economic plans had gone "too far and too fast" after investors dumped the pound and government bonds. Polls indicate Conservatives are some 30 points behind the opposition Labour Party, and her own ratings are calamitous. I think many of us are asking exactly what does Liz Truss now believe and stand for?" Conservative 'whips', responsible for enforcing discipline among members of parliament, sent a message to their lawmakers saying the vote would be treated as a "confidence motion in the government".

☆ U.S. oil service firms' results to show impact of demand, inflation
▼ + stars: | 2022-10-18 | by ( Liz Hampton | ) www.reuters.com time to read: +3 min

Oct 18 (Reuters) - Oilfield service firms are poised to deliver the strongest third quarter results in years as demand for equipment and services has risen despite supply chain snags and higher costs from inflation, according to analyst forecasts. Oil prices remain near their highest levels in about eight years, spurring more producer demand for services. The international rig count rose to 879 last month, up from 787 a year ago, according to Baker Hughes. The Philadelphia Oil Service Index (.OSX) this summer hit its highest level since March 2020, trading around $90, but has dropped to about $68.50 on fears of a recession. The oilfield sector has faced capital constraints, "supply chain issues, workforce shortages and inflation impacts," said Leslie Beyer, CEO of the Energy Workforce & Technology Council, which represents oilfield service companies.

☆ Morgan Stanley gives its favorite buy and sell picks into earnings reports
▼ + stars: | 2022-10-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

A highly anticipated corporate earnings season has just kicked off, and Morgan Stanley has highlighted which stocks to buy — or avoid. Given this backdrop, Morgan Stanley analysts looked for stocks that could experience big swings based on near-term catalysts, some positive and others negative. Morgan Stanley sees upside for Arcutis Biotherapeutics if the biotech company's two phase-two studies for its drug Zoryve are successful. "We would expect significant investor focus on these data sets, and our statistical analysis suggests a high probability-of-success (POS) for both trials," wrote Morgan Stanley analyst Vikram Purohit. Meanwhile, Logitech is one of the stocks Morgan Stanley expects to decline due to negative earnings.

☆ Continental Resources Agrees to Buyout From Founder Harold Hamm
▼ + stars: | 2022-10-17 | by ( Chris Wack | ) www.wsj.com time to read: 1 min

Harold Hamm , the billionaire fracking pioneer who helped launch the U.S. shale boom, agreed to buy the shares of Continental Resources not owned by him and his family for $4.3 billion and take the oil producer private. Mr. Hamm and his family collectively hold about 83% of Continental, the Oklahoma City-based oil producer he ran for decades as chief executive, fueling a shale-drilling bonanza in the Bakken Shale of North Dakota that is one of the larger U.S. oil-producing regions.

☆ Profits over politics: the case for anti-ESG ETFs
▼ + stars: | 2022-10-05 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

Proponents of environmental, social and governance (ESG) products say investors are pushing corporations to pay more attention to broader social issues. Others, such as Strive Asset Management, say companies should stick solely to earning profits. Strive has launched two ETFs to push back against "woke capitalism" in the industry. The U.S. Energy ETF (DRLL ) tracks the XLE energy ETF, with Exxon Mobil (XOM ), Chevron (CVX ) and Conoco Phillips (COP ) comprising the top holdings. "We've already engaged with 10 publicly traded energy companies," Ramaswamy said.

☆ The UK lifted its ban on fracking to pursue energy independence as power bills soar, but experts say it's unlikely to help the energy crisis this winter
▼ + stars: | 2022-09-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The UK lifted a temporarily ban on fracking amid the ongoing energy crisis. UK energy bills are expected to be 80% higher in October than they were a year ago. The UK temporarily banned shale gas fracking in 2019 due to concerns about earth tremors from the process, which breaks up rocks with water at chemicals at high pressure in order to extract shale gas. Fracking companies welcomed the lifting of the ban, but some experts raise doubts over the impact of the move on UK consumers and the size of their energy bills. A Thursday report from the London School of Economics said it's a "false assumption" that shale gas produced at home would be priced significantly below international market prices.

☆ How an oil fracking boom to bust startup plans to thrive in the climate change era
▼ + stars: | 2022-09-23 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +17 min

And in a way, Duncan thought the science wasn't a good match for the blunt process of oil and gas drilling. The Covid downturn in 2020 capped close to a decade of a bear market for oil and culminated in the negative spot prices in the oil market in May 2020. Oil and gas was changing from a growth business to a value business, and oil company management were much more focused on fiscal discipline. That concentration of equipment and infrastructure's resulting reduced costs was not good for an oil services company. And there have been a lot of surprises along the way – how the shale boom became its biggest business, followed by how quickly the science became commoditized in the oil market.

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