11Mar2022 Market Close & Major Financial Headlines: Markets Close Lower – DOW Down For The Fifth Week.

U.S. Congress Passes Cyber Attacks Reporting Bill

The U.S. Senate passed on Thursday a cyber incident reporting bill requiring operators of critical infrastructure to report to the federal government incidents of hacks or ransomware payments. Earlier this week, the House also approved the bill, which is now going to President Joe Biden to sign into law. Thank you to Congress for passing the bill that mandates cyber incident reporting to the federal government. This is a huge step forward for our nations cybersecurity, Secretary of Homeland Security Alejandro Mayorkas

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Congress-Passes-Cyber-Attacks-Reporting-Bill.html

Supply Uncertainty Keeps Oil Markets On Edge

Oil prices tumbled at the start of this week as fears of a major supply crunch were alleviated somewhat. Upward pressure remains, however, with geopolitical risks mounting and a nuclear deal with Iran now looking uncertain. To read what Oilprice.com’s geopolitical and trading experts have to say about Russia’s invasion of Ukraine, make sure you sign up for Global Energy Alert and read this week’s communique in the Members Section.Friday, March 4th, 2022Oil prices are heading towards their biggest weekly decline since November

Read more at: https://oilprice.com/Energy/Energy-General/Supply-Uncertainty-Keeps-Oil-Markets-On-Edge.html

Russia’s Huge Oil Tanker Fleet Struggles To Find Buyer Destinations

Several Russia-owned tankers have been idle at sea for more than a week along European and North American coasts as countries have either banned imports of Russian oil or Russian vessels docking at their ports, all this while many traders and buyers refuse to deal with Russian crude. As many as nine mid-sized vessels, Aframaxes, owned by Russian state tanker fleet operator Sovcomflot have been idle around North America and Europe for over a week, while a typical idle time for a tanker is a day or two, Bloomberg reported on Friday, quoting ship-tracking

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Huge-Oil-Tanker-Fleet-Struggles-To-Find-Buyer-Destinations.html

Oil Prices Ease As U.S. Rig Count Jumps

The number of total active drilling rigs in the United States rose by 13 this week as WTI trades near $109 per barrel. The total rig count rose to 663 this week, while U.S. producers continue to prioritize fiscal discipline over risky investments to boost oil production. Baker Hughes reported this week that the total active rig figureoil, gas, and miscellaneousis 261 rigs higher than the rig count this time in 2021. Oil rigs rose by 8 to 527, while gas rigs were up by 5 to 135. Miscellaneous rigs stayed the same at 1. While drilling

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Ease-As-US-Rig-Count-Jumps.html

Libyan Oil Under Threat As Militias Amass In Tripoli

With all attention on the war in Ukraine, Libyan oil is once again coming under threat as the prospect of a renewed civil war intensifies amid the amassing of militia forces at the gates of the western capital of Tripoli. Libya now has two rival prime ministers, Abdul Dbeibah, the incumbent in Tripoli, and Fathi Bashagha, the newly-sworn-in prime minister from Tobruk in the east, creating a standoff that risks a new civil war, territorial division and armed conflict for control of the countrys vast oil riches. After amassing

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Libyan-Oil-Under-Threat-As-Militias-Amass-In-Tripoli.html

50 Minerals Critical To U.S. Security

The U.S. aims to cut its greenhouse gas emissions in half by 2030 as part of its commitment to tackling climate change,but might be lacking the critical minerals needed to achieve its goals. The American green economy will rely on renewable sources of energy like wind and solar, along with the electrification of transportation. However, local production of the raw materials necessary to produce these technologies, including solar panels, wind turbines, and electric vehicles, is lacking. Understandably, this has raisedconcernsin

Read more at: https://oilprice.com/Energy/Energy-General/50-Minerals-Critical-To-US-Security.html

Ulta Beauty looks to brand partnerships to boost makeup sales after Covid slump

For the full year 2021, cosmetics accounted for 43% of the retailer’s total sales, the largest segment share by far but a slight dip from fiscal year 2020.

Read more at: https://www.cnbc.com/2022/03/11/ulta-beauty-sees-brand-partnerships-boosting-makeup-sales-after-covid-slump.html

‘Golden passports’ for the rich face new restrictions in global crackdown on Russian oligarchs

Sweeping sanctions against Putin’s oligarchs has led governments to limit and in some cases end their lucrative pay-for-passport programs.

Read more at: https://www.cnbc.com/2022/03/11/russian-oligarchs-golden-passports-for-the-rich-face-new-restrictions.html

Disney pauses political donations in Florida, CEO Chapek apologizes for silence over ‘Don’t Say Gay’ bill

Disney CEO Bob Chapek apologized for not being a “stronger ally” for the LGBTQ+ community and for the company’s silence over Florida’s “Don’t Say Gay” bill.

Read more at: https://www.cnbc.com/2022/03/11/disney-pauses-political-donations-in-florida-over-dont-say-gay-bill-backlash.html

CVS fires several employees and executives after internal sexual harassment investigation

CVS has fired several employees and executives after an internal investigation into alleged harassment.

Read more at: https://www.cnbc.com/2022/03/11/cvs-ceo-karen-lynch-fires-executives-after-internal-sexual-harassment-probe.html

Your 2019 leased car is now worth an average $7,200 more than expected. If your contract ends soon, be sure to explore your options

The 2022 average trade-in value for 2019 model-year vehicles is 33% higher ($7,208) than the predetermined residual value, research shows.

Read more at: https://www.cnbc.com/2022/03/11/your-2019-leased-car-could-now-be-worth-7200-more-than-expected.html

Pfizer planning to submit data on 4th Covid shot soon, while working on vaccine for all variants

Pfizer CEO Albert Bourla appeared on CNBC exactly two years after Covid was declared a pandemic by the WHO on March 11, 2020.

Read more at: https://www.cnbc.com/2022/03/11/pfizer-planning-to-submit-data-on-4th-covid-shot-soon-while-working-on-vaccine-for-all-variants.html

How the US and allies cut off Russia from the global economy

After Russia invaded Ukraine, the U.S. and its allies imposed some of the harshest sanctions ever devised to pressure President Vladimir Putin to change course.

Read more at: https://www.cnbc.com/2022/03/11/how-the-us-and-allies-cut-off-russia-from-the-global-economy.html

Kevin O’Leary says he’s put 20% of his portfolio in crypto, including tokens and blockchain firms

“I have millions of dollars, 20% of my portfolio is now in cryptocurrencies and blockchain,” O’Leary said on “Squawk Box.”

Read more at: https://www.cnbc.com/2022/03/11/kevin-oleary-20percent-of-my-portfolio-is-in-crypto.html

Russia restricts Instagram after its parent Meta allows violent threats against military for Ukraine invasion

Russia has taken actions against Meta sites Instagram and Facebook as part of a media crackdown amid its invasion of Ukraine.

Read more at: https://www.cnbc.com/2022/03/11/russia-restricts-instagram-after-meta-due-to-ukraine-threats.html

Europe’s ocean energy installations surge back to pre-Covid levels, with major increase for tidal

The footprint of tidal stream and wave projects remains very small compared to other renewables.

Read more at: https://www.cnbc.com/2022/03/11/europes-ocean-energy-installations-surge-back-to-pre-covid-levels.html

U.S. clears way for truly driverless vehicles without steering wheels

U.S. vehicle safety regulators have issued final rules eliminating the need for highly automated and self-driving vehicles to need such controls.

Read more at: https://www.cnbc.com/2022/03/11/us-clears-way-for-driverless-vehicles-without-steering-wheels.html

More women in the boardroom could drive higher credit ratings and stock returns for firms — they still hold just 29% of seats

About a third of corporate board seats are now held by women, and gender diversity in boardrooms could lead to higher credit ratings and stock performance.

Read more at: https://www.cnbc.com/2022/03/11/women-gain-ground-in-the-boardroom-holding-29percent-of-director-seats-in-2022.html

Meet the company that lets you work remotely from anywhere in the world

Remote work is becoming more popular, yet a work-from-anywhere job is hard to find. This tech company allows it.

Read more at: https://www.cnbc.com/2022/03/11/meet-the-company-that-lets-you-work-remotely-from-anywhere-in-the-world.html

Facebook Defends Allowing Calls For Russian Death As Kremlin Brands Meta ‘Extremist Organization’

Facebook Defends Allowing Calls For Russian Death As Kremlin Brands Meta ‘Extremist Organization’Facebook has responded to a leaked email which revealed that the company is allowing users in certain countries to call for the death of Russians and Russian soldiers.

Spokesman Nick Clegg, head of global affairs (and former head of England’s Liberal Democrats), says Facebook is simply allowing Ukrainians to express their “resistance and fury at the invading military forces,” adding that it does not mean the company tolerates “discrimination, harrassment or violence towards Russians” on its platform.

Clegg said the move is a “temporary decision taken in extraordinary and unprecedented circumstances.”

Read more at: https://www.zerohedge.com/geopolitical/facebook-defends-allowing-calls-russian-death-kremlin-brands-meta-extremist

Major ‘Bomb Cyclone’ Expected To Bring Heavy Snow And Wind To Eastern US

Major ‘Bomb Cyclone’ Expected To Bring Heavy Snow And Wind To Eastern USBy Lorenz Duchamps of The Epoch Times,

A significant winter storm is expected to impact a large portion of eastern U.S. regions over the weekend, bringing a variety of weather threats to those areas that include heavy snowfall and severe thunderstorms.

The National Weather Service (NWS) said in a statement the storm system will produce weather threats over parts of the Ohio/Tennessee Valleys and the interior eastern U.S.—going as far south as Georgia—starting on Friday and continuing through Saturday night.

“Heavy rainfall and severe thunderstorms [are expected] to impact the Southeast and Mid-Atlantic this weekend,” the service said in the latest update, noting that the greatest snow accumulation is expected across portions of the Northeast, where totals in excess of 12 inches are likely.

Beginning late on Saturday, cold air is expected to spread across the Southeast and Mid-Atlantic, with temperatures going below freezing along the Gulf Coast and northern Florida. The storm is expected to rapidly strengthen into a bomb cyclone by Saturday.

The snowfall could lead to “scattered power outages due to the heavy and wet nature of the snowfall,” the NWS said. “Snow rates of greater than 1″/hr, combined …

Read more at: https://www.zerohedge.com/weather/major-bomb-cyclone-expected-bring-heavy-snow-and-wind-eastern-us

Shanghai Shutters Schools, Builds Hospitals As COVID Comes Roaring Back Across China

Shanghai Shutters Schools, Builds Hospitals As COVID Comes Roaring Back Across ChinaDespite rumblings about Beijing potentially dropping its controversial zero-COVID policy, authorities in Shanghai, China’s financial capital and a city home to nearly 25 million, have decided to shutter schools and rapidly construct hospitals as the omicron variant appears to be spreading rapidly within the country’s financial capital, according to Bloomberg.

The latest outbreak has been labeled “the most significant” since Wuhan, with some 1,000 domestic cases having been confirmed as of Friday, up from just 300 a week ago. That’s the highest number of new cases recorded in 2 years, since the days of the original Wuhan outbreak.

But in Shanghai, only two of the 75 Covid cases reported in the city Friday were considered to be caused by community spread, which might expl …

Read more at: https://www.zerohedge.com/markets/shanghai-shutters-schools-builds-hospitals-covid-comes-roaring-back-across-china

When Pigs Fly: Congress Inserts Over 4,000 Pork Earmarks In Spending Bill

Authored by Jonathan Turley,

For years, Congress has dispensed with the pretense of informed legislative process when it comes to major bills and appropriations.

The new $1.5 trillion omnibus spending bill, however, took the notion of blind legislating to a disgraceful degree. Democratic leadership dumped the almost 3,000 page bill on the members (and the public) on Wednesday with only a couple days to review the massive spending.

That includes over 4,000 pork projects in earmarks.

According to  the Hill, Senate Majority Leader Charles Schumer (D., N.Y.) alone has a long list of earmarks for his state ahead of his reelection bid.  That includes 59 earmarks totaling nearly $80 million in the transportation and housing and urban deve …

Read more at: https://www.zerohedge.com/political/when-pigs-fly-congress-inserts-over-4000-pork-earmarks-spending-bill

US to ban Russian diamond and vodka imports

Western allies also say they plan to revoke Russia’s status as an equal trade partner.

Read more at: https://www.bbc.co.uk/news/business-60712902?at_medium=RSS&at_campaign=KARANGA

Bitcoin cash machines ordered to shut down in UK

The Financial Conduct Authority warns that all crypto-ATMs in the UK are operating illegally.

Read more at: https://www.bbc.co.uk/news/technology-60709209?at_medium=RSS&at_campaign=KARANGA

Ukraine brings significant economic uncertainty, Rishi Sunak warns

The UK economy rebounds in January but the chancellor warns of uncertainty due to the invasion of Ukraine.

Read more at: https://www.bbc.co.uk/news/business-60699815?at_medium=RSS&at_campaign=KARANGA

Will CEO change bring a smile to investors of this toothpaste maker?

Nomura has a neutral rating on the stock with a target of Rs 1,700. Many others have a ‘hold’ rating on the stock.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/will-ceo-change-bring-a-smile-to-investors-of-this-toothpaste-maker/articleshow/90149409.cms

India is considering rupee payments for trade with Russia

Spokespersons for the government and the Reserve Bank of India were not immediately able to comment, while representatives of SBI and UCO didn’t immediately respond.

Read more at: https://economictimes.indiatimes.com/markets/forex/india-is-considering-rupee-payments-for-trade-with-russia/articleshow/90153264.cms

After 50% fall in Mobikwik shares, analysts see further downside

Mobikwik had reported a net profit of Rs 7 crore in the third quarter of 2021-22, after losing money in the first and second quarters.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/mobikwik-drops-50-in-unlisted-market-more-downside-left-despite-first-ever-profit/articleshow/90147699.cms

International Living: These 5 countries are the best places to retire with the most livable climates

We’ve considered specific criteria such as temperature, rainfall, humidity, and sunshine, as well as the personal experiences of expats and our boots-on-the-ground correspondents, to score the nations with the most liveable climates.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7A92-6ABBEC6B8E3E%7D&siteid=rss&rss=1

Market Snapshot: Dow turns lower, U.S. stocks fall as Biden says allies trying to avoid World War III

U.S. stock benchmarks were down Friday afternoon, after the President Biden called to suspend normal trade relations with Russia as part of sanctions designed to economically isolate Moscow for its unprovoked attack in Ukraine.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7A87-366175D2904F%7D&siteid=rss&rss=1

Realtor.com: Emma Stone Sells West Village Condo for $2.25M

Emma Stone has sold one of her New York City apartments at a loss. The West Village pied-a-terre changed hands in December 2021 for $2.25 million.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7A92-2D0E31AAE363%7D&siteid=rss&rss=1