25 October 2022 Market Close & Major Financial Headlines: Wall Street Closed Higher For The Third Straight Session

Saudi Arabia Energy Minister Warns About Misusing Oil Stockpiles

Saudi Arabia’s Energy Minister has warned countries against misusing their crude oil stockpiles to manipulate the oil markets. According to the Kingdom’s Energy Minister, Prince Abdulaziz bin Salman, who has been sparring with U.S. President Joe Biden in recent weeks, strategic crude oil stockpiles are designed to be used to manage supply shortages, not to bring down prices. It is my profound duty to make clear to the world that losing (releasing) emergency stocks may be painful in the months to come, the Energy Minister

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-Energy-Minister-Warns-About-Misusing-Oil-Stockpiles.html

Nanotech Breakthrough Sets World Record For Solar Cell Efficiency

Tandem solar cells made of perovskite and silicon enable significantly higher efficiencies than silicon solar cells alone. By the end of 2021, teams at HZB (Helmholtz-Zentrum Berlin fr Materialien und Energiehad) presented perovskite silicon tandem solar cells with an efficiency close to 30 percent. This value was a world record for eight months, a long time for this hotly contested field of research. In the journal Nature Nanotechnology, the scientists described how they achieved a new record value of over 31% with nano optical structuring

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Nanotech-Breakthrough-Sets-World-Record-For-Solar-Cell-Efficiency.html

Energy Execs Tell Granholm Shuttered U.S. Oil Refineries won’t Restart

U.S. energy executives told Jennifer Granholm that shuttered crude oil refineries won’t restart, Valeros Chief Executive Joe Gorder said on Tuesday. The comments were made to the U.S. Energy Secretary at a recent White House meeting with energy executives, Reuters reported on Tuesday. The one interesting thing that came out of it, too, was there was consideration for the ability to restart refining capacity that had been shut down, and I think the general sentiment was that wasn’t going to happen, Gorder said.

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Energy-Execs-Tell-Granholm-Shuttered-US-Oil-Refineries-Wont-Restart.html

Battery Makers Can’t Escape Rising Nickel Costs

Via AG Metal Miner Battery original equipment manufacturers (OEMs) have enjoyed a clear trend for much of the last decade. In fact, they’ve largely achieved falling per kWh manufacturing costs thanks to two strong dynamics. The first is economies of scale. After all, demand for both consumer electronics and electric vehicles in all forms hybrid and full EV continues to rise. The second dynamic is the technological advancements reducing the use of high-cost component metals like battery nickel and cobalt. That

Read more at: https://oilprice.com/Metals/Commodities/Battery-Makers-Cant-Escape-Rising-Nickel-Costs.html

Ukraine Says Russia Is Deliberately Delaying UN-Brokered Grain Shipments

Kyiv has accused Russia of delaying more than 165 cargo ships heading to Ukrainian Black Sea ports to load up with grain under a deal brokered by the United Nations and Turkey. Russian inspectors “have been significantly prolonging the inspection of vessels,” the Ukrainian Foreign Ministry said in a statement on October 24. “As a result, more than 165 vessels have been stuck in a queue near the Bosphorus Strait, and this number continues to grow daily.” Cargo ships carrying grain and other foodstuffs to and from Ukrainian ports must be inspected

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Ukraine-Says-Russia-Is-Deliberately-Delaying-UN-Brokered-Grain-Shipments.html

Rising Sea Levels Spell Disaster For Americas Coastal Nuclear Plants

It’s easy to forget that the United States is the largest nuclear power producer in the world. In fact, it isn’t even close. The United States produced 771,638 GWh of nuclear electricity in 2021, followed by China with just 383,205 GWh. The thing is, the United States nuclear fleet tends to fly under the radar because it’s old news and just plain old. Nuclear energy provides around 20% of the country’s electricity production and has provided the U.S. with an invaluable source of carbon-free energy, but the

Read more at: https://oilprice.com/Alternative-Energy/Nuclear-Power/Rising-Sea-Levels-Spell-Disaster-For-Americas-Coastal-Nuclear-Plants.html

Airlines have passengers. Now they need the planes

Major airlines report delays in getting aircraft from manufacturers like Boeing and Airbus.

Read more at: https://www.cnbc.com/2022/10/25/airlines-have-the-passengers-now-they-need-the-planes.html

General Motors posts big third-quarter earnings beat but holds full-year guidance steady amid ‘headwinds’

General Motors easily beat Wall Street’s earnings expectations during the third quarter, while slightly missing on revenue.

Read more at: https://www.cnbc.com/2022/10/25/general-motors-gm-earnings-q3-2022.html

Adidas terminates Ye partnership, Gap removes Yeezy items over rapper’s antisemitic remarks

Adidas giant had faced pressure from the public and its own employees to cut ties with Ye over a series of offensive comments.

Read more at: https://www.cnbc.com/2022/10/25/adidas-terminates-partnership-with-ye-following-rappers-antisemitic-remarks.html

Hawaii couple charged with securities fraud over ‘semi-sub’ watercraft company

A Hawaii couple allegedly defrauded more than $28 million from investors with claims over a tourism watercraft they said could partially submerge.

Read more at: https://www.cnbc.com/2022/10/25/hawaii-couple-charged-with-fraud-over-semisub-watercraft-company.html

Canopy Growth looks to speed up entry into U.S. cannabis market with new holding company

Canadian cannabis company Canopy Growth said it’s consolidating its U.S. assets into a single entity to accelerate its entry into the U.S. market.

Read more at: https://www.cnbc.com/2022/10/25/canopy-to-speed-entry-into-us-cannabis-market-with-new-holding-company.html

Your last chance to secure 9.62% annual interest for Series I bonds is Oct. 28

If you’re eager to secure 9.62% annual interest for Series I bonds for six months, you must purchase the assets by Oct. 28.

Read more at: https://www.cnbc.com/2022/10/25/you-must-buy-series-i-bonds-by-oct-28-to-get-9point62percent-annual-interest.html

People who caught mild Covid had an increased risk of blood clots, British study finds

Patients with mild Covid, defined as those not hospitalized, were 2.7 times more likely to develop blood clots, according to a U.K. journal study.

Read more at: https://www.cnbc.com/2022/10/25/people-who-caught-mild-covid-had-increased-risk-of-blood-clots-british-study-finds.html

South Korea, U.S. in ‘intense conversation’ over EV tax credits, trade ambassador says

Officials are discussing “several possible options” to correct what South Korea believes to be unfair policies, ambassador Cho Tae-yong said.

Read more at: https://www.cnbc.com/2022/10/25/ira-ev-tax-credits-south-korea-us-in-working-to-adjust-regulations.html

Home prices cooled at a record pace in August, S&P Case-Shiller says

Home prices are higher than they were a year ago, but gains are shrinking at the fastest pace on record.

Read more at: https://www.cnbc.com/2022/10/25/home-prices-cooled-at-a-record-pace-in-august-sp-case-shiller-says.html

Ford unveils 2023 Escape to sell alongside Bronco Sport in highly competitive compact SUV segment

Ford Motor is updating its popular Escape as part of a two-pronged sales strategy alongside the newer, more rugged Bronco Sport.

Read more at: https://www.cnbc.com/2022/10/25/ford-reveals-2023-escape-to-sell-alongside-bronco-sport-suv.html

Coca-Cola raises full-year outlook as earnings beat expectations

Coca-Cola on Tuesday raised its full-year outlook for adjusted earnings per share and organic revenue growth.

Read more at: https://www.cnbc.com/2022/10/25/coca-cola-ko-q3-2022-earnings.html

UPS reaffirms its outlook for 2022 as it posts mixed quarterly results

United Parcel Service’s third-quarter revenue fell below Wall Street’s expectations, but profit surpassed them.

Read more at: https://www.cnbc.com/2022/10/25/ups-reports-q3-earnings.html

This 28-year-old’s side hustle brings in up to $267K per year

Domonique Brown founded the brand DomoINK in 2020 and her creative artwork side hustle brings in up to $267,000 per year.

Read more at: https://www.cnbc.com/2022/10/25/this-28-year-olds-side-hustle-brings-in-up-to-267k-per-year.html

With Recession And Mass Layoffs Imminent, Dems Throw Fed’s Powell Under-The-Bus For “Risking Millions Of Livelihoods”

“Who could have seen this coming?

In July, we saw the seeds of the Democrat’s plan begin to take hold as several politicians took aim at Fed Chair Jerome Powell as poll numbers started to slide and the Midterms looked like being a disaster:

“It is important for the Fed not to overreach and trigger a recession unnecessarily, as part of its effort to bring inflation down,” said Representative Hakeem Jeffries of New York, the No. 5-ranked House Democratic leader.

“Inflation is a global problem, and is actually not as bad in America as it is in almost every other developed economy in the world,” he told Bloomberg.

Then, in September, none other than Senator Elizabeth Warren unleashed hell on Mr.Powell, tweeting that:

“Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment. I’ve been warning that Chair Powell’s Fed would throw millions of Americans out of work — and I fear he’s already on the path to doing so.”

Interestingly, we noted at the time that  Senate Baking Committee Chair Sherrod Brown, an Ohio Democrat, defended Powell during an interview on Bloomberg Television

Read more at: https://www.zerohedge.com/political/recession-and-mass-layoffs-imminent-dems-throw-feds-powell-under-bus-risking-millions

Russia Doubles Down On ‘Dirty Bomb’ Claim At UN Security Council

The Kremlin said it is raising the issue of Ukraine forces plotting a “dirty bomb” false flag attack, in order to lay blame on Russia for a mass casualty event, at the UN Security Council on Tuesday.

At the same time, Ukraine’s nuclear agency has counter-alleged that Russian forces could be preparing a “terrorist act” with radioactive materials from occupied Zaporizhzhia nuclear power plant. Energoatom said Tuesday that Russian troops have access to 174 containers of spent nuclear fuel, with which Russians could be “preparing an act of nuclear terrorism,” a statement asserted.

Russia’s Permanent Representative of Russia to the United Nations Vasily Nebenzya, AFP via Getty Images “Destruction of these containers as a result of explosion will lead to a radiation accident and radiation contamination of several hundred square kilometers (miles) of the adjacent territory,” Energoatom

Read more at: https://www.zerohedge.com/geopolitical/russia-doubles-down-dirty-bomb-claim-un-security-council

US Charges Multiple CCP Spies In Alleged Campaigns To Recruit US Spies, Obstruct A Criminal Prosecution

Authored by Andrew Thornebrooke via The Epoch Times,

The Department of Justice (DOJ) on Oct. 24 announced charges against 10 Chinese intelligence officers and officials over their alleged involvement in espionage campaigns in the United States to further communist China’s strategic interests.

The charges, across three separate cases, accuse agents of the Chinese Communist Party (

Read more at: https://www.zerohedge.com/geopolitical/us-charges-multiple-ccp-spies-alleged-campaigns-recruit-us-spies-obstruct-criminal

NY Judge Strikes Down NYC Vax Mandate, Slams Mayor; Orders Worker Reinstatement With Back-Pay

A New York Supreme Court judge on Monday struck down NYC’s vaccine mandate for all city workers, finding that the rule was unconstitutional, arbitrary, and capricious.

“So, we just defeated the vaccine mandate for every single city employee—not just sanitation,” said Attorney Chad LaVeglia, who announced the verdict outside the Richmond County courthouse, adding that the mandate was now “null and void.”

#BREAKING Judge Strikes Down NYC Vaccine Mandate for City Workers. “It’s null and void,” says attorney @ChadLaveglia. “We just defeated the vaccine mandate for every single city empl …

Read more at: https://www.zerohedge.com/covid-19/null-and-void-ny-judge-strikes-down-vaccine-mandate-city-workers-slams-nyc-mayor

Pound hits highest level since before mini-budget

It comes as investors welcomed the appointment of Rishi Sunak and the dollar fell.

Read more at: https://www.bbc.co.uk/news/business-63389368?at_medium=RSS&at_campaign=KARANGA

Rishi Sunak: What will the new PM mean for my money?

The new prime minister says there are “difficult decisions to come” and that could affect our finances.

Read more at: https://www.bbc.co.uk/news/business-63387955?at_medium=RSS&at_campaign=KARANGA

Ford Fiesta car set to be discontinued as model scrapped

The BBC understands executives are planning to announce the production will end as early as next year.

Read more at: https://www.bbc.co.uk/news/business-63391466?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms bearish candle. What investors should do on Thursday

During the day, the Nifty remained above the previous consolidation high, suggesting a rise in optimism. Over the short term, the trend is expected to remain strong. On the higher end, resistance is visible at 17,950. On the lower end, support is placed at 17,550/17,400.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-bearish-candle-what-investors-should-do-on-thursday/articleshow/95080403.cms

Rishi Sunak’s wife Akshata earned Rs 126.6 cr dividend income from Infosys in 2022

While Sunak is a British national, his wife Akshata is an Indian citizen. Her non-domiciled status, which allows her to earn money abroad without paying taxes in Britain for a period of up to 15 years, has been a divisive issue in the UK. Non-domiciled status of Akshata became an issue of discussion in Britain when Sunak first entered the race to become the prime minister in April this year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/rishi-sunaks-wife-akshata-earned-rs-126-6-cr-dividend-income-from-infosys-in-2022/articleshow/95075977.cms

Chart Check: 140% in a year! Uptrend intact in this commodity chemical company

The steep rise seen in the stock pushed it towards overbought levels; hence, some consolidation in the short term cannot be ruled out. Short-term traders can look to buy the sock on dips for a target of Rs 1400 in the next 3-4 months, suggest experts. The relative strength index or the RSI on the weekly timeframe is rising.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/chart-check-140-in-a-year-uptrend-intact-in-this-commodity-chemical-company/articleshow/95073725.cms

Eric McCormack and others remember Leslie Jordan: ‘The funniest and flirtiest southern gent I’ve ever known’

The unexpected passing of television star and social media darling Leslie Jordan has spurred a flood of heartfelt tributes.

#ericmccormack #lesliejordan

Read more at: https://biztoc.com/p/r9642m45?ref=rss&rd=1