Can E-Sports Help Gulf Countries Diversify Away From Oil?

As Gulf countries implement plans to diversify their economies and create jobs, they are increasingly investing in the growing industry around competitive video games known as electronic sports (e-sports). In February the gaming unit of Saudi Arabia’s Public Investment Fund, Savvy Games Group, purchased a $265m stake in China’s Tencent Holdings-backed e-sports company VSPO, becoming its largest equity holder. Savvy Games Group also increased its share of Japanese gaming giant Nintendo to 8.3%, after purchasing a 5% position in the company…

Read more at: https://oilprice.com/Energy/Energy-General/Can-E-Sports-Help-Gulf-Countries-Diversify-Away-From-Oil.html

Prices At The Pump Rise For Second Straight Week

The national average for a gallon of gasoline in the United States has risen for the second week in a row, up 8.8 cents from a week ago, to $3.57, according to GasBuddy, and up to $3.64 per gallon based on AAA data. GasBuddy data shows the national average up 13 cents from a month ago, but still 52.6 cents lower than a year ago. Diesel has gone in the reverse direction, down 1.6 cents in the past week, at $4.15 per gallon, and down 88.9 cents compared to year-ago prices. That represents the “narrowest difference” to gasoline in over…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Prices-At-The-Pump-Rise-For-Second-Straight-Week.html

America’s Hourly Energy Mix, Explained

The U.S. has a dynamic electricity mix, with a range of energy sources generating electricity at different times of the day. At all times, the amount of electricity generated must match demand in order to keep the power grid in balance, which leads to cyclical patterns in daily and weekly electricity generation. The graphic below, via Visual Capitalist’s Govind Bhutada and Sabrina Lam, tracks hourly changes in U.S. electricity generation over one week, based on data from the U.S. Energy Information Administration (EIA). The Three Types of Power…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Americas-Hourly-Energy-Mix-Explained.html

Pioneer Surges 6% After Informal Exxon Talks

Pioneer Natural Resources (NYSE:PXD) shares have gained 6% so far on Monday following news reports that ExxonMobil is considering an acquisition of the pure-play shale producer in the Permian basin. At 1:09 p.m. EST, Pioneer stock was trading up 6.13%, to $220.93, for a gain of over $12.77 on the day.  On Friday, the Wall Street Journal broke a story citing unnamed sources close to the matter as saying that Exxon had held early informal talks about acquiring Pioneer as it seeks to increase its footprint in the U.S. shale patch.  Such…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Pioneer-Surges-6-After-Informal-Exxon-Talks.html

Sinopec Has Big Plans For Green Hydrogen

Sinopec, China’s oil and chemical giant, is set to build the first ‘West to East’ green hydrogen transmission line in the country, according to a report in state media.  The company will construct a 400km pipeline from Inner Mongolia’s Ulanqab to Beijing to transfer hydrogen from renewable energy projects in the northwestern region to cities in China’s east. The pipeline, set to have an initial capacity of 100,000 tonnes a year, will also have ports to grant access to new potential hydrogen sources. While China already has pipelines for…

Read more at: https://oilprice.com/Energy/Energy-General/Sinopec-Has-Big-Plans-For-Green-Hydrogen.html

Octopus Energy Eyes Offshore Wind Partnerships In Japan

British energy supplier, Octopus Energy, is looking to ramp up its renewable energy supply mix in Japan. The company entered the Japanese market in late 2020 via a joint venture with Tokyo Gas and has garnered approximately 160,000 customers.  The energy supplier currently relies on Tokyo Gas for electricity. About 80% is sourced through liquefied natural gas (LNG)-fired power generation.  However, the company’s Japanese arm plans on adding more renewable energy to its procurement portfolio, as the purchasing price of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Octopus-Energy-Eyes-Offshore-Wind-Partnerships-In-Japan.html

Kazakhstan Increases Fuel Prices To Protect National Interests

Kazakhstan’s government has announced an imminent increase in the price of fuel, effectively declaring defeat in its attempt to keep costs low for domestic consumers.  As of April 12, the benchmark cost of AI-92 gasoline, the type most favored by Kazakh motorists, will increase by 11 percent to 205 tenge ($0.46) per liter, while prices for diesel will go up by 20 percent to 295 tenge. “This is not an easy decision, but it has been forced upon us. If this is not done now, then in the near future we will face a shortage of fuel,”…

Read more at: https://oilprice.com/Energy/Energy-General/Kazakhstan-Increases-Fuel-Prices-To-Protect-National-Interests.html

Glencore-Teck Merger Proposal Faces Skepticism

Via AG Metal Miner On April 3, a multinational commodity trader and mining group Glencore announced its proposal for a merger with Canada’s Teck Resources. Estimates say the metal manufacturing merger could potentially create $4.25-5.25 billion of post-tax synergy value. However, Vancouver-headquartered Teck announced its rejection of the offer on the same day. “The board of directors of Teck has received and unanimously rejected an unsolicited and opportunistic acquisition proposal from Glencore,” the response read. “(the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Glencore-Teck-Merger-Proposal-Faces-Skepticism.html

Russian Diesel Exports Find New Home In Latin America

The European Union’s embargo on Russian oil products, which went into effect on February 5, has resulted in the diversion of Russian diesel not only to Asia, Africa, and the Middle East, but also increasingly to Latin America. For the month of March, Russia exported more than 580,000 tonnes of diesel to South America and Latin America, Reuters reports, citing Refinitiv Eikon data, with 440,000 tonnes of that going to the Brazilian market. That compares to a total of 663,000 tonnes from January through March, up from 74,000 tonnes for the entirety…

Read more at: https://oilprice.com/Energy/Energy-General/Russian-Diesel-Exports-Find-New-Home-In-Latin-America.html

China Sees EV Sales Slumping To 8 Million In 2023

Auto sales in China showed little growth in March compared to the same period last year, according to data released by the China Passenger Car Association (CPCA).  Passenger vehicle sales stagnated at 1.61 million units, while sales for the first three months fell by 13.4% to 4.33 million.  The figures for new energy vehicles (NEVs), including battery electric cars and hybrids, were much more promising, with a 21.9% rise in sales for March and 34% of total sales for the month.  BYD maintained a significant lead in the NEV…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Sees-EV-Sales-Slumping-To-8-Million-In-2023.html

Indian Fuel Demand Continues To Rise

India’s fuel demand jumped by 5% in March compared to a year earlier, official data showed on Monday, as the world’s third-largest crude oil importer continues to see consumption growing. Indian fuel consumption stood at 20.5 million tons last month, according to data from India’s Oil Ministry cited by Reuters.   Demand for both diesel and gasoline rose in March compared to both March last year and February this year, the data showed. Gasoline demand jumped by 6.8% year-on-year. In February, Indian fuel demand was estimated…

Read more at: https://oilprice.com/Energy/Energy-General/Indian-Fuel-Demand-Continues-To-Rise.html

Oil Prices Head Lower In Calmer Trade

Oil prices turned lower on Monday morning ET in a relatively calm and steady thin trade due to the Easter holiday. As of 9:35 a.m. EDT on Monday, the U.S. benchmark WTI Crude was down by 0.29% at $80.43, and the international benchmark, Brent Crude, was down by 0.39% on the day at $84.74. Oil booked a major 7% gain last week, which was a day shorter due to Good Friday. The jump in prices last week followed the surprise announcement of several major OPEC+ producers that they would voluntarily cut total crude oil production by 1.66 million barrels…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Head-Lower-In-Calmer-Trade.html

Russia Cuts More Oil Production Than Anticipated

Russia has reduced its crude oil production by 700,000 bpd in March, a person familiar with Russian Energy Ministry figures told Bloomberg. Russia warned in February that it would cut crude oil production in the sanctioned nation by 500,000 bpd. At the time, Deputy Prime Minister Alexander Novak said the decreased production was due to the EU import bans and price caps on the nation’s products. Initially, Novak said the cuts would be for March only. But 2/3rds of the way through March, Novak updated the timeline, saying the cut would be extended.…

Read more at: https://oilprice.com/Energy/Crude-Oil/Russia-Cuts-More-Oil-Production-Than-Anticipated.html

Russian Crude Cargo Unloaded In Ghana After Waiting For Six Weeks

Ghana has just received its first cargo of crude from Russia in at least four years after an oil tanker that had waited for permission to dock for six weeks was cleared to discharge the oil this weekend, tanker-tracking data compiled by Bloomberg showed on Monday. The Theseus crude tanker was in the Gulf of Guinea on Monday, according to data from MarineTraffic. The tanker loaded with what is believed to be Russian crude oil departed from Russia’s Black Sea port of Novorossiysk at the end of January. It arrived close to Ghana’s coasts…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Crude-Cargo-Unloaded-In-Ghana-After-Waiting-For-Six-Weeks.html

Turkey Says Its Black Sea Natural Gas Discoveries Are Worth Over $500 Billion

The volumes of natural gas that Turkey has found so far in the Black Sea are worth in excess of $500 billion, Turkish Energy and Natural Resources Minister Fatih Dönmez told broadcaster CNN Türk. The huge gas finds would be enough to supply all households in the country for 35 years, or to cover total Turkish natural gas consumption, including from industry, for 15 to 20 years, the minister added.   Last week, Turkish Petroleum (TPAO) said on Twitter that the installation of the pipes connecting the energy base in the Black Sea to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Turkey-Says-Its-Black-Sea-Natural-Gas-Discoveries-Are-Worth-Over-500-Billion.html

S&P 500 ends Monday slightly higher as investors anticipate key inflation data: Live updates

Investors are awaiting the latest consumer price index and producer price index reports.

Read more at: https://www.cnbc.com/2023/04/09/stock-market-today-live-updates.html

Warren Buffett-backed BYD announces new shock absorption tech for premium EVs

Electric vehicle giant BYD is banking on new driver-assist technology to smooth out car rides and get the edge on its EV competition.

Read more at: https://www.cnbc.com/2023/04/10/byd-shock-absorption-tech-premium-evs.html

FBI warns against using public phone charging stations

The law enforcement agency said bad actors had figured out how to infect phones with malware using public charging cables.

Read more at: https://www.cnbc.com/2023/04/10/fbi-says-you-shouldnt-use-public-phone-charging-stations.html

DOJ asks appeals court to keep abortion pill mifepristone on market in case that may end up at Supreme Court

Danco Laboratories will likely ask the Supreme Court to intervene if the 5th Circuit does not at least temporarily block Kacsmaryk’s decision.

Read more at: https://www.cnbc.com/2023/04/10/abortion-pill-us-asks-appeals-court-to-keep-mifepristone-on-market.html

Bernstein says if you like gold, you should like Bitcoin even more

Bitcoin has been on a tear this year, and the cryptocurrency’s correlation with stocks has fallen, the firm found.

Read more at: https://www.cnbc.com/2023/04/10/bernstein-says-if-you-like-gold-you-should-like-bitcoin-even-more.html

New report highlights FTX mismanagement, and Arkansas passes crypto mining bill: CNBC Crypto World

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Arca’s CIO Jeff Dorman explains what’s moving crypto markets and what to expect from Ethereum’s Shanghai upgrade.

Read more at: https://www.cnbc.com/video/2023/04/10/new-report-ftx-mismanagement-arkansas-crypto-mining-bill-cnbc-crypto-world.html

Trump appeals order for Pence to testify in special counsel Jan. 6 probe

Pence said he would comply with a subpoena for his testimony before the federal grand jury involved in the special counsel’s Trump-focused probe.

Read more at: https://www.cnbc.com/2023/04/10/donald-trump-appeals-order-for-mike-pence-to-testify-in-jan-6-probe.html

Moderna says it hopes to offer new vaccines for cancer, heart disease, and other conditions by 2030

Moderna’s chief medical officer said advancements in mRNA technology since the outset of the Covid pandemic have ushered in a golden age for new vaccines.

Read more at: https://www.cnbc.com/2023/04/10/moderna-hopes-to-offer-new-vaccines-for-cancer-heart-disease-by-2030.html

Warren, AOC press top Silicon Valley Bank depositors about any cushy treatment they received

Progressive Democrats Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez demanded answers from SVB’s 14 largest depositors.

Read more at: https://www.cnbc.com/2023/04/10/warren-aoc-press-silicon-valley-bank-depositors-about-treatment.html

DOJ asks judge to clarify the legality of abortion pill mifepristone after dueling court rulings

Dueling court rulings out of Washington state and Texas have created confusion about the abortion pill mifepristone’s legal status in the U.S.

Read more at: https://www.cnbc.com/2023/04/10/mifepristone-abortion-pill-doj-asks-judge-to-clarify-court-rulings.html

These are the top 10 busiest airports in the world—5 of them are in the U.S.

Atlanta’s Hartsfield-Jackson international airport was the busiest airport in the world in 2022, according to Airports Council International’s annual ranking.

Read more at: https://www.cnbc.com/2023/04/10/world-busiest-airports-airports-council-international-ranking.html

That $7,500 electric vehicle tax credit may soon be harder to get. Here are 2 workarounds

Treasury Department rules for new electric vehicles will likely limit the cars qualifying for a tax break. Leasing or buying used EVs are potential workarounds.

Read more at: https://www.cnbc.com/2023/04/10/7500-new-ev-tax-credit-workarounds-to-irs-rules.html

Sen. Lindsey Graham Says He Would Support Sending American Troops To Taiwan

Authored by Jeff Louderback via The Epoch Times (emphasis ours),

The United States should aggressively train Taiwanese forces “so they can fight like Ukrainians,” send F-16 jets to the island, install nuclear-tipped missiles in its submarines, and dispatch American troops to defend the nation, Sen. Lindsey Graham (R-S.C.) told Fox News Sunday on April 9.

Graham said that Congress needs to ask itself, “‘Should we have a defense agreement with the island of Taiwan?’ We don’t,” he said. “But yes, I’d be very much open to using U.S. forces to defend Taiwan because it’s in our national security interest to do so.”

Graham said he believes the Chinese Communist Party (CCP) in Beijing is “setting the stage possibly for a blockade of Taiwan.”

“The Communist Chinese party is going to test us drama …

Read more at: https://www.zerohedge.com/political/sen-lindsey-graham-says-he-would-support-sending-american-troops-taiwan

Dalai Lama Apologizes After Kissing Boy, Asking To ‘Suck My Tongue’

If you had ‘the Dalai Lama is probably a giant pedo’ on your bingo card, congrats.

The spiritual leader has apologized after kissing a young boy on the lips and then asking him to “suck his tongue” at a public event in India. The incident took place in late February at his temple in Dharamshala, where around 100 young students who had just graduated from the Indian M3M Foundation were present, The Guardian reports.

In a viral video, the young boy can be seen asking the 87-year-old “Can I hug you?”

To which the Dalai Lama told him to come up to where he was seated, before motioning to his cheek and saying “first here” – after which the child kissed him and gave him a hug.

Then the Dalai Lama, keeping a grip on the boy, said “I think here also,” before planting a kiss on the child’s lips.

“And suck my tongue,” he continued – sticking out his …

Read more at: https://www.zerohedge.com/political/dalai-lama-apologizes-after-kissing-boy-asking-suck-my-tongue

Peter Schiff: This Banking Crisis Is the Cusp Of A Much Worse Financial Crisis

Via SchiffGold.com,

Peter Schiff appeared on TraderTV to talk about the failure of Silicon Valley Bank and Signature Bank, the bailout, and what might lie ahead. Peter emphasized that this banking crisis isn’t over. In fact, it is just the beginning of a much worse financial crisis.

Peter started out the interview by pointing out that the failure of these two banks was the very obvious result of Fed policy combined with the moral hazards inherent in government-insured banking.

The reason that we’re going to have so many failures is because the Fed kept interest rates so low for so long. That’s what enabled Silicon Valley Bank, Signature Bank and just about eve …

Read more at: https://www.zerohedge.com/personal-finance/peter-schiff-banking-crisis-cusp-much-worse-financial-crisis

Fresh Missile Attack On US Base At Syria’s Conoco Gas Fields

A new rocket attack has reportedly taken place against an American military base at the Conoco gas fields in eastern Syria, near the city of Deir ez-Zor on Monday.

US occupation forces have been coming under increased pressure and sporadic attacks from likely Iran-backed militant groups. It’s also possible that forces linked to the Syrian government are seeking to force the Pentagon out of sovereign Syria territory.

Few details were issued in the immediate aftermath, but the fresh attack comes after the biggest flare-up in tit-for-tat attacks between “Iran-backed” fighters and the US which took place at the end of March.

Those March rocket attacks left one US contractor dead and at least six injured with that defense officials described as “traumatic brain injuries” which resulted from the blasts.

Read more at: https://www.zerohedge.com/geopolitical/fresh-missile-attack-us-base-syrias-conoco-gas-fields

Vodafone says UK broadband services back to normal

The firm apologises after around 11,000 customers could not connect to the internet for much of the day.

Read more at: https://www.bbc.co.uk/news/technology-65230801?at_medium=RSS&at_campaign=KARANGA

Wizz Air performs worst for flight delays

The airline comes out bottom in an analysis of more than 2,500 flights for the second year in a row.

Read more at: https://www.bbc.co.uk/news/uk-65228868?at_medium=RSS&at_campaign=KARANGA

The Ukrainian refugees making a living somewhere new

After fleeing the war in Ukraine, refugees share their experiences of finding work in their new homes.

Read more at: https://www.bbc.co.uk/news/business-64663105?at_medium=RSS&at_campaign=KARANGA

8 Nifty Bank stock ICICI Direct has given a buy rating

>> For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/8-nifty-bank-stocks-icici-direct-has-given-a-buy-rating/articleshow/99386667.cms

Govt kickstarts IREDA IPO process, scouts for merchant bankers

Indian Renewable Energy Development Agency Ltd (IREDA) is under the administrative control of the Ministry of New and Renewable Energy (MNRE) and engaged in the financing of renewable energy and energy efficiency projects.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/govt-kickstarts-ireda-ipo-process-scouts-for-merchant-bankers/articleshow/99382918.cms

Front Office Sports: Who is the highest-paid men’s college basketball coach?

BY GREG LEE AND AMANDA CHRISTOVICH

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71D0-A01340AC8DE3%7D&siteid=rss&rss=1

The Ratings Game: Samsung production cuts send Micron’s stock to the best day in more than a year: ‘This is a big deal.’

Micron Technology Inc. shares rallied for their best day in more than a year Monday after a huge overhang on the memory-chip market relaxed.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71D0-3B9AA74DDDE8%7D&siteid=rss&rss=1

Bond Report: 3-month T-bill rate leads advance in yields ahead of Wednesday’s CPI data

Yields advance as traders price in a better-than-not chance of the Fed-funds rate going a bit above 5% next month and staying there until at least June.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-71D0-06FE606D53CC%7D&siteid=rss&rss=1