Scientists Report Breakthrough In Disruptive Perovskite Solar Tech

A research team from City University of Hong Kong (CityU) made a breakthrough by developing an innovative multifunctional and non-volatile additive which can improve the efficiency and stability of perovskite solar cells. The improvement comes by modulating perovskite film growth using a simple and effective strategy that has great potential for facilitating the commercialization of PVSCs. The reporting of the discovery has been published in Nature Photonics. Perovskite solar cells (PVSCs) are a promising alternative to traditional silicon-based…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Scientists-Report-Breakthrough-In-Disruptive-Perovskite-Solar-Tech.html

AI’s Energy Consumption: A Silent Threat To Environmental Sustainability?

As energy companies look to modernize their operations to cut costs and make them more efficient, many are turning to technologies such as machine learning, robotics, and Artificial intelligence (AI). But as with any new technology, it’s important to consider the whole picture. While the use of AI and other tech could help to improve operations, both in fossil fuels and green alternatives, just how much energy does it take to power AI?  There has long been a discussion over the impact of AI on the planet, but with all the buzz around…

Read more at: https://oilprice.com/Energy/Energy-General/AIs-Energy-Consumption-A-Silent-Threat-To-Environmental-Sustainability.html

European Central Bank Hikes Rates To 22-year High

The European Central Bank (ECB) has hiked interest rates by 25 basis points to 3.5%, the highest level in 22 years on Thursday. ECB did not rule out further hikes down the road as it struggles to combat inflation that remains stubbornly high despite a faltering eurozone economy. “Are we done? Have we finished the journey? No. We’re not at our destination. Do we still have ground to cover? Yes, we still have ground to cover,” ECB President Christine Lagarde said at a press conference following the decision. According to Lagarde, wage increases and…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/European-Central-Bank-Hikes-Rates-To-22-year-High.html

Heatwaves Are Sending Demand For Fossil Fuels Soaring

Heatwaves this summer could lead to a surge in fossil fuel use as many countries worldwide continue to rely on oil, gas, and coal to meet their demand peaks. While many governments are striving to increase their renewable energy capacity in line with a green transition, this is a slow process, with many projects taking several years, or even decades, to complete. And even if countries are experiencing success in the gradual transition to green, several are continuing to turn to fossil fuels during times of extremely high demand, causing concern…

Read more at: https://oilprice.com/Energy/Energy-General/Heatwaves-Are-Sending-Demand-For-Fossil-Fuels-Soaring.html

Aluminum Prices Flatline As LME Grapples With Russian Inventory

Via AG Metal Miner Aluminum prices continue to lack enough strength to form either bearish or bullish trends. Since aluminum prices have yet to break out of range meaningfully and there is no established uptrend or downtrend, the market remains highly risky. Altogether, the Aluminum Monthly Metals Index (MMI) dropped 3.19% from May to June. Russian Aluminum in LME Warehouses Up to 68% The LME continues to have a Russian problem. Following a slight dip in April, the share of Russian aluminum in LME warehouses jumped to 68% in May. The problem originated…

Read more at: https://oilprice.com/Metals/Commodities/Aluminum-Prices-Flatline-As-LME-Grapples-With-Russian-Inventory.html

U.S. Crude Trading At Big Discount To Dubai Oil

Heavy trading in Dubai oil has lifted its premium to WTI crude to its highest since late March, a development that could make U.S. crude even more competitive in Asia.  More traders have turned to Dubai after Persian Gulf producers such as Saudi Arabia hiked prices and shipping rates also climbed. Bloomberg has reported that Dubai swaps were trading at a premium of $3.65 a barrel above U.S. benchmark West Texas Intermediate futures in Singapore on Wednesday, with the spread usually smaller than $3. Increased trading of partials–smaller…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Crude-Trading-At-Big-Discount-To-Dubai-Oil.html

New Mexico Is Driving Permian Oil Production Growth

The top-producing U.S. oil basin, the Permian, is setting records in production, although growth has slowed in recent months as the number of drilling rigs drops.   The New Mexico part of the biggest U.S. shale play has seen larger growth than Texas in recent years, data from the U.S. Energy Information Administration (EIA) has shown.   Large producers with a lot of inventory, including Chevron, can shift their Permian drilling programs to more single bench, high-return developments in New Mexico, the U.S. supermajor said earlier…

Read more at: https://oilprice.com/Energy/Crude-Oil/New-Mexico-Is-Driving-Permian-Oil-Production-Growth.html

Russia Pays Sakhalin Dividends In Yuan

Russia has reportedly paid dividends from the Sakhalin 1 and 2 oil projects in Chinese yuan, a shift from its usual practice of paying in dollars, thanks to western sanctions on Russia. The decision to pay in Chinese currency instead of the traditional U.S. dollar comes after Russia was cut off from the US dollar-dominated global payments systems following sweeping sanctions off the Ukraine war.  Last year, Russia announced it will no longer accept American currency as payment for its energy commodities but will instead switch to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Pays-Sakhalin-Dividends-In-Yuan.html

Scientists Leap Forward In Sustainable Hydrogen Production

University of Kansas and Brookhaven National Laboratory chemists have taken a big step toward splitting hydrogen and oxygen molecules to make pure hydrogen – without using fossil fuels. Results from pulse radiolysis experiments have laid bare the complete reaction mechanism for an important group of ‘water-splitting’ catalysts. The work means scientists are closer to making pure hydrogen from renewable energy, an energy source that could contribute to a greener future for the nation and world. The team’s findings…

Read more at: https://oilprice.com/Energy/Energy-General/Scientists-Leap-Forward-In-Sustainable-Hydrogen-Production.html

UN Nuclear Watchdog Returns To Zaporizhzhya Amid Escalating Security Concerns

An International Atomic Energy Agency (IAEA) mission led by the head of the UN nuclear watchdog, Rafael Grossi, has arrived at the Russian-occupied Zaporizhzhya nuclear power plant for an inspection amid growing concerns about the safety of Europe’s largest nuclear station following last week’s breach at the Kakhovka dam downstream that reduced the supply of water the plant uses to keep its reactors from overheating. Grossi’s arrival, postponed by a day due to security concerns, was announced by Ukraine’s nuclear energy company, Enerhoatom,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UN-Nuclear-Watchdog-Returns-To-Zaporizhzhya-Amid-Escalating-Security-Concerns.html

New Truck Orders Defy Troubled Freight Market

In the past week, several Twitter users have pointed to government data on retail sales of heavy-d The context of their posts is that because of robust truck orders, the freight market must also be robust. And since the freight market is robust, they believe, it means that the U.S. economy is also robust. They have good reason for believing this. After all, new truck orders are at very high levels and, in a normal cycle, there is a correlation between robust truck orders and freight demand.  However, FreightWaves readers likely know better. The…

Read more at: https://oilprice.com/Energy/Energy-General/New-Truck-Orders-Defy-Troubled-Freight-Market.html

The Biggest Oil And Gas Deal Of The Year So Far

The recently announced merger of pipeline operators ONEOK and Magellan Midstream Partners is the biggest deal in the oil and gas sector so far this year, with the $18.8-billion value more than fourfold higher than the biggest deal in April, data from S&P Global Market Intelligence has shown. The two major pipeline operators said in the middle of May that ONEOK would buy Magellan Midstream Partners in a cash-and-stock deal valued at $18.8 billion, creating a combined U.S. oil and gas pipeline giant with a total enterprise value of $60 billion.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-Biggest-Oil-And-Gas-Deal-Of-The-Year-So-Far.html

Supertanker Rates Soar As Middle East Oil Shipments Jump

Daily rates for chartering a supertanker to carry oil from the Middle East to Asia have soared this week to the highest since April as the number of cargoes booked this month for Middle East-Asia routes has exceeded expectations, shipbrokers and analysts have told Reuters.   Refineries in Asia have mostly completed spring maintenance and are increasing run rates to meet fuel demand in the summer driving season. In addition, the number of tankers booked this month to ship crude from the Middle East has jumped to the highest so far this…

Read more at: https://oilprice.com/Energy/Energy-General/Supertanker-Rates-Soar-As-Middle-East-Oil-Shipments-Jump.html

Saudi Aramco Buys Carbon Credits At Largest-Ever Auction

Aramco and 15 other Saudi and international companies this week bought more than 2.2 million tons of carbon credits in the largest-ever voluntary carbon credit auction, the organizers of the auction said. The Regional Voluntary Carbon Market Company (RVCMC), the organizer of the auction held in Kenya, was launched at the end of last year by the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, the Saudi Tadawul Group Holding Company. In the auction this week, Saudi Aramco, the world’s largest oil firm, purchased the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Buys-Carbon-Credits-At-Largest-Ever-Auction.html

Kurdistan Has Lost $2 Billion Due To Its Oil Exports Saga

The Kurdistan Regional Government (KRG) has lost $2 billion from oil revenues due to the nearly three-month-long suspension of Kurdish crude oil exports via Turkey, according to estimates by Reuters. Iraq and the semi-autonomous region of Kurdistan have not exported crude oil from the Turkish port of Ceyhan on the Mediterranean since March 25, due to ongoing disputes about who is in charge of exports.   Iraq, OPEC’s second-largest producer after Saudi Arabia, is currently exporting oil only via its southern oil export terminals. Around…

Read more at: https://oilprice.com/Energy/Energy-General/Kurdistan-Has-Lost-2-Billion-Due-To-Its-Oil-Exports-Saga.html

Mediterranean restaurant chain Cava stock soars as much as 117% in market debut

The parent company of Mediterranean restaurant chain Cava started trading on the New York Stock Exchange.

Read more at: https://www.cnbc.com/2023/06/15/cava-group-ipo-cava-starts-trading-on-the-new-york-stock-exchange.html

S&P 500, Nasdaq rally for sixth straight day as traders hope Fed’s rate-hiking cycle is nearly over: Live updates

Investors are betting the Federal Reserve is close to done raising rates after the central bank this week paused its rate-hiking campaign following 10 consecutive increases.

Read more at: https://www.cnbc.com/2023/06/14/stock-market-today-live-updates.html

Justice Department to probe PGA Tour deal with Saudi-funded LIV Golf

The announcement of the deal between LIV Golf and the PGA Tour last week immediately triggered antitrust concerns.

Read more at: https://www.cnbc.com/2023/06/15/pga-tour-liv-golf-merger-justice-department-to-investigate.html

Ultra-long-haul flights are coming back. Qantas wants to break the record

Qantas has placed an order for new Airbus A350-1000 planes for nonstop flights between New York’s John F. Kennedy International Airport and Sydney.

Read more at: https://www.cnbc.com/2023/06/15/ultra-long-haul-flights-return-qantas-wants-to-break-the-record.html

The market isn’t buying the Fed’s tough talk on interest rates

Market pricing reflected a high level of skepticism that the Fed is going to do much more in terms of policy tightening.

Read more at: https://www.cnbc.com/2023/06/15/the-market-isnt-buying-the-feds-tough-talk-on-interest-rates.html

Mercedes-Benz and Microsoft to test ChatGPT in vehicles

Like with other industries, the potential applications of ChatGPT in the automotive industry have emerged as a growing discussion.

Read more at: https://www.cnbc.com/2023/06/15/mercedes-benz-microsoft-to-test-chatgpt-in-vehicles.html

Toyota stock having best week since 2009 after annual meeting, new EV goals

Toyota’s stock is having its best week since 2009 following the company disclosing plans for its next-gen EVs and shareholders voting in favor of its board.

Read more at: https://www.cnbc.com/2023/06/15/toyota-stock-having-best-week-since-2009-after-annual-meeting-new-evs.html

Bitcoin sinks below $25,000, and U.S. withdraws new charges in SBF case for now: 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, Jeffrey Janson, a senior wealth manager with Summit Wealth Partners, explains what people interested in crypto should know before investing in the asset class from DACFP VISION 2023, a crypto investing conference for financial advisors in Austin, Texas.

Read more at: https://www.cnbc.com/video/2023/06/15/bitcoin-sinks-below-25k-and-us-punts-new-charges-sbf-case-to-2024-cnbc-crypto-world.html

Russian ransomware hacker extorted millions from U.S. businesses, prosecutors say

Ruslan Magomedovich Astamirov allegedly used the LockBit ransomware-as-a-service to target five businesses before his arrest by federal law enforcement.

Read more at: https://www.cnbc.com/2023/06/15/russian-ransomware-hacker-extorted-tens-of-millions-says-doj.html

Ukraine war live updates: Tensions rise between Russian mercenaries and Kremlin; Ukraine allies focus on air defenses for Kyiv

Tensions are emerging between Russian President Vladimir Putin and Russia’s high-profile mercenary group. Meanwhile, Ukraine’s allies are set to meet.

Read more at: https://www.cnbc.com/2023/06/15/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Ticketmaster parent Live Nation, others agree to show ‘junk fees’ after Biden pressure

Live Nation and SeatGeek agreed in advance of a meeting with President Biden to commit to show all fees up front for ticket purchases.

Read more at: https://www.cnbc.com/2023/06/15/biden-pushes-ticketmaster-seatgeek-to-show-junk-fees-upfront.html

Disney looks to get out of animation rut with Pixar’s ‘Elemental’

Pixar’s “Elemental” arrives in theaters Friday amid Disney’s struggle to lure audiences to the box office for animated features.

Read more at: https://www.cnbc.com/2023/06/15/disney-looks-to-get-out-of-animation-rut-with-pixars-elemental.html

Twitter has suspended the accounts of a prominent Tesla and Elon Musk critic, Plainsite founder Aaron Greenspan

Before he bought Twitter, Musk remarked, “I hope that even my worst critics remain on Twitter, because that is what free speech means.”

Read more at: https://www.cnbc.com/2023/06/15/elon-musk-led-twitter-suspended-plainsite-a-prominent-tesla-critic.html

Jury Orders Starbucks To Pay $25 Million To Manager They Fired For Being White

Authored by Chris Menahan via Information Liberation,

Starbucks has been ordered by a jury to pay over $25 million in damages to a former regional manager they fired for being white as a sacrificial offering to the Black Lives Matter movement.

From The New York Times, “White Starbucks Manager Fired Amid Furor Over Racism Wins $25 Million”:

In April 2018, two Black men entered a Starbucks shop in the Rittenhouse Square neighborhood of Philadelphia for a business meeting with a white man who had not yet arrived. While they waited, and before ordering, one of the two asked to use the bathroom. He was refused. Eventually, they were asked to leave. When th …

Read more at: https://www.zerohedge.com/political/jury-orders-starbucks-pay-25-million-manager-they-fired-being-white

‘If You Love Your Children, Flee The State’: California GOP Lawmaker

A California state senator has urged parents to “flee” the state if they “love their children” in response to what he calls alarming language in a new gender identity bill.

Sen. Scott Wilk (R-Santa Clarita) is one of two lone Republicans on the state’s Senate Judiciary Committee and has served in the state legislature for 11 years, according to the Daily Signal, who notes that he was the lone voice warning against language in the bill, AB 957, which was amended on June 5 by a Democratic senator to rewrite the state’s Family Code to list “gender affirmation” alongside a ch …

Read more at: https://www.zerohedge.com/political/if-you-love-your-children-flee-state-california-gop-lawmaker

American F-22 Fighter Jets Deployed To Middle East Amid Russian Aircraft Activity

Authored by Katabella Roberts via The Epoch Times (emphasis ours),

U.S. B-1B bombers, F-22 fighter jets, and F-35 fighter jets fly in air during joint drills between the United States and South Korea on Feb. 1, 2023, in a still from video. (South Korea’s Defense Ministry Handout via Reuters/Screenshot via The Epoch Times)The United States deployed F-22 fighter jets to the Middle East this week as part of a “multifaceted show of U.S. support and capability” amid “increasingly unsafe and unprofessional behavior” by Russian aircraft in the region.

U.S. Central Command (CENTCOM) said in a June 14 press release that the F-22 Raptors are from the 94th Fighter Squadron out of Langley Air Forc …

Read more at: https://www.zerohedge.com/geopolitical/american-f-22-fighter-jets-deployed-middle-east-amid-russian-aircraft-activity

The New Playbook For U.S. Shale: More For Shareholders, Less Output Growth

By Alex Kimani of Oilprice.com

The last two energy crises that threatened hundreds of energy companies with bankruptcy have rewritten the O&G playbook. At the height of the shale boom,  the U.S. Shale Patch expanded production aggressively and also made numerous aggressive tactical or cyclical acquisitions. However, the 2020 oil price crash that sent oil prices into negative territory has seen energy companies adopt a more restrained, strategic, and environment-focused approach in their spending.

U.S. shale drillers have abandoned their trigger-happy drilling days and are mostly sticking to their pledge to cut costs, return money to shareholders in dividends and share buybacks, and also pay down debt. This has pretty much become the trend even on a global scale.

Many investors may already be aware of the new modus operandi by oil and gas …

Read more at: https://www.zerohedge.com/markets/new-playbook-us-shale-more-shareholders-less-output-growth

Nationwide latest lender to raise mortgage rates again

One broker describes the current situation as a vicious circle as the mortgage maelstrom continues.

Read more at: https://www.bbc.co.uk/news/business-65921085?at_medium=RSS&at_campaign=KARANGA

Odey firm to be broken up after harassment claims against its founder

The hedge fund will be dismantled after allegations emerged about its founder Crispin Odey.

Read more at: https://www.bbc.co.uk/news/business-65915676?at_medium=RSS&at_campaign=KARANGA

Energy saving to return to prevent winter blackouts

National Grid says that the Russia-Ukraine war poses a risk to future energy supplies.

Read more at: https://www.bbc.co.uk/news/business-65915346?at_medium=RSS&at_campaign=KARANGA

Bain Capital sells 0.7% stake in Axis Bank for Rs 2,178 crore, 50 FPIs lap up shares

It was the second time in less than a year that Bain Capital reduced its stake in the bank. Following the sale, Bain now holds around 1.3% stake in the bank’s capital. Morgan Stanley, Goldman Sachs, Kuwait Investment Authority, Hartford and Nomura were among the domestic and foreign institutions that bought stakes as part of the block deal.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/bain-capital-sells-0-7-stake-in-axis-bank-for-rs-2178-crore-50-fpis-lap-up-stake/articleshow/101025783.cms

Tech View: Nifty forms Engulfing Bear candle on charts. What should traders do on Friday?

The Nifty index ended down 68 points after making consecutive higher highs, forming a short-term top reversal pattern. Analysts predict a range of consolidation between 18,800-18,500 and recommend holding above the 20-day moving average and support levels of 18,636 and 18,550. India VIX dropped slightly, causing premiums to squeeze, and options suggest a broader trading range of 18,450-18,900. The Bank Nifty is forecast to trend lower towards 43,000 and has breached its consolidation range of 44,000-44,500.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-engulfing-bear-candle-on-charts-what-should-traders-do-on-friday/articleshow/101022661.cms

In One Chart: Dear landlord: A recession could make your office property woes worse, not better

Landlords struggling to repay their debts should be careful about hoping for a U.S. recession that sparks Federal Reserve interest rate cuts, according to Deutsche Bank.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7213-40BB2D2932E5%7D&siteid=rss&rss=1

The Fine Print: Biden is cracking down on ‘junk fees’ with the help of Airbnb and Live Nation — here’s how to avoid them

Executives from Airbnb, Ticketmaster, Live Nation and other companies will join the president at an event to discuss junk fees at the White House on Thursday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7214-6BC175BDBF2F%7D&siteid=rss&rss=1

Market Snapshot: Dow jumps nearly 450 points as S&P 500, Nasdaq hit fresh 14-month highs despite hawkish Fed and ECB

The Dow rose nearly 450 points Thursday while the S&P 500 index and Nasdaq Composite hit fresh 14-month highs as investors digested a raft of U.S. economic data while shrugging off a hawkish Federal Reserve and another interest-rate hike from the European Central Bank.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7213-D811A43A6F86%7D&siteid=rss&rss=1