Rising Interest Rates And Inflation Threaten UK Manufacturing

Higher interest rates, strong inflation and pessimistic expectations for growth are weighing down businesses across the UK’s services and manufacturing sectors, according to the latest gloomy report on the country’s flagging economy. This month’s data from the S&P Global’s Composite Purchasing Managers’ Index (PMI) indicates the UK is in the challenging position of historically elevated interest rates amid signs of an economic slowdown. The index surveys businesses in the services and manufacturing sectors –…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rising-Interest-Rates-And-Inflation-Threaten-UK-Manufacturing.html

First Major Solar Power Plant Takes Shape In Azerbaijan

Azerbaijan has begun installation of solar panels at its 230 MW Garadagh plant, the country’s first major solar power plant. Developed by United Arab Emirates-based renewable energy company Masdar, the plant is expected to be operating by the end of this year, producing 500 gigawatt hours (GWh) annually. Azerbaijan has been encouraging the development of new renewable energy projects with the aim of meeting 30 percent of the country’s power demand from renewables by 2030. Baku believes that by developing its renewable energy potential,…

Read more at: https://oilprice.com/Energy/Energy-General/First-Major-Solar-Power-Plant-Takes-Shape-In-Azerbaijan.html

U.S. Oil Drilling Slow Down Continues

The total number of total active drilling rigs in the United States fell by 5 this week, according to new data from Baker Hughes published Friday, falling by more than 70 rigs over the last two months. The total rig count fell to 682 this week—71 rigs below this time last year. The current count is 393 fewer rigs than the rig count at the beginning of 2019, prior to the pandemic. The number of oil rigs declined by 6 this week to 546, while the number of gas rigs stayed the same, at 130. Gas rigs are now 27 below where they were a year ago,…

Read more at: https://oilprice.com/Energy/Energy-General/US-Oil-Drilling-Slow-Down-Continues.html

Copper Needs to Be Classified as Critical Metal

Copper should be classified as a critical material by the U.S. government, billionaire mining investor Robert Friedland said in a Bloomberg TV interview. “It has to be, it’s obvious,” Friedland said, speaking of classifying copper as a critical material under the terms of Biden’s Inflation Reduction Act, which looks to reduce dependence on China for materials related to clean energy, such as copper. “America hasn’t developed a mine of consequence for 40 years. The mining of copper is absolutely critical,”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Copper-Needs-to-Be-Classified-as-Critical-Metal.html

Sky-High Energy Prices Propel German Corporate Flight

German energy prices have skyrocketed over the past year, leading several companies to consider relocating to cheaper locations. Siegfried Russwurm, the head of the German Industry Federation (BDI), stated that the energy situation is bad enough for companies to seriously consider relocating their operations. Russwurm explained “A lot of family-owned companies… have very operational plans to relocate” due to the plethora of obstacles they are facing in Germany.  While a lot of Germany-headquartered businesses are seeing success…

Read more at: https://oilprice.com/Energy/Energy-General/Sky-High-Energy-Prices-Propel-German-Corporate-Flight.html

Korean Convenience Store Launches Gold Bar Vending Machines

Buying physical precious metals is a time-proven method of securing generational wealth while reckless central bankers debase currencies and ignite the worst inflation storm in a generation. Gold and silver investing has long been seen as a hedge against inflation and a store of value against currencies. Access to physical precious metals is challenging and usually involves a bullion dealer. Sometimes online dealers take weeks to receive the delivery.  South Korean convenience store GS Retail, with 10,000 locations, has understood the soaring…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Korean-Convenience-Store-Launches-Gold-Bar-Vending-Machines.html

Nigeria Owes Oil Majors $3 Billion For Crude Swaps

Nigeria owes up to $3 billion to supermajors and trading giants for the fuel-for-crude swaps via which Africa’s biggest oil producer has been importing fuel to meet domestic demand, Reuters reported on Friday, citing executives and traders.   Despite being the largest crude oil producer in Africa, Nigeria lacks enough refining capacity to meet all its domestic fuel demand. So the country has relied for years on the so-called Direct Purchase Direct Sale (DSDP) under which it imports fuels in exchange for crude cargoes to major trading…

Read more at: https://oilprice.com/Energy/Energy-General/Nigeria-Owes-Oil-Majors-3-Billion-For-Crude-Swaps.html

India Looks To Fund State Refiners’ Net-Zero Operations Goals

India’s government this week asked some of the biggest state oil refiners to launch rights issues with which the authorities plan to help fund the firms’ net-zero and energy transition goals, Reuters reported on Friday, quoting sources with knowledge of the matter. The government will be seeking equity in Indian Oil Corp and Bharat Petroleum Corporation Limited (BPCL) via rights issues, and has asked Hindustan Petroleum Corporation Limited (HPCL) to issue preferential shares to the government. In exchange for the equity in the refiners,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Looks-To-Fund-State-Refiners-Net-Zero-Operations-Goals.html

Central Bank Action Pushes Oil Prices Down Again

The West Texas Intermediate (WTI) crude oil market experienced a week of volatility, influenced by a combination of supply dynamics and demand factors. The futures contract witnessed a significant decline of approximately 4% on Thursday, erasing the earlier gains for the week. This downturn was primarily triggered by the Bank of England’s bigger-than-expected rate hike, which raised concerns about the economy and fuel demand. Despite the support from a surprise draw in U.S. oil supplies, these worries outweighed the positive impact and pushed the…

Read more at: https://oilprice.com/Energy/Energy-General/Central-Bank-Action-Pushes-Oil-Prices-Down-Again.html

How The World’s Top LNG Exporter Could Lose Its Crown

Australia became the world’s leading exporter of LNG last year. Now, there are claims coming from the industry itself that Australia could lose its LNG superpower status or far worse. It’s a curious claim after shipping an astounding 82 million tonnes of LNG valued at $63 billion last year. That was a world record (the U.S. exported just over 79 million tonnes and Qatar exported just over 81 million tonnes).  When the claim comes directly from the operator of Australia’s Darwin-based Ichthys LNG project and one of Australian…

Read more at: https://oilprice.com/Energy/Energy-General/How-The-Worlds-Top-LNG-Exporter-Could-Lose-Its-Crown.html

Texas Natural Gas Demand Surges

1. Buoyed by SPR Replenishment, US Sour Grades Roar Back to Strength- The end of US SPR releases and firm demand from Gulf Coast refineries have strengthened the differentials of medium sour grade Mars, gaining some $6 per barrel since the start of the year. – With Mars currently trading at a $0.30 per barrel premium to WTI, the region’s main benchmark, it has almost closed the gap with the USGC favorite Light Louisiana Sweet. – US gasoline demand figures have been consistently above 2022 readings, averaging between 9.2 and 9.3 million b/d,…

Read more at: https://oilprice.com/Energy/Energy-General/Texas-Natural-Gas-Demand-Surges.html

Political Chaos Hinders Lebanon’s Oil And Gas Hopes

Politics, Geopolitics & Conflict A month after TotalEnergies said it would finally start filling offshore Lebanon in the third quarter of this year, political chaos (again) threatens to throw a wrench in the fractured country’s plans to boost its failing economy and energy supplies with a hoped-for oil and/or gas discovery in the prolific Levant Basin. Lebanon has a vacant presidency and it’s largely depending on external forces to resolve it before it completely collapses. After 12 tries at electing a new president, the vacuum…

Read more at: https://oilprice.com/Energy/Energy-General/Political-Chaos-Hinders-Lebanons-Oil-And-Gas-Hopes.html

Activist Investors Have Created A Buying Opportunity In This Energy Stock

Under normal circumstances, I don’t like to see activist investors getting involved in companies whose stock I own or am considering buying. Almost by definition, the hedge funds and investment firms that constitute the kind of investor who believes that a minority stake in a company entitles them to set the agenda have short-term goals, and focusing on the next quarter rather than the next decade is, I believe, a plague that has negatively impacted corporations worldwide. There are, however, exceptions to my distrust of stocks with activist…

Read more at: https://oilprice.com/Energy/Energy-General/Activist-Investors-Have-Created-A-Buying-Opportunity-In-This-Energy-Stock.html

Central Bank Rate Hikes Force Oil Prices Lower

Macro-economic headwinds continue to plague the oil markets, and central bank action this week has turned the sentiment decidedly bearish.Friday, June 23rd, 2023The reign of central banks over the oil markets continued this week as the Bank of England surprised markets by a 0.5pp interest rate hike, stoking fears that Europe’s recession is just as real as it is for the US. Seeing Norway and Switzerland hike interest rates on the same day, macroeconomic headwinds have pushed Brent futures to $73 per barrel whilst WTI is down at $68 per barrel. Petrobras…

Read more at: https://oilprice.com/Energy/Energy-General/Central-Bank-Rate-Hikes-Force-Oil-Prices-Lower.html

Russia’s Gazprom Looks To Africa For Gas Production

Gazprom is ready to help African countries to produce natural gas, representatives of the Russian gas giant said at a meeting with officials from African countries in Johannesburg this week. “I believe that Gazprom’s experience implementing liquefied natural gas and gas pipeline construction projects could be of interest to South African partners,” Russian Ambassador to South Africa, Ilya Rogachev, was quoted as saying by Interfax at the roundtable to discuss the benefits of natural gas for Africa.   Representatives from nine African…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Gazprom-Looks-To-Africa-For-Gas-Production.html

Grindr went public 7 months ago. Here’s what’s happened since then

The company going public on the stock market was initially cheered as a step forward for inclusion.

Read more at: https://www.cnbc.com/2023/06/23/grindr-went-public-7-months-ago-heres-whats-happened-since.html

Companies without direct A.I. link try to ride the Wall Street craze

Here’s what some companies outside of the artificial intelligence sphere are presenting an A.I. to investors and the public.

Read more at: https://www.cnbc.com/2023/06/23/stock-market-outlook-artificial-intelligence-ai-investing-plays-wall-street-picks.html

Stocks tumble on Friday, Nasdaq snaps eight-week winning streak: Live updates

Stocks fell, with Wall Street on track to post a losing week as a rally that carried the broader market in recent months appeared to run out of steam.

Read more at: https://www.cnbc.com/2023/06/22/stock-market-today-live-updates.html

Buy Buy Baby suitors lose interest in keeping stores open as auction nears

While Bed Bath & Beyond’s Buy Buy Baby has a number of suitors circling its assets, interest has waned in keeping the chain’s store footprint alive.

Read more at: https://www.cnbc.com/2023/06/23/buy-buy-baby-suitors-lose-interest-in-keeping-stores-open.html

Market momentum wanes heading into the final week of June after monster rally in the first half

Markets were in a tug of war between the bulls and the bears this week, a dynamic that some expect could continue next week.

Read more at: https://www.cnbc.com/2023/06/23/market-momentum-wanes-heading-into-the-final-week-of-june-after-monster-rally-in-the-first-half.html

Oregon county sues oil, gas companies including Exxon, Shell, Chevron for deadly 2021 Pacific Northwest heat dome

Multnomah County in Oregon has filed a lawsuit against oil and gas companies including Exxon, Shell, Chevron for the 2021 deadly heat dome.

Read more at: https://www.cnbc.com/2023/06/23/multnomah-county-in-oregon-sues-oil-gas-companies-for-2021-heat-dome.html

Ukraine war live updates: Mercenary chief says Russian invasion based on lies; Ukraine intercepts missile attack

Ukrainian military leaders say the most difficult fighting is yet to come as the country’s long-awaited counteroffensive hasn’t made major gains.

Read more at: https://www.cnbc.com/2023/06/23/russia-ukraine-live-updates.html

Bitcoin briefly rises above $31,000 to highest level in more than a year to cap the week

The benchmark cryptocurrency extended the week’s gain to more than 17%.

Read more at: https://www.cnbc.com/2023/06/23/bitcoin-rises-above-31000-to-highest-in-over-a-year-to-cap-the-week.html

NY Gov. Hochul signs bill to protect abortion providers sending pills into states with bans

The New York legislation could help expand medication abortion access in the U.S. by allowing more patients to end pregnancies without traveling out-of-state.

Read more at: https://www.cnbc.com/2023/06/23/hochul-signs-bill-to-protect-abortion-pill-providers.html

Trump gets first GOP endorsements since his indictment in classified documents case

A conservative audience booed former New Jersey Gov. Chris Christie when he criticized Trump for a “failure of leadership.”

Read more at: https://www.cnbc.com/2023/06/23/trump-first-endorsements-since-classified-docs-indictment.html

Bitcoin crosses $31,000, and Supreme Court rules in favor of Coinbase in dispute: 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, Michael Casey, CoinDesk’s chief content officer, breaks down the findings of an 83-page report outlining the most pressing challenges in crypto.

Read more at: https://www.cnbc.com/video/2023/06/23/bitcoin-crosses-31000-supreme-court-rules-coinbase-cnbc-crypto-world.html

Musk-Zuckerberg ‘cage match’ PPV would cost $100, bring in over $1 billion: ‘This would be the biggest fight ever in the history of the world’

The tech CEOs told White they are ‘absolutely dead serious’ about fighting one another.

Read more at: https://www.cnbc.com/2023/06/23/musk-zuckerberg-ufc-cage-match-will-cost-100-dollars.html

Investors are buying this ETF as a bet that the stock market rally will broaden out

The Invesco S&P 500 Equal Weight ETF (RSP) garnered $1.4 billion of inflows over the past week, according to FactSet.

Read more at: https://www.cnbc.com/2023/06/23/investors-buying-one-etf-as-a-bet-that-stock-market-rally-will-broaden.html

One Best Friend Testifies Against The Other At Insider Trading Trial, Resulting In ‘Guilty’ Verdict

One of two friends involved in an insider trading scheme had his fate sealed by the other, when one friend turned and testified against the other.

38 year old Brijesh Goel was convicted of securities fraud, conspiracy and obstruction for his part in a scheme that netted $280,000 from insider trades. His former literal partner in crime, 34 year old Akshay Niranjan, had recorded him and wore a wire, before testifying against him, to save his own hide.

Niranjan’s testimony helped a jury return a guilty verdict on Wednesday this week. Bloomberg, who reported on the verdict, called it a “sad little Wall Street melodrama”.

The scheme saw Goel passing tips from his job at Goldman Sachs, originating from the firm’s confidential deal memos, to Niranjan.

Feds eventually got wise to the scheme and visited both men before Niranjan flipped on his former friend. The two met to discuss their plan of action in a stairwell of a building where they both lived, but Niranjan was recording the entire encounter.

Read more at: https://www.zerohedge.com/markets/one-best-friend-testifies-against-other-insider-trading-trial-resulting-guilty-verdict

Friday Fun: Watch Biden Slowly Realize Indian National Anthem Isn’t ‘Star-Spangled Banner’

Authored by Steve Watson via Summit News,

During a meeting with Indian Prime Minister Narendra Modi at the White House Thursday, Joe Biden stumbled around holding the guy’s hand while appearing perpetually confused.

WATCH: Joe Biden refuses to let go of the Indian prime minister’s hand making things awkward for Jill Biden. pic.twitter.com/mkNeCucvft

— Steve Guest (@SteveGuest) June 22, 2023

In one hilarious moment, the pair stood for the playing of their respective county’s national anthems. When the band began to play, Biden raised his hand to his heart, but then slowly realised they were playing the Indian anthem, not the U.S. one.

Biden slowly realizing that they’re playing India’s National Anthem and not America’s. pic.twitter.com/DsqET3fGnN

— The Columbia Bugle 🇺🇸 (@ColumbiaBugle) June 22, 2023

Read more at: https://www.zerohedge.com/political/friday-fun-watch-biden-slowly-realize-indian-national-anthem-isnt-star-spangled-banner

Citi Cracking Down On “Hybrid” Work Attendance Abusers

Return to the office…or else.

That is the message Citigroup is starting to send to its employees, telling managers to inform staffers that there will be “consequences” for not complying with policies for office attendance, Bloomberg reported this week.

The new stance has been in response to employees with “persistent, unexplained absences” despite new rules for hybrid work. Managers are now being directed to consider these rules when rating performance and determining employee pay.

Citi told Bloomberg: “We are committed to our hybrid work model and proud of the flexibility it provides our colleagues to work at least three days per week in the office and up to two days remotely.”

They continued: “We have firm expectations for office attendance and know that the majority of our employees are compliant with their requirements. As necessary, we hold colleagues accountable for adhering to their in-office days.”

Read more at: https://www.zerohedge.com/markets/citi-cracking-down-hybrid-work-attendance-abusers

Pennsylvania Gov. Shapiro: “We Reopened I-95 In 12 Days”

Update (1400ET):

Pennsylvania Governor Josh Shapiro tweets, “Experts told us it would take months to reopen I-95. We reopened I-95 in 12 days.”

Experts told us it would take months to reopen I-95. We reopened I-95 in 12 days.

All thanks to the hard work of our extraordinary tradesmen and women and our all hands on deck approach. pic.twitter.com/QqDSWbgzap

— Governor Josh Shapiro (@GovernorShapiro) June 23, 2023

Here’s a live shot of vehicles crossing the bridge.

The government actually accomplished something in record time…

*   *   *

Pennsylvania Governor Josh Shapiro announced Friday morning that a stretch of Interstate 95 in Northea …

Read more at: https://www.zerohedge.com/markets/collapsed-i-95-bridge-reopen-noon-ahead-schedule

Mortgages: Banks promise more protection as mortgage rates soar

Borrowers will be able to make a temporary change to mortgage terms and still return to their original deal.

Read more at: https://www.bbc.co.uk/news/business-65990833?at_medium=RSS&at_campaign=KARANGA

Heathrow security staff call off strikes

Security staff at Heathrow will no longer strike after accepting an improved pay offer.

Read more at: https://www.bbc.co.uk/news/business-66001392?at_medium=RSS&at_campaign=KARANGA

Sunny weather sees people splash out on new clothes

Retail sales rose 0.3% last month as shoppers bought summer clothes and goods, official figures show.

Read more at: https://www.bbc.co.uk/news/business-65995685?at_medium=RSS&at_campaign=KARANGA

Leading drone maker Ideaforge raises Rs 254 cr from anchor investors ahead of IPO

IdeaForge has raised funds from anchor investors. Among the numerous participating investors were Nomura, Invesco, Goldman Sachs, and Tata AIG General Insurance. IdeaForge has a significant share in the Indian unmanned aircraft systems market at roughly 50%.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/leading-drone-maker-ideaforge-raises-rs-254-cr-from-anchor-investors-ahead-of-ipo/articleshow/101223737.cms

New scam on the street! Nithin Kamath on how to deal with fraudsters in the name of ‘courier companies’

Fraudsters are impersonating delivery companies like FedEx and Blue Dart, warning users of a new threat, said Nithin Kamath, CEO of India’s leading broker Zerodha. An employee of Kamath’s was called by a person claiming to be from FedEx, demanding money to release a package that the police had simply confiscated due to drugs being found inside.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/new-scam-on-the-street-nithin-kamath-on-how-to-deal-with-fraudsters-in-the-name-of-courier-companies/articleshow/101224026.cms

Sensex derivatives turnover scales record high of Rs 6.06 lakh cr

BSE Sensex’s new derivatives contracts have posted their highest single-day turnover since relaunch, with Asia’s oldest exchange seeing a 77% jump in turnover to INR6.06tn ($81bn). The figure was achieved through 96.11 lakh traded contracts, while total open interest came in at 4.93 lakh contracts before expiry

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/sensex-derivatives-turnover-scales-record-high-of-rs-6-06-lakh-cr/articleshow/101222779.cms

Cannabis Watch: As Tilray buys Hexo, former exec sees more consolidation ahead in Canadian cannabis

Julius Ivancsits stepped down as Hexo CFO as Tilray closed a deal to buy the company on Thursday.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721A-4F019A045C79%7D&siteid=rss&rss=1

Mutual Funds Weekly: These money and investing tips can fuel your portfolio if the market runs out of gas

Money and investing stories popular with MarketWatch readers over the past week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721A-EE16276A37F8%7D&siteid=rss&rss=1

Bond Report: U.S. yields slip by most in a week after a spree of central bank rate hikes

Treasury yields fall on Friday and ended mixed for the week following a spate of interest-rate increases by global central bankers.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721A-3B742A5F48F4%7D&siteid=rss&rss=1