India’s Rising Role In U.S. Commodity Trade

Via AG Metal Miner In a recent interview, Gideon Rachman, Chief Foreign Affairs Commentator at the Financial Times, explored the growing relationship between the U.S. and India. The article primarily targets a British audience, but still playfully mock the Brits’ obsession with the “special relationship” between the UK and US. Most people acknowledge that this relationship originated during the days of Churchill and Roosevelt and further gained strength during the Thatcher and Reagan era. However, it has significantly weakened…

Read more at: https://oilprice.com/Metals/Commodities/Indias-Rising-Role-In-US-Commodity-Trade.html

How Russia’s Failed Coup Could Impact Global Commodities Markets

The weekend insurrection by Russia’s Wagner mercenary group and subsequent ‘failed coup’ has become a hot talking point and brought the 16-month long war in Ukraine into sharp focus. Whereas the Biden administration says it’s too early to determine how the latest developments will change the course of the war, many analysts believe it has weakened Putin’s regime and might even accelerate the end of Europe’s bloodiest conflict since WWII. A return to peace would almost certainly alter the global commodities…

Read more at: https://oilprice.com/Metals/Commodities/How-Russias-Failed-Coup-Could-Impact-Global-Commodities-Markets.html

India’s Bharat Petroleum To Raise $2.2 Billion For Green Energy Expansion

India’s State-owned oil company Bharat Petroleum has approved raising up to 180 billion rupees ($2.19 billion) through an issue of equity shares as part of the government’s push into green energy. The Indian government plans to inject billions of dollars into Bharat Petroleum and its state-owned peers, Indian Oil Corp. and Hindustan Petroleum Corp. Ltd. to help fund their energy transition projects. The three refiners plan to invest 3.5 trillion rupees to 4 trillion rupees to achieve their net-zero emissions…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Bharat-Petroleum-To-Raise-22-Billion-For-Green-Energy-Expansion.html

EU Rolls Out New Support Package To Boost Ties With Moldova

The European Union has assembled a new support package meant to mitigate the impact of Russia’s war in Ukraine on Moldova and “bring the country closer” to the 27-member bloc, the European Commission has announced. The package has five priority areas, commission chief Ursula von der Leyen said in a statement on June 28. The five areas are focused on facilitating economic development and connectivity, reforms, energy, security, and strategic communication, the statement said. “Moldova has stood firmly in solidarity and in defense…

Read more at: https://oilprice.com/Geopolitics/Europe/EU-Rolls-Out-New-Support-Package-To-Boost-Ties-With-Moldova.html

California Utility Seeks $7 Billion Federal Loan To Reduce Wildfire Risk

California’s utility PG&E has applied for a federal loan of around $7 billion to finance the burying of power lines and thus reduce the risk of wildfires, chief executive Patti Poppe told The Wall Street Journal in an interview published on Thursday.   The utility, which has been held liable for wildfires that have killed people in recent years, has applied for a loan with the Loan Programs Office of the Department of Energy. The office funds key energy projects supporting clean energy infrastructure. To date, LPO has issued…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/California-Utility-Seeks-7-Billion-Federal-Loan-To-Reduce-Wildfire-Risk.html

Putin’s Plummeting Political Clout Is A Disaster For Xi

The dust is still settling on the weekend mutiny launched by Yevgeny Prigozhin and his private Wagner mercenary group that shook Russia and exposed new cracks in Russian President Vladimir Putin’s power at home. But what does it mean for China and its leader, Xi Jinping, who has been Moscow’s — and Putin’s — strongest supporter since the February 2022 full-scale invasion of Ukraine? Finding Perspective: As Wagner forces seized a major Russian military hub and ordered an armed march on Moscow on June 24, Chinese officials were silent. Chinese…

Read more at: https://oilprice.com/Geopolitics/International/Putins-Plummeting-Political-Clout-Is-A-Disaster-For-Xi.html

Another Supply Chain Crisis Is Brewing In Europe

A section of Europe’s most important inland waterway for transporting fuel and other industrial goods has fallen to levels not seen in three decades for this time of the year and might be an ominous sign of incoming supply chain disruptions on the inflation-battered continent if hot weather and dryness persist through summer. The Rhine Waterways and Shipping Authority (WSA) has yet to issue any alerts for the Rhine River, but data from the closely watched Kaub chokepoint shows the water level around 1.26 meters on Wednesday. On a seasonal basis,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Another-Supply-Chain-Crisis-Is-Brewing-In-Europe.html

Supply Chain Bottlenecks Threaten UK’s Offshore Wind Dreams

Britain risks failing to meet its offshore wind ambitions unless over £100bn is invested across the sector by the end of the decade, an industry body has warned. Renewable UK has urged the government to invest more in manufacturing and help ease supply chain bottlenecks, to unlock vast amounts of private capital at risk of moving to rival markets such as the EU and US – which have more favorable subsidy climates. It has calculated the country needs to invest £17bn per year in private sector and public investment across the…

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/Supply-Chain-Bottlenecks-Threaten-UKs-Offshore-Wind-Dreams.html

A New $1.5-Billion Permian Deal Could Be In The Making

Private U.S. oil and gas producer TRP Energy is considering selling its business in the Permian in a deal expected to fetch over $1.5 billion, sources with knowledge of the matter told Reuters on Thursday. TRP Energy, controlled by Greenbelt Capital Partners, is exploring the sale of around 15,000 net acres in the Midland part in the Permian, as a growing number of private operators have started seeking profitable exits from their operations.   One investment bank is already advising TRP Energy on a potential sale, which is not certain to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/A-New-15-Billion-Permian-Deal-Could-Be-In-The-Making.html

Global Oil Reserves Could Increase Global Temperatures By 0.2°C

Total global recoverable oil reserves now stand at 1,624 billion barrels, according to Rystad Energy research, an increase of 52 billion barrels from our last year’s estimate. In a scenario where global warming is limited to 1.9°C, this oil will contribute about 0.2°C of additional warming by 2100*. Therefore, about 20% of any additional warming will come from burning oil in cars, ships and airplanes and all other uses that lead to greenhouse gas (GHG) emissions. Emissions from oilfield operations are estimated at 5% of all crude-related…

Read more at: https://oilprice.com/Energy/Crude-Oil/Global-Oil-Reserves-Could-Increase-Global-Temperatures-By-02C.html

New GOP Presidential Candidate Puts Energy As Top Priority

North Dakota Governor Doug Burgum has announced his candidacy for President of the United States, and one of his top three areas of focus is energy policy. According to Burgum, who is governor of the third most prolific oil-producing state in the United States, “we’ve got to make sure we’ve got an energy policy that’s 180 degrees different than the one we have under the Biden administration. When we fix energy policy, then we have an opportunity to really stabilize the world,” he told Fox News. Another of Burgum’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/New-GOP-Presidential-Candidate-Puts-Energy-As-Top-Priority.html

Soaring UK Power Prices Make Gasoline Cars Cheaper Than EVs

Soaring electricity prices in the UK have recently made gasoline and diesel cars cheaper to use compared to electric vehicles (EVs) charged at rapid and ultra-rapid public chargers, the progress report of the UK’s Climate Change Committee (CCC) has shown.   “Sharply rising electricity prices have reduced the per-mile cost savings offered by EVs compared to fossil-fuelled vehicles,” CCC said in its 2023 progress report to Parliament. For drivers able to charge their EVs at home, cost savings remain strong, the report…

Read more at: https://oilprice.com/Energy/Energy-General/Soaring-UK-Power-Prices-Make-Gasoline-Cars-Cheaper-Than-EVs.html

Oil And Gas Industry Has Made “Almost No Progress” On Paris Climate Goals

The oil and gas industry has made “almost no progress” since 2021 to align itself to the Paris Agreement goals, new research by the non-profit platform CDP showed on Thursday.    No oil and gas firm in the world has plans to phase out fossil fuels, according to the World Benchmarking Alliance and CDP, which have assessed the world’s largest oil and gas companies, including ExxonMobil, BP, and Saudi Aramco. The review showed “a dangerous lack of progress towards global climate goals from the sector. There has been…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-And-Gas-Industry-Has-Made-Almost-No-Progress-On-Paris-Climate-Goals.html

The World Needs To Spend Significantly More On Methane Emissions Reduction

Despite numerous national and supra-national pledges for swift actions to cut emissions of methane—a much more potent greenhouse gas than carbon dioxide – global investment in methane emission reduction is just a fraction of what the world needs to keep temperature increases below 2 degrees Celsius, a new report showed on Thursday. The world needs to overcome several key barriers to scale up financing to fight methane emissions, the report by the environmental group Clean Air Task Force (CATF) found. Globally, as much as $119 billion…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-World-Needs-To-Spend-Significantly-More-On-Methane-Emissions-Reduction.html

Campaigners Seek To Halt Three Norwegian Oil And Gas Projects

Environmental activists asked a Norwegian court on Thursday to halt the development of three offshore oil and gas fields, arguing that in approving them, Norway has violated the constitution and didn’t take into account their environmental impact.   The new climate lawsuits against Norway come a day after the government approved the development of 19 offshore oil and gas projects worth more than $18.5 billion (200 billion Norwegian crowns) in investments. The projects include new developments, additional development of producing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Campaigners-Seek-To-Halt-Three-Norwegian-Oil-And-Gas-Projects.html

Supreme Court rejects affirmative action at colleges as unconstitutional

The Supreme Court ruling on affirmative action at Harvard and the University of North Carolina is a blow to efforts to boost enrollment of racial minorities.

Read more at: https://www.cnbc.com/2023/06/29/supreme-court-rejects-affirmative-action-at-colleges-says-schools-cant-consider-race-in-admission.html

Dow closes 200 points higher as major banks pop on stress test results, GDP revised upward: Live updates

The stock market is nearing the end of the first half of 2023 with strong performance.

Read more at: https://www.cnbc.com/2023/06/28/stock-market-today-live-updates.html

House hunting is already tough. Guess what? It’s about to get harder

In the last week of June, the number of homes for sale fell below year-ago levels for the first time in 59 weeks.

Read more at: https://www.cnbc.com/2023/06/29/house-hunting-is-about-to-get-harder.html

Three charged with insider trading ahead of Trump Media SPAC deal

Michael Shvartsman, Gerald Shvartsman, and Bruce Garelick allegedly reaped more than $22 million in illegal profits from insider trading.

Read more at: https://www.cnbc.com/2023/06/29/three-charged-with-illegal-trading-ahead-of-trump-media-merger.html

The best stocks now that the ‘age of A.I. is upon us,’ according to Jefferies

These stocks are set to stand out as the age of artificial intelligence emerges and starts penetrating a variety of business sectors, Jefferies says.

Read more at: https://www.cnbc.com/2023/06/29/the-best-stocks-with-the-age-of-ai-upon-us-according-to-jefferies.html

Fidelity joins push for spot bitcoin ETF, and Coinbase seeks dismissal of SEC suit: 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, Rich Rines, contributor at CoreDAO, discusses what institutional adoption of crypto means for bitcoin.

Read more at: https://www.cnbc.com/video/2023/06/29/fidelity-spot-bitcoin-etf-coinbase-dismissal-sec-suit-crypto-world.html

Virgin Galactic completes first commercial flight in major step for space tourism company

Space tourism company Virgin Galactic completed its long-awaited first commercial spaceflight, called Galactic 01, on Thursday.

Read more at: https://www.cnbc.com/2023/06/29/virgin-galactic-first-commercial-spaceflight-live-stream-updates.html

Southwest pilots’ union lays groundwork for potential strike with labor talks at an impasse

Southwest’s pilots’ union is seeking to be released from federal mediation, a step toward a potential strike.

Read more at: https://www.cnbc.com/2023/06/29/southwest-pilots-union-lays-groundwork-for-potential-strike.html

Ukraine war live updates: Wagner forces will no longer fight in Ukraine; Prigozhin retreat deal terms could still be under discussion

Emergency rescue operations at Kramatorsk have now completed, Ukrainian authorities say.

Read more at: https://www.cnbc.com/2023/06/29/russia-ukraine-war-live-updates.html

Little-known NJ baby retailer tentatively wins rights to Buy Buy Baby’s IP

Little-known baby retailer Dream on Me Industries has tentatively won the rights to Buy Buy Baby ahead of an auction for all of the chain’s assets.

Read more at: https://www.cnbc.com/2023/06/29/buy-buy-baby-dream-on-me-baby-retailer-wins-auction-for-ip.html

Supreme Court’s Ketanji Brown Jackson blasts affirmative action ruling, clashes with Clarence Thomas

Jackson, a nominee of President Joe Biden, is the high court’s newest justice and the first Black woman to sit on the bench.

Read more at: https://www.cnbc.com/2023/06/29/affirmative-action-biden-supreme-court-pick-jackson-blasts-ruling.html

Unrest erupts for third day in France over police shooting of teen, thousands hold vigil

Television images showed protests setting up road barricades and hurling projectiles at lines of police, who fired back with tear gas.

Read more at: https://www.cnbc.com/2023/06/29/unrest-erupts-for-third-day-in-france-over-police-shooting-of-teen.html

Fed paper argues ‘bleak’ stock market returns could slide to 2% annually

The paper sees “significantly lower profit growth and stock returns in the future.”

Read more at: https://www.cnbc.com/2023/06/29/fed-paper-argues-that-bleak-stock-market-returns-could-slide-to-2percent-annually.html

US Bid To Rejoin UN Education Agency Could Be Derailed By House GOP

Authored by Alex Newman via The Epoch Times (emphasis ours),

Despite an ongoing scandal involving the United Nations Educational, Scientific, and Cultural Organization (UNESCO) leadership and the agency’s decision to flout U.S. law by admitting the “State of Palestine” as a member state, the United States is now formally seeking to rejoin.

The logo of UNESCO in Paris on Nov. 12, 2021. (Julien de Rosa/POOL/AFP via Getty Images)However, lawmakers may scuttle the effort by refusing to provide necessary funding.

If it moves forward, rejoining the U.N. education and culture agency is expected to cost U.S. taxpayers more than half …

Read more at: https://www.zerohedge.com/political/us-bid-rejoin-un-education-agency-could-be-derailed-house-gop

Kremlin Reportedly Detains “General Armageddon” In Crackdown Of Prigozhin Pals, Daughter Denies

With political experts and pundits still trying to grasp and explain the events that rocked Russia this weekend, yesterday two major updates involving one of the top players in Russian chessgame added even more complexity to the bigger picture: first the NYT reported (citing US intel sources) that Gen. Sergei Surovikin, also known as “General Armageddon”, the former top Russian commander in Ukraine and prior to that the commander of Russian forces in Syria, had foreknowledge that an armed Wagner uprising was coming. This was followed by FT Moscow correspondent Max Seddon who highlighted reports that Surovikin’s whereabouts are unknown (despite claims to the contrary by his daughter: see below), hinting that he may have been detained by Putin for his tacit complicity with coup-plotter Prigozhin.

Fast forward to today when the mystery surrounding the fate of Surovikin escalated after th …

Read more at: https://www.zerohedge.com/markets/kremlin-reportedly-detains-general-armageddon-crackdown-prigozhin-pals-daughter-denies

Hester Peirce: US Crypto Laws Can’t Assume “Everything Is A Financial Asset”

Authored by Jesse Coghlan via CoinTelegraph.com,

SEC Commissioner Hester Peirce discussed a possible United States crypto legal framework, giving a reminder that not all uses are financial…

Cryptocurrency laws in the United States should be “reserved” and not regulate the technology as though every use is financial, a commissioner at the U.S. Securities and Exchange Commission has argued.

On June 29, Commissioner Hester Peirce — dubbed “Crypto Mom” — appeared remotely at Australian Blockchain Week and was asked how she would regulate crypto, answering:

“I think we have to make sure that whatever regulatory framework you have doesn’t just assume that everything is a financial asset.”

Peirce …

Read more at: https://www.zerohedge.com/crypto/hester-peirce-us-crypto-laws-cant-assume-everything-financial-asset

UPS Teamsters Warn: “Nationwide Strike Imminent” If Friday Deadline Not Met

The Teamsters Union, with hundreds of thousands of members who are United Parcel Service (UPS) drivers, “walked away from the national bargaining table” and demanded that the shipping giant deliver its “last, best, and final offer” by Friday.

“The largest single-employer strike in American history now appears inevitable,” Teamsters General President Sean O’Brien said in a statement.

“Executives at UPS, some of whom get tens of millions of dollars a year, do not care about the hundreds of thousands of American workers who make this company run,” O’Brien said.

UPS Teamsters have 340,000 members. The union has been locked in negotiations with UPS since mid-April. Earlier this month, it called a strike in the event the company refuses to negotiate a fair agreement before the current five-year contract expires on July 31.

Today #Teamsters walked away from the bargaining table & officially demanded UPS exchange its last, best & final offer no later than June 30.

“The largest single-employer strike in U.S. history now appears inevitable,” said Gen. President Sean M. O’Brien: https://t.co/PSuGnC3VR1

— Teamsters (@Teamsters)

Read more at: https://www.zerohedge.com/markets/ups-teamsters-warn-nationwide-strike-imminent-if-friday-deadline-not-met

Why is Thames Water in so much trouble?

There are fears that the UK’s biggest water firm is close to collapse but how did it come to this?

Read more at: https://www.bbc.co.uk/news/business-66051555?at_medium=RSS&at_campaign=KARANGA

Thames Water: Customers’ bills will not be affected, says minister

Health Minister Neil O’Brien says customers will not be affected amid fears the company could go bust.

Read more at: https://www.bbc.co.uk/news/business-66050962?at_medium=RSS&at_campaign=KARANGA

Google to scrap local news links in Canada over Online News Act

The move is a protest against a Canadian bill that will make tech giants pay for news content.

Read more at: https://www.bbc.co.uk/news/world-us-canada-66049640?at_medium=RSS&at_campaign=KARANGA

Nifty PE rerating underway. Will 21,000 be the next milestone?

The Nifty50 Index is trading near its all-time high levels and has rallied by 11% following positive market sentiments. FPI flows into Indian equities have turned positive due to the upgrade in GDP growth forecasts and stability in the currency. Commodity prices have weakened, leading to the possibility of stable or lower inflation, which could result in a rate cut later in the year. Macroeconomic data supports continued strength in Indian equities, with surveys indicating strong activity levels and improving consumer sentiment. The index is expected to reach 21,000 based on earnings growth and improving macro conditions.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-pe-rerating-underway-will-21000-be-the-next-milestone/articleshow/101373330.cms

PKH Ventures IPO to open on Friday. What GMP signals ahead of subscription

PKH Ventures, a construction and development company, will be launching its initial public offering (IPO) on June 30. The IPO will be open for subscription until July 4, with the company’s shares currently trading at a slight premium of Rs 8-9 in the unlisted market. The IPO includes a fresh equity issue of up to 1.82 crore shares and an offer for sale (OFS) of up to 73.7 lakh units. The proceeds from the IPO will be used for investment in subsidiaries, acquisitions, and general corporate purposes. PKH Ventures has a diverse business model and an asset-light civil construction business.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/pkh-ventures-ipo-to-open-on-friday-what-gmp-signals-ahead-of-subscription/articleshow/101372658.cms

Decision on HDFC Bank inclusion in global indices in next quarterly index review: FTSE

FTSE Russell is expecting HDFC Bank to replace Housing Development Finance Corporation (HDFC) in the FTSE Global Equity indices after the completion of their merger. In non-market capitalisation-weighted indices, HDFC will be removed but HDFC Bank will not be added. A tentative completion date for the merger has been shared, and once it is effective, FTSE Russell will issue a notice

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/decision-on-hdfc-bank-inclusion-in-global-indices-in-next-quarterly-index-review-ftse/articleshow/101372936.cms

Movers & Shakers: Bank of America, Rite Aid stocks rise, Micron and Virgin Galactic shares fall, and other stocks on the move

Here are some of the bigger movers of the day, including shares of Bank of America, Micron Technology, Virgin Galactic and Wallbox.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721F-C3385213DD1D%7D&siteid=rss&rss=1

ETF Wrap: Here are the top-performing ETFs in first half of 2023 as crypto-related funds soar

This week’s ETF Wrap looks at top performers in the first half of 2023, as well as flows, as stocks rally and crypto-related funds jump so far this year.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-721F-FCE8152030DD%7D&siteid=rss&rss=1

Biden administration says it will help colleges promote diversity after Supreme Court’s affirmative-action decision

President Joe Biden is encouraging schools to consider a student’s financial means, high school and any hardship, including racial discrimination, they’ve faced

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7220-DDA710438861%7D&siteid=rss&rss=1