Russia’s Mining Heartland Grapples With Fallout From Ukraine War

In the heart of Russia’s coal-mining Kemerovo region, residents struggle with the harsh economic realities of declining wages, obsolete mine facilities, and chronic medical conditions that come from life below, and above ground. Many are retired coal miners like Vladimir Miroshenko, 71, who recalls the halcyon days of the 1970s, when Prokopyevsk became a sister city with Horlivka, in the heart of Ukraine’s Donbas coal-mining region. Miroshenko also recalls his service in the Soviet Army in the early 1980s, during the decade-long…

Read more at: https://oilprice.com/Energy/Coal/Russias-Mining-Heartland-Grapples-With-Fallout-From-Ukraine-War.html

Russia-Ukraine War Shifts To Black Sea Oil

The UK Ministry of Defence has reported that Ukraine and Russia have been fighting over strategic oil and gas platforms in the Black Sea. The platforms are operated by the Chernomorneftegaz, an oil and gas company located along Krymgazseti in Simferopolompany that was seized by pro-Russian authorities in Crimea in 2014. “The platforms are operated by the Chernomorneftegaz company, which was seized by the pro-Russian occupation authorities in Crimea during the 2014 annexation. Ukraine has struck several Russian-controlled platforms. Both Russia…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Ukraine-War-Shifts-To-Black-Sea-Oil.html

ADES Holding’s Ambitious IPO Targets $1 Billion

The hydrocarbon IPO market in the Middle East and North Africa (MENA) continues to sizzle. Following significant IPO rounds that introduced subsidiaries of Saudi Arabia’s oil titan Aramco and Abu Dhabi’s national oil company ADNOC, another substantial IPO is gaining momentum. ADES Holding, a prominent oil and gas drilling firm with partial backing from Saudi Arabia’s sovereign wealth fund PIF, has affirmed its intention to forge ahead with its scheduled IPO on the Saudi Exchange. ADES announced that the IPO will encompass 338,718,754 common shares,…

Read more at: https://oilprice.com/Energy/Energy-General/ADES-Holdings-Ambitious-IPO-Targets-1-Billion.html

Romania LNG Stations Hit By Deadly Explosions

The Prefect of the Municipality of Bucharest has ordered checks on all 380 fuel and liquefied gas LNG stations in Bucharest, after two explosions on Saturday at an LNG station in Crevedia resulted in two deaths and dozens of injuries. The second explosion occurred during the intervention of firemen leaving two people dead and another 41 hospitalized. Some 27 firefighters were admitted to the Floreasca Emergency Hospital, several in critical condition, while another eight patients were transported to specialist hospitals in Germany and Austria.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Romania-LNG-Stations-Hit-By-Deadly-Explosions.html

Canada Walks Diplomatic Tightrope In Caucasus

Canada is raising its diplomatic profile in the Caucasus, as domestic and foreign policy considerations are pushing Ottawa into the thick of the Nagorno-Karabakh conflict.  Canadian Foreign Minister Mélanie Joly is expected to attend the opening of a Canadian embassy in Yerevan in September. Canada is also set to become the first third-party state to join the EU Mission in Armenia (EUMA), under which unarmed observers monitor conditions along Armenia’s side of the frontier with Azerbaijan. The mission strives to “contribute…

Read more at: https://oilprice.com/Geopolitics/International/Canada-Walks-Diplomatic-Tightrope-In-Caucasus.html

First-Ever Gulf Coast Wind Auction Could Be A Boon For U.S. Green Hydrogen

In a groundbreaking move, the Biden administration is set to hold its first-ever offshore wind auction in the Gulf of Mexico this Tuesday. Unlike previous offshore wind auctions concentrated in the Northeast, this one aims to fuel a green hydrogen supply chain for the Gulf Coast’s extensive industrial sector. According to Cheryl Stahl, principal project manager at DNV, the Gulf Coast offers a unique opportunity for innovation.  “When we get to the Gulf, (offshore wind) will start becoming much more disconnected from the grid,” she said.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/First-Ever-Gulf-Coast-Wind-Auction-Could-Be-A-Boon-For-US-Green-Hydrogen.html

BRICS Represents Nearly Half Of Global Population

Following the 15th annual BRICS summit, which was held in Johannesburg, South Africa last week, the bloc of five major emerging economies announced the admission of six new members. Iran, Saudi Arabia, Egypt, Ethiopia, Argentina and the United Arab Emirates are set to formally join the group on January 1, 2024 to expand the bloc’s footprint in the Global South and grow its economic and political clout on the world stage, establishing a real counterweight to the Western-dominated G7. As Statista’s Felix Richter notes, the new bloc will represent…

Read more at: https://oilprice.com/Geopolitics/International/BRICS-Represents-Nearly-Half-Of-Global-Population.html

China’s Sinopec Chooses Aramco Gas Project Over Shell Singapore Refinery

China’s giant refiner Sinopec Corp. has said it will not acquire Shell Plc’s (NYSE:SHEL) refinery or petrochemical plant in Singapore but will instead invest in Saudi Aramco’s Jafurah natural gas project alongside TotalEnergies (NYSE:TTE). Sinopec engages in the oil and gas and chemical operations in Mainland China, Singapore, and internationally. The company explores and develops oil fields, produces crude oil and natural gas, processes and purifies crude oil, and manufactures and sells petroleum products.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Sinopec-Chooses-Aramco-Gas-Project-Over-Shell-Singapore-Refinery.html

Athens Summit Hints At Future EU Expansion Challenges

On August 29-31, first the EU’s defense ministers and then the bloc’s foreign ministers will meet in the Spanish city of Toledo for informal talks. These types of gatherings — referred to in EU parlance as “Gymnich” after a German castle where the first such meeting took place — happen twice a year, typically in January and after the summer break at the end of August. They aren’t formal council meetings, like the monthly EU foreign affairs councils in Brussels where policy decisions are taken. Rather, they are supposed to be more like fireside…

Read more at: https://oilprice.com/Geopolitics/International/Athens-Summit-Hints-At-Future-EU-Expansion-Challenges.html

Global Warming To Exceed 2 Degrees Celsius Limit By 2050: Exxon

The world is not on track to stop temperatures from rising by more than 2C by 2050, Exxon Mobil said on Monday in its Global Outlook, which also called for increased investments in oil and gas. According to Exxon’s latest report, the world’s climate goals are in jeopardy as the world stares down more people, more prosperity, and more energy by 2050. And while emissions will decline as a low-carbon solutions continue to be developed, reaching net-zero emissions will prove impossible unless new emissions policies and technologies are…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Warming-To-Exceed-2-Degrees-Celsius-Limit-By-2050-Exxon.html

Suriname Oil Boom Back On Track As New Discoveries Excite Investors

Suriname’s President Chan Santokhi had pinned his hopes on a massive oil boom to reinvigorate the former Dutch colony’s crisis-prone economy. Those hopes were dashed when French energy supermajor TotalEnergies delayed the billion-dollar final investment decision (FID) for Block 58 offshore Suriname. Concern over drilling results and a high gas-to-oil ratio for the five discoveries made since 2020 were cited as the reasons for the delay. That delay, with the FID originally slated for 2022, has delayed the first oil in Suriname,…

Read more at: https://oilprice.com/Energy/Crude-Oil/Suriname-Oil-Boom-Back-On-Track-As-New-Discoveries-Excite-Investors.html

The U.S. Says Kurdistan’s Oil And Gas Are Important Supply

The United States considers Kurdistan’s oil and gas industry an important source of supply, the newly appointed US Consul General to Erbil said on Monday. Mark Stroh, who was recently appointed as the new US Consul General to the capital city in the Kurdistan region, met with Kurdistan’s Minister of Electricity, Kamal Mohammad Saleh, to discuss the energy and oil industries, according to a readout from the meeting reported by Shafaq News. Last week, Stroh met with the Kurdistan Regional Government’s Prime Minister, Masrour Barzani.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-US-Says-Kurdistans-Oil-And-Gas-Are-Important-Supply.html

Is Norway’s Love For EVs Enough To Put A Dent In Fuel Demand?

Road fuel demand in Norway has remained relatively stable even with soaring electric vehicle (EV) adoption, raising questions about whether EVs really have a material impact on diesel and gasoline sales. Rystad Energy research and modeling has, however, uncovered the truth behind the persistent sales – electrifying heavy-duty vehicles, especially trucks, is essential to lowering overall fuel consumption. EVs are often positioned as the key to decarbonizing transportation, but the latest data from the Norwegian government suggests otherwise.…

Read more at: https://oilprice.com/Energy/Gas-Prices/Is-Norways-Love-For-EVs-Enough-To-Put-A-Dent-In-Fuel-Demand.html

Iran Summons Swiss Diplomat Over U.S. Seizing Oil Tanker In Texas

Iran has summoned the chargé d’affaires of the Swiss Embassy in Tehran to voice its “strong objection” over the U.S. seizing an Iranian oil tanker that has been sitting for months offshore Texas, the AP reported on Monday. Since the 1979 crisis with U.S. hostages at the embassy in Tehran, Switzerland has acted as the country looking for U.S. interests in Iran. The oil tanker, Suez Rajan, was suspected of carrying Iranian crude oil. It has offloaded the crude near Texas, the AP reported last week, adding the cargo was offloaded…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iran-Summons-Swiss-Diplomat-Over-US-Seizing-Oil-Tanker-In-Texas.html

Natural Gas Prices Rise As Supply Risks Persist

European and U.S. benchmark natural gas prices rose early on Monday amid concerns about supply due to still unresolved labor issues at Australian LNG export facilities and planned maintenance reducing Norwegian pipeline gas deliveries to Europe. Prices at the Henry Hub in the United States were up 2.6% early on Monday. In Europe, the front-month futures at the Dutch TTF hub, the benchmark for Europe’s gas trading, had increased by 1.9% to $35.08 (32.65 euros) per megawatt (MWh) as of 10.35 a.m. GMT on Monday. Earlier in the trade, European…

Read more at: https://oilprice.com/Energy/Energy-General/Natural-Gas-Prices-Rise-As-Supply-Risks-Persist.html

Goldman Sachs unloads another business acquired under CEO David Solomon

Amid CEO David Solomon’s push to unload or shutter several businesses tied to his retail banking plan, the high net worth business was deemed too small.

Read more at: https://www.cnbc.com/2023/08/28/goldman-sachs-sells-small-wealth-unit-to-creative-planning.html

Dow closes 200 points higher as Wall Street aims to curtail August’s decline: Live updates

Stocks rose Monday to kick off the final trading week of August, with investors looking to recover some of the August losses.

Read more at: https://www.cnbc.com/2023/08/27/stock-market-today-live-updates-.html

Bitcoin trading volume is at its lowest in more than four years

Bitcoin’s trading volume is down to its lowest level in four years as investors wait for reasons to jump back into the market.

Read more at: https://www.cnbc.com/2023/08/28/bitcoin-trading-volume-is-at-its-lowest-in-more-than-four-years.html

Biden signs state of emergency order for Florida as Tropical Storm Idalia approaches

Tropical Storm Idalia is projected to grow to a Category 3 hurricane as it approaches the Florida coast.

Read more at: https://www.cnbc.com/2023/08/28/tropical-storm-idalia-biden-signs-state-of-emergency-in-florida.html

Electric utilities face billions in wildfire liability with aging power lines risking another catastrophe

Aging, fragile power infrastructure combined with drought conditions and high winds have created a recipe for disaster.

Read more at: https://www.cnbc.com/2023/08/28/wildfire-risk-electric-utilities-face-billions-in-liability-with-aging-lines.html

What Instacart’s IPO filing reveals for Uber and DoorDash investors

Instacart’s IPO filing delivered Wall Street some surprising insight into the grocery delivery business, and what it means for competitors Uber and DoorDash

Read more at: https://www.cnbc.com/2023/08/28/what-instacarts-ipo-filing-reveals-for-uber-and-doordash-investors.html

IRS delays change for 401(k) catch-up contributions. Here’s what higher earners need to know

The IRS has delayed the “Secure 2.0” change for 401(k) catch-up contributions. Here’s what higher earners need to know.

Read more at: https://www.cnbc.com/2023/08/28/irs-delays-secure-2point0-change-for-401k-catch-up-contributions.html

OpenAI launches ChatGPT Enterprise, the company’s biggest announcement since ChatGPT’s debut

OpenAI on Monday announced its biggest news since ChatGPT’s debut: It’s launching ChatGPT Enterprise, the AI chatbot’s business tier, available starting today.

Read more at: https://www.cnbc.com/2023/08/28/openai-chatgpt-enterprise-launches.html

Biden administration proposes new crypto tax reporting rules: 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, Sam Callahan of Swan discusses what’s driving bitcoin’s price as August wraps up.

Read more at: https://www.cnbc.com/video/2023/08/28/biden-administration-proposes-new-crypto-tax-reporting-rules-cnbc-crypto-world.html

Max to feature AMC Networks shows like ‘Fear the Walking Dead,’ ‘Killing Eve’ this fall

Warner Bros. Discovery’s streaming platform Max will feature content from pay TV company AMC Networks for two months.

Read more at: https://www.cnbc.com/2023/08/28/max-to-feature-amc-networks-shows-this-fall.html

Mysterious new California city backed by some of the biggest names in Silicon Valley, report says

A former Goldman Sachs trader has been quietly working to build an urban utopia in California.

Read more at: https://www.cnbc.com/2023/08/28/new-california-city-backed-by-biggest-names-in-silicon-valley-report.html

Why it’s hard to find an inexpensive new car these days — just one model has an average price below $20,000

While there was just one car model with the average price below $20,000 in July, automakers are responding to consumers’ preferences toward features.

Read more at: https://www.cnbc.com/2023/08/28/why-its-hard-to-find-an-inexpensive-new-car-these-days.html

Hawaiian Electric points finger at Maui County over devastating wildfires, stock jumps 40%

Hawaiian Electric said power lines toppled by high winds likely caused the morning fire in Lahaina but electricity was off when a second fire occurred.

Read more at: https://www.cnbc.com/2023/08/28/hawaiian-electric-points-finger-at-maui-county-over-wildfires.html

Venezuela Could Boost Oil Output If US Sanctions Are Eased

Authored by Charles Kennedy via OilPrice.com,

• U.S. sanctions have crippled Venezuela’s crude oil production and exports.
• Last year, Venezuelan crude oil production hit a 50-year low of around 700,000 barrels per day.
• Analysts: If the Biden Administration further eases the sanctions and allows other Western oil companies to operate in Venezuela, the South American country could ramp up its production by around 200,000 bpd and reach about 1 million bpd in crude output by 2025.

A potential temporary relief to the U.S. sanctions against Venezuela could jumpstart the oil industry in the South American country where output has slumped to a five-decade low.

The sanctions, imposed by the Trump Administration, have crippled Venezuela’s crude oil production and exports. …

Read more at: https://www.zerohedge.com/energy/venezuela-could-boost-oil-output-if-us-sanctions-are-eased

Bankrupt Evergrande Crashes As Much As 87% After Resuming Trading Following 17 Month Halt

Shares of bankrupt (former) Chinese property giant, Evergrande Group, crashed 79% on Monday, their first trading day following a suspension of more than 17 months. The stock of the embattled real estate developer – which trade in Hong Kong under what was supposed to be the “lucky” ticker 3333 – opened 87% lower and ended the day at 0.35 Hong Kong dollars. Trading had been halted since March 21, 2022, when shares were priced at HK$1.65. Evergrande was the most traded stock in Hong Kong on Monday, with about 1.85 billion shares changing hands.

Evergrande said that a meeting with creditors to discuss offshore debt restructuring has been pushed back from Monday to Sept. 26 citing various reasons for the delay, including “numerous media reports which have wholly mischaracterized the restructuring recognition under Chapter 15” of the U.S. bankruptcy code.

As reported previously, the company filed for bankruptcy protection in a New York court on Aug. 17, a technicality since the company had defaulted on its deb …

Read more at: https://www.zerohedge.com/markets/bankrupt-evergrande-crashes-much-87-after-resuming-trading-following-17-month-halt

Trump Trial Set For March 2024 As Activist Judge Refuses Request For Election Delay

Obama-appointed activist Judge Tanya Chutkan – who’s behind some of the most “extreme sentencing of January 6th defendants” while “openly supporting the violent Black Lives Matter riots of 2020” – has denied a request to move Donald Trump’s federal election-interference trial until after the 2024 US election.

Instead, the trial will start March 4, 2024 in what the WSJ framed as ‘seeking a balance’ between prosecutors’ request for a Jan. 2 start date, and Trump’s request to push the trial to April 2026, citing the large volume of evidence they will have to examine, as well as the historic nature of the case.

Trump is the first president in US history accused of blocking the peaceful transfer of power to his successor, which his lawyers characterized as “terra incognita.”

“Never in the history of the United States have we seen …

Read more at: https://www.zerohedge.com/political/obama-appointed-judge-refuses-delay-trump-trial-until-after-election

2Y Auction Prices Above 5% For The First Time In 17 Years

Moments ago the Treasury completed the first of Monday’s two coupon auctions (the scheduled is truncated due to this week’s economic data barrage), and it was a solid sale of 2Y paper.

The sale of $45 billion in 2Y paper stopped at a high yield of 5.024%, the first auction pricing north of 5% since July 2006. The yield, which was just over 20bps compared to last month’s 4.823%, stopped through the 5.028% When Issued, the 3rd stop through in the past 4 auctions.

The bid to cover was an impressive 2.943, the highest since April 2020 excluding January’s 2.944, and well above the recent average 2.71.

The internals were also solid, with Indirects taking down 65.01%, down from 65.45%, but also above the six-auction average of 63.03%. And with Directs awarded 20.0%, Dealers took down 14.98%, the highest since May.

Overall, this was a strong, if hardly stellar 2Y auction, and one which boosted bond market sentiment helping 10Y yields slide below 4.21% and approaching session lows of 4.20%.

Read more at: https://www.zerohedge.com/markets/2y-auction-stops-through-prices-above-5-first-time-17-years

Airlines warn of UK flight delays over air traffic control fault

Thousands of air passengers travelling to and from the UK are hit by major delays and cancellations.

Read more at: https://www.bbc.co.uk/news/uk-66637156?at_medium=RSS&at_campaign=KARANGA

What are my rights if my flight is cancelled or delayed?

Technical glitches may cause disruption at airports but passengers do have rights.

Read more at: https://www.bbc.co.uk/news/business-61646214?at_medium=RSS&at_campaign=KARANGA

Bank of Family helps nearly half of home buyers

The Bank of Mum and Dad has grown and is set to help more than 300,000 home purchases this year.

Read more at: https://www.bbc.co.uk/news/business-66633680?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Tuesday

Analysts predict the markets will remain in consolidation mode amid key events such as the release of the domestic GDP print, both domestic and global macro data, as well as the monthly expiry.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/a-head-of-market-10-things-that-will-decide-d-street-action-on-tuesday/articleshow/103145226.cms

NSE’s currency derivative segment sees transactions worth Rs 609 trillion in 15 years

The National Stock Exchange of India (NSE) introduced the Exchange Traded Currency Derivatives segment on August 29, 2008, with the launch of Futures on currency spot rate US dollar – Indian rupee

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nses-currency-derivative-segment-sees-transactions-worth-rs-609-trillion-in-15-years/articleshow/103145852.cms

These 4 FMCG stocks touch their 52-week highs, gain up to 25% in a month

The benchmark index Sensex rose 110 points and settled at 64,996 on Monday. Amid this upward trajectory, 4 stocks from the BSE FMCG index reached new peaks in the last 52 weeks. The 52-week high functions as a crucial technical indicator for assessing a stock’s present value and predicting potential changes in its price. This figure denotes the highest price at which a stock was trading throughout the preceding year

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/these-4-fmcg-stocks-touch-their-52-week-highs-gain-up-to-25-in-a-month/on-a-roll/slideshow/103145084.cms

Beth Pinsker: IRS says high earners can wait until 2026 to put catch-up contributions into a Roth. Why not start now?

If you’re already among the few people over 50 who contribute the extra money to their 401(k), paying the tax up front might be the better choice.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7255-729BAB2F8F0C%7D&siteid=rss&rss=1

Commodities Corner: Citgo warns of fuel contamination at Tampa terminal as Tropical Storm Idalia looks to hit Florida’s Gulf Coast as a hurricane

Citgo Petroleum Corp. and Florida officials have warned that fuel sold at stations supplied by Citgo’s Tampa, Fla. terminal may be “contaminated,” complicating efforts by citizens preparing for a hurricane expected to reach the Gulf Coast later this week.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7255-73CC281293E2%7D&siteid=rss&rss=1

Student loan activists who helped get billions in debt cancelled are trying again, with a new tool for borrowers

The tool created by the Debt Collective helps borrowers petition the government to use its authority under the Higher Education Act to cancel their loans

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7255-8ECDD7DBCCE2%7D&siteid=rss&rss=1