Tata Steel’s Port Talbot Set For £1.25 Billion Green Transformation

Via Metal MIner   The UK government and Mumbai-headquartered Tata Steel have reached a preliminary agreement over a funding package regarding the Port Talbot plant in South Wales. The package is part of a £1.25 billion ($1.55 billion) plan to decarbonize Port Talbot’s operations. However, concerns over jobs and the potential effect on local steel prices remain. A September 15 announcement from the company said that under the agreement, Tata Steel would receive a grant of up to £500 million ($620 million) from the state. This…

Read more at: https://oilprice.com/Metals/Commodities/Port-Talbots-Operations-Set-For-125-Billion-Green-Transformation.html

New BRICS Members Boost Bloc’s Global Energy Influence

BRICS is a group of major emerging economies, originally including Brazil, Russia, India and China, which was termed in 2001 by then Goldman Sachs chief economist Jim O’Neill in a research paper outlining the potential growth of these powers. The bloc was informally founded in 2009, and initiated by Russia, to counter the dominant role of the United States and Western allies in the contemporary world order. It has yet to be formalised, however, heads of state and government meet on an annual basis. South Africa joined the group in 2010…

Read more at: https://oilprice.com/Energy/Crude-Oil/New-BRICS-Members-Boost-Blocs-Global-Energy-Influence.html

Glencore Loses Another Head Oil Trader After Massive Payouts

Commodity trader Glencore PLC lost yet another member of its oil trading division, with Guy Freshwater, head of crude oil trading in the United States, taking his leave. Freshwater stepped down from his position last week, according to anonymous sources who spoke to Bloomberg, which followed another resignation by Ricardo Gomez, who also left the oil desk. These are just the latest in a string of summer departures for Glencore after making some of the largest bonus payments ever to employees in March after finishing out a banner year last year…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Glencore-Loses-Another-Head-Oil-Trader-After-Massive-Payouts.html

Nagorno-Karabakh Crisis Intensifies With Azerbaijani “Anti-Terrorist Operation”

After weeks of bloody clashes and a blockade of Nagorno-Karabakh, Azerbaijan on September 19 said it had launched an “anti-terrorist operation,” a major escalation in hostilities with Armenia as the breakaway region already teeters on the brink of a humanitarian crisis after being blockaded for more than eight months.The shelling started shortly after Baku accused what it called “Armenian sabotage groups” for the two separate explosions that killed four military personnel and two civilians in areas of Nagorno-Karabakh that are under the control…

Read more at: https://oilprice.com/Geopolitics/International/Nagorno-Karabakh-Crisis-Intensifies-With-Azerbaijani-Anti-Terrorist-Operation.html

Repsol CEO: Soaring Electricity Costs, Regulations Jeopardize Energy Transition

The energy transition is in jeopardy from the soaring cost of electricity and insufficient regulations, Repsol CEO Josu Jon Imaz said on Tuesday. Developing and implementing clean hydrogen is among the energy sources that are in jeopardy due to high electricity costs and regulations, according to Imaz, but carbon capture technology is still cheap enough to justify large-scale construction in some places, Reuters said on Tuesday. Repsol’s CEO took the opportunity at the World Petroleum Congress in Calgary to lash out at regulators for their…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Repsol-CEO-Soaring-Electricity-Costs-Regulations-Jeopardize-Energy-Transition.html

High Fuel Costs Challenge Airline Profits After Busy Summer

Several U.S. airlines expect an increase in jet fuel prices to squeeze their revenues this year, following a busy summer season. Unexpectedly high fuel prices could mean lower profits for several airlines as the aviation sector moves into its lower air traffic season. While passenger numbers are beginning to return to pre-pandemic levels, ongoing inflation and high fuel costs could negatively affect the travel market over the coming months.   Various U.S. airlines expect reduced revenues due to the high price of jet fuel, which…

Read more at: https://oilprice.com/Energy/Energy-General/High-Fuel-Costs-Challenge-Airline-Profits-After-Busy-Summer.html

Good Energy CEO: Price Cap Is Pushing Energy Bills Higher

The price cap has been a “terrible public policy failure” which has driven up bills for customers, Good Energy chief executive Nigel Pocklington has warned. Pocklington was speaking with City A.M. following Good Energy’s latest half-year results published this morning, which included a 168 percent boost in pre-tax profit for the first six months of the year. After its £32.7m intake, he told City A.M. that the price cap’s continued existence in the retail market exposed the lack of urgency in government’s…

Read more at: https://oilprice.com/Energy/Energy-General/Good-Energy-CEO-Price-Cap-Is-Pushing-Energy-Bills-Higher.html

Exxon To Increase Oil Production In Nigeria

Exxon will boost crude oil production in Nigeria by an additional 40,000 barrels per day, Nigerian President Bola Tinubu’s spokesman Ajuri Ngelale said in a statement on Tuesday. Nigeria has long had aspirations for increasing its crude oil production, most recently promising to boost production to 1.7 million barrels per day by November of this year. But now, Exxon is pledging to boost production on its end, according to Nigeria, who was citing information from Exxon’s president of global upstream operations. Exxon’s promises could put more weight…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-To-Increase-Oil-Production-In-Nigeria.html

French Utility Giant’s CEO Says Energy Crisis Is Far From Over

Europe’s energy crisis “is far from over” as risks to supply will continue to persist until new LNG volumes hit the market in 2026, according to Catherine MacGregor, chief executive at French utility giant Engie. Europe expects the coming winter with more confidence compared to last year, but the EU shouldn’t be complacent amid rising LNG demand from other regions and risks to supply disruptions, MacGregor said at an annual event of gas industry association France gaz, as carried by Montel. “The crisis is far…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/French-Utility-Giants-CEO-Says-Energy-Crisis-Is-Far-From-Over.html

Oil Prices Climb As Bullish News Continues To Mount

Oil prices continued to climb on Tuesday morning as the EIA predicted a continued slowdown in U.S. shale production, adding to concerns about a tightening oil market.Chart of the Week- Low inquiry levels stemming from Saudi Arabia’s production cuts, reoccurring congestion in China, and seasonally declining demand have driven freight rates to their lowest since May 2022.- Losing steam after their November 2022 peaks, freight rates from West Africa to East Asia have dropped to Worldscale 43.5, whilst Gulf-to-East Asia rates are even lower than…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Prices-Climb-As-Bullish-News-Continues-To-Mount.html

Canada’s Inflation Accelerates As Gasoline Prices Rise

Canada’s annual inflation accelerated to 4% in August from a 3.3% rise in July, mostly on the back of higher gasoline prices last month, Statistics Canada said on Tuesday, as high oil and gasoline prices stoke up inflation rates globally. Gasoline prices in Canada increased by 0.8% annually in August compared to a 12.9% annual drop in July, the official Canadian data showed. Excluding gasoline, the Consumer Price Index (CPI) in Canada rose by 4.1% in August, matching the same increase in July.    “In addition to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadas-Inflation-Accelerates-As-Gasoline-Prices-Rise.html

EU’s Renewables Surge Faces China Supply Chain Dilemma

The European Union could move from one heavy energy dependence to another as the achievement of its green energy targets could depend on China as much as the EU’s gas deliveries depended on Russia until two years ago.   The EU is sticking to its net-zero targets, and the European Parliament has just endorsed much higher binding renewable energy targets by 2030 by passing the Renewable Energy Directive, a key part of the European Green Deal for the EU to become a carbon-neutral bloc by 2050.   The directive, which needs…

Read more at: https://oilprice.com/Energy/Energy-General/EUs-Renewables-Surge-Faces-China-Supply-Chain-Dilemma.html

Oil Prices Rise As Azerbaijan Military Action Threatens New War

Oil prices rose for yet another day early on Tuesday, with Brent hitting $95 per barrel, as Azerbaijan said it had launched “anti-terrorist” operations in the Nagorno-Karabakh region with mostly Armenian population. The Azerbaijan-Armenia tensions have been rising in recent months after Azerbaijan imposed a blockade on the ethnic Armenian region also known as Artsakh by Armenians but internationally recognized as part of Azerbaijan. Last week, for the first time in three months, Nagorno-Karabakh received aid via Azerbaijan’s Aghdam…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Rise-As-Azerbaijan-Military-Action-Threatens-New-War.html

Trans Mountain Expansion Set To Raise Crude Prices For Midwest Refiners

The expansion of Canada’s Trans Mountain oil pipeline is expected to raise the prices U.S. refiners in the Midwest pay for Canadian oil by up to $2 per barrel, analysts tell Reuters. The Trans Mountain Expansion project, expected to triple the volume of crude shipped from Canada’s oil sands to its Pacific Coast, would intensify competition for Canadian heavy crude in the Midwest, where refiners have so far received discounted crude from Canada.   But the expansion of the Trans Mountain oil pipeline would divert crude to the Pacific…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Trans-Mountain-Expansion-Set-To-Raise-Crude-Prices-For-Midwest-Refiners.html

Mexico’s Oil Firm Resumes Trading With Vitol After 2020 Bribery Scandal

Mexico’s state-held oil giant Pemex has resumed trade with Vitol Group three years after the world’s largest oil trading firm admitted to bribing officials and two years after Mexico banned the trader from business dealings with Pemex, anonymous sources familiar with the new deals have told Reuters. Vitol has been accused of corruption by U.S. and Mexican authorities. The company has agreed to settle bribery allegations for the U.S., Mexico, and Brazil, and has agreed to pay $164 million in fines and disgorgement by the DOJ…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexicos-Oil-Firm-Resumes-Trading-With-Vitol-After-2020-Bribery-Scandal.html

Instacart closes up 12% in Nasdaq debut, after first-day rally sputters

Instacart sold shares at the top end of its expected range, and the valuation closed at $11.2 billion after the company’s debut

Read more at: https://www.cnbc.com/2023/09/19/instacart-shares-start-trading-on-nasdaq-at-42.html

Meet Airbnb’s official party pooper, who reduced partying by 55% in two years

As the person in charge of Airbnb’s worldwide ban on parties, Naba Banerjee has spent more than three years figuring out how to design an anti-party AI system.

Read more at: https://www.cnbc.com/2023/09/19/airbnb-party-preventer-naba-banerjee-reduced-parties-55percent-in-two-years.html

Ford barrels toward new Canadian strike that could affect F-Series pickup production

Canadian union Unifor and Ford are approaching an 11:59 p.m. ET Tuesday deadline to reach an agreement for about 5,600 autoworkers before a strike could occur.

Read more at: https://www.cnbc.com/2023/09/19/ford-faces-possible-canadian-strike-amid-uaw-strike.html

White House no longer sending top officials to Detroit for UAW strike talks this week

President Joe Biden largely sided with the striking autoworkers in an address Friday, but has received a relatively cold reception from the from the UAW.

Read more at: https://www.cnbc.com/2023/09/19/uaw-strikes-white-house-officials-not-going-to-detroit-for-auto-talks.html

Bank of America calls this clean energy tech stock a ‘diamond in the rough’

This stock could see upside of more than 24%, according to the firm.

Read more at: https://www.cnbc.com/2023/09/19/bank-of-america-calls-this-clean-energy-tech-stock-a-diamond-in-the-rough.html

FTX sues Sam Bankman-Fried’s parents to claw back alleged misappropriated funds: 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, Sacha Ghebali, director of strategy and business development for The Tie, weighs in on recent crypto regulatory developments in the United States.

Read more at: https://www.cnbc.com/video/2023/09/19/ftx-sues-sam-bankman-frieds-parents-claw-back-alleged-misappropriated-funds-cnbc-crypto-world.html

Live sports are headed to Max, as Warner Bros. Discovery adds a new tier to streaming app

Warner Bros. Discovery said it will add a live sports tier to streamer Max on Oct. 5, bring NBA, NHL, MLB and March Madness games to the platform.

Read more at: https://www.cnbc.com/2023/09/19/live-sports-come-to-max-warner-bros-discovery-streaming-platform.html

Pinterest shares rally after executives tell Wall Street that growth is reaccelerating

During its first investor day, Pinterest called for a compound annual growth rate in the mid to high teens, higher than analysts expected.

Read more at: https://www.cnbc.com/2023/09/19/pinterest-rallies-after-executives-say-growth-is-reaccelerating.html

U.S. national debt hits $33 trillion for the first time

The federal government faces a potential shutdown if Congress is unable to approve funding authorization in coming weeks.

Read more at: https://www.cnbc.com/2023/09/19/united-states-national-debt-tops-33-trillion-for-first-time.html

FTX sues Sam Bankman-Fried’s parents, aims to claw back some of the $26 million in gifts and property

Bankrupt crypto exchange FTX is looking to claw back luxury property and millions of dollars in “misappropriated funds” from the parents of Sam Bankman-Fried.

Read more at: https://www.cnbc.com/2023/09/19/sbfs-parents-sued-by-ftx-for-millions-of-dollars-in-misappropriated-funds.html

How to get a refund if your kids bought gear in Fortnite without asking you

The FTC said it has begun notifying more than 37 million people that they may be entitled to compensation from a settlement with Epic Games.

Read more at: https://www.cnbc.com/2023/09/19/how-to-get-fortnite-refund-through-ftc-if-kids-bought-gear.html

Apple iPhone 15 Pro review: Lighter weight makes a huge difference

The two Pro iPhones are major year-over-year upgrades, with improvements to the camera, an improved physical body, and a new button.

Read more at: https://www.cnbc.com/2023/09/19/apple-iphone-15-pro-review-lighter-weight-makes-a-huge-difference.html

Defensive stocks for worried investors to buy if upcoming threats rattle the market

CNBC Pro looked for names in the S&P 500 that are steadier than the market.

Read more at: https://www.cnbc.com/2023/09/19/defensive-stocks-for-worried-investors-to-buy-if-upcoming-threats-rattle-the-market.html

Peter Schiff Puts The UAW Strike In Its Economic Context

Via SchiffGold.com,

The United Auto Workers went on strike against the Big Three US automakers in Detroit last week. Peter Schiff went on Real America with Dan Ball to talk about the strike and how it might impact the US economy.

Peter put the strike in the context of the current inflationary and high-interest rate environment and talked about how it might impact the broader US economy.

This is the first time the UAW has gone on strike against all three US automakers at the same time. About 12,700 workers are on strike. The UAW is demanding a 40% wage increase through 2027 with a 20% raise immediately. They also want a 32-hour workweek.

Dan Ball called it “a big ask.”

Peter said some of it might just be negotiating tactics – demand the moon and settle for less. But he said they are certainly looking to become less productive, es …

Read more at: https://www.zerohedge.com/political/peter-schiff-puts-uaw-strike-its-economic-context

Is The Gig Economy On The Verge Of Destruction?

Authored by Raushan Gross via The Mises Institute,

The gig economy as we know it is on the verge of destruction.

Gig work, otherwise known as freelance work, was once held up as an entry into the entrepreneurial economy for many people seeking to dip their toes in, but that economy is currently threatened by people who do not understand its vitality for freelance entrepreneurs. There is now a push, from policymakers and a few gig contractors who think it is in the best interest of gig workers and gig employers, to professionalize the gig economy.

A recent article in the Wall Street Journal interviewed gig contractors and policymakers, who explained what professionalizing the gig economy would look like if demands are met. The article describes the policies th …

Read more at: https://www.zerohedge.com/personal-finance/gig-economy-verge-destruction

Dollar General To Grow Private Truck Fleet To 2,000 By Year’s End

By Larry Avila of TruckingDive

Growing its private fleet is part of Dollar General’s overall strategy to reduce costs and gain more operational control of its supply chain by expanding its distribution network and relying less on third-party carriers.

Owen told analysts that the company saves about 20% in associated costs each time it replaces a third-party tractor with one from its own fleet.

The company has steadily grown its private fleet since its launch in 2016. The company aimed to reach 2,000 or more tractors by early 2024, and was operating more than 1,700 tractors during Q1 — more than

Read more at: https://www.zerohedge.com/economics/dollar-general-grow-private-truck-fleet-2000-years-end

FTX Sues Bankman-Fried’s Law Professor Parents To Recover “Fraudulently Transfered And Misappropriated Funds”

Bankrupt crypto exchange FTX has sued the parents of founder Sam Bankman-Fried, who were just profiled by Bloomberg in “How Sam Bankman-Fried’s Elite Parents Enabled His Crypto Empire”, even as the article forgot to mention all the others who enabled SBF’s criminal spree…

Can’t wait for part two. pic.twitter.com/cv41BY8awZ

— zerohedge (@zerohedge) September 14, 2023

… to recover millions of dollars in “fraudulently transferred and misappropriated funds,” the company said in a court filing late Monday alleging the “effectively altruist” parents were instead complicit in their son’s crime, and spent illicit money on hotels, real estate and others.

Read more at: https://www.zerohedge.com/crypto/ftx-sues-bankman-frieds-law-professor-parents-recover-fraudulently-transfered-and

UK inflation forecast to be highest of advanced economies

Prices will rise faster in the UK than any other G7 country this year, a forecast suggests.

Read more at: https://www.bbc.co.uk/news/business-66852333?at_medium=RSS&at_campaign=KARANGA

FTX: ‘King of Crypto’ parents sued over missing millions

Sam Bankman-Fried’s parents are being sued as his bankrupt crypto firm FTX seeks to recover money.

Read more at: https://www.bbc.co.uk/news/business-66857146?at_medium=RSS&at_campaign=KARANGA

Online Safety Bill: Crackdown on harmful social media content agreed

The law aims to force firms to remove illegal content and protect children from some legal but harmful material.

Read more at: https://www.bbc.co.uk/news/technology-66854618?at_medium=RSS&at_campaign=KARANGA

Microsoft eyes Apple’s spot as world’s largest stock

“Microsoft has more of what the market wants right now, and given where we stand on the pair’s growth prospects, we wouldn’t be surprised to see it overtake Apple,” said David Klink, senior equity analyst at Huntington Private Bank.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/microsoft-eyes-apples-spot-as-worlds-largest-stock/articleshow/103788392.cms

Smallcap multibagger stock, with over 380% returns in 3 years, announces record date for stock split

As per Trendlyne data, the average target price of the stock is Rs 1,055, which shows an upside potential of 8% from the current market prices. The consensus recommendation from 3 analysts for the stock is a ‘Strong Buy’.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/smallcap-multibagger-stock-with-over-380-returns-in-3-years-announces-record-date-for-stock-split/articleshow/103776605.cms

Tata Capital may launch IPO in 2025, seek Jio Financial-like valuation: Report

As per the RBI guidelines, an ‘upper-layer’ NBFC must list within three years of being notified. On September 14, 2023, the Reserve Bank of India (RBI) classified both Tata Capital and parent Tata Sons Ltd among the 16 ‘upper tier’ NBFCs.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/tata-capital-may-launch-ipo-in-2025-seek-jio-financial-like-valuation-report/articleshow/103777190.cms

Outside the Box: Americans are working harder and making less. We need a new social safety net

Workers need a Universal Basic Income — and an angry middle-class just might deliver it

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7260-6FC3EA1478E9%7D&siteid=rss&rss=1

BookWatch: FTX whistleblower was unusual. Most witnesses are too afraid to speak up.

Research shows that 82% of whistleblowers were harassed after making allegations against a company, and 60% lost their jobs.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725F-5A39C7AD48C1%7D&siteid=rss&rss=1

Outside the Box: Buying this annuity guarantees that you’ll lose out on big money

Qualified longevity annuity contracts offer even worse returns than standard life insurance.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-725D-EDE2E6902719%7D&