How Effective Are Electric Vehicles In Reducing Emissions?

Battery electric vehicles (BEV) are the clear winner when trying to reduce emissions in the transportation sector, according to Rystad Energy research. Despite incurring higher emissions in the manufacturing process of electric vehicles and an enduring reliance on fossil fuel power generation in many countries, the positive environmental impact of switching to a BEV over the vehicle’s lifetime is unmistakable. Our analysis shows that battery-powered vehicles contribute at most half the carbon dioxide equivalent (CO2e) of diesel or gasoline…

Read more at: https://oilprice.com/Energy/Energy-General/How-Effective-Are-Electric-Vehicles-In-Reducing-Emissions.html

Oil Tensions Mount As Iraq Contradicts Turkey’s Export Claims

While Turkey said on Monday that Iraqi oil exports would resume this week through a stalled oil pipeline, Iraq is saying that negotiations are still ongoing, an anonymous Iraqi official told Reuters on Tuesday.  “We have further meetings soon and things will be more clear on how serious is Turkey to show some flexibility,” the source said, implying that the negotiations were far from complete, and that Iraq expected more movement from Turkey before oil flows could resume.  The International Chamber of Commerce (ICC) suspended…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Tensions-Mount-As-Iraq-Contradicts-Turkeys-Export-Claims.html

Offshore Wind Industry Hits Rough Waters Amid Rising Costs

The offshore wind industry is in crisis. Already this year, projects across Europe and the United States have been delayed or shelved thanks to a “perfect storm of supply chain delays, design flaws and higher costs” just when added clean energy capacity is needed the most. “If this turns into a prolonged pause of projects then without a doubt a lot of the 2030 renewables goals will be under pressure,” Jon Wallace, an investment manager at Jupiter Asset Management, was quoted by Reuters this week. The turmoil throughout the…

Read more at: https://oilprice.com/Alternative-Energy/Wind-Power/Offshore-Wind-Industry-Hits-Rough-Waters-Amid-Rising-Costs.html

Electrically Ignited Fuel: The Future Of Safe Energy

University of California – Riverside chemical engineers have designed a fuel that ignites only with the application of electric current. Since it doesn’t react to flames and cannot start accidental fires during storage or transport, it is a ‘safe’ liquid fuel. Yujie Wang, UCR chemical engineering doctoral student and co-author of a new paper about the fuel said, “The fuel we’re normally using is not very safe. It evaporates and could ignite, and it’s difficult to stop that. It is much easier to control…

Read more at: https://oilprice.com/Energy/Energy-General/Electrically-Ignited-Fuel-The-Future-Of-Safe-Energy.html

Brazil Gears Up To Launch Its First Power Deals Exchange In 2024

Brazil will have its first energy exchange for power deals next year, which is expected to raise the volumes of energy-related financial products, the chief executive of the new exchange has told Reuters.  The fund L4 Venture Builder, B3 SA Brasil Bolsa Balcao, the operator of Brazil’s stock exchange, and Nodal Exchange, part of European Energy Exchange, are the companies creating the joint venture energy exchange N5X in Brazil.   The new energy exchange is expected to start operations next year. Its first offering will…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brazil-Gears-Up-To-Launch-Its-First-Power-Deals-Exchange-In-2024.html

Budget Airlines Defy Travel Slowdown Concerns

Ryanair and Wizz Air reported strong passenger growth over September, despite fears in the industry of a slowdown in demand following this years’ summer bonanza. Ryanair saw passenger numbers rise 9 percent year-on-year to 17.4m, representing a slight dip on Augusts’ record 18.4m. Wizz Air meanwhile pipped its rival with a 21 percent year-on-year jump to just under 5.5m passengers, falling from just over 6m in August – typically the busiest month of the year. Both low-cost carriers maintained strong load factor – the proportion…

Read more at: https://oilprice.com/Energy/Energy-General/Budget-Airlines-Defy-Travel-Slowdown-Concerns.html

Coal Production Surges By 83% At India’s Largest Power Firm

India’s state power giant NTPC Ltd reported on Tuesday an 83% jump in coal production from the mines it operates in the first half of the 2023/24 fiscal year as India continues to rely on coal to meet most of its electricity demand.    Coal still generates around 70% of the country’s electricity. NTPC, with a current installed power generation capacity from all sources of more than 73 gigawatts (GW), is the largest integrated power company.  In the first half of the fiscal year 2023/2024, between April and September,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Coal-Production-Surges-By-83-At-Indias-Largest-Power-Firm.html

DOE Eyes Historic $1 Billion Loan To Kickstart U.S. Lithium Boom

The North American lithium industry is likely about to get a $1 billion injection. The United States Department of Energy (DOE) is currently in talks with Canadian mining company Lithium Americas over a massive round of funding for its Nevada project. If the deal – the terms of which are currently being finalized – is inked, it would fund over half and as much as 75% of construction costs for the massive Thacker Pass project, thereby kickstarting the United States’ lithium era in earnest.  The historic loan would be the single-biggest…

Read more at: https://oilprice.com/Energy/Energy-General/DOE-Eyes-Historic-1-Billion-Loan-To-Kickstart-US-Lithium-Boom.html

Hungary Backs Bosnian Serb Wind Farm

Bosnian Serb leader Milorad Dodik said on October 2 after meeting with Hungarian Prime Minister Viktor Orban in Budapest that Hungary may take over infrastructure projects that Germany suspended in the Bosnia-Herzegovina’s Serb-dominted entity over Dodik’s secessionist policies. Germany in August announced a decision to suspend four infrastructure projects in Republika Srpska worth a total of 105 million euros ($110 million). Dodik said Orban “expressed his willingness to substitute projects that Germany canceled.“ But he said Germany still…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hungary-Backs-Bosnian-Serb-Wind-Farm.html

A Slow Start To The Month For Oil Prices

Oil markets lost some of their bullish shine at the start of October, with a strong dollar, worrying economic data out of Europe, and the prospect of another OPEC+ policy change weighing oil prices down.Chart of the Week- Negative price arbitrage for Atlantic LNG cargoes going into Asia has been limiting flows into Asia since April, a potentially dangerous trend heading into peak winter season.- There has been an increasing reluctance to divert more Atlantic Basin LNG cargoes towards Asia due to Panama Canal congestion, high freight rates, and…

Read more at: https://oilprice.com/Energy/Energy-General/A-Slow-Start-To-The-Month-For-Oil-Prices.html

Iraq Set To Award 30 Oil And Gas Projects In Two Licensing Rounds

Iraq is inviting international companies to bid for 30 new oil and gas projects in two licensing rounds until January 2024, as OPEC’s second-largest oil producer looks to boost crude production and reduce gas import dependence. The so-called “fifth plus” and sixth licensing rounds will have lower royalty rates and profit-sharing agreements that are expected to be of less burden to investors, Al-Hakam I. Al-Neama, the head of the exploration contracts division at Iraq’s Oil Ministry, said at the ADIPEC energy conference in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Set-To-Award-30-Oil-And-Gas-Projects-In-Two-Licensing-Rounds.html

Production Pauses Hit Tesla’s Q3 Figures Harder Than Anticipated

Tesla released its production and delivery numbers for Q3, stating it delivered 435,059 vehicles and produced 430,488 vehicles, missing consensus delivery estimates of 456,722, according to Bloomberg. Shares were down as much as 3.5% in pre-market trading on Monday before slightly paring losses. The market had expected lackluster numbers for the quarter, but Tesla’s report still missed the street’s most modest of estimates.  A consensus of analysts polled by StreetAccount and cited by CNBC had even higher estimates for…

Read more at: https://oilprice.com/Energy/Energy-General/Production-Pauses-Hit-Teslas-Q3-Figures-Harder-Than-Anticipated.html

Russian Gas Giant Gazprom Claims Europe’s Energy System Is Unstable

The European energy system is currently unstable and could face challenges and shortages, according to Russia’s state-controlled gas giant Gazprom, whose deliveries to Europe have slumped since the Russian invasion of Ukraine.     “The fact that the systemic deficit has not gone away is manifested not only by the higher price level in 2023 compared to the pre-Covid years, but also by the persistence of a stable contango in the natural gas market,” Reuters quoted senior Gazprom managers Sergei Komlev and Alexander…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Gas-Giant-Gazprom-Claims-Europes-Energy-System-Is-Unstable.html

OPEC+ Not Expected To Change Course On Oil Production Cuts

The OPEC+ group is not expected to ease the ongoing production cuts when ministers from a monitoring panel meet on Wednesday to review the state of the market, Bloomberg reported on Tuesday. The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ is meeting on October 4 for a regular discussion of the oil market developments in recent weeks. Delegates from the group have told Bloomberg they do not expect the committee to make any recommendations of a policy change despite the increasingly tight oil market and the creeping fears of demand destruction…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Not-Expected-To-Change-Course-On-Oil-Production-Cuts.html

OPEC Secretary General Sees Oil Prices Staying High

Rising global demand for energy and oil is set to keep crude oil prices elevated, OPEC’s Secretary General Haitham Al Ghais told the BBC in an interview published on Tuesday. Oil demand is expected to rise by around 2.4 million barrels per day (bpd) this year compared to 2022, and by another 2 million bpd next year, Al Ghais said. “For next year we see demand continuing to grow north of 2 million barrels a day – of course, all subject to some of the uncertainties in the global market,” said the top official of OPEC, whose members…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Secretary-General-Sees-Oil-Prices-Staying-High.html

Dow loses more than 400 points and goes negative for 2023 as interest rates spike: Live updates

The Dow Jones Industrial Average slipped Tuesday and the 10-year Treasury yield popped to its highest level since 2007.

Read more at: https://www.cnbc.com/2023/10/02/stock-market-today-live-updates.html

House begins voting on motion to oust Kevin McCarthy as speaker

House Speaker McCarthy is under fire from fellow Republican Rep. Matt Gaetz because of a bill passed with Democrats that avoided a government shutdown.

Read more at: https://www.cnbc.com/2023/10/03/house-speaker-kevin-mccarthy-will-bring-gaetz-motion-to-oust-him-vote.html

Something is breaking in financial markets — Here’s what’s behind the sell-off

The pain of recognition was acute for Wall Street on Tuesday, with major averages down sharply across the board.

Read more at: https://www.cnbc.com/2023/10/03/something-is-breaking-in-financial-markets-heres-whats-behind-the-sell-off.html

Mortgage rate races toward 8% after hitting a high not seen since late 2000

Mortgage rates follow loosely the yield on the 10-year Treasury, which has been climbing this week.

Read more at: https://www.cnbc.com/2023/10/03/mortgage-rate-heads-toward-8percent.html

Meta’s news partnership head Campbell Brown is leaving the company

Campbell Brown, Meta’s top executive responsible for handling the company’s partnerships with news publishers, is leaving the company after seven years.

Read more at: https://www.cnbc.com/2023/10/03/metas-news-partnership-head-campbell-brown-is-leaving-the-company.html

Goldman analysts say these stocks have the most upside — including 3 expected to double

Analyst David Kostin outlined several stocks that Goldman thinks have the most upside based on the firm’s target price.

Read more at: https://www.cnbc.com/2023/10/03/goldman-analysts-say-these-stocks-have-the-most-upsideincluding-3-expected-to-double.html

A fresh haircut and ready for court: Day one of Sam Bankman-Fried’s criminal trial

Former crypto titan Sam Bankman-Fried faces charges of fraud and money laundering related to the collapse of his crypto exchange, FTX.

Read more at: https://www.cnbc.com/2023/10/03/sam-bankman-fried-trial-begins-jury-should-be-selected-by-wednesday.html

FDA authorizes updated Novavax Covid vaccine as Pfizer, Moderna shots roll out in U.S.

Health officials see Novavax’s protein-based vaccine as a valuable alternative for people who don’t want to take messenger RNA shots from Pfizer and Moderna.

Read more at: https://www.cnbc.com/2023/10/03/fda-approves-novavax-updated-covid-vaccine.html

FTX’s Sam Bankman-Fried is on trial. Here’s what you should know: 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, the trial of Sam Bankman-Fried, co-founder of FTX, kicks off in New York federal court.

Read more at: https://www.cnbc.com/video/2023/10/03/ftxs-sam-bankman-fried-trial-what-you-should-know-crypto-world.html

Your phone will make an alarming noise Wednesday at 2:20 p.m. ET unless you turn it off first

It’s only a test from the Federal Emergency Management Agency.

Read more at: https://www.cnbc.com/2023/10/03/us-smartphones-will-sound-off-for-fema-test-at-2point20-pm-et-wednesday.html

Judge issues gag order in Trump fraud trial after ex-president posts about law clerk

Former President Donald Trump, who glared at NY Attorney General Letitia James on the tense first day of the trial, is present in the courtroom again for Day 2.

Read more at: https://www.cnbc.com/2023/10/03/trump-business-fraud-trial-former-president-blasts-new-york-ag.html

How Wonder Bread has survived competition and the fall of white bread

While healthier alternatives dominate the U.S. bread market, Wonder Bread still makes nearly half a billion dollars in annual sales for Flowers Foods.

Read more at: https://www.cnbc.com/2023/10/03/how-wonder-bread-has-survived-the-fall-of-white-bread.html

Krispy Kreme puts Insomnia Cookies brand up for sale as it doubles down on doughnuts

Krispy Kreme bought a majority stake in Insomnia Cookies in 2018.

Read more at: https://www.cnbc.com/2023/10/03/krispy-kreme-puts-insomnia-cookies-up-for-sale.html

Ford, GM Layoff Another 500 Workers As Strikes Ripple Across Heartland

After United Auto Workers expanded strikes against Ford Motor Co. and General Motors Co. on Friday, both automakers laid off an additional 500 workers at four Midwestern plants because of the worsening impacts of labor actions about to enter the third week.

Reuters said Ford on Monday “was furloughing a total of 330 workers at its Chicago Stamping and Lima, Ohio Engine plants, while GM layoffs included 130 at its Parma, Ohio Metal Center and 34 at its Marion, Indiana Metal Center.”

On Friday, UAW boss Shawn Fain expanded strikes against a General Motors plant in Lansing, Michigan, and a Ford Chicago assembly plant but spared Stellantis after last-minute talks that offered progress on a new four-year labor deal for UAW workers.

Read more at: https://www.zerohedge.com/markets/ford-gm-layoff-another-500-workers-strikes-ripple-across-heartland

Lessons Of FTX And The SBF Trial

Authored by Michael Wilkerson via The Epoch Times,

Sam Bankman-Fried, commonly known as SBF, goes on trial later this week for his role as founder and CEO in the collapse of crypto exchange FTX, in what prosecutors allege was a $40 billion fraud. Some sympathetic observers, such as Michael Lewis, the author of The Big Short and Liar’s Poker, and now biographer of SBF, paint the founder as a more or less innocent victim of a bank run, and perhaps even a misunderstood genius. This is too generous.

Geniuses imagine, tinker, hack, and create. Their experiments and inventions lead to innovation. Innovations attract entrepreneurs with know-how to commercially develop them. Entrepreneurs in turn attract the capital needed to build and develop new products and, occasionally, entire new industries. The prospect of abundant capital and imagined high returns inevitably attracts the promoters, …

Read more at: https://www.zerohedge.com/crypto/lessons-ftx-and-sbf-trial

Watch Live: House Votes To Proceed With McCarthy Removal Process

Update (1435ET): The House is now voting on whether to move forward with the ouster vote, or to ‘table’ it – which would save McCarthy.

Update: The ‘motion to table’ has failed, and the House will now move forward with debate ahead of a vote on Gaetz’s effort to remove McCarthy.

Watch Live

Update (1323ET): It appears that House Speaker Kevin McCarthy may actually be out of a job, just eight months after he bent over backwards (and forward?) to land it.

In a ‘Dear Colleage’ letter, House Minority Leader Hakeem Jeffries tells his ‘troops’ that “House Democratic leadership will vote yes on the pending Republican motion to vacate the …

Read more at: https://www.zerohedge.com/political/mccarthy-out-today-motion-vacate-first-order-business-says-he-hasnt-struck-deal-dems

Voters Will Reject Inflation Reduction Act’s Assault On Medicare: Newt Gingrich

Op-ed authored by Newt Gingrich via RealClear Wire,

In the last few weeks, House Subcommittees have conducted important hearings on President Joe Biden’s implausibly named “Inflation Reduction Act” and its assault on Medicare.

The law is an assault on Medicare because it violates a core promise of the program – that in exchange for paying a special payroll tax your entire working life, the program will be there for you when you are older.

The law uses so-called savings from reduced spending on prescription drugs (more on that in a moment) to help pay for $500 billion in green energy and Obamacare subsidies.

This is a promise broken because the entire point of a dedicated payroll tax is that the funds are to be used for Medicare. The only way the IRA was able to accomplish the green energy and Obamacare spending without in …

Read more at: https://www.zerohedge.com/political/voters-will-reject-inflation-reduction-acts-assault-medicare-newt-gingrich

Ukraine war: Burger King still open in Russia despite pledge to exit

The owner of the fast-food brand says there are “no new updates” on its pledge to leave Russia.

Read more at: https://www.bbc.co.uk/news/business-66739104?at_medium=RSS&at_campaign=KARANGA

Boohoo slashes sales forecast as shoppers cut back

The fast fashion firm plans to make cost savings after predicting a big fall in sales.

Read more at: https://www.bbc.co.uk/news/business-66992862?at_medium=RSS&at_campaign=KARANGA

Tube strikes: London Underground walkouts cancelled

The London Underground walkouts scheduled for 4 and 6 October will no longer go ahead.

Read more at: https://www.bbc.co.uk/news/uk-england-london-66992446?at_medium=RSS&at_campaign=KARANGA

IT, Healthcare among 4 sectors to drive next leg of market rally

The InCred Asset Management fund manager expects sectors such as IT, Healthcare, Manufacturing, and Consumer Discretionary to drive the next leg of the rally in the Indian markets. He believes that the markets are fairly valued at the current levels and that returns will depend on earnings growth. Sood also advises investors to stay disciplined and avoid over-exuberance in sectors with unfavorable risk-reward ratios.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/etmarkets-smart-talk-it-healthcare-among-top-4-sectors-to-drive-next-leg-of-the-rally-aditya-sood/articleshow/104110211.cms

4 largecap stocks to buy with upside potential of up to 30%

These 4 stocks with buy recommendations have a potential upside of up to 30%. Take a look. (Source: Smifs Limited)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/4-largecap-stocks-to-buy-with-an-upside-potential-of-up-to-30/promising-plays/slideshow/104133996.cms

Updater Services D-Street debut: What GMP signals about potential listing price on Wednesday

The Rs 640-crore IPO of Updater Services was subscribed 2.9 times overall at the close. The issue comprised fresh equity of Rs 400 crore and an offer for sale (OFS) of 80 lakh shares by promoter and other selling shareholders

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/updater-services-d-street-debut-what-gmp-signals-about-potential-listing-price-on-wednesday/articleshow/104136327.cms

GM sales jump 21% in the third quarter, Stellantis sees a drop

General Motors Co.’s vehicle sales show resilience against rising interest rates and little impact yet from the ongoing United Auto Workers strike. Stellantis, another automaker hit by the strike, saw a small drop in its U.S. sales, however.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7274-530FD1AFF1B4%7D&siteid=rss&rss=1

Kevin McCarthy vote today: Speakership appears in peril as House lets Matt Gaetz’s motion go forward

The House votes Tuesday against killing a measure that would remove Speaker Kevin McCarthy from his post, setting the stage for a vote on it later in the day.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7274-1280497A7A0F%7D&siteid=rss&rss=1

Spiking yields weigh on homebuilder stocks, but their bonds are telling another story

The unrelenting rise in U.S. Treasury yields sent the stocks of rate-sensitive homebuilder stocks lower on Tuesday in a continuation of the recent trend.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7274-858680A7DDEF%7D&siteid=rss&rss=1