Kyrgyzstan’s Explosive Car Market Growth Raises Eyebrows

Kyrgyzstan’s foreign trade is expanding, but the growth numbers aren’t necessarily a cause for celebration in Bishkek. Overall trade turnover rose by 30 percent in 2023, compared with the previous year’s total, amounting to $15.7 billion, according to the official Chinese Xinhua news agency. However, imports outpaced exports in 2023 by almost four times, with goods and services totaling $12.4 billion being purchased and $3.3 billion being sold. Not surprisingly, Kyrgyzstan is heavily dependent on Beijing and Moscow for trade.…

Read more at: https://oilprice.com/Geopolitics/International/Kyrgyzstans-Explosive-Car-Market-Growth-Raises-Eyebrows.html

U.S. Has Launched 230 Attacks on Houthis Over Red Sea Disruption

As a German warship joins the fight against Yemen’s Iran-backed Houthis in the Red Sea, the U.S Department of Defense told a Senate Foreign Relations Committee hearing that it has struck 230 targets in Yemen since the Biden administration ordered airstrikes last month.  On Wednesday, U.S. Central Command also said it shot down five Houthi airborne drones in the Red Sea overnight.  Over the weekend, U.S. forces struck Houthi land targets, hitting underground weapons storage facilities, missile storage facilities, air defense systems…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Has-Launched-230-Attacks-on-Houthis-Over-Red-Sea-Disruption.html

EU Member States Clash on Sanctioning Russian Aluminum

Last week, the EU passed its latest sanctions package on Russia to coincide with the second anniversary of the full-scale invasion of Ukraine. As I discussed in a previous briefing, the measures introduced were weak, consisting largely of additional asset freezes and visa bans. The rather feeble package also prompted internal criticism within Brussels, especially from more hawkish EU member states, with the argument that the European Union must be more ambitious in sanctioning the Kremlin in the future. Speaking to several EU diplomats, who wish…

Read more at: https://oilprice.com/Metals/Commodities/EU-Member-States-Clash-on-Sanctioning-Russian-Aluminum.html

U.S. Natural Gas Prices Gain Over 3% After Hitting 1997 Low

U.S. natural gas prices gained over 3% on Wednesday, recovering from a four-year low earlier in the week as European demand popped and unseasonably warm temperatures in the southern United States boosted cooling demand to make up for lackluster heating demand.  So far this year, natural gas has shed over 30%.  At 12:49 p.m. ET on Wednesday, U.S. Henry Hub natural gas prices were trading up 3.26% at $1.867 per million British thermal units (MMBtu). On February 20, U.S. Henry Hub daily natural gas prices averaged $1.50 per million British…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Natural-Gas-Prices-Gain-Over-3-After-Hitting-1997-Low.html

Houthis Knock Out Undersea Internet Connections in Red Sea

There are new reports saying Yemen’s Houthis have knocked out several underwater telecommunications cables linking Europe and Asia, however, some of the accounts of the extent of damage remain conflicting. Multiple Israeli publications are reporting Monday that four underwater communications cables between Saudi Arabia and Djibouti have been damaged in recent months – the result of Houthi sabotage. The reporting appears to have originated in Israel’s financial daily outlet Globes. But one industry publication cautions, “One cable operator has confirmed…

Read more at: https://oilprice.com/Geopolitics/International/Houthis-Knock-Out-Undersea-Internet-Connections-in-Red-Sea.html

Raging Wildfire Threatens Texas Oil Rigs, Refinery

Texas Panhandle oil refineries and cattle ranches remain under critical threat as wildfires continue to spread, now consuming 500,000 acres after having prompted the temporary evacuation of the United States’ primary nuclear weapons assembly plant. Earlier on Wednesday, Texas Governor Greg Abbott had declared a disaster for 60 counties being affected by four separate wildfires that have so far decimated more than 320,000 acres, with shifting winds threatening further spread. By mid-day Wednesday, the wildfires had consumed over 500,000 acres. …

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Raging-Wildfire-Threatens-Texas-Oil-Rigs-Refinery.html

Ukraine Steel Giant Faces 31% Drop in Steel Production

Via Metal Miner   Ukrainian metals and mining group Metinvest recently reported a 31% decrease year on year in its crude steel production for 2023, citing Russia’s ongoing invasion of the country. On February 16, the company announced its decision to halt steel manufacturing activities at its assets in Mariupol, Avdiivka, and Zaporizhzhia. This includes the Azovstal, Ilyich Steel, Avdiivka Coke, and Zaporizhzhia coking facilities. In total, crude production for the 12 months ending on December 31 came to 2.02 million metric tonnes. Metinvest…

Read more at: https://oilprice.com/Metals/Commodities/Ukraine-Steel-Giant-Faces-31-Drop-in-Steel-Production.html

Progress Stalls On Shell-Equinor $42-Billion LNG Project in Tanzania

Shell and Equinor are still expecting the signing of all agreements which would allow them to start developing a planned $42-billion LNG export project in Tanzania, the international majors have told Bloomberg. The LNG project for connecting offshore natural gas discoveries offshore Tanzania with an export terminal on its coast has been nearly a decade in the making.   After buying BG Group in 2016, Shell became the operator of two offshore blocks in Tanzania, Block 1 and Block 4, together with its partners Medco Energi (Ophir…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Progress-Stalls-On-Shell-Equinor-42-Billion-LNG-Project-in-Tanzania.html

Ford Halts Shipments of 2024 F-150 Lightning Pickup Trucks

Automotive News was the first to report Ford Motor Co. halted shipments of all 2024 F-150 Lightning electric pickup trucks for an undisclosed quality control issue just weeks after slashing production volumes for the EV model due to sliding demand.  A Ford spokesperson did not explain the reasons behind the quality check, but shipments of Lightnings have been halted since Feb. 9. Even with shipments paused, production of the Lightnings continues at the Rouge Electric Vehicle Center in Dearborn, Michigan.  “We expect to…

Read more at: https://oilprice.com/Energy/Energy-General/Ford-Halts-Shipments-of-2024-F-150-Lightning-Pickup-Trucks.html

Draft WTO Agreement Shows Deep Divergences on Climate Change

The World Trade Organization’s (WTO) ministerial conference in Abu Dhabi has shown again deep divergences regarding actions to tackle climate change, with the only explicit reference to “climate change” reduced to an annex in the latest drafts.   Talks on a new WTO deal are being held this week in Abu Dhabi, and amid disagreements, negotiations on a final declaration continue.   WTO Director-General Ngozi Okonjo-Iweala, who took office in 2021, is keen to include sustainability and tackling climate change in…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Draft-WTO-Agreement-Shows-Deep-Divergences-on-Climate-Change.html

EIA Confirms Moderate Crude Build, Products Draw

Crude oil prices went lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 4.2 million barrels for the week to February 23. This compared with a build of 3.5 million barrels for the previous week, which was accompanied by inventory declines in gasoline and middle distillates. In gasoline, the EIA estimated an inventory draw of 2.8 million barrels for the week to February 23. Production averaged 9.4 million bpd during the week. This compared with an inventory decline of 300,000…

Read more at: https://oilprice.com/Energy/Crude-Oil/EIA-Confirms-Moderate-Crude-Build-Products-Draw.html

Philippines To Explore Other Oil and Gas Areas amid China Tensions

The Philippines is looking to explore for oil and gas in areas other than the South China Sea where a territorial dispute with China has hindered exploration plans, the Philippine Energy Undersecretary Alessandro Sales told Bloomberg in an interview published on Wednesday. “We are looking at the Sulu Sea area as the new exploration hot spot and there are companies now involved here,” Sales told Bloomberg. The Philippines has been seeking to develop the Reed Bank area in the South China Sea, which hosts a stalled Philippine…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Philippines-To-Explore-Other-Oil-and-Gas-Areas-amid-China-Tensions.html

Will Trump Roll Back Biden’s Green Initiatives if Elected?

With the U.S. presidential election coming up in November, many are wondering what will happen following three years of green progress if a Republican candidate wins the election. As per his campaign mandate, President Biden has focused heavily on decarbonising the U.S. economy and tackling climate change through the introduction of far-reaching climate policies, backed by federal funding. The Inflation Reduction Act (IRA) and other policies were created to help develop green energy capacity and advance clean technologies in the U.S., with financial…

Read more at: https://oilprice.com/Energy/Energy-General/Will-Trump-Roll-Back-Bidens-Green-Initiatives-if-Elected.html

Russia’s LNG Cargoes Bound for China Avoid the Red Sea

Russia has started diverting its LNG cargoes away from the Suez Canal and is using the longer route to China via the Cape of Good Hope in Africa, amid a higher risk of Houthi attacks in the Red Sea, according to LSEG data cited by Reuters on Wednesday.   The longer route from Russia’s Yamal LNG project to China via Africa instead of the Suez Canal adds around 10 days to the travel time for LNG cargoes to reach their destinations in China and return to Russia, tying up more LNG tankers for longer periods at sea.   This adds…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-LNG-Cargoes-Bound-for-China-Avoid-the-Red-Sea.html

UK Power Capacity Auction Sets Record Price in Tight Market

The UK’s capacity market auction for 2027-2028 – designed to pay power producers to provide additional capacity to the grid in times of high demand – cleared at a record-high price for a four-year-ahead auction. The clearing price at the auction on Tuesday was $82.20 (£65.00) per kilowatt (kW) per year – the highest ever for an auction that has been held four years in advance, according to the provisional results published by National Grid’s EMR.   A total of 42.83 gigawatts (GW) of power capacity was procured…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Power-Capacity-Auction-Sets-Record-Price-in-Tight-Market.html

S&P 500, Nasdaq close lower Wednesday as inflation report looms: Live updates

The next big catalyst for stocks might be key inflation data that’s due on Thursday.

Read more at: https://www.cnbc.com/2024/02/27/stock-market-today-live-updates.html

Google CEO tells employees Gemini AI blunder ‘unacceptable’

The Google CEO said the company is working around the clock on a fix for its AI image generator tool.

Read more at: https://www.cnbc.com/2024/02/28/google-ceo-tells-employees-gemini-ai-blunder-unacceptable.html

Coinbase users see $0 balance after crypto-trading app suffers glitch

Coinbase users took to social media platform X on Wednesday screenshots showing that their accounts appeared to have no money in them.

Read more at: https://www.cnbc.com/2024/02/28/coinbase-users-see-0-balance-after-crypto-trading-app-suffers-glitch.html

Mitch McConnell to step down as Republican Senate leader in November

Sen. Mitch McConnell is the longest-serving party leader in the Senate in history. He has had a complicated relationship with fellow Republican Donald Trump.

Read more at: https://www.cnbc.com/2024/02/28/mitch-mcconnell-to-step-down-as-republican-senate-leader-in-november-report.html

Congress closing in on partial budget deal ahead of shutdown deadline

President Joe Biden met with Speaker Johnson and other congressional leaders on Tuesday to discuss the funding negotiations.

Read more at: https://www.cnbc.com/2024/02/28/congress-closing-in-on-partial-budget-deal-ahead-of-shutdown-deadline.html

These surprise sources of income could cost you during tax season

Your income windfall of 2023 is turning into the tax bite of April 2024.

Read more at: https://www.cnbc.com/2024/02/28/these-surprise-sources-of-income-could-cost-you-during-tax-season.html

A little-noticed inflation report in the past could get a lot of market attention on Thursday

The personal consumption expenditures price index could add to evidence that inflation is stickier than some had thought.

Read more at: https://www.cnbc.com/2024/02/28/a-little-noticed-inflation-report-in-the-past-could-get-a-lot-of-market-attention-on-thursday.html

Bitcoin rockets to $64,000 as it closes in on previous all-time high: 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, Mike Belshe, co-founder and CEO of BitGo, breaks down the bitcoin ETF hype and the cryptocurrency’s rally.

Read more at: https://www.cnbc.com/video/2024/02/28/bitcoin-rockets-64000-closes-in-previous-all-time-high-cnbc-crypto-world.html

Online trading platform Webull is set to go public via a $7.3 billion SPAC deal

The New York-based online brokerage will combine with SK Growth Opportunities Corporation in the second half of the year.

Read more at: https://www.cnbc.com/2024/02/28/online-trading-platform-webull-is-set-to-go-public-via-a-7point3-billion-spac-deal.html

Former New York cop charged with swindling investors in foreign exchange trading fund

The former New York police officer also is being sued by the Commodity Futures Trading Commission over his foreign exchange investment fund’s practices.

Read more at: https://www.cnbc.com/2024/02/28/former-new-york-cop-charged-with-fraud-in-foreign-exchange-trading-fund.html

These are the 2024 CNBC Changemakers: See the full list of women transforming business

CNBC reveals the 2024 Changemakers list, an annual list spotlighting women whose accomplishments have left an indelible mark on the business world.

Read more at: https://www.cnbc.com/2024/02/28/these-are-the-2024-cnbc-changemakers.html

The hottest housing markets for the super rich in 2024

One-quarter of the ultrawealthy people in the U.S. plan to buy a home this year, and they’re increasingly venturing to the luxury real estate market overseas.

Read more at: https://www.cnbc.com/2024/02/28/the-hottest-housing-markets-for-the-super-rich-in-2024.html

Top Amazon aggregator Thrasio files for bankruptcy

Aggregators like Thrasio raised billions of dollars from investors looking to cash in on the third-party seller rollup craze.

Read more at: https://www.cnbc.com/2024/02/28/top-amazon-aggregator-thrasio-files-for-bankruptcy.html

US Issues Warning To Breakaway Moldovan Region Seeking Russia’s ‘Protection’

Update(1525ET): Russian state media says that the country’s parliament and Federation Council is preparing to respond positively to Transistria’s earlier urgent requestion for Moscow’s ‘protection’ from Moldova, a small eastern European country supported by Washington. Russian legislators have “put forward a request to both the Federation Council and State Duma of Russia, urging them to implement measures to safeguard Transnistria, especially in light of Moldova’s growing pressure. This request is backed up by the fact that over 220,000 Russian citizens reside in Transnistria.”

The Biden administration has responded by saying it is “closely watching” the situation, calling the breakaway “occupied” by Russian forces (since Soviet times). “The United States firmly supports Moldova’s sovereignty and territorial integrity within its internationally recognized borders,” the State Department said Wednesday.

And it begins…

Ambassador Kent Logsdon spoke to Moldova State University students about the strong partnership between the United States and Moldova. He highlighted U.S. assistance over the last 32 years, which totals over $2.5 billion, celebrated Moldova’s progress toward EU membership and… pic.twitter.com/A7BxTvrKy0

— U.S. Embassy Moldova (@USembMoldova)

Read more at: https://www.zerohedge.com/geopolitical/breakaway-transnistria-asks-russia-protection-setting-stage-military-intervention

GOP Senators Sound Alarm Over CBDCs, Propose Bill To Ban Them

Authored by Stephen Katte via The Epoch Times,

A group of Republican senators led by Sen. Ted Cruz (R-Texas) has introduced a proposal that would bar central bank digital currencies (CBDC) from being implemented without prior authorization by Congress.

CBDCs are a digital form of a country’s currency, such as the American dollar, that’s backed and controlled by a nation’s central bank. Digital currency advocates say it could improve payment efficiency and expand financial inclusion for populations with limited access to the financial system.

Critics argue that CBDCs have the potential to allow new levels of government interference in people’s finances, provide new avenues for government corruption, and even potentially destabilize the economy, among other concerns.

Sen. Cruz was joined by Sens. Bill Hagerty (R-Tenn.), Ric …

Read more at: https://www.zerohedge.com/personal-finance/gop-senators-sound-alarm-over-cbdcs-propose-bill-ban-them

Microsoft OpenAI Chatbot Suggests Suicide, Other ‘Bizarre, Harmful’ Responses

Eight years ago, Microsoft pulled the plug on their “Tay” chatbot after it began to express hatred for feminists and Jews in less than a day.

“Tay” went from “humans are super cool” to full nazi in

Read more at: https://www.zerohedge.com/technology/microsoft-openai-chatbot-suggests-suicide-other-bizarre-harmful-responses

Will A Money-Hungry Government Take Away Your IRA And 401K?

Authored by Mike Shedlock via MishTalk.com,

A Bloomberg op-ed proposes the government will kill the 401K, and also that it should.

Your 401(k) Will Be Gone Within a Decade

Please consider Your 401(k) Will Be Gone Within a Decade

If you are among the 56% of US workers with a retirement plan, I have some bad news for you: Your 401(k) will be gone in 10 years, tops. Not the money, thank goodness, but the plans themselves.

There has been a brewing intellectual movement to get rid of the 401(k) for several years, with scholars on both the right and left questioning its value. And as the federal government gets increasingly desperate for new sources of revenue, th …

Read more at: https://www.zerohedge.com/personal-finance/will-money-hungry-government-take-away-your-ira-and-401k

Post Office sought double pay for chief executive

Former chairman Henry Staunton twice lobbied ministers to double Nick Read’s pay, MPs heard on Wednesday.

Read more at: https://www.bbc.co.uk/news/business-68421924?at_medium=RSS&at_campaign=KARANGA

Disney plans $8.5bn merger for ailing India unit

It is combining forces with Reliance Industries, owned by Mukesh Ambani – Asia’s richest man.

Read more at: https://www.bbc.co.uk/news/business-68427037?at_medium=RSS&at_campaign=KARANGA

Thames Water told to find extra cash itself

It follows reports the firm has lobbied the regulator to allow it to raise bills by 40% and face lower fines.

Read more at: https://www.bbc.co.uk/news/business-68423495?at_medium=RSS&at_campaign=KARANGA

Goldman Sachs added these 8 stocks to its India portfolio in Q3

Goldman Sachs India publicly holds 37 stocks with a net worth of over Rs 5,077 crore as per the latest corporate shareholdings data. Their portfolio value rose 24% to Rs 5155.44 crore for the quarter ended December. Let’s take a look at the top stocks where this FII investor picked up a fresh stake recently (Source: Trendlyne)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/goldman-sachs-added-these-8-stocks-to-its-india-portfolio-in-q3-check-details/tracking-smart-money/slideshow/108068819.cms

Tech View: Nifty ends near 20-DEMA. What traders should do on Thursday expiry

Observing the daily chart, the index has been navigating within a rising channel. A decline below 21,950 could potentially trigger a correction towards 21,800 in the near term.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-ends-near-20-dema-what-traders-should-do-on-thursday-expiry/articleshow/108076908.cms

Technical Stock Pick: CAMS gives a breakout from 100-week consolidation; time to buy?

CAMS is India’s largest Mutual Fund Transfer Agency that provides MF Services & Statements. Service partner to AIFs, Insurance Companies, Banks & NBFCs, according to the company website.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/technical-stock-pick-cams-gives-a-breakout-from-100-week-consolidation-time-to-buy/articleshow/108061717.cms

Why traders are focusing on this obscure, but crucial, part of the financial system

Investors and traders are paying close attention to a part of the nation’s financial plumbing that has implications for the banking system and Fed policy.

Read more at: https://www.marketwatch.com/story/why-traders-are-focusing-on-this-obscure-but-crucial-part-of-the-financial-system-9ececc1e?mod=mw_rss_topstories

Dating app Bumble to lay off about a third of its staff as it looks to drive growth

Online-dating company Bumble Inc. will lay off approximately 350 workers as part of a restructuring plan.

Read more at: https://www.marketwatch.com/story/dating-app-bumble-to-lay-off-about-37-of-its-workforce-as-it-looks-to-drive-growth-7fac6ad5?mod=mw_rss_topstories

Government would avoid shutdown under House speaker’s proposal

The federal government would fully operate beyond Friday under a proposal from House Speaker Mike Johnson, a Louisiana Republican.

Read more at: https://www.marketwatch.com/story/government-would-avoid-shutdown-under-house-speakers-proposal-ae9fc7d7?mod=mw_rss_topstories