India Emerges as a Major Exporter of Solar Panels

Rystad Energy’s latest data reveals renewable energy installations in India surged to a record 7.1 gigawatts (GW) in March, more than doubling the previous record of 3.5 GW set in March 2022. The increase in installations helped India reach its highest-ever annual installed capacity of 18.5 GW for the fiscal year ending on 31 March 2024. The growth was primarily driven by solar installations, up 23% on levels from the 2023 financial year, driven by the commissioning of numerous projects within India’s inter-state transmission system network…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/India-Emerges-as-a-Major-Exporter-of-Solar-Panels.html

Permian Basin Dominates US Energy M&A Activity in Q1

Houston-based data provider Enverus reported that the United States saw a record-breaking $51 billion worth of oil and gas deals in the first quarter of the year, with much of the activity centered around the Permian Basin in West Texas and New Mexico. As energy companies seek to expand their drilling inventories, the Permian’s reputation for high-quality drilling prospects and relatively low break-even costs of around $64 per barrel continues to attract significant investment. Andrew Dittmar, Enverus Intelligence Research’s principal analyst,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Permian-Basin-Dominates-US-Energy-MA-Activity-in-Q1.html

Ukraine Looks to Turn the Tide Against Russia with Fresh U.S. Aid

The impending $60 billion aid package for Ukrainian in the United States is not coming a moment too soon. The situation on the front has been so dire for Ukrainian forces in recent weeks that CIA Director William Burns warned that Kyiv could lose the war against Russia by the end of the year if substantial aid was not forthcoming. Over the past few months, as politicians in the U.S. Congress have wrangled over the aid allocation, Russian forces have been attacking at a handful of spots along the 1,000-kilometer front running through eastern and…

Read more at: https://oilprice.com/Geopolitics/International/Ukraine-Looks-to-Turn-the-Tide-Against-Russia-with-Fresh-US-Aid.html

IMF Praises UK’s Digital Infrastructure for AI Readiness

The UK economy is uniquely positioned to benefit from the roll out of artificial intelligence. Politicians on all sides should be championing policies that help secure these benefits as soon as possible, Chris Dorrell writes Amid a slew of warnings about slow growth and rising national debt, it was easy to miss that the International Monetary Fund (IMF) had some good news for the UK economy last week. Modelling the potential impact of artificial intelligence (AI) on both UK productivity and output, it suggested that the size of the UK economy could…

Read more at: https://oilprice.com/Finance/the-Economy/IMF-Praises-UKs-Digital-Infrastructure-for-AI-Readiness.html

Why Biden is Unlikely to Enforce the New Iran Oil Sanctions

Over the weekend, as part of the $95 billion package providing funding for aiding Ukraine, Israel and Taiwan which passed by a vote of 360-58 on Saturday, the US House also passed new sanctions on Iran’s oil sector set to become part of a foreign-aid package, putting the measure on track to pass the Senate within days. The legislation, as Bloomberg reports, would broaden sanctions against Iran to include foreign ports, vessels, and refineries that knowingly process or ship Iranian crude in violation of existing US sanctions. It would also…

Read more at: https://oilprice.com/Energy/Crude-Oil/Why-Biden-is-Unlikely-to-Enforce-the-New-Iran-Oil-Sanctions.html

China’s Coal Dependence to Persist Despite Global Climate Goals

Amidst global efforts to phase out coal power by 2040, China’s coal consumption is unlikely to decrease significantly by that time, according to a new report by Norwegian consultancy DNV. The report indicates that China’s coal usage, currently the world’s largest, will experience a minor reduction in the next two years, followed by a one-third decline by 2040. Despite a surge in renewable energy generation, coal will remain a substantial part of China’s energy mix, projected to constitute 25% of its peak consumption by 2050. The country’s commitment…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-Coal-Dependence-to-Persist-Despite-Global-Climate-Goals.html

Tesla Investors Brace for Worst Financial Report in 7 Years

Tesla is slated to report earnings today and, as FT notes, investors are bracing for the “worst results in 7 years” from the EV manufacturer.  Analysts predict that Tesla will post revenues of $22.3 billion for Q1, representing a year-over-year decline of 4.4%. This anticipated drop in revenue aligns with poor Q1 delivery data, where deliveries decreased by 8.5% year-over-year, marking the first annual decline in deliveries since 2020. Expectations for Tesla’s 2024 full year earnings are lower than those of 2023. Current forecasts by FactSet…

Read more at: https://oilprice.com/Energy/Energy-General/Tesla-Investors-Brace-for-Worst-Financial-Report-in-7-Years.html

Wind Overtakes Fossil Fuels as the UK’s Largest Power Generation Source

The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of Britain’s electricity, higher than the 23.6 TWh generated from fossil fuel sources, Ember data showed. As a result, wind power generated an average of 39.4% of the UK’s electricity between January and March 2024, versus a 36.2%…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Wind-Overtakes-Fossil-Fuels-as-the-UKs-Largest-Power-Generation-Source.html

Renewables Giant NextEra Books Higher-Than-Expected Q1 Earnings

NextEra Energy Inc (NYSE: NEE) reported on Tuesday an 8.3% annual increase in its adjusted earnings per share for the first quarter, which topped analyst expectations, as the world’s largest wind and solar power generator added more customers to its regulated utilities business and boosted renewables capacity. NextEra Energy posted 2024 first-quarter adjusted earnings of $1.873 billion, or $0.91 per share, up from $1.678 billion, or $0.84 per share, for the first quarter of 2023. The adjusted EPS for the first quarter of 2024 exceeded…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Renewables-Giant-NextEra-Books-Higher-Than-Expected-Q1-Earnings.html

Oil Takes a Breather as Geopolitical Risk Eases

WTI crude hangs above $80 per barrel as geopolitical risks have eased somewhat, but haven’t disappeared altogether. Fuel Oil Is Having Its Sunshine Moment – Fuel oil has risen to prominence as the most improved oil product of late, boosted by higher demand from Asia’s power generation sector as well as limited supply of heavy crudes required to produce it. – The US’ snapback of sanctions against Venezuela and Mexico’s sudden cut to exports of heavy sour grades such as Maya have greatly limited the pool of heavier crudes…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Takes-a-Breather-as-Geopolitical-Risk-Eases.html

Oil Giants Seek Stakes in the UAE’s New LNG Export Project

Large international oil and gas companies, including top LNG traders Shell and TotalEnergies, are in discussions to buy stakes in the new LNG export project of the United Arab Emirates (UAE), anonymous sources familiar with the talks told Bloomberg on Tuesday.   The project, Ruwais LNG, is being developed by the UAE’s state firm ADNOC and is planned to consist of two 4.8 million metric tonnes per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6 mmtpa. The project is set to more than double ADNOC’s LNG…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Giants-Seek-Stakes-in-the-UAEs-New-LNG-Export-Project.html

Bitcoin Mining and Population Growth Are Pushing the Texas Grid to the Brink

The Texas energy grid faced its first high-heat litmus test of the year this month as warming April temperatures placed an early strain on utilities. Earlier this month, the Electric Reliability Council of Texas (ERCOT) had to postpone scheduled maintenance to “to help alleviate potential tight conditions” in order to keep up with energy demand as more residents turned on their air conditioning units. Worryingly, it wasn’t an intense or unprecedented heat wave that placed a stress test on the troubled grid, it was temperatures…

Read more at: https://oilprice.com/Energy/Energy-General/Bitcoin-Mining-and-Population-Growth-Are-Pushing-the-Texas-Grid-to-the-Brink.html

Polish Refiner Cancels Venezuelan Oil Deals as Sanctions Window Closes

Polish refiner Orlen has scrapped contracts to purchase Venezuelan crude and oil products after losing millions of U.S. dollars on prepayment for cargoes that haven’t been loaded while a wind-down period of the return of the U.S. sanctions on Venezuela has begun, a manager at Orlen has told Reuters. Refiners and traders flocked back to trade with Venezuela at the end of last year after the United States lifted most sanctions on Venezuela’s oil industry after the Nicolas Maduro government reached a deal with the opposition…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Polish-Refiner-Cancels-Venezuelan-Oil-Deals-as-Sanctions-Window-Closes.html

UAE and Oman Sign $35 Billion Worth of Energy, Metals, and Infrastructure Deals

The United Arab Emirates and Oman signed on Tuesday $35 billion worth of investment partnerships in renewable energy, green metals, railways, and digital infrastructure and technology during the state visit of Oman’s Sultan to the UAE. The memorandums of understanding establish investment partnerships between the UAE and Oman worth a combined $35 billion (129 billion UAE dirhams) to deepen cooperation across multiple sectors, the UAE’s Ministry of Investment said in a statement. Under the deals, several UAE and Omani companies…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UAE-and-Oman-Sign-35-Billion-Worth-of-Energy-Metals-and-Infrastructure-Deals.html

Halliburton Beats Earnings Forecast on High Oilfield Services Demand

Halliburton Company (NYSE: HAL) booked slightly higher-than-expected adjusted earnings for the first quarter, driven by rising international demand for oilfield services. The company, one of the world’s top three oilfield services providers and leader in the U.S. fracking services market reported on Tuesday an adjusted net income of $679 million for the first quarter of 2024, or $0.76 per diluted share. This beat the analyst consensus forecast of $0.74 EPS compiled by The Wall Street Journal. Halliburton’s total revenue…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Halliburton-Beats-Earnings-Forecast-on-High-Oilfield-Services-Demand.html

Tesla set to report first-quarter earnings after the bell

Tesla is set to release first-quarter earnings on Tuesday following a dismal deliveries report earlier this month. [editor’s note: The company on Tuesday reported revenue of $21.3 billion for the three months ended March, compared with $23.33 billion a year earlier. Analysts on average had estimated $22.15 billion, according to LSEG data. The world’s most valuable automaker recorded a fall in revenue in the second quarter of 2020, when the COVID-19 pandemic hampered production and deliveries.]

Read more at: https://www.cnbc.com/2024/04/23/tesla-tsla-earnings-q1-2024-.html

Dow closes more than 250 points higher, S&P 500 pops 1% as strong earnings propel stocks: Live updates

U.S. stocks rose on Tuesday as the corporate earnings season picked up steam and investors looked to build on the strong gains from the previous session.

Read more at: https://www.cnbc.com/2024/04/22/stock-market-today-live-updates.html

Tech’s earnings bonanza this week shines spotlight on growing troubles at Tesla, Google

This quarter’s earnings reports from the U.S. tech giants coincide with a mountain of drama that the companies are facing.

Read more at: https://www.cnbc.com/2024/04/22/big-tech-keeps-prioritizing-ai-as-earnings-approach.html

Senate advances long-awaited aid for Israel, Ukraine, Taiwan, and TikTok bill

President Biden initially proposed aid for Israel, Ukraine and Taiwan in October.

Read more at: https://www.cnbc.com/2024/04/23/senate-advances-aid-for-israel-ukraine-taiwan-tiktok-bill.html

Buy these ‘AI revolutionaries’ trading at a discount, Evercore ISI says

AI’s productivity potential is similar to the internet and electricity/mass production revolutions, Evercore ISI said. Here’s who it thinks should benefit.

Read more at: https://www.cnbc.com/2024/04/23/buy-these-ai-revolutionaries-trading-at-a-discount-evercore-isi-says.html

ByteDance, TikTok shelled out $7 million on lobbying and ads to combat potential U.S. ban

The disclosures show how TikTok officials lobbied Congress and President Joe Biden’s executive office last quarter.

Read more at: https://www.cnbc.com/2024/04/23/bytedance-tiktok-spent-over-7-million-on-lobbying-ad-campaign-.html

Crypto lobbying groups sue SEC over expanded dealer rule: 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, Adam Sullivan, CEO of Core Scientific, discusses the miner’s strategy after the fourth Bitcoin halving.

Read more at: https://www.cnbc.com/video/2024/04/23/crypto-lobbying-groups-sue-sec-over-expanded-dealer-rule.html

HashiCorp shares spike on report that IBM is in talks to buy the cloud software maker

HashiCorp’s business is growing considerably faster than that of IBM, which has been confronting a challenging economic environment.

Read more at: https://www.cnbc.com/2024/04/23/hashicorp-shares-spike-on-report-that-ibm-is-in-talks-to-buy-the-cloud-software-maker.html

EW Scripps exploring sale of Black-culture broadcast network Bounce TV

EW Scripps has received inbound interest in its Black-culture network Bounce TV, CEO Adam Symson said in an exclusive CNBC interview.

Read more at: https://www.cnbc.com/2024/04/23/ew-scripps-exploring-sale-of-black-culture-broadcast-network-bounce-tv.html

Google search boss warns employees of ‘new operating reality,’ urges them to move faster

At a recent all-hands meeting, Google search head Prabhakar Raghavan told employees that the world is changing and they have to adjust.

Read more at: https://www.cnbc.com/2024/04/23/google-search-boss-raghavan-warns-employees-of-new-operating-reality.html

Trump trial: National Enquirer would ’embellish’ negative stories about Trump’s 2016 rivals, Pecker says

Trump is charged with falsifying business records related to a scheme to silence porn star Stormy Daniels from speaking about an alleged tryst with him.

Read more at: https://www.cnbc.com/2024/04/23/trump-trial-gag-order-contempt-hearing-pecker-testimony-hush-money.html

DJT stock plunges 9% with Trump set to qualify for 36 million bonus shares

Trump will receive an additional 36 million shares, worth about $1.15 billion, if the stock closes above a $17.50 minimum share price.

Read more at: https://www.cnbc.com/2024/04/23/trump-media-shares-plunge-before-former-presidents-stock-bonus.html

Apple sends invites to May 7 launch event, new iPads expected

Apple will launch new products on May 7 in an online event, according to invites sent to the media on Tuesday.

Read more at: https://www.cnbc.com/2024/04/23/apple-sends-invites-to-may-7-launch-event-new-ipads-expected.html

Federal Judge Appears Ready To Reimpose Jan. 6 ‘Disinformation’ Monitoring

Authored by Joseph M. Hanneman via The Epoch Times (emphasis ours),

Despite being slapped down by the U.S. Court of Appeals for ordering a Jan. 6 probationer’s computer use be monitored for so-called “disinformation,” a senior federal judge in Washington D.C. appears ready to reimpose the restriction on Daniel Goodwyn of Corinth, Texas.

(Illustration by The Epoch Times, Getty Images, Courtesy of Daniel Goodwyn, Courtesy of J6 Patriot News)

Senior U.S. District Judge Reggie Walton ordered Mr. Goodwyn to “show cause” for why the computer monitoring provision should not be reimposed. Judge Walto …

Read more at: https://www.zerohedge.com/political/federal-judge-appears-ready-reimpose-jan-6-disinformation-monitoring

It’s All About Mag 7 Earnings: Without Them S&P Profit Growth Is Negative

After what has been a boring start to the week, where the biggest event so far was yesterday’s start of corporate buyback frontrunning (as we first detailed and bottom ticked the market, which is now 100 points higher since our comment), investors are bracing for some serious fireworks after the close with Tesla, which coming into today was down a record-matching 7 consecutive days although today may finally be a green close, set to report after the close and launch the Mag 7 earnings train in motion.

And while we detailed what one can expect from Tesla earlier, here is another look at the all-important Mag 7 earnings parade, which starts today and continues tomorrow with META and Thursday with GOOGL and MSFT, amid an earnings bonanza that includes 180 companies or 40% of the S&P500 by market value.

To say that these matter a lot is an understatement: as shown in the chart below, profits for the Magnificent Seven are forecast to rise 38% in the first quarter from a year ago (only TSLA is expected to show a drop in profit), dwarfing the overall S&P 500’s puny 2.4% anticipated year-over-year earnings growth. That said, excluding Nvidia net income growth for the Mag7s falls to just 23%.

Read more at: https://www.zerohedge.com/markets/its-all-about-mag-7-earnings-without-them-sp-profit-growth-negative

New York Democrat Wishes Death On Trump Supporters

Authored by Steve Watson via Modernity.news,

A Democrat who is running for Congressional office has received fierce backlash for wishing death on supporters of Donald Trump.

Nate McMurray, who is running to represent New York’s 26th congressional district, posted the demented comments on X shortly after the weekend vote on funding for Ukraine.

As we highlighted Sunday, after the House of passed legislation that includes a $61 Billion foreign aid package for Ukraine, Democrats broke into chants of ‘Ukraine’ and waved Ukrainian flags on the House floor.

Read more at: https://www.zerohedge.com/political/new-york-democrat-wishes-death-trump-supporters

Biden’s FTC Blocks $8.5 Billion Deal Between Michael Kors & Coach As Central Planners Target Fashion

President Joe Biden’s antitrust enforcement has been on a deal-blocking crusade ahead of the presidential elections in November.

On Monday, the Federal Trade Commission targeted the fashion industry for the first time. It sued to block Tapestry’s $8.5 billion acquisition of Capri Holdings, a deal that would combine Tapestry’s Coach and Kate Spade brands with Capri’s Michael Kors brand.

“If allowed, the deal would eliminate direct head-to-head competition between Tapestry’s and Capri’s brands. It would also give Tapestry a dominant share of the “accessible luxury” handbag market, a term coined by Tapestry to describe quality leather and craftsmanship handbags at an affordable price,” FTC wrote in a statement.

The Biden administration is oddly concerned about luxury handbags at a time when inflation is reaccelerating and continues to decimate households nationwide. Many folks are plagued with an affordability crisis, such as barely affording gas at the pump, food at the supermarket, power bills, health insurance, rent, and multiple streaming platforms. Many have maxed out credit cards and drained personal savings to survive in the era of failed Bidenomics.

But for some reason, Biden and the radical leftists in the White House are more concerned about fashion…

Read more at: https://www.zerohedge.com/markets/bidens-ftc-blocks-85-billion-deal-between-michael-kors-coach-central-planners-target

Husband of ex-Post Office boss advised on IT ‘bug’

A decision to use “less emotive” words for problems with Horizon is called “Orwellian”, inquiry hears.

Read more at: https://www.bbc.co.uk/news/business-68883059

Petrol prices on UK forecourts hit 150p a litre

Rising oil prices have lifted the cost of filling up but it may prove short-term, claim experts.

Read more at: https://www.bbc.co.uk/news/business-68881429

Mortgage costs rise as banks confirm higher rates

The increases come after forecasts for when the Bank of England will cut interest rates are pushed back.

Read more at: https://www.bbc.com/articles/c72pnzq483vo

Tech View: Nifty short-term trend choppy. What traders should do on Wednesday

Nifty is facing a lot of resilience around 22,400-500 levels for the past couple of days on an immediate basis. We need to witness a decisive close above 22,400-500 levels for further strength in Nifty or else reversal is likely from this resistance zone, says Tejas Shah

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-short-term-trend-choppy-what-traders-should-do-on-wednesday/articleshow/109535538.cms

Anand Rathi initiates coverage on 6 hospital stocks with upside potential of up to 25%

Anand Rathi initiates coverage on 6 hospital stocks, recommending ‘buy’ for Max Healthcare, Rainbow Children’s Medicare, KIMS, and Jupiter Life-Line Hospitals, while suggesting ‘hold’ for Global Health (MEDANTA) and Narayana Hrudayalaya. They cite India’s healthcare market potential, driven by demographic changes and non-communicable diseases, forecasting 15% CAGR to Rs 7.7 lakh crore by FY25.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/anand-rathi-initiates-coverage-on-6-hospital-stocks-with-upside-potential-of-up-to-25/articleshow/109526706.cms

2-year Treasury yield falls to lowest in over a week on signs U.S. economy is losing momentum

Yields on U.S. government debt finished slightly lower on Tuesday after data showed that weaker demand weighed on the pace of expansion in business activity this month.

Read more at: https://www.marketwatch.com/story/treasury-yields-steady-near-highs-of-the-year-as-traders-eye-fresh-catalysts-7ebcdcd2?mod=mw_rss_topstories

Oil prices finish higher as traders weigh potential for disruptions to Middle East supplies

Oil prices settle higher Tuesday as traders continued to weigh the potential for tensions in the oil-rich Middle East to lead to disruptions in the world’s crude supplies.

Read more at: https://www.marketwatch.com/story/oil-prices-remain-at-more-than-3-week-low-as-iranian-crude-supply-concerns-ease-dcfd7a4b?mod=mw_rss_topstories

Regulators probe potential use by big banks of nondisclosure agreements to discourage whistleblowers: report

Some of the largest U.S. banks are being asked by the Commodities Futures Trading Commission to provide details about nondisclosure agreements for employees in an effort to protect potential whistleblowers, according to a report by Bloomberg.

Read more at: https://www.marketwatch.com/story/regulators-probe-potential-use-by-big-banks-of-nondisclosure-agreements-to-discourage-whistleblowers-report-00df01b8?mod=mw_rss_topstories