Is Recycling The Answer To Rare Earth Shortages?

Via AG Metal Miner After a sharp nosedive that lasted two months, the Rare Earths MMI (Monthly Metals Index) finally flattened out between May 1 and June 1. Ultimately, rare earth prices traded sideways and only moved down 1.02%. Market fears rose after news that China is experiencing another wave of COVID-19, which could impact the availability of rare earth supplies. However, rumors of this new wave are yet to be confirmed, so its impact on supplies and logistics remains speculative. Meanwhile, several countries continue to work to break their…

Read more at: https://oilprice.com/Energy/Energy-General/Is-Recycling-The-Answer-To-Rare-Earth-Shortages.html

Bank Of America Is Betting Big On India’s Renewable Potential

The Indian government has repeatedly been calling for the world’s richest countries to help develop its clean energy industry to support a global green transition. India has significant renewable energy potential, from wind and solar to tidal and hydropower resources, but it requires high levels of funding to effectively tap into these resources. As one of the world’s most rapidly developing economies and with a population of 1.39 billion – second only to China – India’s sustainable development is a vital part of achieving…

Read more at: https://oilprice.com/Alternative-Energy/Renewable-Energy/Bank-Of-America-Is-Betting-Big-On-Indias-Renewable-Potential.html

Oil Prices Perk Up As U.S. Says No Deal With Iran Over Oil

The White House has refuted claims on Thursday that the United States was close to a deal with Iran over its nuclear program that would entail lifting sanctions on Iran’s oil exports. Despite the assurances from the White House that Iran’s oil exports will continue under current sanctions for the foreseeable future, oil prices were still trading down, although earlier losses were significantly larger. At 2:26 p.m., WTI was trading at $71.29 per barrel—down $1.24 (-1.71%) on the day. Brent crude was trading at $75.92 per barrel,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Perk-Up-As-US-Says-No-Deal-With-Iran-Over-Oil.html

GCC Nations Unite For Mega Railway Project

Following delays, the long-awaited GCC Railway looks likely to be revitalised – a move that could transform trade and connectivity across the Gulf. The initiative was given a significant boost in December 2021 when leaders of the six GCC countries approved the establishment of the GCC Railways Authority, the body that will oversee the coordination of the project. The decision marks a potentially significant development for rail infrastructure in the region. In 2009 after a decades-long debate, all member states approved the GCC Railway project.…

Read more at: https://oilprice.com/Geopolitics/International/GCC-Nations-Unite-For-Mega-Railway-Project.html

Whitewashed Urals Crude To Soften Russian Economy Contraction

The World Bank has reported that Russia’s economy will contract a mere 0.2% in the current year, way less than last year’s 2.1% dip thanks to increased oil exports to India and China. India in particular has dramatically ramped up purchases of Russian oil, with crude imports growing a staggering 1,500% in May to over 2.15 million barrels per day in May. Last month,  a report by the Center for Research on Energy and Clean Air (CREA) titled Laundromat: How the price cap coalition whitewashes Russian oil in third countries, revealed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Whitewashed-Urals-Crude-To-Soften-Russian-Economy-Contraction.html

Auto Giants Slash Prices, Drive Chinese Auto Market Upturn

Retail sales of passenger vehicles scorched higher in May, with 1.76 million units sold, according to preliminary data from the China Passenger Car Association released this week.  The sales figure represents 8% growth from the month prior. As has been the case over the last several years, new energy vehicles continue to grow disproportionately to the rest of the sector, driving sales higher. Last month 557,000 NEVs were sold, growth of 55% year over year and 6% sequentially, according to a Bloomberg wrap up of the data.  The sales boost…

Read more at: https://oilprice.com/Energy/Energy-General/Auto-Giants-Slash-Prices-Drive-Chinese-Auto-Market-Upturn.html

Exxon CEO Warns Overemphasis On Renewables Could Backfire

Exxon Mobil Corp. (NYSE:XOM) CEO Darren Woods has urged companies to stop focusing on certain energy sources, such as renewable energy, to save the climate, warning that it would be a “huge mistake to be picking winners and losers and focusing on specific technologies”. Instead, “we need to look more broadly and let the markets figure out which solutions deliver the most emissions reductions at the lowest cost,” Woods told Nicolai Tangen, the CEO of Norway’s Wealth Fund,one of the largest mutual funds in the world, on his podcast.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Exxon-CEO-Warns-Overemphasis-On-Renewables-Could-Backfire.html

Venezuela’s Secret Weapon: A “Dark Fleet” Of Oil Tankers

Dark fleet is a term used to describe the assortment of tanker vessels which conceal their locations so as to enable the transportation of illicit cargoes of crude oil and derivative products. This is done using a variety of deceptive techniques to prevent the tanker from being identified or tracked. These include turning off the vessel’s ID system, spoofing its location and using multiple flags of convenience over short periods. While this has been a long-running practice that emerged to cloak the transportation and sale of U.S.-sanctioned…

Read more at: https://oilprice.com/Energy/Crude-Oil/Venezuelas-Secret-Weapon-A-Dark-Fleet-Of-Oil-Tankers.html

OPEC’s Smallest Producer Sees Crude Oil Exports Drop To Zero

Equatorial Guinea, a small West African country and OPEC’s smallest oil producer, did not export any crude oil in May due to output declines and no new projects to replace lost production, Petro-Logistics said on Thursday. So last month, Equatorial Guinea’s crude oil exports hit zero, according to the crude flows tracking firm.Source: Petro-Logistics on Twitter Equatorial Guinea, like other West African producers, faces the common problem of declining production mingled with a lack of immediate new projects coming on, Petro-Logistics…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPECs-Smallest-Producer-Sees-Crude-Oil-Exports-Drop-To-Zero.html

Study Shows Why Organic Solar Cells Are Degrading So Fast

University of Cambridge scientists have now revealed an important reason why organic solar cells rapidly degrade in outdoor operation. Organic solar cells show great promise for clean energy applications. However, photovoltaic modules made from organic semiconductors do not maintain their efficiency for long enough under sunlight for real world applications. The reporting paper has been published in the journal Joule. The new insight will drive the design of more stable materials for organic semiconductor-based photovoltaics, thus enabling cheap…

Read more at: https://oilprice.com/Energy/Energy-General/Study-Shows-Why-Organic-Solar-Cells-Are-Degrading-So-Fast.html

Global Oil Demand For Road Transport Could Peak In 2027

Electric vehicle sales are soaring, displacing larger volumes of transportation-derived fuel demand, which could peak as early as 2027, research firm BloombergNEF said in its annual Electric Vehicle Outlook report published on Thursday.   Policy support, expansion of charging infrastructure, battery technology improvement, and new models from automakers are driving and will drive a surge in EV adoption. More than 100 million passenger EVs are expected to be on the roads by 2026, and more than 700 million by 2040, up from 27 million at the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Global-Oil-Demand-For-Road-Transport-Could-Peak-In-2027.html

Putin And Saudi Crown Prince Discuss OPEC+ Oil Deal

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman discussed in a telephone conversation ensuring stability in the energy market and praised the cooperation within the OPEC+ deal, the Kremlin said. “They held an in-depth discussion of ensuring stability on the global energy market. Both sides expressed their appreciation of the high level of cooperation within the framework of OPEC Plus, which allows them to take prompt and effective measures to maintain the balance of oil demand and supply,” a statement from…

Read more at: https://oilprice.com/Energy/Energy-General/Putin-And-Saudi-Crown-Prince-Discuss-OPEC-Oil-Deal.html

China Set To Become The World’s Largest Green Hydrogen Importer By 2030

China could become the world’s largest importer of green hydrogen by the end of this decade as it will need 13 million of imported hydrogen annually to decarbonize various industrial sectors, Deloitte said in a new report. European demand for clean hydrogen will be around 10 million tons by 2030, while Japan and South Korea will each need 7.5 million tons of green hydrogen per year by the end of the decade, per the report, cited by South China Morning Post. “Clean hydrogen will most likely play an important role in the future energy system –…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Set-To-Become-The-Worlds-Largest-Green-Hydrogen-Importer-By-2030.html

Russia Says It Will Study Iran’s Plan To Create A Natural Gas Hub

Russia’s agencies will study Iran’s plans to create a natural gas hub on the Persian Gulf in cooperation with Russia, Qatar, and Turkmenistan, Russian Deputy Foreign Minister Sergey Ryabkov said on Thursday. On Wednesday, Iranian Oil Minister Javad Owji said that Iran is looking to set up a natural gas hub in the Persian Gulf and is cooperating with Russia, Qatar, and Turkmenistan to that end. “With the cooperation of Russia, Turkmenistan, and Qatar, we are trying to have a gas hub in the Asaluyeh region, and its preparations…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Says-It-Will-Study-Irans-Plan-To-Create-A-Natural-Gas-Hub.html

U.S. Solar Installations Jump 47% In Q1

U.S. solar system installations rose by 47% in the first quarter of the year despite import problems because of the tariffs imposed on Asian exporters. That’s according to a report by Wood Mackenzie and the Solar Energy Industries Association that found new solar additions in the three-month period hit 6.1 GW of capacity. Utility-scale installations jumped by 66% from the first quarter of 2022 to 3.8 GW, while residential solar additions rose by 30% to 1.6 GW. However, the rate of new additions is slowing down under the weight of economic…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Solar-Installations-Jump-47-In-Q1.html

The shortage of houses is hitting some people and areas harder than others

The U.S. is facing a shortage of affordable houses relative to only a few years ago, and it’s hitting cities such as El Paso, Boise and Spokane the hardest.

Read more at: https://www.cnbc.com/2023/06/08/shortage-of-affordable-houses-real-estate-market-hits-some-hardest.html

GM to invest $500 million to build next-generation Cadillac Escalade, other large SUVs

The notably profitable SUVs remain in high demand, and sales are needed to assist in funding the automaker’s investments in EVs.

Read more at: https://www.cnbc.com/2023/06/08/gm-investment-new-cadillac-escalade-suvs.html

Biden sends firefighters, aid to Canada as wildfire smoke blankets much of the U.S.

President Joe Biden said the government was aiding Canada in fighting the wildfires that have cloaked the East Coast and Midwest in smoke.

Read more at: https://www.cnbc.com/2023/06/08/canada-wildfires-biden-sends-aid.html

Dow rises more than 160 points to notch third straight day of gains, S&P 500 hits new closing high for 2023: Live updates

Stocks rose on Thursday, with the 30-stock Dow nabbing a third consecutive positive session.

Read more at: https://www.cnbc.com/2023/06/07/stock-market-today-live-updates.html

These stocks are gaining momentum as they break above a key technical level

Watch these stocks that are starting to trade above their respective 50-day moving average.

Read more at: https://www.cnbc.com/2023/06/08/stock-market-outlook-screening-50-day-moving-average-fed-rates.html

Trump asks judge to hold retrial or reduce $5 million damages in E. Jean Carroll sexual assault case

A jury in May found Donald Trump liable for sexually abusing E. Jean Carroll in a New York department store in the mid-1990s.

Read more at: https://www.cnbc.com/2023/06/08/trump-challenges-money-damages-in-e-jean-carroll-sex-case.html

FDA advisors recommend AstraZeneca, Sanofi antibody to protect babies from RSV

If the Food and Drug Administration approves nirsevimab, it will be the first medical intervention available in the U.S. that can protect infants from RSV.

Read more at: https://www.cnbc.com/2023/06/08/fda-advisors-recommend-astrazeneca-antibody-for-infants-for-rsv.html

Carvana shares surge after the company boosts second-quarter guidance

Online used-car retailer Carvana said its second-quarter results would likely come in ahead of its earlier expectations as cost-reduction measures take hold.

Read more at: https://www.cnbc.com/2023/06/08/carvana-shares-surge-after-company-boosts-second-quarter-guidance.html

Air quality alert apps see spike in usage as Canada wildfires burn

Air quality in the U.S. and Europe improved over the last decade thanks to environmental regulations, but record wildfires bring new air pollution concerns.

Read more at: https://www.cnbc.com/2023/06/08/air-quality-alert-apps-see-spike-in-usage-as-canada-wildfires-burns.html

Ukraine war live updates: Heavy fighting underway in eastern Ukraine; Kyiv calls for help as first flood deaths reported

Ukraine called for more international assistance as it contends with the humanitarian and ecological disaster caused by mass flooding in the Kherson region.

Read more at: https://www.cnbc.com/2023/06/08/ukraine-war-live-updates-latest-news-on-russia-and-the-war-in-ukraine.html

Google to crack down on office attendance, asks remote workers to reconsider

Google’s HR chief told workers that office attendance will be more closely monitored

Read more at: https://www.cnbc.com/2023/06/08/google-to-crack-down-on-hybrid-work-asks-remote-workers-to-reconsider.html

Not a question of money: Soccer legend Lionel Messi chooses Inter Miami in blow to Saudi Arabia

“If it had been a question of money, I would have gone to [Saudi] Arabia or elsewhere where they offered me a lot of money,” Messi said.

Read more at: https://www.cnbc.com/2023/06/08/lionel-messi-chose-the-mls-and-snubbed-a-move-to-saudi-arabia.html

Warner Bros. Discovery stock rises for second straight day as company pays down debt

Warner Bros. Discovery said it paid off a chunk of debt this quarter, a development overshadowed by the departure of CNN chief Chris Licht.

Read more at: https://www.cnbc.com/2023/06/08/warner-bros-discovery-stock-rises-for-second-straight-day.html

VIX Dumps, Gold Pumps, Jobless Jump As Trillion-Dollar Bill-Bomb Looms

The morning started with two ugly data points as jobless claims jumped dramatically (this is the biggest rise in initial claims year-to-date – ex-COVID – since 2009…

Source: Bloomberg

…and Wholesale Sales totals tumbling into the red YoY (a strong recession signal)…

Source: Bloomberg

…pulling Treasury yields and the dollar lower and sending gold higher as the market’s expectations for The Fed drop …

Read more at: https://www.zerohedge.com/markets/vix-dumps-gold-bonds-pump-jobless-jump-trillion-dollar-bill-bomb-looms

SEC’s Gensler Offered To Serve As An Adviser To Binance In 2019: Lawyers Claim

By Tom Mitchelhill of Cointelegraph.

Years before serving as head of the Securities and Exchange Commission, Gary Gensler offered up his advisory services to Binance, the exchange’s lawyers allege.

United States Securities and Commission Chair Gary Gensler once offered to serve as an adviser to Binance, lawyers representing the crypto exchange and its founder Changpeng Zhao have alleged.

According to a June 7 CNBC report, documents filed by the SEC on June 7 indicated attorneys from Gibson & Dunn and Latham & Watkins alleged Gensler offered to serve as an adviser to the exchange in March 2019.

However, a previous report from The Wall Street Journal in March

Read more at: https://www.zerohedge.com/markets/secs-gensler-offered-serve-adviser-binance-2019-lawyers-claim

White House Denies Report China Seeking Spy Base In Cuba, But Menendez Demands Answers

China is seeking to establish a spy base in Cuba in order to better eavesdrop on the United States, in an alleged plot which is reminiscent of Cold War intelligence maneuvering among great powers.

Beijing is reportedly in direct talks with the Cuban government, with The Wall Street Journal being the first to report Thursday that the two had reached a “secret agreement” to establish the base. However, hours later in a press briefing White House National Security Council spokesman John Kirby rejected the report as inaccurate.

Some of the details in the WSJ report included that the deal had been arranged for “several billion dollars” and that China would gain an edge in sweeping up communications of US military bases in the southeast United States, given Cuba lies a mere 100 miles from the US.

The Cold War e …

Read more at: https://www.zerohedge.com/geopolitical/white-house-denies-report-china-seeking-spy-base-cuba-menendez-demands-answers

The Starter Home Is No More, Even In Second Tier Markets

By Mish Shedlock of MishTalk

Renters dreaming of homeownership are priced out of secondary cities they might’ve flocked to years ago.

Starter Homes Long Past AffordabilityPoint2Home notes First-Time Buyers, Second Thoughts: Starter Homes Long Past Affordability, Even in Secondary Markets

With main markets no longer an option for first-time buyers, Point2 looked at the country’s 100 largest secondary cities for the median price of a starter home and renter households’ median income. Defined as large non-core cities within a metro, these cities used to be fruitful house-hunting grounds for first-time buyers exploring less-expensi …

Read more at: https://www.zerohedge.com/markets/starter-home-no-more-even-second-tier-markets

Odey Asset Management City investigated as sexual harassment claims emerge

News of the investigation comes as found Mr Odey is accused of sexually harassing or assaulting 13 women.

Read more at: https://www.bbc.co.uk/news/business-65849544?at_medium=RSS&at_campaign=KARANGA

HSBC withdraws mortgage deals for new borrowers

The bank said on Thursday it would temporarily pull new deals, indicating mortgage market pressures.

Read more at: https://www.bbc.co.uk/news/business-65850366?at_medium=RSS&at_campaign=KARANGA

GMB union accuses Amazon UK of ‘dirty tricks’ in recognition battle

Union withdraws its bid for recognition at Amazon’s Coventry warehouse but vows to fight on.

Read more at: https://www.bbc.co.uk/news/business-65848585?at_medium=RSS&at_campaign=KARANGA

Adani Group raises over Rs 19,000 cr debt since Hindenburg report. Here’s the breakdown

The Adani Group, in a presentation shared with the Reserve Bank of India (RBI), said that it had raised fresh debt of Rs 19,235 crore in the two months following the Hindenburg report.

Read more at: https://economictimes.indiatimes.com/markets/web-stories/adani-group-raises-over-rs-19000-cr-debt-since-hindenburg-report-heres-the-breakdown/articleshow/100853490.cms

Tech View: Nifty charts hint at reversal on the downside. What should traders do on Friday

Nifty formed a downside reversal pattern on Thursday with immediate support levels at 18,580 and 18,530 zones, establishing a broader trading range of 18,450 to 18,900 zones, according to option data. Holding above 18,666 could spur Nifty’s up move towards 18,786 and 18,888 zones. Senior technical analyst Rupak De says Nifty maintaining 18600 supports the trend staying sideways. Technical research analyst Nagaraj Shetti expects a higher bottom of the sequence in the short term, finding cluster support around 18,560-18,450 levels. Meanwhile, Jatin Gedia says the crucial support zone is placed at 18,530 – 18,500 with today’s high of 18,778 – 18,800 acting as an immediate hurdle.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-charts-hint-at-reversal-on-the-downside-what-should-traders-do-on-friday/articleshow/100850890.cms

6 healthcare stocks touch new 52-week highs, rally up to 30% in a month

On Thursday, the benchmark Sensex cracked 295 points to close at 62,849. Despite the overall market slide, the BSE healthcare index six stocks reached new highs in the past 52 weeks. This achievement holds considerable significance for certain traders and investors, as it serves as a crucial technical indicator for evaluating the present value of a stock and predicting future price trends. Essentially, it represents the highest price at which a stock has been traded within the previous 12 months.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/6-healthcare-stocks-touch-new-52-week-highs-rally-up-to-30-in-a-month/on-a-roll/articleshow/100852008.cms

Project Syndicate: AI is now giving big business the power to bust labor unions

Artificial intelligence is being used to snuff out the only institution able to give workers a modicum of control.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-720B-FF065D4836A1%7D&siteid=rss&rss=1

In One Chart: ‘Buying the dip’ is making a major stock-market comeback in 2023 as strategy heads for 3rd-best year ever

One of the most effective short-term trading strategies of the past few decades is making a major comeback in 2023 after yielding losses for investors in 2022.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-720E-30433FF8BE32%7D&siteid=rss&rss=1

Healthcare mergers hurting workers across the economy, researchers say

Industry consolidation driving up premiums in employer-sponsored health plans, experts say, leading to wage cuts and layoffs.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-720E-44C4F3966D9D%7D&siteid=rss&rss=1