Is China’s High Investment-Led Growth Model Sustainable?

Exports have slumped, growth has stalled, and the economy even slipped into deflation. The youth unemployment figures have become so bad that the government has stopped publishing them.  These figures – or their absence – reveal more than an economy struggling to grow after Covid. What they demonstrate is that China’s high growth model over the past few decades has run out of steam.  Many of China’s immediate problems can be traced back to problems in its enormous property market.  The sector is hugely important…

Read more at: https://oilprice.com/Geopolitics/Asia/Is-Chinas-High-Investment-Led-Growth-Model-Sustainable.html

China Boosts Natural Gas Imports From Central Asia

Official customs data shows that China imported 13.4 billion cubic meters of natural gas (bcm) during the month of June, a 19 percent increase over the import level during the same month in 2022. Global imports arrived in China via pipelines and in liquefied form. Overall, 5.785 bcm of gas was imported via pipelines in June, a slight increase over the previous month’s totals. The main suppliers via pipelines were Turkmenistan (2.69 bcm), Russia (1.9 bcm), Kazakhstan (610 million cubic meters) and Uzbekistan (370 mcm). Kazakhstan Kazakh agricultural…

Read more at: https://oilprice.com/Energy/Natural-Gas/China-Boosts-Natural-Gas-Imports-From-Central-Asia.html

Nigerian Military Destroys 8 Illegal Refining Sites In Niger Delta

The Nigerian Army has destroyed eight ovens used for refining stolen crude oil in Warri South Local Government Area of Delta, director, Army Public Relations, Brig.-Gen. Onyema Nwachukwu has said. The troops have also destroyed 14 reservoirs containing ~200,000 liters of stolen crude oil and ~90,000 liters of diesel. Earlier this month, Nigerian military forces destroyed 36 illegal refining sites and arrested 22 suspected oil thieves in the Niger Delta, with a Defense Headquarters spokesperson telling local media that the operation recovered 310,700…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigerian-Military-Destroys-8-Illegal-Refining-Sites-In-Niger-Delta.html

Are Westen Sanctions Accelerating The Fall Of The Dollar?

The BRICS summit is underway with talk of expanding the economic block and speculation about a “new currency.” Peter Schiff appeared on Real America with Dan Ball to talk about these developments, saying the BRICS nations will blunt Western dominance. Brazil, Russia, India, China, and South Africa make up the BRICS block. It accounts for about 40% of the global population and a quarter of the global GDP. Peter pointed out that not only does the BRICS block supply a lot of goods to America, but it also loans the US a lot of…

Read more at: https://oilprice.com/Energy/Energy-General/Are-Westen-Sanctions-Accelerating-The-Fall-Of-The-Dollar.html

India’s Slowing Oil Demand Growth To Weigh On Oil Prices

India’s slowing oil demand growth will act as a drag on oil prices despite consumption recently hitting record highs, Reuters market analyst John Kemp has said.  India’s oil consumption grew by ~255,000 barrels per day (bpd) during the first seven months of the current year, helping to grow total consumption to 135 million metric tons in the first seven months of 2023 compared to 128 million metric tons for last year’s corresponding period. However, that growth clip was considerably slower than 415,000 bpd posted in 2021/22…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Slowing-Oil-Demand-Growth-To-Weigh-On-Oil-Prices.html

Gold’s Game-Changing Role In Hydrogen Fuel Evolution

Chiba University researchers show the hydrogen evolution reaction activity of a GoldNickel/Gold electrocatalyst increases due to surface defects formed via Nickel dealloying. Gold (Au)-based electrocatalysts used for hydrogen production via water electrolysis exhibit high chemical stability but low hydrogen evolution reaction (HER) activity. Alloying them with nickel (Ni) can improve their HER activity. Now, a team of researchers from Chiba University, led by Associate Professor Masashi Nakamura from the Graduate School of Engineering and including…

Read more at: https://oilprice.com/Energy/Energy-General/Golds-Game-Changing-Role-In-Hydrogen-Fuel-Evolution.html

UK’s Energy Profits Levy Dents Harbour Energy’s Earnings

Harbour Energy has suffered a billion-dollar swing in its balance sheet, posting an $8m loss for the first six months of trading this year – weighed down by the higher UK windfall tax rate and falling fossil fuel prices. This is a sharp downturn on the $984m of post-tax earnings the oil and gas producer recorded at the half-year stage 12 months prior. The oil and gas producer confirmed a $392.9m hit from UK taxes – including the Energy Profits Levy – leading to an overall tax take of $437.5m. The Energy Profits Levy has imposed…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UKs-Energy-Profits-Levy-Dents-Harbour-Energys-Earnings.html

Saudi Arabia, OPEC Powers Invited To Join BRICS

OPEC heavy-hitters Saudi Arabia, UAE and Iran as well as Argentina, Egypt and Ethiopia have received an invitation by the 5-nation BRICS organization to join the bloc at its ongoing summit in Johannesburg, South Africa.  BRICS is an acronym denoting the emerging national economies of Brazil, Russia, India, China and South Africa.  “We value the interest of other countries in building a partnership with Brics” South Africa president Cyril Ramaphosa has said, adding that other expansions will follow in the future after the core…

Read more at: https://oilprice.com/Geopolitics/International/Saudi-Arabia-OPEC-Powers-Invited-To-Join-BRICS.html

Russian Oil Firm Gazprom Neft Sees Profit Plummeting 43%

Gazprom Neft, the oil arm of Russian state gas giant Gazprom, reported a 43% annual slump in its second-quarter net profit amid lower sales. For the first half of 2023, Gazprom Neft’s net income fell by 40% to $3.2 billion (304 billion Russian rubles), but was higher than analyst estimates, according to Russian news agency Interfax. Last year, Gazprom Neft did not publish an annual results report. Analysts had expected worse performance so far this year than the results the company announced on Thursday, Interfax reports. For the second quarter…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Oil-Firm-Gazprom-Neft-Sees-Profit-Plummeting-43.html

World’s Largest Miner Expresses Concern About Chinese Growth

China’s demand for commodities including iron ore and copper is uncertain in the coming months and largely depends on how effective Chinese policies to jumpstart the underwhelming economic growth and property sector will be, BHP, the world’s largest miner by market capitalization, said this week.  In its results for the fiscal year 2022/2023 ended 30 June, BHP reported lower revenues and earnings, primarily as a result of significantly lower prices across iron ore, metallurgical coal, and copper markets.  “Commodity…

Read more at: https://oilprice.com/Metals/Commodities/Worlds-Largest-Miner-Expresses-Concern-About-Chinese-Growth.html

New Mexico’s Record Oil Output To Generate $3.5 Billion Budget Surplus

New Mexico’s Record Oil Output To Generate $3.5 Billion Budget Surplus   A record-high crude oil production in New Mexico this year is expected to boost the state’s income for its general fund, leaving it with a $3.5-billion surplus for the fiscal year between July 2024 and June 2025 compared to current spending obligations. That’s the forecast of New Mexico’s Finance and Administration Department and other state agencies, which have released their preliminary estimates for the state’s finances for 2024-2025.…

Read more at: https://oilprice.com/Energy/Crude-Oil/New-Mexicos-Record-Oil-Output-To-Generate-35-Billion-Budget-Surplus.html

Iraq To Import Natural Gas From Turkmenistan

Iraq will begin natural gas imports from Turkmenistan in the near future after the two countries signed a preliminary agreement for gas supplies to help meet the power generation needs of OPEC’s second-largest producer after Saudi Arabia. Despite being rich in oil and gas, Iraq has had to import gas from neighboring countries, including Iran, for fuel at its power plants. Iraq lacks the gas processing plants necessary to process the associated gas extracted from its massive oilfields and continues to flare some of those gas volumes. Iraq…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-To-Import-Natural-Gas-From-Turkmenistan.html

Europe’s Natural Gas Prices Drop As The Risk Of An Australian LNG Strike Abates

Europe’s benchmark natural gas prices had plunged by as much as 21% at opening in Amsterdam on Thursday after a workers’ union and the company operating Australia’s largest LNG export facility reached an agreement to avert a looming strike.       After diving by 21% at open, the front-month futures at the Dutch TTF hub, the benchmark for Europe’s gas trading, recouped some of the losses but still traded 11% lower to $35.45 (32.65 euros) per megawatt (MWh) as of 9:11 a.m. GMT on Thursday. The dip…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Europes-Natural-Gas-Prices-Drop-As-The-Risk-Of-An-Australian-LNG-Strike-Abates.html

Japan Criticized As It Starts Releasing Fukushima Water Into The Ocean

Japan began releasing early on Thursday heavily diluted water from the reactors of the Fukushima nuclear power plant into the Pacific Ocean, drawing renewed criticism from China over its “selfish and irresponsible act.” “The ocean belongs to all humanity. To forcibly start the ocean discharge is an extremely selfish and irresponsible act in disregard of the global public interest,” China said on Thursday. “China firmly opposes and strongly condemns it. We have made serious démarches to Japan and asked it to…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Japan-Criticized-As-It-Starts-Releasing-Fukushima-Water-Into-The-Ocean.html

Oil Export Newcomer Guyana Boosts Its Market Share In Europe

Higher demand for lighter crude grades and a major reshuffle of global oil flows following the sanctions on Russia for its invasion of Ukraine have opened the door to increased volumes of crude from Guyana, the newest oil-exporting nation, into the European market.    Guyana shipped 63% of all the oil it exports in the first six months of 2023 to Europe, with an average daily rate of 215,000 barrels per day (bpd), per Refinitiv Eikon data cited by Reuters. The share of Guyana’s crude oil exports going to Europe was around 50% of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Export-Newcomer-Guyana-Boosts-Its-Market-Share-In-Europe.html

August once again lives up to its dismal reputation for stocks

The S&P 500 is down more than 3% this month, on pace to snap a five-month winning streak.

Read more at: https://www.cnbc.com/2023/08/24/august-again-lives-up-to-its-reputation-as-a-downbeat-month-for-stocks.html

Nvidia earnings scare away AMD, Intel investors as legacy chipmakers lose ground in AI

In its earnings report on Wednesday, Nvidia said sales this quarter will likely rise 170%, showing the company’s dominance in artificial intelligence chips

Read more at: https://www.cnbc.com/2023/08/24/nvidia-earnings-scare-away-amd-intel-investors-as-ai-battle-shapes-up.html

Trump en route to Atlanta for surrender, booking in Georgia elections case: Follow live updates

Former President Donald Trump will be booked at the Fulton County jail, where he will be fingerprinted and a mugshot will be taken.

Read more at: https://www.cnbc.com/2023/08/24/donald-trump-to-be-arrested-in-georgia-live-updates.html

Tesla hasn’t issued final pricing or specs for Cybertruck as Musk memo warns of manufacturing challenges

Musk sent an email to “everybody” at Tesla on Wednesday about the Cybertruck and the challenges of producing the vehicle.

Read more at: https://www.cnbc.com/2023/08/24/elon-musk-memo-on-cybertruck-manufacturing-challenges.html

Bitcoin ordinals inscriptions have been climbing steadily this summer despite lull in prices

Ordinals inscriptions have been consistently higher this summer while the price of bitcoin was in a lull.

Read more at: https://www.cnbc.com/2023/08/24/bitcoin-ordinals-inscriptions-have-been-climbing-steadily-this-summer-despite-lull-in-prices.html

Putin says Prigozhin ‘made serious mistakes’ in first remarks since plane crash that likely killed the Wagner boss

Before running Wagner, Prigozhin was once Putin’s personal chef and confidant.

Read more at: https://www.cnbc.com/2023/08/24/putin-says-prigozhin-made-serious-mistakes-in-first-remarks-since-crash.html

Apple backs California right-to-repair bill in major policy shift

The company signaled its support for a new bill in California, a positive sign for the right-to-repair movement after years of work.

Read more at: https://www.cnbc.com/2023/08/24/apple-backs-california-right-to-repair-bill-in-major-policy-shift.html

Here’s where the Republican presidential candidates stand on student loan forgiveness

CNBC reached out to contenders for the GOP presidential nomination to get their views on student loan forgiveness.

Read more at: https://www.cnbc.com/2023/08/24/republican-presidential-candidates-on-student-loan-forgiveness.html

DOJ sues SpaceX, alleging hiring discrimination against refugees and asylum seekers

The DOJ says between 2018 and 2022, SpaceX “wrongly claimed” that export control laws limited its hiring to U.S. citizens and lawful permanent residents.

Read more at: https://www.cnbc.com/2023/08/24/doj-sues-spacex-alleging-hiring-discrimination-against-refugees-and-asylum-seekers.html

‘Barbie’ is now the highest-grossing domestic film release in 2023

“Barbie” is now the highest-grossing film at the domestic box office in 2023, surpassing “The Super Mario Bros. Movie.”

Read more at: https://www.cnbc.com/2023/08/24/barbie-is-highest-grossing-domestic-film-release-in-2023.html

Lionel Messi lifts MLS to new heights, but the league needs more than ‘the GOAT’ to grow

Superstar Lionel Messi joined the U.S. professional soccer league this summer, boosting ticket and merchandise sales and viewership. MLS still needs more.

Read more at: https://www.cnbc.com/2023/08/24/lionel-messi-boosts-mls-league-needs-more.html

Jail photos of Meadows, Giuliani, Powell and other Trump Georgia election defendants

Nineteen people, including Donald Trump, will have their mugshots taken in the case where they are charged with interfering in the 2020 election in Georgia.

Read more at: https://www.cnbc.com/2023/08/23/look-mugshots-in-trump-georgia-election-case.html

Subway sandwich chain sells itself to private equity firm Roark Capital

The Roark deal ends more than five decades of private family ownership for Subway.

Read more at: https://www.cnbc.com/2023/08/24/subway-sells-to-dunkin-owner-roark-capital.html

As Wagner Fighters Threaten New ‘March On Moscow’, Putin Says Prigozhin Was “Talented” Man Who Made “Mistakes”

Wagner supporters inside Russia have set up makeshift memorials as they mourn the loss of their leader Yevegny Prigozhin, even as speculation continues that he could still be alive.

More importantly, some are threatening a new ‘march of Moscow’ to express rage at ruling powers in Moscow and commanders in the defense ministry. August 24, it should be noted, is precisely two months since the Wagner uprising of June 23, which resulted in several deaths of regular Russian troops.

Makeshift memorial in front of the PMC Wagner office in Novosibirsk, via AFP.Wagner Telegram channels have reported Prigozhin’s death, and that of his right-hand man Dmitry Utkin in the same crash outside of Moscow Wednesday.

UK media has meanwhile referenced Wagner social media statements to suggest some among the mercenary outfit may be attempting to organize a new march or large-scale protest aimed at Moscow, or at least …

Read more at: https://www.zerohedge.com/geopolitical/wagner-fighters-threaten-new-march-moscow-putin-says-prigozhin-was-talented-man-who

Elon Musk Vows To Sue Soros-Funded NGOs Over Free Speech

Authored by Tom Ozimek via The Epoch Times,

Elon Musk said that X, the platform formerly known as Twitter, would sue organizations funded by financier George Soros that allegedly pushed for a crackdown on free speech.

Mr. Musk, who bought Twitter last year in a pledge to make the platform a bastion of free speech, said in a post on X on Aug. 23 that he agrees with the view expressed by investigative journalist Michael Shellenberger that George Soros-funded NGOs have been falsely claiming that “hate incidents” are on the rise in order to push restrictions of free expression.

“Politicians & George Soros-funded NGOs say ‘hate incidents’ are rising, but they’re not,” Mr. Shellenberger wrote in his post.

“The dat …

Read more at: https://www.zerohedge.com/geopolitical/elon-musk-vows-sue-soros-funded-ngos-over-free-speech

Jackson Hole Preview: “Do We Receive Another Hawkish Surprise?”

With the most important earning report of the week, and probably quarter, out of the way, when NVDA reported blowout earnings and guidance only to see a bout of selling the news which nearly pushed the stock to red on the day, because as JPM’s Stuart Humphrey said “now we can be happ… until we get pessimistic into the next earnings print because THERE IS NO WAY THEY CAN GUIDE LIKE THIS AGAIN….or can they”, attention now turns to the last main event of August, and the summer, when Jerome Powell speaks tomorrow just after 10am ET, at Jackson Hole.

Before we go deeper, here is quick FAQ courtesy of BofA economist Aditya Bhave:

• When is it & what is topic? August24-26, “Structural Shifts in the Global Economy”
• Why does market care? Fed Chairs often speak, and other officials attend. Major policy changes have been signaled, and it is often during a long intermeeting period.
• What do we expect at JH? Fed to reiterate 2% objective, stress more inflation work to do, sound less balanced vs July presser or FOMC minutes due to recent strong data.
• What is market JH reaction? Rates = less balanced Fed guidance will be hawkish; stay underweight front end. FX = no strong signal likely, neutral rate focus likely hawkish.
• What is historic JH reaction? Rates = sell off into JH, sideways week after, sell off into Sept; curve flatter (Exhibit 1); FX = sideways, 2022 was outlier

With memories still fresh how Powell crushed markets exactly one year ago, when his last-minute revised, and at j …

Read more at: https://www.zerohedge.com/markets/jackson-hole-preview-do-we-receive-another-hawkish-surprise

Turley: Joe Biden’s Ukraine Defense Falls Apart

Authored by Jonathan Turley,

Below is my column in the New York Post on new evidence contradicting the account of President Joe Biden on his role in forcing the firing of Ukrainian prosecutor general Viktor Shokin. Biden’s boast about forcing the termination could become a defining moment in the corruption scandal.

Here is the column:

President Barack Obama famously warned fellow Democrats in 2020, “Don’t underestimate Joe’s ability to f–k things up.”

The warning was ignored by many as an almost brotherly reference to Biden’s habit of making false claims (like being arrested when seeking to see Nelson Mandela) or his continual verbal gaffes.

B …

Read more at: https://www.zerohedge.com/markets/turley-joe-bidens-ukraine-defense-falls-apart

Wilko: Canadian investor in last-ditch talks over chain

Final offers to save the 90-year-old retail chain must be submitted by Friday.

Read more at: https://www.bbc.co.uk/news/business-66610726?at_medium=RSS&at_campaign=KARANGA

US government sues Elon Musk’s SpaceX over hiring policy

The US Department of Justice says rocket firm discriminated against refugees and asylum seekers.

Read more at: https://www.bbc.co.uk/news/business-66610725?at_medium=RSS&at_campaign=KARANGA

Subway agrees sale to Dunkin’ and Baskin-Robbins investor Roark Capital

The sandwich maker has been bought by Roark Capital, ending six decades of family ownership.

Read more at: https://www.bbc.co.uk/news/business-66603109?at_medium=RSS&at_campaign=KARANGA

Ahead of Market: 10 things that will decide D-Street action on Friday

A long bear candle formed on the daily chart, signifying a bearish engulfing-type candle pattern (though not a classical one). The Nifty may decline or even break below the 19,300-19,250 levels in the near term. Any upward bounce could face resistance around 19,550

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/ahead-of-market-10-things-that-will-decide-d-street-action-on-friday/articleshow/103032571.cms

Why is long-term investing beneficial? Check out the key reasons

​The stock market for example is made up of investors and traders and the mistake that people make is when traders try to become investors and investors try to become traders.

Read more at: https://economictimes.indiatimes.com/markets/expert-view/what-are-the-key-reasons-why-long-term-investing-is-beneficial-gautam-kalia-answers/articleshow/102992057.cms

These 5 IT stocks touch their 52-week high

Benchmark index Sensex declined 181 points on Thursday, closing at 65,252 mark. Despite this downward movement, five stocks from the BSE Information Technology Index achieved new peaks within the last 52 weeks. The 52-week high serves as a pivotal technical gauge to evaluate a stock’s current valuation and anticipate potential fluctuations in its price. This value represents the highest price at which a stock transacted over the course of the previous year.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/these-5-it-stocks-touch-their-52-week-high-gain-up-to-105-in-a-month/standing-tall/slideshow/103029452.cms

Why AMD, Marvell, Intel and other chip stocks are falling after Nvidia earnings

Wall Street is cheering Nvidia’s blowout results and outlook, but investors aren’t extending that enthusiasm to the company’s peers.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7253-323D09D226F4%7D&siteid=rss&rss=1

Movers & Shakers: Nvidia stock jumps after blowout quarter, while Dollar Tree and Boeing fall

Nvidia was the stock in the spotlight for Thursday, after a strong quarter.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7252-596315F68813%7D&siteid=rss&rss=1

Paul Brandus: How to protect yourself financially in case of a natural disaster

A lesson from Maui’s devastating fires.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7252-746BC14E977F%7D&siteid=rss&rss=1