Silicon Valley Mining Firm Eyes Opportunity In DRC

Bill Gates is reportedly backing a mining startup that is getting close to “investing” in the Democratic Republic of Congo – which is, of course, a nice way to say, likely mining there. The company, KoBold Metals, already is developing a copper project in Zambia, Bloomberg reported this week. Chief executive officer Kurt House said the company had already bid for one asset but didn’t close a deal. He told Bloomberg: “We think it is probably the best place in the world for the types of materials we’re looking for.” KoBold is actively…

Read more at: https://oilprice.com/Metals/Commodities/Silicon-Valley-Mining-Firm-Eyes-Opportunity-In-DRC.html

Despite New Talks, Iraqi Kurdish Oil Not Close To Resuming Exports

Iraqi federal government officials have met with the Kurdistan region’s petroleum association to discuss the resumption of KRG crude flows through the Ceyhan pipeline to Turkey, which has been offline since March, removing some 400,000 bdp from the market.  According to Reuters, this is the first time Baghdad has met with representatives of the Association of the Petroleum Industry of Kurdistan (APIKUR) on the issue; however, no agreement was reached.  Technically, Kurdish oil flows to Turkey should be able to resume since…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Despite-New-Talks-Iraqi-Kurdish-Oil-Not-Close-To-Resuming-Exports.html

Steel Prices Rise As Supply Tightens

Via Metal Miner The Raw Steels Monthly Metals Index (MMI) rose 2.53% from September to October. Roughly six weeks ago, U.S. steel prices found a bottom at the close of September. However, in October, the market shifted, leading to a nearly 17% rise in HRC prices as they retraced back to their August range. Both CRC and HRC steel prices followed HRC prices up, with respective 13% and 12% increases. Plate proved the only exception, as prices continued to edge lower with an almost 3% month-over-month decline. Steelmakers Secure Six Week Price Uptrend…

Read more at: https://oilprice.com/Metals/Commodities/Steel-Prices-Rise-As-Supply-Tightens.html

Nigeria Launches New Crude Oil Grade To Boost Exports

Nigeria’s state-run NNPC has officially launched a new grade of crude oil, Nembe, in an attempt to undo the damage from long-running thefts and attacks in the country’s Niger Delta region.  The new Nembe grade is expected to add 1.9 million barrels of crude oil exports to Nigeria’s portfolio monthly, according to an NNPC press release, with first cargoes already sold in October for export to Western Europe.   As a crude grade, Nembe is similar to Nigeria’s low-sulfur, distillate-rich grades, which go…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Nigeria-Launches-New-Crude-Oil-Grade-To-Boost-Exports.html

Israel-Hamas Conflict Threatens EU Energy Security

The ongoing conflict between Israel and Hamas, killing hundreds of civilians a day and threatening critical infrastructures of all sorts in the vicinity of the Gaza Strip, has reached a new turn, with the full encirclement of Gaza City by Israel’s army. Yet, the implications of this asymmetric war are largely misunderstood. Day by day, the energy picture of the Middle East becomes murkier, possibly upending global energy security in ways markets are unable to predict, starting with the wobbly Egyptian energy system. Too focused on decrypting…

Read more at: https://oilprice.com/Geopolitics/Middle-East/Israel-Hamas-Conflict-Threatens-EU-Energy-Security.html

UK Dishes Out More Sanctions On Russia’s Oil, Gold Players

The United Kingdom sanctioned on Wednesday another 29 individuals and entities that are supporting Russia’s oil and gold sectors, adding to the list of 1,800 individuals and entities that have already been sanctioned by the UK. The list of sanctioned entities includes Russia’s largest gold refiner as well as Russian oligarchs and third-country enablers that the UK has said are helping to fuel Russia’s war efforts in Ukraine. Also finding itself on the list of newly sanctioned entities is a UAE-based network responsible for funneling…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/UK-Dishes-Out-More-Sanctions-On-Russias-Oil-Gold-Players.html

LPG Carriers Forced To Turn Around As Panama Canal Faces Water Crisis

The El Niño weather pattern has sparked a drought this year across Central America that is creating extreme congestion at the Panama Canal, prompting some ships to turn around and seek alternative routes.  New shipping data from Bloomberg shows two liquefied petroleum gas (LPG) carriers, Pyxis Pioneer and Sunny Bright, recently turned around within 10 miles (16 kilometers) of the canal before sailing away. Both vessels have a capacity of 158,000 cubic meters of LPG and were en route to major LPG facilities in the US Gulf. Their current…

Read more at: https://oilprice.com/Energy/Energy-General/LPG-Carriers-Forced-To-Turn-Around-As-Panama-Canal-Faces-Water-Crisis.html

Barclays Slashes $4 Off Brent Crude Oil Forecast For 2024

Barclays has slashed $4 off its 2024 Brent crude forecast, pricing in expected higher export production from Venezuela and the U.S. supply and demand outlook.  The London-based bank is now forecasting an average Brent price of $93 per barrel for next year, coming in above consensus despite slashing its forecast.  “The recent decline in prices is driven primarily by the reappearance of demand concerns and not the fading of the geopolitical risk premium,” the bank said in a note carried by Reuters, adding that “despite the ongoing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Barclays-Slashes-4-Off-Brent-Crude-Oil-Forecast-For-2024.html

Moscow’s Support For Iran Worries Israel As Regional Tensions Escalate

Less than three weeks after Hamas’s brutal attack on Israel, leaders of the militant group showed up in Moscow for talks with Russian officials. For many in the West, not least in Israel itself, the Hamas delegation’s visit was a pointed thumb in the eye of the relatives of the victims, most of them civilians, and of a reeling government. For close watchers of Russian policy, however, it wasn’t very surprising, a reflection of Moscow’s knotty approach to the messy snarl of Middle East politics. And then there’s Russia’s own troubled history with…

Read more at: https://oilprice.com/Geopolitics/International/Moscows-Support-For-Iran-Worries-Israel-As-Regional-Tensions-Escalate.html

Western Firms Discuss Premium Pricing For Key Metals

Some companies from Australia, Canada, and Germany are seeking premium pricing for their critical metals as they plan to help reduce the West’s dependence on China in the key minerals market critical to advancing the energy transition, company officials have told Reuters. Aclara Resources, listed in Canada and developing a rare earth mineral project in Chile, is in discussions with manufacturers for premium pricing as part of a long-term deal. “The controls on strategic minerals (by China) continues to escalate, it comes as no surprise…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Western-Firms-Discuss-Premium-Pricing-For-Key-Metals.html

Beyond EVs: Dual-Ion Battery Tech Takes A Leap

Due to lithium ion’s challenges, some research focus has shifted to an intriguing alternative known as dual-ion batteries (DIBs). The challenge comes from electric vehicles, powered by stored electric energy, where the key lies in rechargeable batteries capable of enduring multiple charge cycles. Pohang University of Science & Technology (POSTECH) made a recent breakthrough, a collaborative research team tackled the durability issues of dual-ion batteries through innovative polymer binder research. The research findings…

Read more at: https://oilprice.com/Energy/Energy-General/Beyond-EVs-Dual-Ion-Battery-Tech-Takes-A-Leap.html

TC Energy Tops Earnings Estimates On Strong Natural Gas Demand

Canada’s pipeline operator TC Energy Corporation reported on Wednesday higher-than-expected earnings for the third quarter amid strong utilization rates of its natural gas pipelines. TC Energy earned US$0.73 (C$1.00) per common share for the third quarter, down from C$1.07 per common share for the same period in 2022, but above the average analyst estimate of C$0.97 per share. Strong utilization rates at TC Energy’s Natural Gas Pipelines business “demonstrate the demand for our services and the longer-term criticality of our assets,”…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/TC-Energy-Tops-Earnings-Estimates-On-Strong-Natural-Gas-Demand.html

Gold Retreats from $2,000 Mark As Economic Worries Fade

Gold prices have collapsed in a two-day avalanche, tumbling as fears over market volatility ease — with the precious metal seemingly entering a correction phrase. The safe haven asset has slipped from $1,993 per ounce at the start of the week to $1,957 per ounce in Tuesday afternoon trading on the spot market, a near two percent drop. This is in sharp contrast with last month’s mega rally when prices broke the $2,000 per ounce barrier, powered by fears over economic instability as conflict escalated between Israel and Hamas. While fears…

Read more at: https://oilprice.com/Metals/Gold/Gold-Retreats-from-2000-Mark-As-Economic-Worries-Fade.html

Woodside Expects Global LNG Demand Growth To Continue

Global LNG demand will continue to grow in the foreseeable future, driven by Asia’s rising consumption, the need for security of energy supply, and decarbonization, Australia’s major Woodside Energy Group said on Wednesday. “The world’s demand for Woodside’s products is expected to be resilient in the coming decades as populations and economies grow, with our target markets in Asia driving primary energy demand,” Woodside chief executive officer Meg O’Neill said on the company’s investor briefing…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Woodside-Expects-Global-LNG-Demand-Growth-To-Continue.html

Russian ESPO Crude Oil Is Now Trading At A Discount To Brent

Russia’s ESPO crude blend has slipped to a discount to Brent for December loadings to China amid lower Chinese demand and higher freight costs, Reuters reported on Wednesday, citing market sources. ESPO, named after the East-Siberia-Pacific Ocean pipeline that carries it to export markets, is a light crude with a low sulfur content that independent Chinese refiners are especially partial to. In recent days, demand for ESPO from China has dropped as refining margins have declined and Chinese refiners are left with limited quotas to export…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-ESPO-Crude-Oil-Is-Now-Trading-At-A-Discount-To-Brent.html

S&P 500 is flat Wednesday, struggles to build on longest winning streak since 2021: Live updates

The S&P 500 slipped on Wednesday, struggling to extend its longest winning streak in about two years.

Read more at: https://www.cnbc.com/2023/11/07/stock-market-today-live-updates.html

Disney is set to report earnings after the bell – here’s what to expect

Investors are looking for updates on Disney CEO Bob Iger’s strategy for the slumping media giant.

Read more at: https://www.cnbc.com/2023/11/08/disney-dis-earnings-report-q4-2023.html

Cleveland Fed launches search for new leader after Mester leaves

Often one of the central bank’s bigger proponents for tighter monetary policy, Mester, 65, will reach mandatory retirement in 2024.

Read more at: https://www.cnbc.com/2023/11/08/cleveland-fed-launches-search-for-new-leader-after-loretta-mester-leaves.html

Gambino family Mafia crackdown: 16 arrests by New York feds and Italian authorities

The Gambino organized crime family is one of five Mafia families in New York. Ten alleged Gambino members and associates were charged in Brooklyn federal court.

Read more at: https://www.cnbc.com/2023/11/08/mafia-crackdown-16-arrested-in-new-york-italy-cases.html

Greenlight’s David Einhorn — up 27% this year — is on a ‘buyers’ strike’ and worries about geopolitics

“We are effectively on a ‘buyers’ strike’ again and did not establish any material long positions” in Q3, Einhorn said in his latest investor letter.

Read more at: https://www.cnbc.com/2023/11/08/greenlights-einhorn-up-27percent-this-year-worries-about-geopolitics.html

High-end brothels serviced elected officials, tech and pharma execs, military brass: Feds

A network of pricey brothels around Boston and eastern Virginia provided politicians, doctors and others with sex for pay, according to a bombshell complaint.

Read more at: https://www.cnbc.com/2023/11/08/high-end-brothels-serviced-elected-officials-tech-and-pharma-execs-military-officials-and-more-feds.html

Microsoft’s GitHub announces Copilot assistant that can learn about companies’ private code

Expert developers and their less experienced peers might be able to spend less time working on proprietary code using GitHub’s Copilot Enterprise — for a fee.

Read more at: https://www.cnbc.com/2023/11/08/microsoft-launches-github-copilot-enterprise-to-help-with-private-code.html

Social Security’s trust funds may run out in 2034. These changes may help

Social Security’s funds may run out in the next decade, when 80% of benefits will be payable. Implementing certain changes now may help, a new report finds.

Read more at: https://www.cnbc.com/2023/11/08/these-changes-may-fix-social-security-before-2034-benefit-shortfall.html

Israel-Hamas war live updates: Egypt border crossing closed; Israel says it has destroyed 130 Hamas tunnels in Gaza

U.S. Secretary of State Antony Blinken stressed that the consensus of Group of Seven ministers was that a humanitarian pause in the Israel-Hamas war would fulfil “key” objectives.

Read more at: https://www.cnbc.com/2023/11/08/israel-hamas-war-live-updates-latest-news-on-gaza-conflict.html

Caesars reaches deal with Las Vegas union to avoid strike

The agreement averts a walkout by 10,000 Caesars employees on the Las Vegas strip.

Read more at: https://www.cnbc.com/2023/11/08/caesars-reaches-deal-with-las-vegas-union-to-avoid-strike.html

Ivanka Trump testifies in $250 million civil fraud trial after ex-president’s angry appearance

Ivanka is the latest Trump to testify as part of James’ case accusing Trump Sr., his adult sons and others of fraudulently inflating asset values.

Read more at: https://www.cnbc.com/2023/11/08/trump-trial-ivanka-trump-testifies-in-ny-ag-business-fraud-case.html

Israeli forces in Gaza turn their focus to Hamas’ infamous tunnel system

The labyrinth of tunnels offer Hamas a strategic advantage to shield and ambush Israeli ground infantry, as well as move and store weapons and explosives.

Read more at: https://www.cnbc.com/2023/11/08/israeli-forces-in-gaza-turn-their-focus-to-hamas-tunnel-system.html

Robinhood reports 55% drop in crypto trading revenue in Q3: 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, Robbie Ferguson, a co-founder and the president of Immutable, breaks down his vision for the future of gaming and explains what’s hindering adoption of web3 gaming.

Read more at: https://www.cnbc.com/video/2023/11/08/robinhood-reports-55percent-drop-in-crypto-trading-revenue-in-q3-crypto-world.html

Logan Paul’s PRIME Energy Drink Sales May Exceed $1.2 Billion As Gen Z Demand Surges

In the last few years, there has been a surge in the popularity of energy drinks among Gen Z consumers. Among these brands, one stands out particularly – PRIME. This energy drink is backed by two well-known YouTubers, Logan Paul and KSI, who have leveraged their online presence to market PRIME globally. According to reports, PRIME is projected to generate over $1.2 billion in revenue this year alone.

Paul and KSI (aka Olajide Olatunji) have leveraged their millions of followers on various social media channels to push PRIME to Gen Zers. They’ve signed top sponsorship deals in the sports industry, like English Premier League football club Arsenal, Major League Baseball’s Los Angeles Dodgers, and Ultimate Fighting Championship.

In an interview with Bloomberg, Paul said social media and sports sponsorships allow for brand exposure across many young audiences worldwide.

“We have this thing called the c …

Read more at: https://www.zerohedge.com/markets/logan-pauls-prime-energy-drink-sales-may-exceed-12-billion-gen-z-demand-surges

The Interest Rate Shock Will Blow Up The Government’s Ponzi Game

Authored by Thorstein Polleit via The Mises Institute,

In the international fixed-income markets, interest rates are rising, and the decades-long trend of declining bond yields has undoubtedly been broken.

On August 2, 2022, the ten-year United States Treasury yield was 0.5 percent; on October 9, 2023, it had risen to 4.8 percent. Long-term interest rates in Europe, Asia, and Latin America have also risen sharply. The key reason for the rise in capital market interest rates is the central banks’ interest rate hikes—a direct response to sky-high inflation (caused by the central banks themselves, following a huge increase in the quantity of money).

Read more at: https://www.zerohedge.com/markets/interest-rate-shock-will-blow-governments-ponzi-game

Everybody Hates Ronna: Dismal GOP Election Results Prompt Calls To Oust RNC Chairwoman

Last night the GOP lost several races that should have been layups – from Glenn Youngkin’s failed bid to capture control of the Virginia legislature, to Daniel Cameron’s Gubernatorial loss in deep-red Kentucky.

The demoralizing loss left many on social media and elsewhere calling for the ouster of GOP Party Chairwoman Ronna McDaniel, who oversaw a losing streak stretching back to the 2018 midterms.

“What, exactly, does Ronna McDaniel do, besides lose?” asked former Trump administration official Monica Crowley on X. “The only thing she SHOULD do is RESIGN. Effective immediately.”

What, exactly, does Ronna McDaniel do, besides lose?

The only thing she SHOULD do is RESIGN.

Effective immediately.

— Monica Crowley (@MonicaCrowley)

Read more at: https://www.zerohedge.com/political/everybody-hates-ronna-dismal-election-results-prompt-calls-oust-rnc-chairwoman

Rickards: Why’s The Dollar So Darn Strong?

Authored by James Rickards via DailyReckoning.com,

The dollar has been extremely strong over the past two years. This persistent dollar strength has been a mystery to many. After all, the dollar’s problems are well known.

The ratio of government debt to GDP for the United States is at a record high approaching 130% (a prudent level is considered 30%, and anything over 90% is a headwind to any economic growth at all).

The U.S. is running multitrillion-dollar deficits year after year. The Congress and White House seem in the grip of Modern Monetary Theory, which claims that the U.S. can run unlimited deficits and accumulate unlimited debt without economic harm because it can print money in unlimited quantities to finance the debt and spending.

Meanwhile, projected annualized interest payments on the U.S. national debt exceeded $1 trillion at the end of October, according to Bloomberg. The cost of debt service has doubled in the past 19 months as interest rates have risen.

This fiscal profligacy comes against a backdrop of social unrest and political dysfunction. We’re facing a presidential election next year in which one candidate, Biden, is senile and the other candidate, Trump, may be behind bars on Election Day.

Take your pick. But the dollar keeps on chugging along. How can the dollar be so strong against such a dismal landscape?

There are two answers to this question.

Answer No. 1The first is that the dollar has its problems, but other curren …

Read more at: https://www.zerohedge.com/markets/rickards-whys-dollar-so-darn-strong

RMT and train firms take step towards ending dispute

Workers will vote on a pay deal that could halt 18 months of disruptive strike action.

Read more at: https://www.bbc.co.uk/news/business-67355478?at_medium=RSS&at_campaign=KARANGA

Lloyd’s of London ‘deeply sorry’ over slavery links

Lloyd’s of London says it will invest £40m in helping communities impacted by the slave trade.

Read more at: https://www.bbc.co.uk/news/business-67354167?at_medium=RSS&at_campaign=KARANGA

M&S revamp pays off with profit boost from food sales

The retailer reported much better-than expected results on Wednesday but warned of challenges ahead.

Read more at: https://www.bbc.co.uk/news/business-67353897?at_medium=RSS&at_campaign=KARANGA

Gold has risen over 20% during 4 global crises. Check details here

​A study by Windmill Capital, a wholly owned subsidiary of Smallcase Technologies, suggests that gold is an efficient asset class that provides safety. Historically, whenever there is turmoil in the market, investors’ natural tendency is to flee to safety. Gold as an asset class tends to do well during crises.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/safe-haven-demand-gold-has-risen-over-20-during-4-global-crises-here-are-the-details/shining-bright/slideshow/105070463.cms

Tech View: Range-bound Nifty forms Doji candle. Here’s what traders should do on Thursday

Derivative data showed that on the call side, the highest OI was observed at 19,500, followed by 19,600 strike prices, while on the put side, the highest OI was at 19,400 strike price.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-range-bound-nifty-forms-doji-candle-heres-what-traders-should-do-on-thursday/articleshow/105070866.cms

New year, new hopes: 5 smallcap stk recommendations for Samvat 2080

After the record-breaking run in equities in Samvat 2079 — the year as per the Hindu calendar ending this week — upbeat market participants are betting on further gains in the new year. The Nifty and Sensex gained roughly 9% each during Samvat 2079 so far, while the Nifty Midcap 100 and Small-cap 100 indices returned 30% and 36%, respectively.ET has curated a list of 5 smallcap stock recommendations by various brokerages that are expected to do well in Samvat 2080. Take a look: (Source: ET Bureau)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/new-year-new-hopes-5-smallcap-stock-recommendations-for-samvat-2080/betting-on-minnows/slideshow/105073416.cms

Earnings Results: Sleep Number’s stock is plunging like it’s 2011 as demand dropped ‘abruptly’

Shares of Sleep Number Corp. tanked 25% in the after-hours session Tuesday after the mattress maker and retailer swung to a surprise quarterly loss, predicted a loss for the full year and said it reached an agreement with a shareholder that had been pushing for change.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7294-10393B441FF4%7D&siteid=rss&rss=1

Outside the Box: These tech stocks scored this earnings season even as AI hype slowed — and the winner may surprise you

Microsoft proves its strength; Qualcomm may have turned a corner.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-7292-1EAED83B676C%7D&siteid=rss&rss=1

Your Digital Self: AI will make video games look like nothing you’ve ever played before

Potentially half of all video game content will be developed from generative AI within a decade.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-728D-D5B41CE6EFCC%7D&siteid=rss&rss=1