Obscure Coal Stock Is World’s Best 2023 IPO

The world’s best-performing IPO stock this year is a little known Indonesian coal mining company that’s backed by one of Southeast Asia’s richest men. PT Petrindo Jaya Kreasi has soared more than 2,900% since it listed in March following a $25 million offering. Yet it still has no analyst coverage, is richly valued and has relatively low trading volumes. Counting Indonesian billionaire Prajogo Pangestu as its main shareholder, the company’s market value has grown by more than 25 times to $5.4 billion in just…

Read more at: https://oilprice.com/Energy/Coal/Obscure-Coal-Stock-Is-Worlds-Best-2023-IPO.html

Michigan Governor Signs Clean Energy Package

Michigan’s governor Gretchen Whitmer signed into law on Tuesday a clean energy package that will have the state carbon-free by 2040. The clean energy package, known as the Clean Energy and Jobs Act, is a compilation of bills designed to improve energy efficiency requirements in the state and simplify the permitting process for clean energy projects, including wind and solar. The Clean Energy and Jobs Act has been described by some as requiring Michigan’s utilities to switch 100% of its sales to clean energy sources by 2040. But the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Michigan-Governor-Signs-Clean-Energy-Package.html

Saving The Energy Lost In Organic Solar Cells

A Technical University of Munich (TUM) research group has shown that certain organic dyes can help build virtual highways for energy in organic solar cells. The sun sends enormous amounts of energy to the earth. Nevertheless, some of it is lost in solar cells. This is an obstacle in the use of organic solar cells, especially for those viable in innovative applications. A key factor in increasing their performance: Improved transport of the solar energy stored within the material. The report of the team’s results has been published in Nature…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/Saving-The-Energy-Lost-In-Organic-Solar-Cells.html

Hydrogen Fuel Cell Aircraft Startup Secures Funding

Aircraft developer Zeroavia has secured the backing of the UK infrastructure bank in its latest fundraising round, as it looks to build hydrogen-electric engines for low-carbon flying. The firm, which has bases in London, Kemble and California, said it had raised a total of $116m (£91.9m) in Series C funding from a number of investors, including £32m from the UK’s state-owned infrastructure investment bank. Zeroavia also secured backing from Airbus, Barclays Sustainable Impact Capital and the Saudi-backed NEOM Investment Fund.…

Read more at: https://oilprice.com/Alternative-Energy/Fuel-Cells/Hydrogen-Fuel-Cell-Aircraft-Startup-Secures-Funding.html

OPEC+ Rollover Agreement Likely Scenario, Meeting Could Be Delayed Again

Amid a flurry of unrest amid the OPEC+ oil group, a rollover of the prior agreement is the likely scenario, with deeper production cuts being less likely, four OPEC+ sources told Reuters on Tuesday. The next meeting to discuss the plan for 2024 oil production among the group was previously pushed back to this coming Thursday as production levels for the group’s African producers proved to be a bone of contention. And now, it appears that a further delay is possible—although the group appears to be closer to a compromise over the levels…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/OPEC-Rollover-Agreement-Likely-Scenario-Meeting-Could-Be-Delayed-Again.html

Will the Green Energy Stock Crash Continue Next Year?

The latest Bloomberg MLIV Pulse survey of over 600 professional and retail investors revealed more than half of them anticipate that the downturn in ‘green’ energy stocks will persist into next year, posing challenges for some investors who have been trying to catch the ‘falling knife.’   The survey, conducted Nov. 13-24 globally among Bloomberg News users on the Terminal, asked a series of questions about the green energy industry.  One of those questions asked Terminal users: With the iShares Global Clean Energy ETF down more than…

Read more at: https://oilprice.com/Energy/Energy-General/Will-the-Green-Energy-Stock-Crash-Continue-Next-Year.html

BlackRock’s Plan for an Additional $4 Trillion in Climate Investment

The world’s biggest asset manager, BlackRock, says that significant reforms in the public sector and public financial institutions could close the gap in climate financing in the emerging markets and free up to $4 trillion more in decarbonization investments by 2050.     The BlackRock Investment Institute (BII) published a paper on Tuesday that found that transition-related investment in emerging markets “will likely be notably lower than what they need across a range of scenarios.” According to BII, closing the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/BlackRocks-Plan-for-an-Additional-4-Trillion-in-Climate-Investment.html

Car Dealers Warn Biden Administration to Pump Brakes on EV Plans

Most US car buyers aren’t interested in purchasing electric vehicles, incentives or not, a group of US car deals known as EV Voice of the Customer warned the Biden Administration on Tuesday. In a letter addressed to US President Joe Biden, EV Voice of the Customer persuaded the Administration to pump the brakes on federal regulations that would require two-thirds of all vehicles sold in the United States in 2032 to be electric—because it simply isn’t what car buyers want, even with the current incentives. The group of 3,700 dealers…

Read more at: https://oilprice.com/Energy/Energy-General/Car-Dealers-Warn-Biden-Administration-to-Pump-Brakes-on-EV-Plans.html

Sanctioned Tankers Could Undermine India’s Push to Buy Cheap Russian Oil

India is still considering whether to allow a now-sanctioned tanker carrying Russian oil to approach and dock at one of its ports—a sign that the U.S. clampdown on Russian crude trade could limit India’s ability to buy and import cheaper oil.   The NS Century tanker is owned by Russia’s state-owned fleet owner Sovcomflot and is flying the flag of Liberia. The Aframax vessel has been floating for 10 days about 1,600 miles off the Indian port of Vadinar, where it was planned to deliver its cargo of Russia’s Sokol…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Sanctioned-Tankers-Could-Undermine-Indias-Push-to-Buy-Cheap-Russian-Oil.html

Brent Breaks Back Above $80 as OPEC+ Meeting Looms

Brent climbed back above $80 on Tuesday as storms disrupted oil and product exports from Russia’s Novorossiysk port, but it is U.S. inventories and the upcoming OPEC+ meeting that will drive oil price movements this week.Chart of the Week- This year’s Thanksgiving has recorded the busiest air traffic day ever according to the US Transportation Security Administration, with more than 2.9 million people traveling through the country’s airports.- Returning jet fuel demand has been a hallmark of this year’s crude oil demand,…

Read more at: https://oilprice.com/Energy/Energy-General/Brent-Breaks-Back-Above-80-as-OPEC-Meeting-Looms.html

Oil Kneejerks On Fresh OPEC+ Discord Headlines

What would an OPEC+ meeting week be without the parade of strawman, market-testing headlines dropped to gauge traders’ stress levels. OPEC is set to hold an online meeting on Thursday, ahead of OPEC+ meeting later in the day to decide future oil production policy, a source said according to Reuters. The meeting, which was postponed two days ago, is rescheduled at 4:00 PM KSA on Thursday according to a draft agenda seen by the news agency. This morning, Reuters reports that, according to four sources: “talks are difficult” (well,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Kneejerks-On-Fresh-OPEC-Discord-Headlines.html

Russian Crude Oil Flows Rebound Ahead of Key OPEC+ Meeting

Despite storms in the Black Sea disrupting loadings, weekly crude oil shipments out of Russia rebounded in the week to November 26, rising by around 370,000 barrels per day (bpd) from the previous week, just before a crucial OPEC+ meeting this week, tanker-tracking data monitored by Bloomberg showed on Tuesday. In the week to November 26, observed shipments of crude oil from Russian ports averaged 3.24 million bpd, up by 370,000 bpd compared to the flows in the week to November 19, according to the data reported by Bloomberg’s Julian Lee.…

Read more at: https://oilprice.com/Energy/Energy-General/Russian-Crude-Oil-Flows-Rebound-Ahead-of-Key-OPEC-Meeting.html

Rolls-Royce Skeptical on the Future of Hydrogen Planes

Rolls-Royce doesn’t think hydrogen could be a viable solution for emissions reductions in aviation at least in the next two decades, the chief executive of the UK propulsion systems maker said on Tuesday.   “I don’t believe in the next 15, 20 years hydrogen will play a role,” Rolls-Royce’s CEO Tufan Erginbilgic said on the capital markets call with analysts, as carried by Bloomberg. Rolls-Royce is part of a newly-announced alliance with Airbus, EasyJet, and Ørsted to propose a pathway to achieving…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Rolls-Royce-Skeptical-on-the-Future-of-Hydrogen-Planes.html

U.S. Launches Oil and Gas Lease Sales on the Eve of Climate Summit

The U.S. Bureau of Land Management (BLM) begins on Tuesday a series of oil and gas lease sales in several Western states in the coming days as the COP28 climate summit in Dubai is set to open on Thursday. The Biden Administration has to offer lease sales under the Inflation Reduction Act (IRA) from 2022. On Tuesday, the BLM is auctioning off 37 parcels covering 35,354 acres in Wyoming, the first of a series of lease sales to take place this week and next. The lease sale in Wyoming is the largest of those on offer in the Western states. Over the…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/US-Launches-Oil-and-Gas-Lease-Sales-on-the-Eve-of-Climate-Summit.html

Environmentalists Seek to Halt Three New Norwegian Oil and Gas Fields

Environmental campaigners are suing Norway, again, for having approved the development of new oil and gas fields without properly assessing the climate impact of three new fields.   Greenpeace Nordic and Natur og Ungdom (Young Friends of the Earth Norway) have filed a lawsuit with the Oslo District Court, the hearings of which begin on Tuesday. The campaigners are seeking a temporary injunction for the three projects—Equinor’s Breidablikk and Aker BP’s Yggdrasil and Tyrving in the North Sea.  Equinor last month…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Environmentalists-Seek-to-Halt-Three-New-Norwegian-Oil-and-Gas-Fields.html

Disney CEO Bob Iger tells employees he wants to start building again during town hall

Disney CEO Bob Iger told employees he looks forward to building again after cuts and “fixes” defined 2023.

Read more at: https://www.cnbc.com/2023/11/28/disney-ceo-bob-iger-says-he-wants-to-build-again-during-town-hall.html

Charlie Munger, investing genius and Warren Buffett’s right-hand man, dies at age 99

“We think so much alike that it’s spooky,” Warren Buffett once said of Munger.

Read more at: https://www.cnbc.com/2023/11/28/charlie-munger-investing-sage-and-warren-buffetts-confidant-dies.html

Amazon announces Q, an AI chatbot for businesses

The product, announced at Amazon Web Services’ Reinvent conference, is Amazon’s latest effort to challenge Microsoft and Google in productivity software.

Read more at: https://www.cnbc.com/2023/11/28/amazon-announces-q-an-ai-chatbot-for-businesses.html

Dow closes higher Tuesday as hope grows that Fed is done raising rates: Live updates

The major averages are on track for notable gains in 2023’s penultimate month.

Read more at: https://www.cnbc.com/2023/11/27/stock-market-today-live-updates.html

These stocks have gone too far, too fast during this rally and analysts expect them to fall

Watch these stocks that have already exceeded analyst price targets and are set for a pullback.

Read more at: https://www.cnbc.com/2023/11/28/stock-market-outlook-rally-tesla-netflix-intel-pullback-decline-elon-musk-cybertruck.html

Home prices kept rising even as mortgage rates surged, S&P Case-Shiller says

Home prices were 3.9% higher in September compared with the same month a year earlier, according to the S&P CoreLogic Case-Shiller Index.

Read more at: https://www.cnbc.com/2023/11/28/home-prices-mortgage-rates-case-shiller.html

OpenAI rival HuggingFace says it’s seeing more client interest after Sam Altman fiasco

Hugging Face and Cohere, which compete with OpenAI, have both said they’ve seen increased inquiries from clients following the drama surrounding Sam Altman

Read more at: https://www.cnbc.com/2023/11/28/openai-competitors-hugging-face-and-cohere-report-increased-inquiries.html

Fox News founder Rupert Murdoch deposed in Smartmatic election lawsuit

It’s the second time this year that Murdoch has been deposed in a defamation lawsuit accusing Fox News of airing damaging lies about the 2020 election.

Read more at: https://www.cnbc.com/2023/11/28/fox-news-founder-rupert-murdoch-deposed-in-smartmatic-election-lawsuit.html

Black Friday weekend shopping turnout soars to a record, as consumers seek bargains

The strong turnout could reflect shoppers’ hunger for deals or a reversion to a pre-pandemic pattern of holiday shopping.

Read more at: https://www.cnbc.com/2023/11/28/black-friday-weekend-shopping-turnout-soars-to-a-record.html

ARK Invest sells more than $5 million Coinbase shares amid rising stock prices: 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, Greg Moritz, co-founder and COO of AltTab Capital, discusses why he believes Binance can thrive even more under new leadership.

Read more at: https://www.cnbc.com/video/2023/11/28/ark-invest-sells-coinbase-shares-amid-rising-stock-prices-cnbc-crypto-world.html

A signal from big companies they think workers are losing control of the job market

Worker power to dictate wages and job opportunities has been a hallmark of the post-pandemic labor market. Companies see signs that’s ending.

Read more at: https://www.cnbc.com/2023/11/28/big-employers-think-workers-have-finally-lost-control-of-job-market.html

Billionaire-backed Koch network endorses Nikki Haley for president

The political network funded largely by billionaire Charles Koch endorsed Nikki Haley for president Tuesday, boosting her challenge to Donald Trump.

Read more at: https://www.cnbc.com/2023/11/28/billionaire-backed-koch-network-endorses-nikki-haley-for-president.html

The holiday trade in Amazon stock may already be over, history shows

Investors looking to cash in on the holiday trade may have missed the boat on Amazon, according to Bank of America.

Read more at: https://www.cnbc.com/2023/11/28/the-holiday-trade-in-amazon-stock-may-already-be-over-history-shows.html

What Happens When Millions Of Renters Can No Longer Afford High Rents And Move Back Home?

Authored by Charles Hugh Smith via OfTwoMinds blog,

What’s no longer affordable is eventually jettisoned, including high-rent homes and apartments.

Recency bias can stretch back 40 years. It’s been over 40 years since the U.S. experienced a deep recession (what I call a “real recession”) which is characterized by elevated inflation, interest rates, yields, unemployment, defaults and bankruptcies, none of which can be reversed with air-drops of “free money” because higher inflation, rates and yields all limit central bank money-printing and fiscal “free money” via deficit spending.

Without air-drops of trillions of dollars in “free money”, the accumulated excesses of the economy have to sort themselves out the hard way via defaults, bankruptcies, insolvencies, layoffs, tightening credit and reduced spending / consumpti …

Read more at: https://www.zerohedge.com/personal-finance/what-happens-when-millions-renters-can-no-longer-afford-high-rents-and-move-back

Refill Of Strategic Petroleum Reserve Slowed By Companies Delaying Return Of Borrowed Barrels

Many jokes have been made at the snail’s pace at which US is refilling the Strategic Petroleum Reserve, which we learned yesterday, added another laughable 300k barrels bringing its total inventory to 351.6 million barrels, yet still down almost 300 million from where it was when Biden entered the White House.

US SPR crude inventories rose by 0.3mb w/w to 351.6mb last week #oott
Sour +1mb to 209.6mb
Sweet -0.7mb to 142.0mb pic.twitter.com/ajm4ruvGqo

— Giovanni Staunovo🛢 (@staunovo) November 27, 2023

And while historically it has been the incompetence of the Biden Department of Energy, under Jennifer Granholm, that was to blame for the incompetent attempts to refill the SPR…

Energy Secretary Jennifer Granholm laughs when asked about Biden’s plans to bring gas prices down.

“Ha ha ha. That is hilarious!”pic.twitter.com/MQ3dMHeKvX

— Cassandra (@CassyWearsHeels) November 5, 2021

Read more at: https://www.zerohedge.com/markets/refill-strategic-petroleum-reserve-slowed-companies-delaying-return-borrowed-barrels

10 Israelis, 2 Foreigners Handed Over By Hamas As Truce Extended

Update(1504ET): More positive developments out of Gaza after Israel and Hamas negotiated to extend the truce deal by at least two more days:

The Israel Defense Forces says the 12 hostages — 10 Israelis and two Thai nationals — released from Hamas captivity in the Gaza Strip are now in Israeli territory, and are being escorted by special forces and members of the Shin Bet security agency.

“After they undergo an initial medical assessment of their health, our forces will accompany them until they are reunited with their families,” the IDF says.

The IDF asks the public to “demonstrate patience and sensitivity during this time out of respect for the released hostages and their families.”

Scene from Tuesday’s hostage handover, via AFP.And on the other side of the deal, 30 more P …

Read more at: https://www.zerohedge.com/geopolitical/worried-about-optics-15k-gazans-killed-white-house-belatedly-seeks-reign-israeli

Ron Paul Urges ‘Separation Of Tech & State’

Authored by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Some libertarians dismiss concerns over social media companies’ suppression of news and opinions that contradict select agendas by pointing out that these platforms are private companies, not part of the government.

There are two problems with this argument.

First, there is nothing unlibertarian about criticizing private businesses or using peaceful and voluntary means, such as boycotts, to persuade businesses to change their practices.

The second and most significant reason the “they are private companies” argument does not hold water is the tech companies’ censorship has often been done at the “request” of government officials. The extent of government involvement with online censorship was revealed in emails between government and employees of various tech companies. In these emails the government officials addressed employees of these “private companies” as though these employees were the government officials’ subordinates.
Read more at: https://www.zerohedge.com/political/ron-paul-urges-separation-tech-state-0

Discounts return to cut electricity use amid cold snap

National Grid ESO’s scheme offers some households a chance to save on energy bills during peak hours.

Read more at: https://www.bbc.co.uk/news/business-67553709?at_medium=RSS&at_campaign=KARANGA

Wilko: Lisa Wilkinson ‘devastated’ over the firm’s failure

Lisa Wilkinson, who is also the granddaughter of the chain’s founder, said she had let people down.

Read more at: https://www.bbc.co.uk/news/business-67552360?at_medium=RSS&at_campaign=KARANGA

Barclays to cut 900 UK jobs, says Unite union

Jobs will go across several back-office divisions in a move the union brands “disgraceful”.

Read more at: https://www.bbc.co.uk/news/business-67558402?at_medium=RSS&at_campaign=KARANGA

Show of confidence: 5 stks saw highest promoter buying in 30 days

Promoters are individuals who either have founded the firm or are important for the growth of the particular company. Higher promoter holding generally indicates the promoter’s confidence and stability in the company. Here are stocks wherein the promoters increased their stake in the last one month. (Source: NSE, YES Securities; Note: Data is for the period between October 24 and November 24, 2023)

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/jindal-stainless-among-5-stocks-that-saw-highest-promoter-buying-in-last-30-days/show-of-confidence/slideshow/105557888.cms

Tech View: Nifty surpasses 19,850 hurdle to form hammer candlestick. What traders should do on Wednesday

Open Interest (OI) data showed that the call side reflected the highest OI at 20,000 level, followed by the 20,100 strike prices. On the put side, the highest OI was observed at the 19,800 strike price.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-surpasses-19850-hurdle-to-form-hammer-candlestick-what-traders-should-do-on-wednesday/articleshow/105565099.cms

F&O Stock Strategy: How to trade SBI Life, BPCL and Exide Industries on Tuesday

The stock reversed to test the resistance level of 1395 and has been holding above the resistance. The testing of the resistance confirms the breakout of the stock.

Read more at: https://economictimes.indiatimes.com/markets/options/fo-stock-strategy-how-to-trade-sbi-life-bpcl-and-exide-industries-on-tuesday/articleshow/105550758.cms

Outside the Box: The enduring value of value investing in stocks, real estate and other assets

The cash generated by stocks, real estate, and other investments is what really matters.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A1-F389A4641086%7D&siteid=rss&rss=1

The Tell: How stocks, bonds and other investments in 46 categories should perform over the next 10 years, according to BNY Mellon

The next 10 years are set to produce moderately higher returns for U.S. stocks, fixed income, and some alternative investments than expected just a year ago, according to BNY Mellon.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A3-2EAAE56D4797%7D&siteid=rss&rss=1

Cabaletta Bio’s and Gracell’s stock falls sharply as FDA investigates risks of CAR-T therapy

Shares of small biotech companies involved in CAR-T therapies plunged Tuesday as the FDA said it was investigating potential cancer risks.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72A3-8544CDBA206A%7D&siteid=rss&rss=1