France Sets Ambitious Green Goals for Paris Olympics

For the Qatar 2022 World Cup, the government promised to make the tournament as green as possible through green public transport, massive recycling efforts and reusable venues. However, many questioned whether it would ever be possible to make a World Cup being held in the desert truly green, as it required air-conditioned stadia and vast amounts of water and other amenities for the influx of tourists. Now, the French government is aiming to make the 2024 Paris Olympics greener than ever, which it hopes will contribute to a long-term green transition…

Read more at: https://oilprice.com/Energy/Energy-General/France-Sets-Ambitious-Green-Goals-for-Paris-Olympics.html

Russia Sees No Need for Diesel Export Ban, Novak Says

Russia’s government doesn’t plan to ban diesel exports again, Deputy Prime Minister Alexander Novak said on Friday, after Ukrainian drone attacks have reduced Russian refining capacity.    Currently, Russia produces twice the volume of diesel than domestic consumption, Novak told reporters, as quoted by Russian news agency TASS. “If we ban exports, we won’t have anywhere to put the diesel,” Novak said, adding that the Russian fuel market is stable, both in supply and prices. “All the measures…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russia-Sees-No-Need-for-Diesel-Export-Ban-Novak-Says.html

Chinese Solar Companies Skimp on Quality As Price War Escalates

The solar manufacturing boom in China and the domestic competition for market share are prompting some manufacturers of solar components to sacrifice quality for the sake of higher profits, an executive at the world’s largest solar manufacturer has said.   “We’ve noticed that people have started to sacrifice quality to cut costs, which is a dangerous signal,” Zhong Baoshen, chairman of Longi Green Energy Technology Co., the world’s top manufacturer of solar modules and solar PV solutions, said at an event…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinese-Solar-Companies-Skimp-on-Quality-As-Price-War-Escalates.html

UK Steel Manufacturer Secures Major Contract for Energy Infrastructure

Via Metal Miner   Liberty Steel recently won a contract to supply pipelines from its Hartlepool steel manufacturing site in the United Kingdom for energy infrastructure and carbon-capture projects. Liberty’s parent company, GFG Alliance, said in a March 15 statement that Liberty Pipes Hartlepool (LPH), located in northeast England, will supply onshore and offshore pipes to the Northern Endurance Partnership (NEP) and Net Zero Teesside Power (NZT Power). “NEP aims to build the CO2 transportation and storage infrastructure to serve…

Read more at: https://oilprice.com/Energy/Energy-General/UK-Steel-Manufacturer-Secures-Major-Contract-for-Energy-Infrastructure.html

South Sudan’s Oil Revenues Plunge as Ruptured Pipeline Stalls Exports

South Sudan is struggling to get any money in its budget as its oil exports, on which it depends for 90% of state revenues, are stalled by a ruptured pipeline in neighboring Sudan that is the only outlet for South Sudan to sell its crude.    Earlier this month, Sudan declared force majeure on crude oil exports from its landlocked neighbor South Sudan, following a major rupture in the pipeline carrying crude from South Sudan to a port in Sudan in an area with active military activity.    Many of South Sudan’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/South-Sudans-Oil-Revenues-Plunge-as-Ruptured-Pipeline-Stalls-Exports.html

Court Allows Ageing Japanese Nuclear Plants to Continue Operations

A Japanese district court on Friday rejected petitions from residents and allowed five ageing nuclear reactors in central Japan to continue operations.  The five reactors at the plants, operated by Kansai Electric Power Co in the Fukui Prefecture on the Sea of Japan coast, began commercial operations between the mid-1970s and mid-1980s.  Local residents had asked the Fukui District Court to grant injunctions for the operations of one reactor at the Mihama nuclear plant and four reactors at the Takahama power plant, citing inadequate…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Court-Allows-Ageing-Japanese-Nuclear-Plants-to-Continue-Operations.html

U.S. Drilling Activity Slips Again

The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Thursday, falling by 3. U.S. drillers saw a total loss of rigs this year of 1. The total rig count fell by 3 to 621 this week, compared to 755 rigs this same time last year. The number of oil rigs fell by 3 this week after falling by 5 in the week prior. Oil rigs now stand at 506–down by 86 compared to this time last year. The number of gas rigs stayed the same this week at 112, a loss of 48 active…

Read more at: https://oilprice.com/Energy/Energy-General/US-Drilling-Activity-Slips-Again.html

Fisker Slashes Prices of Its Ocean SUV by 39%

Electric carmaker Fisker is doing everything it can to try and not wind up roadkill on the EV highway amidst industry-wide price cutting and worldwide saturation in competition.  This week Fisker, which is rumored to be on the verge of considering bankruptcy and has seen its stock trade to pennies and be moved to the pink sheets, reduced the price of its only vehicle, the Ocean sport utility vehicle, by a stunning 39%, according to Bloomberg.  The discount applies only to the top end “Extreme” model of the Ocean, which, post-discount,…

Read more at: https://oilprice.com/Energy/Energy-General/Fisker-Slashes-Prices-of-Its-Ocean-SUV-by-39.html

Russia’s Veto Disrupts UN Efforts to Monitor North Korea Sanctions

Russia vetoed on Thursday a UN Security Council proposal to extend the mandate of a UN panel that monitors the implementation of the sanctions against North Korea, as Moscow and the West continue to grow apart in international affairs.  The proposal of the UN Security Council doesn’t change the existing sanctions against North Korea in response to its nuclear weapons program and tests, but it doesn’t extend the monitoring of these sanctions beyond the end of April, when the current mandate expires, either. In the 15-member…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-Veto-Disrupts-UN-Efforts-to-Monitor-North-Korea-Sanctions.html

Oil Closes the Month on a Strong Note

The recent rally in oil prices is pushing the benchmarks towards a quarter of gains thanks to the OPEC+ output cuts. Friday, March 29, 2024 The oil markets are increasingly putting their trust into OPEC+ production cuts to remain in place throughout this year, a feat which combined with an improving macroeconomic outlook could bring $90 per barrel sooner than assumed. A better-than-expected Q4 for US GDP will most probably consolidate market expectations around a June interest rate cut, leaving behind the demand woes of early 2024. ICE Brent is…

Read more at: https://oilprice.com/Energy/Energy-General/Oil-Closes-the-Month-on-a-Strong-Note.html

Exxon and CNOOC Team Up To Challenge Chevron’s Guyana Oil Deal

ExxonMobil and China National Offshore Oil Corporation (CNOOC) have merged their arbitration claims against Chevron’s takeover of Hess’s stake in the most prolific oil block offshore Guyana.   Last autumn Chevron and Hess reached an agreement under which the supermajor would buy Hess Corporation, including its assets in Guyana, where Hess, Exxon, and CNOOC as co-owners have made huge oil discoveries in the Stabroek block.   However, Exxon claims it has the right to first refusal to acquire the stake of Hess Corp…

Read more at: https://oilprice.com/Energy/Energy-General/Exxon-and-CNOOC-Team-Up-To-Challenge-Chevrons-Guyana-Oil-Deal.html

Indonesia to Quadruple Battery-Grade Nickel Output by 2030

Indonesia plans to boost its nickel production despite falling prices resulting from ample supply that are forcing some miners to shut down mines. Per plans, battery-grade nickel production in Indonesia should increase fourfold by 2030, to 1 million tons, the Financial Times reported today, citing a senior government official from Jakarta. Output of the sort of nickel used in stainless steel production is seen rising by 15% from the current 1.9 million tons annually, deputy coordinating minister for investment and mining Septian Hario Seto told…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indonesia-to-Quadruple-Battery-Grade-Nickel-Output-by-2030.html

Oil Prices Surge as Russia Strikes Ukrainian Energy Facilities

Russia has targeted Ukranian energy facilities in an overnight attack with long-range precision weapons, Russia’s Defense Ministry said on Friday.  “Last night, the Russian Armed Forces delivered a combined strike by air-launched, seaborne and ground-based long-range precision weapons, including Kinzhal aero-ballistic hypersonic missiles, and also by unmanned aerial vehicles against energy facilities and air defense sites of the Ukrainian army. The goals of the strike were achieved. All the targets were struck,” The ministry said.  Ukraine’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Surge-as-Russia-Strikes-Ukrainian-Energy-Facilities.html

Baltimore Port Closure Threatens U.S. Coal Exports

Coal exports from the United States may decline as a result of the suspension of marine traffic from the port of Baltimore following the collapse of the Francis Scott Key Bridge, the Energy Information Administration has warned. “An attractive feature of the Port of Baltimore is its proximity to the northern Appalachia coal fields in western Pennsylvania and northern West Virginia,” the EIA said. “Other nearby ports, most notably Hampton Roads, have additional capacity to export coal, although factors including coal quality, pricing, and scheduling…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Baltimore-Port-Closure-Threatens-US-Coal-Exports.html

Hess Board Recommends Merger With Chevron

The board of directors of Hess Corp. unanimously recommended that shareholders vote in favor of the merger with Chevron. That’s according to a regulatory filing the company made this week as Exxon’s challenge of the $53-billion deal continues. Chevron and Hess struck the merger deal late last year but soon after Exxon said its partnership terms with Hess Corp. give it—and their third partner, Chinese CNOOC—the right of first refusal to the acquisition of Hess Corp.’s stake in the Stabroek Block. This is the patch of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Hess-Board-Recommends-Merger-With-Chevron.html

Key Fed inflation gauge rose 2.8% annually in February, as expected

The core personal consumption expenditures price index was expected to increase 0.3% in February.

Read more at: https://www.cnbc.com/2024/03/29/pce-inflation-report-february-2024-key-fed-inflation-gauge-rose-2point8percent-annually-as-expected.html

Trump’s deals to sell Bibles, sneakers and perfume are unprecedented for a presidential candidate, experts say

Donald Trump is promoting an array of products, including Bibles, sneakers and perfume, while he runs against President Joe Biden.

Read more at: https://www.cnbc.com/2024/03/29/trump-sellig-bibles-sneakers-perfume-on-campaign-trail-unprecedented-experts-say.html

Baltimore port crisis: World’s largest container ship company, MSC, dumps diverted cargo problem on U.S. companies

Due to the Baltimore bridge collapse, MSC, the world’s biggest container ship company, told customers that diverted cargo will become customer responsibility.

Read more at: https://www.cnbc.com/2024/03/28/worlds-biggest-shipping-firm-dumps-port-cargo-problem-on-us-companies.html

Tesla’s awful quarter has Wall Street on edge ahead of delivery numbers

Tesla shares plunged 29% in the first quarter, the worst period for the stock since the end of 2022 and the third-steepest quarterly drop on record.

Read more at: https://www.cnbc.com/2024/03/29/tesla-stock-drops-29percent-in-first-quarter-as-global-dominance-wanes.html

Morgan Stanley says the catch-up trade in energy can continue and names its top picks to play

Energy is now the third best-performing space in the market behind only communication services and tech, according to Morgan Stanley.

Read more at: https://www.cnbc.com/2024/03/29/morgan-stanley-says-the-catch-up-trade-in-energy-can-continue-and-names-its-top-picks-to-play.html

How Sam Bankman-Fried’s ex-girlfriend and early recruit helped put the FTX founder behind bars for 25 years

Prior to Sam Bankman-Fried’s sentencing on Thursday, prosecutors relied heavily on testimony from ex-girlfriend Caroline Ellison in building its case.

Read more at: https://www.cnbc.com/2024/03/28/caroline-ellison-sbf-ex-girlfriend-helped-put-ftx-founder-in-prison.html

Trump asks appeals court to review ruling allowing Fani Willis to remain on Georgia election case

Former President Donald Trump on Friday filed to appeal a ruling allowing Fulton County District Attorney Fani Willis to remain on Georgia election case.

Read more at: https://www.cnbc.com/2024/03/29/trump-asks-appeals-court-to-review-ruling-allowing-fani-willis-to-remain-on-georgia-election-case.html

Tupperware flags doubts to continue amid inadequate liquidity

Tupperware Brands flagged doubts about the ability to continue as a going concern for at least a year in a filing with the SEC on Friday.

Read more at: https://www.cnbc.com/2024/03/29/tupperware-flags-doubts-to-continue-amid-inadequate-liquidity.html

Best Buy offers to screen LGBTQ nonprofit donations after conservative pressure, filing shows

In an email exchange with a conservative think tank, tucked into an SEC filing, the electronics retailer offered to screen its employee groups’ donations to LGBTQ causes.

Read more at: https://www.cnbc.com/2024/03/29/best-buy-offers-to-screen-lgbtq-nonprofit-donations-after-conservative-pressure-filing-shows.html

Russia launches barrage of 99 drones and missiles on Ukraine’s energy system, officials say

Moscow launched a large-scale attack on Ukraine’s energy infrastructure Friday, with a mass barrage of 99 drones and missiles, Ukraine’s armed forces said.

Read more at: https://www.cnbc.com/2024/03/29/russia-launches-barrage-of-99-drones-and-missiles-on-ukraines-energy-system-officials-say.html

Louis Gossett Jr., 1st Black man to win supporting actor Oscar, dies at 87

Louis Gossett Jr., the first Black man to win a supporting actor Oscar and an Emmy winner for his role in the TV miniseries “Roots,” has died. He was 87.

Read more at: https://www.cnbc.com/2024/03/29/louis-gossett-jr-1st-black-man-to-win-supporting-actor-oscar-dies-at-87.html

There’s still time to reduce your tax bill or boost your refund before the deadline — here’s how

With roughly two weeks until the federal tax deadline, there are still a few ways to reduce your tax bill or boost your refund.

Read more at: https://www.cnbc.com/2024/03/29/how-to-reduce-your-tax-bill-or-boost-your-refund-before-the-deadline.html

Investors are focused ‘overwhelmingly’ on bitcoin over other cryptocurrencies, BlackRock says

BlackRock’s push into crypto has been expeditious, but it may be hitting the brakes after bitcoin and ether.

Read more at: https://www.cnbc.com/2024/03/29/investors-focused-overwhelmingly-on-bitcoin-over-other-crypto-says-blackrock.html

France Takes Down Fake Ukraine War Recruitment Website Targeting Immigrants

In a bizarre and unprecedented situation, France has flagged what officials are calling a fake recruitment website which seeks volunteers to fight on behalf of Ukraine in the with Russia. It reportedly was made to look official, to the point of misleadingly presenting itself as a French government-promoted campaign.

France’s defense ministry has shut down the website, saying it was created by malicious actors as part of a “disinformation campaign”. Ukraine’s armed forces have of late been desperate for new recruits while facing devastating losses and thus face a severe manpower shortage.

“A URL for a page called ‘Join Ukraine,’ which used [French] government website templates, is currently being circulated online; this website is fake,” a message on the site reads, according to AFP.

The fake Ukraine volunteer website “invited” 200,000 French citizens to enlist in Ukraine’s national forces, and even emphasized that immigrants to France could serve. Volunteers we …

Read more at: https://www.zerohedge.com/geopolitical/france-takes-down-fake-ukraine-army-recruitment-website-targeting-immigrants

Wealth Gap And The Road To Serfdom

Authored by Lance Roberts via RealInvestmentAdvice.com,

One of the most interesting conundrums is the surging wealth gap in America. Despite two of the largest bull markets in history since 1980, most Americans struggle with making ends meet and are unprepared for retirement. Such a reality starkly differs from the belief that rising asset prices benefit the masses.

For example, in a recent St. Louis Federal Reserve Bank analysis, total household wealth was $139.1 trillion, covering 131 million families. Of that total wealth, 74% was owned by just 13.2 million families, or roughly 10% of the population.

Notably, this measure of wealth includes the equity of the family’s home. While home equity is essential, it is not readily spendable without taking on debt to extract the value. Therefore, Americans’ “liquid wealth” is far more unequally distributed. However, such is hard to fathom given the endless parade of media and social med …

Read more at: https://www.zerohedge.com/personal-finance/wealth-gap-and-road-serfdom

United Airlines Boeing 777 Diverted To Denver After ‘Engine Issues’

The Federal Aviation Administration should expedite its plan to curb United Airlines’ growth, including preventing the carrier from adding new routes, following a series of safety incidents in recent weeks and another incident on Thursday evening.

Last night, United Flight 990, a Boeing 777-200 traveling from San Francisco to Paris, was diverted to Denver International Airport when the pilots reported engine issues.

Flight tracking website Flightradar24 shows Flight 990 was heading north towards the Canadian border before it turned south towards Denver. United wrote in a statment that the plane landed safely with 273 passengers and 12 crew on board.

This comes after a series of recent flight mishaps involving United jets, including a tire falling off a Boeing 777 taking off at San Francisco …

Read more at: https://www.zerohedge.com/markets/united-airlines-boeing-777-diverted-denver-after-engine-issues

The Meltdown Of Commercial Real Estate

Authored by Peter St. Onge via The Epoch Times (emphasis ours),

In case you’ve still got money in a bank, Bloomberg is warning that defaults in commercial real estate loans could “topple” hundreds of U.S. banks.

Leaving taxpayers on the hook for trillions in losses.

The note, by senior editor James Crombie, walks us through the festering hellscape that is commercial real estate.

Read more at: https://www.zerohedge.com/economics/meltdown-commercial-real-estate

Post Office scandal: Calls for police to investigate after BBC report

Former sub-postmaster and politicians say evidence uncovered by the BBC should prompt police investigation.

Read more at: https://www.bbc.co.uk/news/uk-68691257

Charge of £90 to clear problem debt axed for poorest

Charities had warned some people struggling with debt could not afford to apply to clear it.

Read more at: https://www.bbc.co.uk/news/business-68669762

Temu U-turns on terms of cash ‘giveaway’ offer

The retailer changes what it can do with customer data after privacy concerns were raised.

Read more at: https://www.bbc.co.uk/news/technology-68675652

Nifty 50 Outperformers: Top stocks that gained over 80% in FY24

Benchmark equity indices ended on a buoyant note on the last trading day of the financial year 2023-24 against the backdrop of a positive trend in the global market. For the fiscal year 2023-24, Sensex and Nifty delivered strong gains. The Sensex rose 28.6%, while the Nifty climbed 24.8%. These gains outpaced most other major market indices. However, the bigger gainers were the Nifty mid and smallcap indices.The Nifty Midcap surged 60%, whereas the smallcap index soared 70% and gave its best performance in the last three financial years. India’s total market value surged by ₹133 lakh crore in FY24. Traders are looking forward to seeing Nifty close above 22,400 levels to assess whether further upsides are likely. Some analysts, however, expect the Nifty to hit new highs in the first week of the new fiscal year.Coming to the constituents, 48 of Nifty 50 stocks generated positive returns in the last financial year. Here’s a list of the top performers with over 80% gains. Take a look:

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/nifty-50-outperformers-top-stocks-that-gained-over-80-in-fy24/strong-finish/slideshow/108874144.cms

Shapoorji Pallonji Group’s flagship firm, Afcons Infrastructure, files DRHP to raise Rs 7,000 crore via IPO

According to the draft papers, the IPO, with a face value of Rs 10 per equity share, is a mix of fresh issue of shares of Rs 1,250 crore and an offer for sale of up to Rs 5,750 crore by Goswami Infratech Private Limited.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/shapoorji-pallonji-groups-flagship-firm-afcons-infrastructure-files-drhp-to-raise-rs-7000-crore-via-ipo/articleshow/108874467.cms

Dalal Street minnows steal the show in FY24; give hefty returns to investors

As per an analysis, the BSE mid-cap gauge jumped 15,013.95 points or 62.38 per cent in the 2023-24 fiscal, while the small-cap index climbed 16,068.99 points or 59.60 per cent. In comparison, the 30-share BSE Sensex raked in a gain of 14,659.83 points or 24.85 per cent during the fiscal under review.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/dalal-street-minnows-steal-the-show-in-fy24-give-hefty-returns-to-investors/articleshow/108876430.cms

‘I find this evil’: My stepfather, who was worth $14 million, put my mother in a facility — then they both died. He did not honor their prenup. What can I do?

“I have two biological brothers. My stepfather had four children of his own from a previous marriage that helped him with this scheme.”

Read more at: https://www.marketwatch.com/story/i-find-this-evil-my-stepfather-who-was-worth-14-million-put-my-mother-in-a-facility-then-they-both-died-he-did-not-honor-their-prenup-what-can-i-do-359d4fd4?mod=mw_rss_topstories

Tupperware sounds another warning for investors with more filing delays

Tupperware Brands Corp. will miss the deadline to file its 2023 annual report amid cascading delays and trouble retaining employees involved in accounting.

Read more at: https://www.marketwatch.com/story/tupperware-sounds-another-warning-for-investors-with-more-filing-delays-bbab07e3?mod=mw_rss_topstories

What do the latest inflation figures mean for the next Social Security cost-of-living adjustment?

There’s good news, and there’s bad news.

Read more at: https://www.marketwatch.com/story/what-do-the-latest-inflation-figures-mean-for-the-next-social-security-cost-of-living-adjustment-8f50ef9c?mod=mw_rss_topstories