Bearish Nickel Prices Squeeze Steel Mill Earnings

Via Metal Miner Nickel prices followed other base metals up throughout April, with a nearly 15% month-over-month rise. By late April, prices hit their highest level since September, although they subsequently began to retrace as upside momentum cooled. Overall, the Stainless Monthly Metals Index (MMI) rebounded, with a 9.58% jump from April to May. Outokumpu, Acerinox Post Q1 Results Outokumpu and Acerinox, the parent company of North American Stainless, recently released their first-quarter results. While both producers noted constrained output…

Read more at: https://oilprice.com/Metals/Commodities/Bearish-Nickel-Prices-Squeeze-Steel-Mill-Earnings.html

Republican U.S. States Sue EPA over Strict Power Plant Emission Rules

As many as 25 Republican U.S. states sued on Thursday the U.S. Environmental Protection Agency (EPA), challenging the Administration’s strict rules on emissions from power plants. The attorney general of the states filed a lawsuit in the U.S. Court of Appeals for the District of Columbia Circuit, Reuters reports. At the end of April, EPA announced final rules on emissions reductions of power plants which would force coal-fired power plants that plan to run in the long-term and all new baseload gas-fired plants to capture…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Republican-US-States-Sue-EPA-over-Strict-Power-Plant-Emission-Rules.html

Tokyo Researchers Unveil Stable, Highly Conductive Lithium-Ion Conductor

Tokyo University of Science scientists have discovered a stable, highly conductive lithium-ion conductor in the form of a pyrochlore-type oxyfluoride. It’s an innovation addressing the need for non-sulfide solid electrolytes. All-solid-state lithium-ion batteries offer enhanced safety and energy density compared to liquid electrolyte counterparts, but face challenges like lower conductivity and insufficient electrode contact. The non-sulfide solid electrolytes, offer higher conductivity and stability and pave the way for advanced all-solid-state…

Read more at: https://oilprice.com/Energy/Energy-General/Tokyo-Researchers-Unveil-Stable-Highly-Conductive-Lithium-Ion-Conductor.html

India Braces for Record Power Shortfall Amid Hydropower Slump

India is gearing up to tackle its most significant power deficit in 14 years this June, propelled by a decline in hydropower generation, according to government sources. With projections indicating a shortfall of 14 GW during nighttime hours, the nation’s power sector faces a critical challenge, necessitating urgent measures to avert potential outages. The impending deficit is exacerbated by delays in commissioning 3.6 GW of new coal-fired plants, originally slated for operation before March. The situation underscores the critical importance of…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Braces-for-Record-Power-Shortfall-Amid-Hydropower-Slump.html

China Controls 80% of World’s Solar Panel Supply Chain

In 2023, solar energy accounted for three-quarters of renewable capacity additions worldwide. Most of this growth occurred in Asia, the EU, and the U.S., continuing a trend observed over the past decade. In this graphic, Visual Capitalist’s Bruno Venditti illustrates the rise in installed solar photovoltaic (PV) capacity in China, the EU, and the U.S. between 2010 and 2022, measured in gigawatts (GW). Bruegel compiled the data.. Chinese Dominance As of 2022, China’s total installed capacity stands at 393 GW, nearly double that of the EU’s…

Read more at: https://oilprice.com/Alternative-Energy/Solar-Energy/China-Controls-80-of-Worlds-Solar-Panel-Supply-Chain.html

Hydrogen Trust Outperforms Renewable Energy Peers

Hydrogenone Capital Growth, the investment trust focused on cash into clean hydrogen, has reported a strong performance of its underlying holdings, even though its share price has struggled. The trust’s net asset value (NAV) has grown 0.6 percent since the start of the year, and 3.6 percent since March 2023, it reported in a quarterly portfolio update today. Hydrogen companies in the portfolio Elcogen (19.4 per cent of NAV), HiiROC (15.3 per cent of NAV) and Sunfire (20.9 per cent of NAV) all gained new strategic investments in the period.…

Read more at: https://oilprice.com/Energy/Energy-General/Hydrogen-Trust-Outperforms-Renewable-Energy-Peers.html

First Niger Oil Bound for China Blocked in West Africa Border Row

The West African nation of Benin has blocked China’s first shipment of crude oil from Niger amid an ongoing border dispute with Niger following a coup that has put a military junta in power and shaken relations with other African nations.  China’s first imports of crude oil from Niger’s military junta arrived in Benin in three vessels but were prevented by the authorities from docking at the port.  “If you want to load your oil in our waters, you can’t view Benin as an enemy and at the same time expect your…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/First-Niger-Oil-Bound-for-China-Blocked-in-West-Africa-Border-Row.html

Tesla Downgrades Recharging

Tesla just fired the staff in charge of its recharging network? No explanation. Best explanation: recharging stations lose money. There’s a chicken and egg problem here. You can’t sell electric vehicles without them. Or perhaps this is an accounting problem. Yet fear of being stranded without a place to recharge may be the most powerful reason not to buy an electric vehicle.  Without a ubiquitous charging network, electric vehicles will remain limited in market share. Shouldn’t the developers of the vehicles underwrite recharging…

Read more at: https://oilprice.com/Energy/Energy-General/Tesla-Downgrades-Recharging.html

Canadian Oil Sands Set for 15% Output Boost Says S&P Global

As Canadian oil sands companies pour money into optimization and efficiency, S&P Global Commodity Insights has upgraded its 10-year output for a 15% increase in oil sands production by 2030.  In a Thursday report, S&P Global said it now expected Canadian oil sands to produce 3.8 million barrels per day by 2030–or 500,000 barrels per day more than currently–due to optimization efforts.  The 15% increase compares to S&P Global’s earlier forecast that oil sands would see a 3% increase in production by 2030.…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Canadian-Oil-Sands-Set-for-15-Output-Boost-Says-SP-Global.html

Barclays Defends Fracking Finance, Citing Energy Transition Needs

Barclays’ chair defended its record on climate change, saying there is “plenty of concrete evidence” it is on track to meet its financed emissions targets, at a feisty annual meeting that saw a number of protesters removed. At the bank’s AGM in Glasgow on Thursday, chair Nigel Higgins responded to a string of questions and loud heckles from climate campaigners slamming Barclays’ financing of fossil fuel extraction companies. He asked several individuals chanting phrases including “blood on your hands” and…

Read more at: https://oilprice.com/Energy/Energy-General/Barclays-Defends-Fracking-Finance-Citing-Energy-Transition-Needs.html

India’s Coal Consumption and Emissions Hit Record Highs in Q1

Amid a heatwave and reduced hydropower generation, India boosted its coal consumption to a record high in the first quarter of the year, which also drove up emissions from the power sector to an all-time high. India, which still relies on coal for over 70% of its electricity generation, saw its coal-fired power generation jump by 9.6% year-over-year to 338 terawatt hours (TWh) in the first quarter of 2024, according to data from think tank Ember cited by Reuters columnist Gavin Maguire. At the same time, total power sector emissions also…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Coal-Consumption-and-Emissions-Hit-Record-Highs-in-Q1.html

Trump Seeks $1 Billion From Big Oil as He Vows to Reverse Biden Climate Rules

Donald Trump has asked executives of some of the largest U.S. oil producers to raise $1 billion for his campaign to return to the White House and promised to scrap many of the Biden Administration’s environmental policies, the Washington Post reported exclusively on Thursday, quoting sources familiar with a meeting.   Trump, who was a very pro-oil president during his tenure at the White House, met with the top industry executives at his Mar-a-Lago Club in April to hear the grievances of the American oil industry, which has…

Read more at: https://oilprice.com/Energy/Energy-General/Trump-Seeks-1-Billion-From-Big-Oil-as-He-Vows-to-Reverse-Biden-Climate-Rules.html

Brazil’s Oil Giant Must Assess the Impact of Drilling on Indigenous Communities

Brazil’s environmental protection agency has required state-held oil and gas giant Petrobras to conduct a series of studies on how its plan to drill in an environmentally sensitive area offshore the mouth of the Amazon River would impact indigenous communities. In recent weeks, the agency, Ibama, has sent the requests to Petrobras, asking it to carry out studies on the “social, cultural and environmental” impact its plan to drill would have, Reuters reported on Thursday, citing the documents it had seen.   Petrobras…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Brazils-Oil-Giant-Must-Assess-the-Impact-of-Drilling-on-Indigenous-Communities.html

Australia to Boost Natural Gas Production Despite 2050 Net-Zero Goal

Australia will continue to back exploration and increased production of natural gas as the fuel will play a key role in the country’s transition to a net-zero economy by 2050 and help provide a reliable source of energy to Australia’s allies, the Australian government said in its Future Gas Strategy unveiled on Thursday. Minister for Resources and Northern Australia Madeleine King released the Future Gas Strategy “which will support a Future Made in Australia and ensures decisions on gas supply and production will be…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Australia-to-Boost-Natural-Gas-Production-Despite-2050-Net-Zero-Goal.html

Occidental Hopes to Close CrownRock Acquisition by August

Occidental Petroleum hopes it will have closed its $12-billion planned acquisition of Permian oil and gas producer CrownRock by the next quarterly earnings report at some point in August 2024, Oxy’s chief executive Vicki Hollub said on the Q1 call with analysts.   At the end of last year, Oxy said it would buy CrownRock for cash and stock in a deal valued at around $12 billion, including debt, with which it joined the wave of mergers and acquisitions in the U.S. oil industry. The acquisition will boost Occidental’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Occidental-Hopes-to-Close-CrownRock-Acquisition-by-August.html

Dow closes more than 300 points higher, securing 7th winning day: Live updates

Stocks were higher as traders weighed disappointing earnings against new data that gave hope of easier Federal Reserve policy later this year.

Read more at: https://www.cnbc.com/2024/05/08/stock-market-today-live-updates.html

Sinclair explores selling roughly 30% of its broadcast stations, sources say

Sinclair is looking to sell a chunk of its 185 broadcast stations, according to people familiar with the matter.

Read more at: https://www.cnbc.com/2024/05/09/sinclair-explores-selling-30percent-of-broadcast-stations.html

Fitness startup that Peloton once tried to buy is growing as workout trends shift

Connected rowing company Hydrow is growing and Peloton is shrinking as fitness buffs move away from cardio in favor of weights.

Read more at: https://www.cnbc.com/2024/05/09/hydrow-acquires-speede-fitness-grows-as-peloton-shrinks.html

Masimo activist agrees to end proxy fight if company expands board, adds both nominees

Activist Politan responded to a settlement offer from Masimo, asking to expand Masimo’s board to seven directors and add Politan’s two nominees.

Read more at: https://www.cnbc.com/2024/05/09/masimo-seeks-to-stave-off-proxy-fight-with-politan-makes-settlement-offer.html

Money market funds yielding more than 5% won’t last. Where to deploy idle cash instead

Yields in cash are poised to drop once the Federal Reserve pulls back rates.

Read more at: https://www.cnbc.com/2024/05/09/money-market-funds-yielding-more-than-5percent-wont-last-where-to-put-idle-cash.html

Weekly jobless claims jump to 231,000, the highest since August

Jobless claims totaled a seasonally adjusted 231,000 for the week ending on May 4.

Read more at: https://www.cnbc.com/2024/05/09/weekly-jobless-claims-jump-to-231000-the-highest-since-august.html

Inside the Port of Virginia’s $450 million plan to lead in era of super-sized ocean containerships

Port of Virginia is nearing the end of a $450 million dredging project that will make it the widest and deepest waterway for ultra-sized ocean containerships.

Read more at: https://www.cnbc.com/2024/05/09/port-of-virginia-has-a-big-plan-to-be-no-1-for-super-size-ocean-ships.html

Trump Media investor convicted of insider trading ahead of merger

Trump Media, whose majority shareholder is Donald Trump, completed a merger with DWAC more than two years after the deal was announced.

Read more at: https://www.cnbc.com/2024/05/09/trump-media-investor-convicted-of-insider-trading-ahead-of-merger.html

Robinhood’s crypto transaction revenue soars 232% from a year ago: 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, Lou Frangella, head of brand partnerships at Kraken, discusses why the crypto exchange is looking to Formula 1 fans to boost crypto adoption.

Read more at: https://www.cnbc.com/video/2024/05/09/robinhood-crypto-transaction-revenue-soars-232percent-crypto-world.html

Stormy Daniels says speaking about Trump has been bad for her life

Donald Trump is charged with falsifying business records to cover up a hush money payment made to Stormy Daniels ahead of the 2016 presidential election.

Read more at: https://www.cnbc.com/2024/05/09/trump-trial-stormy-daniels-testimony-hush-money-case.html

Supreme Court rules against Warner Music in copyright damages case

The U.S. Supreme Court on Thursday ruled in favor of a Miami music producer in a legal fight with Warner Music over a song by rapper Flo Rida.

Read more at: https://www.cnbc.com/2024/05/09/supreme-court-rules-against-warner-music-in-copyright-damages-case-.html

Just 4% of current retirees say they are ‘living the dream,’ survey finds. Here’s why

Many Americans are finding retirement isn’t living up to their expectations. Yet experts are divided as to whether a retirement savings crisis is brewing.

Read more at: https://www.cnbc.com/2024/05/09/4percent-of-current-retirees-say-they-are-living-the-dream-survey-finds.html

IRS reminder: Time to claim $1 billion in tax refunds from 2020 expires on May 17

There is still $1 billion in unclaimed tax refunds from 2020, but the deadline to collect your payment is approaching. Here’s what late filers need to know.

Read more at: https://www.cnbc.com/2024/05/09/there-is-still-1-billion-in-unclaimed-tax-refunds.html

“You Need Two Years Of Food” – Martin Armstrong Warns “There Will Be Shortages” As ‘Perfect Storm’ Looms

Via Greg Hunter’s USAWatchdog.com,

Legendary financial and geopolitical cycle analyst Martin Armstrong has new data on how well the Biden economy is doing.

Spoiler alert:  It’s not doing well, and the financial system is about to tank.

I asked Armstrong if the US government could default on its debt if countries around the world continue to stop buying it?  Armstrong explained:

“I think the US could default on its debt as early as 2025, but probably in 2027.

We have kicked the can down the road as far as we can go.

It’s not just in the United States.  Europe is in the same boat.  So is Japan.  This is why they need war.

They think by going into war, that’s the excuse to default on the debt.  They simply will not pay …

Read more at: https://www.zerohedge.com/geopolitical/you-need-two-years-food-martin-armstrong-warns-there-will-be-shortages-perfect-storm

Jewish Businessman Gunned Down In Egypt In Suspected Terror Killing

Earlier this week, on Tuesday, a Canadian Jewish businessman was murdered in the city of Alexandria, Egypt when an unknown gunman approached his car and shot him at point-blank range.

A shadowy terrorist organization has claimed responsibility as ‘retaliation’ for Israel’s military operation in the Gaza Strip. Further the group calling itself “Vanguard of Liberation Group for Martyr Mohamed Salah” (after the Egyptian police officer who killed three IDF troops in a mid-2023 border shooting) is claiming that the victim, identified as Ziv Kipper, was a “Mossad agent”.

“Wait for the next,” the unknown organization posted in an internet message. “Shalom from the children of Gaza.” The group also reportedly posted a video and image of the killing [warning: graphic]. However Egypt’s Interior Ministry has been quick to downplay the incident, and instead of ‘terrorism’ Egyptian security sources have chosen to initially call the killing a robbery.

Read more at: https://www.zerohedge.com/geopolitical/jewish-businessman-gunned-down-egypt-suspected-terror-killing

The Catalyst For A Banking Renaissance

Authored by Nick Giambruno via InternationalMan.com,

Every day, there are over 2,000,000,000 consumer transactions around the world.

Visa, Mastercard, American Express, and other large companies process many of these payments.

Bitcoin, on the other hand, does not have anywhere near the capacity to handle this kind of volume.

There is a hard limit on the maximum number of transactions the Bitcoin network can process – about 576,000 transactions a day, or about 0.029% of all the world’s consumer transactions.

That’s why recording every Starbucks or McDonald’s transaction on the Bitcoin blockchain was never possible.

It was also never desirable.

If Bitcoin needed to record every consumer transaction on its blockchain—or even a fraction of them—it would require an industrial-scale operation with expensive data centers.

In that scenario, only large entities could run the Bitcoin software, and the average person would not be able to participate in enforcing the consensus parameters and the protocol.

That would kill Bitcoin’s decentralization because a few large entities would solely validate and enforce the protocol, which means they would be in charge.

In this scenario, Bitcoin might as well be another PayPal, Visa, or another centralized financial service where you need to ask for permission to do anything.

Remember, Bitcoin’s entire value proposition as a global money depends on being neutral, censorship-resist …

Read more at: https://www.zerohedge.com/crypto/catalyst-banking-renaissance

Trump Mulls Deploying Special Forces To Assassinate Mexican Drug Lords: Report

Conservative think tank Center for Renewing America floated the idea a year and a half ago that “It’s time to wage war on transnational drug cartels.”

This comes as the drug death catastrophe in the US eclipses the entire Vietnam War every six months. The vast majority of deaths are derived from fentanyl-laced narcotics, which come from Mexico, via open southern borders pushed by radical leftists in the White House.

Read more at: https://www.zerohedge.com/military/trump-mulls-deploying-special-forces-assassinate-mexican-drug-lords-report

Bank ‘optimistic’ as it edges closer to summer cut

Its comments came as UK interest rates were left unchanged at a 16-year high of 5.25%.

Read more at: https://www.bbc.co.uk/news/business-68978591

Bank of England boss weighs in on UK economy row

Andrew Bailey told the BBC the recession was “mild” as figures on the economy are released Friday.

Read more at: https://www.bbc.co.uk/news/business-68986043

Record levels of shoplifting show signs of falling

Shoplifting fell slightly last year according to official figures but remains high.

Read more at: https://www.bbc.com/news/articles/c1vwyly7qvgo

Tata Motors, Infosys among 10 companies that witnessed highest selling by mutual funds in March

​Around 10 companies witnessed the highest selling by mutual funds in March, according to a press release by Prime database. Here is the detailed list

Read more at: https://economictimes.indiatimes.com/mf/analysis/tata-motors-infosys-among-10-companies-that-witnessed-highest-selling-by-mutual-funds-in-march/slideshow/109978969.cms

Longest-streak ever! Fear gauge VIX rises for 11th day on election concerns

The so-called fear gauge has jumped as much as 88% from a low in April amid speculation that Prime Minister Narendra Modi’s party may win fewer seats than initially expected.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/longest-streak-ever-fear-gauge-vix-rises-for-11th-day-on-election-concerns/articleshow/109979619.cms

Nifty Bank falls over 1%, closes below 50-DMA; important levels to track on Friday: Experts

The index closed lower in six out of the last seven trading sessions. The selling pressure pushed the index below the 50-DMA mark which was placed around 47,600 levels.

Read more at: https://economictimes.indiatimes.com/markets/options/nifty-bank-falls-over-1-closes-below-50-dma-important-levels-to-track-on-friday-experts/articleshow/109981971.cms

‘I received accolades’: I reported a toxic coworker who threatened me — and I was terminated after 7 years of stellar employment. What can I do?

“Part of my job was to negotiate and sign contracts on behalf of the organization, such as hotel points.”

Read more at: https://www.marketwatch.com/story/i-received-accolades-i-reported-a-toxic-coworker-who-threatened-me-and-i-was-terminated-after-7-years-of-stellar-employment-what-can-i-do-1f171c30?mod=mw_rss_topstories

Arm’s stock dips after earnings, but here’s the case for optimism

Analysts are encouraged about future royalty potential, judging by the performance of company’s licensing business

Read more at: https://www.marketwatch.com/story/arms-stock-dips-after-earnings-but-heres-the-case-for-optimism-1b45b839?mod=mw_rss_topstories

After Panera Bread cancels its controversial ‘charged’ lemonades, many of its fans turn from sweet to sour

The fast-casual chain faced concerns and legal action because some customers said they had severe medical reactions to the beverages.

Read more at: https://www.marketwatch.com/story/fans-of-panera-breads-controversial-charged-lemonades-are-upset-the-drinks-are-going-away-b94d734c?mod=mw_rss_topstories