26Dec2024 Market Close & Major Financial Headlines: Santa Claus Rally Stalls

Airports Around the World Are Going Green

Many airports around the globe are now powered by wholly renewable energy, as the aviation and buildings sectors strive to decarbonize in line with aims for a green transition. The International Energy Agency (IEA), the International Civil Aviation Organisation (ICAO), and several other international bodies are encouraging developers to reduce the carbon footprint of their airports to support international climate goals.  The ICAO released a toolkit entitled “A Focus on the Production of Renewable Energy at the Airport Site” that…

Read more at: https://oilprice.com/Energy/Energy-General/Airports-Around-the-World-Are-Going-Green.html

Power of Siberia Hits Full Throttle

Gazprom’s CEO Alexei Miller is ringing in the New Year with one heck of a performance review. The Power of Siberia pipeline, a cornerstone of Russia’s pivot to China, has exceeded its 2024 contract volume, delivering 31 billion cubic meters (bcm) of natural gas instead of the planned 30 bcm. The kicker? The pipeline hit full capacity—38 bcm per year—ahead of schedule, as Russia remains determined to cement its role as China’s top gas supplier. This milestone isn’t just a technical feat; it’s a geopolitical…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Power-of-Siberia-Hits-Full-Throttle.html

Is Crypto Mining the Key to Tajikistan’s Rogun Dam’s Financial Viability?

Despite a preponderance of data on the high level of financial and environmental risks, the World Bank has opted to become a major financial backer of the Rogun hydropower dam project in Tajikistan, approving an initial $350 million grant to help finish the first phase of construction. Following up on the World Bank’s decision, the Asian Infrastructure Development Bank announced a $270 million loan for dam construction and the Kuwait Fund for Arab Economic Development extended a $100 million line of credit to the project, the first loan installment…

Read more at: https://oilprice.com/Energy/Energy-General/Is-Crypto-Mining-the-Key-to-Tajikistans-Rogun-Dams-Financial-Viability.html

India’s Oil Demand Growth Set to Surpass China’s

India’s oil demand growth is expected to exceed China’s for the first time in 2024, and continue in 2025. According to Kang Wu, global head of macro and oil demand research at SPGCI, India’s oil demand in the current year grew by 180,000 barrels per day, surpassing China’s growth at 148,000 bpd. India’s oil demand is expected to increase by 3.2% Y/Y in 2025 compared to a 1.7% clip by China.  Over the past couple of decades, China has carried the lion’s share of global oil demand growth thanks to the country’s…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Indias-Oil-Demand-Growth-Set-to-Surpass-Chinas.html

2024 Aluminum Prices in Review

Via Metal Miner The Aluminum Monthly Metals Index (MMI) edged lower, with a 1.23% decline from November to December. Aluminum Prices: A Year in Review 2024 began on a low note for the aluminum market, as Q4 2023 witnessed a year-over-year drop in shipments as well as average selling prices for certain domestic suppliers. In its financial results, NorskHydro noted that “challenging markets led to a weaker result.” Meanwhile, exchange pricing appeared largely stable during 2023, which contrasted sharply with the volatility witnessed in…

Read more at: https://oilprice.com/Metals/Commodities/2024-Aluminum-Prices-in-Review.html

Russia’s LPG Prices Fall 50% Following EU Embargo

Russia’s domestic prices of liquefied petroleum gas (LPG) were cut in half in December after an EU ban on imports took effect. EU sanctions on Russian LPG took effect on Dec. 20 a year after Poland–one of Russia’s largest LPG importers–proposed them. LPG is mainly used as fuel for cars, heating and to produce other petrochemicals. The European Commission has proposed sanctions on Russia’s LNG sector as part of Brussels’ 14th sanctions package against Russia. The proposed sanctions would prevent EU countries from re-exporting Russian…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russias-LPG-Prices-Fall-50-Following-EU-Embargo.html

India Takes the Lead in Oil Demand Growth

For a few years now, forecasters and market analysts have been expecting India to become the largest oil demand driver in the world in the medium and long term, surpassing China’s growth rates. This has now happened as early as this year, amid growing demand for fuel transportation in India and slowing gasoline and diesel demand in China due to the advance of electric vehicles and LNG-fueled trucks in the world’s top crude oil importer. India surpassing China as the world’s top driver of oil demand growth isn’t surprising…

Read more at: https://oilprice.com/Energy/Crude-Oil/India-Takes-the-Lead-in-Oil-Demand-Growth.html

Finland Boards Russian Shadow Fleet Tanker After Subsea Cables Go Offline

Finland’s police and border patrol have boarded the Eagle S oil tanker, which is part of Russia’s shadow fleet while investigating the cause of an interruption of subsea power and data cables linking Finland with Estonia, Finnish police said on Thursday. The tanker, Eagle S, was traveling in the Baltic Sea under the flag of the Cook Islands and was fully loaded with unleaded gasoline, the Finnish police and other authorities said at a news conference, as carried by Bloomberg. The Eagle S was spotted to be missing its anchor and it could…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Finland-Boards-Russian-Shadow-Fleet-Tanker-After-Subsea-Cables-Go-Offline.html

2024 Has Been a Transformational Year for the U.K.’s Energy Sector

It has been a landmark year for the U.K.’s energy sector, as the change in government has meant a significant shift in energy policy. The U.K. has lagged behind the U.S. and EU in recent years in terms of its green transition. Under the former Conservative government, the country approved new oil and gas licences in the North Sea and rolled back plans for large-scale wind energy projects and other renewable energy and nuclear power developments. Since the Labour Party won the July general election, the government has announced several new…

Read more at: https://oilprice.com/Energy/Energy-General/2024-Has-Been-a-Transformational-Year-for-the-UKs-Energy-Sector.html

Iraq Plans to Slash Gas Flaring

Iraq plans to cut gas flaring next year and eliminate the practice of burning off associated gas at oilfields by the end of 2027, government officials have said. As of the end of 2024, Iraq, which is OPEC’s second biggest oil producer after Saudi Arabia, is capturing around 67% of the gas at its oilfields, Ezzet Saber Ismael, Iraq’s deputy minister for gas affairs told Bloomberg in an interview published on Thursday. Earlier this week, Iraq’s Prime Minister Mohammed S. Al-Sudani chaired an energy policy meeting, at which officials…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Iraq-Plans-to-Slash-Gas-Flaring.html

Rio Tinto’s Billion-Dollar Lithium Bet

Rio Tinto recently struck a deal to acquire Arcadium Lithium for $6.7 billion. The acquisition represents a significant wager by the miner on EV growth in the future—but it comes as EV demand has slackened off and lithium demand has followed. It could be a $6.7-billion mistake.  Then again, it could be a long-term play for dominance in a key sector of the energy system of the future. Rio Tinto first announced the acquisition in October, offering a 90% premium to the UK-based lithium producer’s share price at the time of the offer.…

Read more at: https://oilprice.com/Energy/Energy-General/Rio-Tintos-Billion-Dollar-Lithium-Bet.html

India Adds 4GW of New Coal Power Capacity in 2024

India’s annual installations of new coal-fired power capacity hit 4 gigawatts (GW) in 2024, flat on the five-year high of 2023 and the highest level since 2019, according to official government figures. India, where coal meets more than 70% of the power generation, has kept its coal capacity additions this year near the 2023 levels, per data from the country’s Central Electricity Authority cited by Bloomberg on Thursday. India plans to add as much as 90 GW of coal capacity by 2032 as it looks to meet its surging power demand with reliable…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/India-Adds-4GW-of-New-Coal-Power-Capacity-in-2024.html

Russian Region Declares Emergency After Black Sea Oil Tanker Collision

The Krasnodar region in southwest Russia has declared a regional emergency as oil continued to wash ashore this week following the collision of oil tankers in the Black Sea last week. Last week, the Volgoneft 212 and Volgoneft 239 tankers sustained serious damage as a result of a storm in the Black Sea, running aground in the Kerch Strait. The Volgoneft 212 spilt in half. According to reports of the disaster, the two tankers were carrying some 4,300 deadweight tonnes of crude oil each. Both of the tankers that got damaged in the storm…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Russian-Region-Declares-Emergency-After-Black-Sea-Oil-Tanker-Collision.html

China’s EV Uptake Is Years Ahead of Targets and Forecasts

For the first time ever, China’s electric vehicle sales are set to outpace traditional car sales on an annual basis in 2025, years in advance of the Chinese authorities’ targets and years ahead of analyst projections, according to the latest industry forecasts provided to the Financial Times by research companies and investment banks. China’s combined EV and plug-in hybrid sales are expected to jump by around 20% to over 12 million units next year, HSBC, UBS, Morningstar, and Wood Mackenzie have projected. Next year, the expected…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Chinas-EV-Uptake-Is-Years-Ahead-of-Targets-and-Forecasts.html

China Plans the World’s Biggest Hydropower Dam in Tibet

China has approved the construction of a huge hydroelectric dam in Tibet, which would be the world’s largest hydropower plant with triple the capacity of the current biggest operational project, the Three Gorges Dam, which is also in China. The Chinese government has now approved the construction of the new project in the lower reaches of the Yarlung Tsangpo River, the longest river in Tibet and the fifth longest in China, state news agency Xinhua reports. The new mega-dam could produce 300 billion kilowatt-hours (kWh) of electricity annually,…

Read more at: https://oilprice.com/Latest-Energy-News/World-News/China-Plans-the-Worlds-Biggest-Hydropower-Dam-in-Tibet.html

Stocks erase earlier losses in thin trading the day after Christmas: Live updates

Thursday’s action came after a solid Christmas Eve for the S&P 500.

Read more at: https://www.cnbc.com/2024/12/26/stock-market-today-live-updates.html

Airlines’ wild 2024: From Boeing troubles to a bankruptcy and a merger

The U.S. airline industry had another busy year while strong demand buoyed stocks into the end of the year.

Read more at: https://www.cnbc.com/2024/12/26/a-look-back-at-us-airlines-wild-2024-from-door-plugs-to-bankruptcy.html

36% of Americans took on holiday debt this year — averaging $1,181 — survey finds. These tips can help

The holiday season may linger on for those who racked up more credit card debt than they anticipated. These tips can help knock those balances down.

Read more at: https://www.cnbc.com/2024/12/26/36percent-of-american-consumers-took-on-holiday-debt-averaging-1181.html

Larry Ellison wraps up banner year as Oracle’s stock rallies most since dot-com boom

Oracle shares have jumped 63% in 2024 and are headed for their best year since 1999, adding more than $75 billion to Larry Ellison’s net worth.

Read more at: https://www.cnbc.com/2024/12/26/larry-ellison-net-worth-jumps-on-oracle-gains-as-he-turns-80.html

Kremlin warns against speculation that Russia shot down Azerbaijan Airlines flight

Thirty-eight of the 67 on board died when the Embraer 190 crashed near the city of Aktau, Kazakhstan.

Read more at: https://www.cnbc.com/2024/12/26/kremlin-warns-against-speculation-that-russia-shot-down-azerbaijan-airlines-flight.html

Waymo dominated U.S. robotaxi market in 2024, but Tesla and Amazon’s Zoox loom

Waymo may have outlasted GM’s Cruise to lead the U.S. market but Elon Musk’s Tesla and Amazon’s Zoox are working to catch up.

Read more at: https://www.cnbc.com/2024/12/26/waymo-dominated-us-robotaxi-market-in-2024-but-tesla-zoox-loom.html

Apple is soaring to record highs. Here’s where JPMorgan thinks it’s headed in 2025

It’s been a huge year for Apple, and the stock may be poised to go even higher in 2025, according to JPMorgan.

Read more at: https://www.cnbc.com/2024/12/26/apple-soars-to-a-record-where-jpmorgan-thinks-its-headed-in-2025.html

How investors are donating crypto to charity for tax benefits: 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, Daffy CEO Adam Nash discusses the tax incentives of donating cryptocurrencies to charity.

Read more at: https://www.cnbc.com/video/2024/12/26/how-investors-are-donating-crypto-to-charity-for-tax-benefits-cnbc-crypto-world.html

Manmohan Singh, India’s ‘reluctant’ prime minister, dies aged 92

Manmohan Singh was an economist-turned-politician who also served as the governor of the central bank.

Read more at: https://www.cnbc.com/2024/12/26/indias-former-pm-manmohan-singh-dies-aged-92.html

Trump names Kevin Marino Cabrera U.S. ambassador to Panama

The announcement comes days after Trump delivered a series of messages suggesting the U.S. should take control of the Panama Canal.

Read more at: https://www.cnbc.com/2024/12/26/trump-names-kevin-marino-cabrera-us-ambassador-to-panama.html

More than 90% of 401(k) plans now offer Roth contributions – but only 21% of workers take advantage

The share of employers that offer a Roth 401(k) option has increased a lot over the years. A 2022 law will make it nearly ubiquitous among plan sponsors.

Read more at: https://www.cnbc.com/2024/12/26/the-roth-401k-is-becoming-more-common.html

Mega Millions jackpot climbs to $1.15 billion—here are 8 states where your prize won’t be taxed

Depending on where you live, you could miss out on $125 million of your winnings due to state taxes.

Read more at: https://www.cnbc.com/2024/12/26/mega-millions-jackpot-hits-1point15-billion8-states-with-no-prize-taxes.html

Treasury delays deadline for small businesses to file new form to avoid risk of fines for noncompliance

The Treasury delayed a Jan. 1 deadline to file a new “beneficial ownership information” report to Jan. 13 following a recent court order.

Read more at: https://www.cnbc.com/2024/12/26/treasury-delays-deadline-for-small-businesses-to-file-new-boi-form.html

Elon Musk Suggests Cognitive Testing For Elected Officials

Authored by Jackson Richman via The Epoch Times,

Entrepreneur Elon Musk suggested there should be cognitive tests for elected officials following news of a congresswoman spending six months in an assisted living facility.

“Maybe we should have some basic cognitive test for elected officials? This is getting crazy,” posted Musk on X, on Dec. 21.

Musk was responding to a report that Rep. Kay Granger (R-Texas) had been absent from Congress for six months as she was in a senior living center in Fort Worth, Texas, as she has been “having some dementia issues late in the year,” her son told The Dallas Morning News.

Read more at: https://www.zerohedge.com/political/elon-musk-suggests-cognitive-testing-elected-officials

End Of Road: EV Startup Canoo Puts Employees On “Mandatory Unpaid Break”

The struggling Oklahoma-based electric van startup Canoo appears to have reached the end of the road.

According to an internal email obtained by TechCrunch, the startup has placed employees on a “mandatory unpaid break” through the end of the year.

The email said that just a few days before Christmas, the company locked employees out of Canoo’s systems.

As of mid-November, the startup had $700k in cash or cash equivalents as it rounded out a very turbulent year amid an ongoing EV downturn.

“It recently closed the Los Angeles office that used to serve as its headquarters. It has lost a lot of executives, including its chief technology officer, chief financial officer, and general counsel,” TechCrunch noted.

Auto blog Jalopnik provided more color on Canoo’s struggles, including how “the company spent twice as much on a private jet for its CEO than it had earned for the entire year of 2023. It burned through capital and now seems unable to wrap up the year.”

Read more at: https://www.zerohedge.com/markets/end-road-ev-startup-canoo-puts-employees-mandatory-unpaid-break

President-Elect Trump Posts Christmas Message To “Wonderful Soldiers of China”, “Governor Trudeau”, And Greenland

Authored by Eric Lendrum via American Greatness,

In a humorous Christmas Day post on social media, President-elect Donald Trump sent a warning to the “wonderful soldiers of China” over a possible dispute involving the Panama Canal, and also poked fun at Canadian Prime Minister Justin Trudeau.

As Breitbart reports, President Trump’s annual Christmas message on his website Truth Social wished a “Merry Christmas to all, including to the wonderful soldiers of China, who are lovingly, but illegally, operating the Panama Canal (where we lost 38,000 people in its building 110 years ago), always making certain that the United Stat …

Read more at: https://www.zerohedge.com/political/president-elect-trump-posts-christmas-message-wonderful-soldiers-china-governor-trudeau

Putin Reveals Biden Offered To Postpone Ukraine’s NATO Entry As Compromise

Russian President Vladimir Putin fielded questions from journalists Thursday at the conclusion of the Supreme Eurasian Economic Council meeting held outside St. Petersburg. The Russian-led EEU economic bloc includes member states Armenia, Belarus, Kazakhstan and Kyrgyzstan.

Among the more interesting moments was when Putin revealed what President Biden previously offered him in order to avert the Ukraine conflict, regarding the question of Kiev’s NATO membership.

The comments came in the context of a question over Trump’s reported peace plan and the idea of freezing the front lines. Putin described that such a plan is nothing new, and added the following per state media translation:

“I know that the current President Biden spoke about this, it’s no secret, back in 2021. He proposed exactly this to me – to delay Ukraine’s admission into NATO by 10-15 years, because [Kiev] is not ready yet,” Putin said, referring to the midsummer meeting he had with the US leader in Switzerland.

🇷🇺 Putin revealed that US President Joe Biden suggested in 2021 that he would postpone Ukraine’s accession to NATO. https://t.co/OKa9rMykkd pic.twitter.com/XWwZUCIG0v

— Sputnik (@SputnikInt)

Read more at: https://www.zerohedge.com/geopolitical/putin-reveals-biden-offered-postpone-ukraines-nato-entry-compromise

High Street suffers Boxing Day hit as shoppers stay home

Boxing Day shoppers stay away from the High Street and shopping malls compared with 2023, data shows.

Read more at: https://www.bbc.com/news/articles/clygz4dwl59o

Car industry consulted over 2030 petrol and diesel ban

The government says it will “restore clarity” for vehicle manufacturers and the charging industry.

Read more at: https://www.bbc.com/news/articles/c5y7x3jgw7no

American Airlines resumes flights after technical issue

Flights were suspended for around an hour due to an issue that impacted the systems needed to release its planes.

Read more at: https://www.bbc.com/news/articles/cd0eyd9pgvyo

India’s IPO storm to continue through 2025 with fundraising expected to cross Rs 2 lakh crore

Currently, 34 companies have Sebi approval to raise Rs 41,462 crore, while 55 others await clearance for Rs 98,672 crore. In 2024, 143 DRHPs were filed, significantly higher than 84 in 2023 and 89 in 2022. With more IPO filings anticipated in the coming year, India’s IPO performance is expected to surpass this year’s figures.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/indias-ipo-storm-to-continue-through-2025-with-fundraising-expected-to-cross-rs-2-lakh-crore/articleshow/116679061.cms

5 smallcaps that turned multibagger in CY24, held by over 10 smallcap MFs

In CY24, the small-cap index soared 30%, with 13 small-cap stocks delivering 50%-160% returns. Identified via mutual fund screeners, these stocks, held by 10+ schemes, attracted significant retail and institutional investor interest.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/5-smallcaps-that-turned-multibagger-in-cy24-held-by-over-10-smallcap-mfs/slideshow/116683792.cms

All that glitters is not gold on the IPO street

Amid booming IPO market, caution is in the air for investors as majority of the companies that were listed in 2024 failed to retain their respective listing gains, shows the latest analysis by ETIG.

Read more at: https://economictimes.indiatimes.com/markets/ipos/fpos/all-that-glitters-is-not-gold-on-the-ipo-street/articleshow/116687100.cms

Oil prices slide as traders await fresh supply data

Crude oil prices fell on Thursday as investors awaited fresh data on production and reserves out of the U.S.

Read more at: https://www.marketwatch.com/story/oil-prices-climb-on-chinese-stimulus-hopes-e1fa3b5a?mod=mw_rss_topstories

‘I’m betting on another 22 spins around the sun’: I’m 65 and have $3.9 million. How much should I realistically spend on a house?

“I have zero debt, no upcoming tax liabilities and no inheritance on the horizon.”

Read more at: https://www.marketwatch.com/story/im-betting-on-another-22-spins-around-the-sun-im-65-and-have-3-9-million-how-much-should-i-realistically-spend-on-a-house-37a04691?mod=mw_rss_topstories

‘I keep hearing about break-ins in my neighborhood’: Should I keep valuable items in a safe-deposit box? What are my options?

“I read that the bank discourages people from storing jewelry and coins in the boxes, so I did not rent one.”

Read more at: https://www.marketwatch.com/story/i-keep-hearing-about-break-ins-in-my-neighborhood-are-banks-responsible-for-items-kept-in-a-safe-deposit-box-are-there-other-options-e02aebdb?mod=mw_rss_topstories