Venezuela’s Dilapidated Oil Industry Is An Environmental Catastrophe

The collapse of Venezuela’s once prolific oil industry has triggered an economic and humanitarian crisis that accelerated in 2019 after U.S. President Donald Trump implemented strict sanctions cutting the Maduro regime off from international energy markets. It isn’t only Venezuela’s economy and people which have suffered from a foundering hydrocarbon sector and corroding energy infrastructure, tremendous damage has occurred to the environment. Oil spills, leaking pipelines and storage facilities, noxious discharges from ramshackle

Read more at: https://oilprice.com/Energy/Energy-General/Venezuelas-Dilapidated-Oil-Industry-Is-An-Environmental-Catastrophe.html

Report: EU Sanctions On Crude, Products Could Cost Russia $300 Million Per Day

Once new European Union restrictions on Russian oil products come into force on February 5, Russia could face losses of around $300 million per day, a new report from a Finnish research center predicts. The report, by the independent Helsinki-based Centre for Research on Energy and Clean Air (CREA) noted on Wednesday that the existing EU ban on crude oil imports from Russia, combined with the oil price cap, are costing the Kremlins coffers around $172 million per day. CREA notes that Russia’s fossil fuel export earnings

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Report-EU-Sanctions-On-Crude-Products-Could-Cost-Russia-300-Million-Per-Day.html

Kazakhstan Can’t Fill The Void Left By EU Oil Embargo On Russia

On December 29, 2022, Kazakhstani state-owned oil and gas company KazMunaiGaz announced plans to export oil to Germany starting in January 2023. Arrangements were made to export a total of 1.2 million tons of oil through the Druzhba pipeline via Russia and Ukraine (Informburo.kz, December 29, 2022). Arriving shortly after the European Unions announcement of a partial embargo and price cap on Russian oil, this news prompted discussions about whether Kazakhstan can play a larger role in the European energy market. Previously, Kazakhstani President

Read more at: https://oilprice.com/Energy/Crude-Oil/Kazakhstan-Cant-Fill-The-Void-Left-By-EU-Oil-Embargo-On-Russia.html

U.S. Steel Prices Reverse In January

By AGMetalminer.com U.S. steel prices hit a bottom at the beginning of December, then began to climb. Hot rolled coil prices rose over 8% from their December low. Meanwhile, plate prices traded down for the first time since September. Overall, the Raw Steels Monthly Metals Index (MMI) rose by 7.98% from December to January. Steelmakers Continue Flat-Rolled Price Hikes Eager to continue the upside momentum, Nucor announced yet another $50 per short ton increase to flat-rolled steel prices. The steelmaker previously raised steel prices

Read more at: https://oilprice.com/Energy/Energy-General/US-Steel-Prices-Reverse-In-January.html

Freeport LNG Denies Reuters Report Claiming Further Restart Delay

Freeport LNG has denied a Reuters report citing unnamed sources as saying that the restart of its Texas facility will be pushed back to February due to regulatory approval issues. On Wednesday, Reuters published a story citing three unnamed sources as saying that seven months into the outage Texas plant, Freeport LNG would delay startup further to next month. Freeport LNG has denied the rumors attributed to unnamed sources, with a spokesperson telling Oilprice.com that There is no change to our restart timeline. We are still targeting the

Read more at: https://oilprice.com/Latest-Energy-News/World-News/Freeport-LNG-Denies-Reuters-Report-Claiming-Further-Restart-Delay.html

The U.S. Consumer Product Safety Commission Denies Gas Stove Ban

The U.S. Consumer Product Safety Commission has no plans to ban gas stoves, the agency said, according to Bloomberg. A commissioner from the same agency, Richard Trumka Jr., earlier this week said that the CPSC had been considering a ban on gas stoves for months, with Trumka recommending in October that the agency seek public comment on the hazards of gas stoves. But the head of the CPSC, Alexander Hoehn-Saric, said on Wednesday that the agency had no such plans. I am not looking to ban gas stoves and the CPSC has no proceeding to do so,

Read more at: https://oilprice.com/Latest-Energy-News/World-News/The-US-Consumer-Product-Safety-Commission-Denies-Gas-Stove-Ban.html

FAA lifts U.S. ground stop after technology outage delays thousands of flights

U.S. flights were delayed after the Federal Aviation Administration suffered an outage of the system that sends messages to pilots.

Read more at: https://www.cnbc.com/2023/01/11/faa-orders-airlines-to-pause-departures-until-9-am-et-after-system-outage.html

DirecTV lays off staffers as cord-cutting accelerates

DirecTV notified employees it will cut 10% of its employees, many of which are managers.

Read more at: https://www.cnbc.com/2023/01/11/directv-lays-off-staffers-as-cord-cutting-accelerates-.html

Rocket builder ABL’s inaugural launch fails shortly after liftoff, damages launch pad

The first mission by ABL Space got off the ground, but the RS1 rocket failed shortly after liftoff.

Read more at: https://www.cnbc.com/2023/01/11/abl-space-inaugural-launch-fails-damages-alaska-launchpad.html

Disney is making it easier for its most loyal customers to visit its theme parks

Guest feedback at Disney’s domestic theme parks has pushed the company to make some changes to its operations in 2023.

Read more at: https://www.cnbc.com/2023/01/10/disney-makes-it-easier-for-loyal-customers-to-visit-theme-parks.html

Bed Bath & Beyond lays off more employees as it struggles to survive

Bed Bath & Beyond is cutting jobs and seeking new outside advice as it faces the risk of bankruptcy.

Read more at: https://www.cnbc.com/2023/01/10/bed-bath-beyond-lays-off-more-employees-as-it-fights-to-survive.html

Stephanie McMahon steps down as WWE co-CEO as her dad, Vince, returns as executive chairman

Stephanie McMahon has resigned as WWE co-CEO as her father, Vince, returns as executive chairman.

Read more at: https://www.cnbc.com/2023/01/10/wwe-co-ceo-stephanie-mcmahon-steps-down-vince-mcmahon-returns.html

Netflix will air SAG Awards in another step into live broadcasting

Netflix will live broadcast this year’s SAG Awards as the streaming giant extends its ventures into live streaming.

Read more at: https://www.cnbc.com/2023/01/11/netflix-will-air-sag-awards-in-another-step-into-live-broadcasting.html

Mortgage refinance demand surges, as homeowners take advantage of lower interest rates

Mortgage rates fell last week, causing a rush on refinancing.

Read more at: https://www.cnbc.com/2023/01/11/mortgage-refinance-demand-surges-as-homeowners-take-advantage-of-lower-interest-rates.html

Virgin Orbit stock plummets after the failure of its first UK rocket launch

Virgin Orbit shares fell after the company confirmed Monday that its first launch out of the United Kingdom failed to reach orbit.

Read more at: https://www.cnbc.com/2023/01/09/virgin-orbit-stock-plummets-after-uk-launch-failure.html

‘Don’t wait until March’ to hire a tax pro, says advisor — 3 moves to make before the 2023 tax filing season opens

Tax season is almost here, and there are key things to know before the IRS begins accepting 2022 individual returns, experts say.

Read more at: https://www.cnbc.com/2023/01/11/what-to-know-before-the-2023-tax-filing-season-opens.html

Prince Harry memoir breaks UK sales records and tops Amazon bestseller lists

Prince Harry’s memoir “Spare” became the fastest-selling non-fiction book ever in the U.K. on its release day, its publisher said Tuesday.

Read more at: https://www.cnbc.com/2023/01/11/prince-harrys-memoir-break-uk-sales-records-and-tops-amazon-best-sellers.html

Bed Bath & Beyond reports wider-than-expected loss as possible bankruptcy looms

Days after Bed Bath warned of potential bankruptcy, it reported negative operating cash flow for the third quarter and ballooning net losses.

Read more at: https://www.cnbc.com/2023/01/10/bed-bath-beyond-bbby-q3-2023-earnings.html

Capella Space raises $60 million from fund run by billionaire entertainment exec Thomas Tull

San Francisco-based satellite imagery specialist Capella Space raised $60 million from the U.S. Innovative Technology Fund of billionaire Thomas Tull.

Read more at: https://www.cnbc.com/2023/01/10/capella-space-raises-60-million-from-billionaire-thomas-tulls-fund.html

Back The Market Over The Fed In Who’s Right On Recession

Authored by Simon White, Bloomberg macro strategist,

The Fed continues to maintain its hawkish stance and a desire to keep rates higher for longer. However, the weight of history lies with the market which, through the medium of the yield curve, is sending the message that a potentially deep recession – requiring steep rate cuts – is on the way.

The mantra from many at the Fed continues to be to keep rates high, perhaps above 5%, and keep them there for an extended period. But the market is not really listening. The peak expected fed funds rate was 5.14% on November 3rd last year and has not been higher since.

Longer-term yields have been falling too, leading to the most inverted yield curve since the 1980s.

Much discussed is the yield curve’s ability to predict recessions, but it also leads the ups as well as the downs in growth, by around one year. As the chart below shows, the yield curve is pointing to a potentially quite steep fall in growth.

Read more at: https://www.zerohedge.com/markets/back-market-over-fed-whos-right-recession

Computer “Outage” Hits Canadian Flight System Hours After US System Went Down

Update (1426ET):

Nav Canada, the not-for-profit corporation that operates Canada’s civil air navigation system, reports the Candian real-time safety alerts system for pilots, otherwise known as NOTAM — short for Notice to Air Mission — has been hit with an outage.

So far, no delays have been attributed to the outage.

“We are assessing impacts to our operations and will provide updates as soon as they are available,” Nav Canada said.

pic.twitter.com/xLCZ0CVwvz

— NAV CANADA (@navcanada) January 11, 2023

This is the second NOTAM system in North America over the last 12 hours that has been hit with outages. As we explained below, the US grounded all planes earlier this morning due to NOTAM outages but restored departures around 0900 ET.

The disruption was enough to spark a travel nightmare for US travelers today and is worsening by the hour. The latest figures from flight tracking website FlightAware show 8,000 flights have been delayed and another 1,200 canceled.

So how do authorities explain the US and Canada’s NOTAM systems experiencing outages on the same day?

​*   *   *

Update (1210ET):

This is on …

Read more at: https://www.zerohedge.com/markets/flights-across-us-affected-after-faa-computer-system-failed

Illinois To Pass Law Banning The Sale Of High-Capacity Semi-Automatic Weapons

Illinois To Pass Law Banning The Sale Of High Capacity Semi-Automatic WeaponsThe Illinois State Senate has just approved legislation for a sweeping “assault weapons” ban that is expected to pass the House and be signed by Governor J.B. Pritzker.  The bill is an adapted version of the “Protect Illinois Communities Act,” which would ban at least 100 different semi-automatic weapons and high-capacity magazines from being manufactured or sold. The bill also makes devices intended to increase the rate of fire of semiautomatic weapons illegal and increases the duration of a firearm restraining order from six months up to one year under the state’s red flag law.

Those who currently own such guns would not be required to surrender them but would have to register them with the Illinois State Police — including serial numbers.  Universal firearms registration is, historically speaking, the first step toward total confiscation.  Gun rights advocates in the state say they are ready to enter into civil litigation over the new law, arguing it is a direct attack on their constitutionally protected rights.

The action by Illinois comes not long after the Democrat-controlled state of Oregon tried to implement a bill, known as the Reduction of Gun Violence Act, which would create a permit system for firearms ownership along with a list of requirements for approval by state officials.  Broad permit laws for firearms have traditionally been rejected by courts because they transform gun rights into gun pri …

Read more at: https://www.zerohedge.com/political/illinois-pass-law-banning-sale-high-capacity-semi-automatic-weapons

Saudi Arabia Looks To Invest In Mining Assets To Secure Critical Minerals

Authored by Tsvetana Paraskova via OilPrice.com,

Saudi Arabian Mining Company (Ma’aden) has signed an agreement with the Saudi sovereign wealth fund, the Public Investment Fund, to set up a joint company that will invest in mining assets abroad to secure strategic minerals.

Under the joint venture agreement, Ma’aden will own 51% of the new company, while the Public Investment Fund (PIF) will own the remaining 49%, Ma’aden said in a

Read more at: https://www.zerohedge.com/energy/saudi-arabia-looks-invest-mining-assets-secure-critical-minerals

Royal Mail tells people not to send post abroad due to ‘cyber incident’

The firm is telling customers to stop sending items abroad while it tries to resolve the issue.

Read more at: https://www.bbc.co.uk/news/business-64231473?at_medium=RSS&at_campaign=KARANGA

100,000 civil servants to strike on 1 February

People working in 124 government departments and several other bodies will walk out on 1 February.

Read more at: https://www.bbc.co.uk/news/business-64241382?at_medium=RSS&at_campaign=KARANGA

Elon Musk’s drop in fortunes breaks world record

The Tesla and Twitter boss has seen his fortune fall by $165bn (£135bn) since November 2021.

Read more at: https://www.bbc.co.uk/news/business-64236726?at_medium=RSS&at_campaign=KARANGA

Tech View: Nifty forms small red candle. What traders should do on Thursday

Nifty has repeatedly been testing the support of 17,800 levels by forming lower highs. The market action of the last 2-3 weeks also signals the formation of a triangle type pattern and Nifty is now placed at the lower end of a triangle, said Nagaraj Shetti of HDFC Securities.

Read more at: https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty-forms-small-red-candle-what-traders-should-do-on-thursday/articleshow/96914307.cms

IT pack tends to beat Nifty in global crises. Can it pull of off this time too?

>> For more such web stories click on the ET icon below

Read more at: https://economictimes.indiatimes.com/markets/web-stories/it-pack-tends-to-outperform-nifty-during-global-crises-can-it-this-time-too/articleshow/96911548.cms

Double-digit stocks to multi-baggers? Daljeet Singh Kohli on 2 stocks that can do it

“Shree Renuka Sugars may be a two-digit stock but that does not mean it is a small company. There has been a change in promoter and cyclicality has ended with the government plan on ethanol. In distillery, its capacity is almost doubling from 770 kiloliters per day to 1,400 kilolitres per day. which will make them the biggest capacity in India for ethanol availability. The second one is EIL. No refinery, no fertilizer plant in India has not been built without the help of EIL.”

Read more at: https://economictimes.indiatimes.com/markets/expert-view/double-digit-stocks-to-multibaggers-daljeet-singh-kohli-on-2-stocks-that-can-do-it/articleshow/96899990.cms

Financial Crime: Holy high rollers: prosecutors take down phony pastors who targeted immigrants in $28 million Ponzi scheme

The scam sold a vision of financial freedom through God, but instead lined the pockets of its organizers, prosecutors said.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-717B-B52F673F3331%7D&siteid=rss&rss=1

Key Words: Caroline Ellison, a key figure in the FTX scandal, once advised students to ‘stay up late’ and ‘zone out’

Long before she became the CEO of crypto trading firm Alameda Research and a key figure in the Sam Bankman-Fried (SBF) drama, Caroline Ellison was just a teenager trying to provide a little life advice and insight.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-717B-9EBE8AFE7B92%7D&siteid=rss&rss=1

MarketWatch First Take: Other businesses will feel the impact of Bed Bath & Beyond store closures, says bankruptcy expert

The ripple effect of Bed Bath & Beyond’s store closures could be felt by other businesses, says bankruptcy lawyer Howard Ehrenberg.

Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-717B-B764D137AC0F%7D&siteid=rss&rss=1