- A + A KUALA LUMPUR (Aug 10): Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended marginally lower on Wednesday as concerns over rising output and higher stock levels continue to weigh on prices, a dealer said. The Malaysian Palm Oil Board (MPOB), in its report released on Wednesday, said Malaysia’s CPO stocks for July 2022 rose 2.79% to 905,946 tonnes from 881,315 tonnes recorded in June 2022. Overall, palm oil stocks increased 7.71% to 1.77 million tonnes from 1.65 million tonnes in the preceding month. The report also said that CPO output increased by 1.84% to 1.57 million tonnes in July versus 1.55 million tonnes in June. Palm oil exports rose by 10.72% month-on-month to 1.32 million tonnes in July from 1.19 million tonnes in June. Palm oil trader David Ng said the report indicated an increase of 1% and 7% in production and stock levels respectively last month and this would put pressure on prices. “Weaker crude oil prices are also … [Read more...] about CPO futures end marginally lower on higher output, stocks
Bank stocks rise
Nikola Shares Jump On News Of CEO Mark Russell’s Retirement
Share to Twitter Share to Linkedin Topline Nikola CEO Mark Russell will retire at the end of the year, the floundering electric and Hydrogen fuel cell vehicle maker announced Wednesday morning, sending its stock surging in pre-market trading. Key Facts Russell will be replaced January 1, 2023, by Michael Lohscheller, the head of Nikola Motors and former CFO of Volkswagen’s North America division. Shares of Nikola rose 5.6% to $7.35 in pre-market trading Wednesday, still down a whopping 88.8% from its all-time high of $65.90 in June 2020. Russell replaced Nikola founder Trevor Milton as the company’s top executive after Milton resigned in September 2020 following fraud accusations. Key Background Nikola went public on June 4, 2020, at $37.55 per share before surging 75% within a week of trading. Briefly hailed as a rival to Tesla, the company’s fall from grace was just as swift as its meteoric rise. In September 2020, … [Read more...] about Nikola Shares Jump On News Of CEO Mark Russell’s Retirement
Editor Daily Rundown: Donald Trump to Be Deposed Wednesday by New York Attorney General
Donald Trump to Be Deposed Wednesday by New York Attorney General … WSJ Donald Trump is set to be deposed Wednesday by the New York attorney general’s office in its civil-fraud investigation into the financial dealings of the former president and his company. “In New York City tonight,” Mr. Trump wrote on his social-media platform, Truth Social, just after midnight. “Seeing racist N.Y.S. Attorney General tomorrow, for a continuation of the greatest Witch Hunt in U.S. history! My great company, and myself, are being attacked from all sides. Banana Republic!” A spokeswoman for New York Attorney General Letitia James declined to comment. A lawyer for Mr. Trump didn’t respond to a request for comment. Police exodus ‘crisis’: Officers are ditching the job at a rate ‘never seen before’ … FOX NEWS Law enforcement officers are leaving their jobs “at a rate we’ve never seen before,” with some departments seeing decreases by as many as hundreds of members compared to the … [Read more...] about Editor Daily Rundown: Donald Trump to Be Deposed Wednesday by New York Attorney General
The Power Of The Network: Spend Management Vs. ERP Procurement
Share to Twitter Share to Linkedin GEP and the North Carolina State University (NCSU) Supply Chain Resource Cooperative surveyed supply chain, procurement and IT professionals across a range of industries to gain insight into their priorities and strategies regarding supply chain resilience and optimization. The survey’s results suggest a series of misalignments where gaps in process, technology and information flow can be a drag on productivity and optimization. Of the professionals surveyed, 59% saw the gap between procurement/sourcing and supply chain to be a major disconnect, and the most pressing pain point. But the vision of a truly integrated supply chain has proven difficult to realize. A multi-enterprise supply chain networks (MSCN) is a key technology for improved collaboration across an extended supply chain. A MSCN is a collaborative solution for supply chain processes built on a public cloud – many-to-many architecture – which supports a community … [Read more...] about The Power Of The Network: Spend Management Vs. ERP Procurement
Norway inflation at 34-year high boosts rate-hike pressure
- A + A (Aug 10): Norway’s inflation exceeded forecasts for a fourth straight month, hitting a new 34-year high and adding pressure on Norges Bank to deliver a bigger interest rate hike this month than it has flagged earlier. Consumer prices rose 6.8% in July from a year earlier, the fastest pace since July 1988, according to data from Statistics Norway on Wednesday. Underlying inflation, the measure followed by the central bank, rose to an annual 4.5% — the highest on record. The median estimate in the analyst poll for core price growth was 3.8%, while Norges Bank had projected a pace of 3.2%. The data triggered revisions by several banks in their forecasts on Norway’s rate path, with Norges Bank now seen delivering another half-point interest rate hike from 1.25% at its interim meeting next week and possibly also at its September meeting. While Norwegian policy makers have been among the most aggressive in raising rates among the holders of major currencies, … [Read more...] about Norway inflation at 34-year high boosts rate-hike pressure
Inflation Spiked 8.5% In July—Slowing For The First Time In Months As Gas Prices Fall From Recent Highs
Share to Twitter Share to Linkedin Topline As rapid inflation continues to fuel recession fears, new data showed consumer prices rose 8.5% in the 12 months ending in July—slowing down for the first time in months in a potential sign that the Federal Reserve's efforts to cool the economy may finally be working. Key Facts Economists were expecting prices to rise 8.7% on an annual basis after they spiked 9.1% in June. Overall prices were unchanged from June—better than economist expectations calling for a 0.2% increase and much lower than the previous month’s increase of 1.3%, according to data released by the Labor Department on Wednesday. The better-than-feared data was the result of a steep 7.7% decline in gasoline prices, which helped offset increases in food and shelter prices, the government said. Core inflation, which excludes volatile food and energy prices, rose 0.3% against an expectation of 0.5%; prices for airline fares, used … [Read more...] about Inflation Spiked 8.5% In July—Slowing For The First Time In Months As Gas Prices Fall From Recent Highs
Bursa ends lower on weak risk appetite
- A + A KUALA LUMPUR (Aug 10): Bursa Malaysia closed lower on Wednesday (Aug 10) in sync with regional bourses, as risk appetites were affected by the US inflation data amidst the ongoing corporate earnings season. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.35 points to 1,492.33 from Tuesday’s close of 1,497.68, weighed down by selling in selected index-linked counters, led by Hartalega Holdings Bhd. The benchmark index, which opened 1.96 points easier at 1,495.72, remained in negative territory throughout the day, moving in a tight range between 1,490.22 and 1,496.25. The broader market was negative as losers beat gainers 601 to 242, while 395 counters were unchanged, 1,047 untraded and eight others suspended. Total turnover decreased to 2.17 billion units worth RM1.68 billion from 2.52 billion units worth RM1.26 billion on Tuesday. Malacca Securities Sdn Bhd analyst Kenneth Leong said the key index turned lower on profit-taking in heavyweights, … [Read more...] about Bursa ends lower on weak risk appetite
Small nuclear reactors finally get the nod from regulators, but they still have a lot to prove
Congress is finally moving this week on the Inflation Reduction Act , a bill that could drive a 40% reduction in carbon emissions over the next decade. But another government arm, the Nuclear Regulatory Commission, made its own (far quieter) news this month when it gave final certification to a new kind of nuclear reactor called a small modular reactor (SMR). While the announcement received basically no fanfare, proponents say it could play an important role in decarbonizing the world’s energy supply. advertisement advertisement The agency first performed a safety review of reactor company NuScale Power’s SMR design in 2020. A year later, the NRC completed its standard rulemaking process, which included a review of public comments. On August 2, the commission issued a final approval for the SMR, though NuScale says it’s unlikely to become operational until 2029. Technically, nuclear power is capable of delivering large amounts of emissions-free … [Read more...] about Small nuclear reactors finally get the nod from regulators, but they still have a lot to prove
US inflation runs cooler than forecast, easing pressure on Fed
- A + A NEW YORK (Aug 10): US inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve (Fed) to continue aggressively hiking interest rates. The consumer price index (CPI) increased 8.5% from a year earlier, cooling from the 9.1% June advance that was the largest in four decades, Labor Department data showed on Wednesday. Prices were unchanged from the prior month. A decline in gasoline offset increases in food and shelter costs. So-called core CPI, which strips out the more volatile food and energy components, rose 0.3% from June and 5.9% from a year ago. The core and overall measures came in below forecast. The data may give the Fed some breathing room, and the cooling in gas prices, as well as used cars, offers respite to consumers. But annual inflation remains high at more than 8% and food costs continue to rise, providing little relief for President Joe Biden and the … [Read more...] about US inflation runs cooler than forecast, easing pressure on Fed
Rakesh Jhunjhunwala: I’m prepared for Akasa’s failure
Rakesh Jhunjhunwala India’s newest budget airline Akasa Air, backed by ace investor Rakesh Jhunjhunwala , is up and flying. Aviation Minister Jyotiraditya Scindia on August 8 flagged off Akasa Air's first commercial flight that departed from Mumbai for Ahmedabad. Billionaire Jhunjhunwala , also known as "India's Warren Buffett", has teamed up with former chief executives of IndiGo and Jet Airways to tap into the growing domestic air travel in India. Akasa Air received scores of wishes for a successful run but India's aviation climate looks a bit challenging. Jet fuel prices are sky high and the industry is still recovering from the coronavirus blow. The global economic situation is hardly a comfort, as recession fears mount as the Russia-Ukraine war enters its sixth month with little signs of a breakthrough. The breakdown of already tense ties between the US and China, the world’s two biggest economies, over Taiwan couldn’t come at a worse time. Close … [Read more...] about Rakesh Jhunjhunwala: I’m prepared for Akasa’s failure