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Oil prices fell about 1% in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. Brent crude futures fell 94 cents, or 0.9%, to $99.60 a barrel at 0020 GMT, wiping out the previous session's gain. West Texas Intermediate (WTI) crude futures were down 68 cents, or 0.7%, at $93.74 a barrel, after climbing 53 cents on Tuesday. The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group will likely keep output unchanged in September, or raise it slightly. Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict. Close Ahead of the … [Read more...] about Oil falls on demand worries, stronger US dollar

Oil headed for a punishing weekly loss on increasing evidence that a global economic slowdown is spurring demand destruction, with prices collapsing to the lowest level in six months. West Texas Intermediate steadied below $89 a barrel in Asia, with the US benchmark down more than 10% this week. Official data showed US gasoline consumption has softened while crude stockpiles rose. The slump came even as Saudi Arabia has boosted prices, and OPEC+ warned of scant spare capacity. After surging in the first five months of the year crude’s rally has been thrown into reverse, with losses deepening this month after falls in June and July. The sell-off, which has wiped out gains triggered by Russia’s invasion of Ukraine, will ease the inflationary pressures coursing through the global economy that have spurred central banks including the Federal Reserve to hike rates. “The market is still struggling on the back of a deteriorating demand picture in the US, with pressure on its … [Read more...] about Crude oil heads for 10% weekly collapse as slowdown hits demand

PELOSI’S JAN 6 PRIMETIME SPECTACULAR BEGINS THIS WEEK… FORMER ABC NEWS PRESIDENT JOINS CAMPAIGN… AXIOS : Scoop: Jan. 6 committee’s secret adviser The House’s Jan. 6 committee has turned to a renowned former network news executive to hone a mountain of explosive material into a captivating multimedia presentation for a prime-time hearing Thursday. James Goldston — former president of ABC News, and a master documentary storyteller who ran “Good Morning America” and “Nightline” — has joined the committee as an unannounced adviser, Axios has learned. […] I’m told Goldston is busily producing Thursday’s 8 p.m. ET hearing as if it were a blockbuster investigative special. MORE … NETWORKS PLAN TO INTERRUPT PROGRAMMING TO TAKE IT LIVE… At least two of the broadcast networks will interrupt evening programming for live coverage anchored by ABC’s David Muir and CBS’ Norah O’Donnell. NBC will announce plans soon. MORE… DEM CONGRESSMAN WANTS JAN 6 COMMITTEE TO PUSH … [Read more...] about Editor Daily Rundown: Pelosi’s Jan 6 Primetime Spectacular Kicks Off This Week

- A + A (Aug 7): U.S. House Speaker Nancy Pelosi’s recent Taiwan visit inflamed U.S.-China tensions and incensed Beijing, yet did little to deter investors from plowing money into China’s semiconductor companies, Fortune said. On Friday, shares of China’s biggest chip companies surged the most since 2020, as investors bet that the growing Sino-U.S. chips showdown would spur the advancement of China’s semiconductor sector. China’s semiconductor index gained nearly 7% on Friday and 14.2% on the week, the best weekly performance in over two years. Mirae Asset Management’s Hong Kong-listed semiconductor exchange-traded fund (ETF) , a fund that invests in Chinese semiconductor manufacturers, jumped 9.5% on the week. The fund has surged 19.6% from its 2022 low in early May. The mainland’s top chip producer Semiconductor Manufacturing International Corporation (SMIC) advanced 15.8% on the week in Hong Kong, said Fortune . Siow Chen Ming … [Read more...] about Fortune: Nancy Pelosi’s visit to Taiwan was great news for China’s chip sector as investors welcome the prospect of a chip war boom

Managing time is one of a CEO’s greatest challenges, but it’s not just their own time they are responsible for. One of a leader’s main responsibilities is setting a clear strategy for their organization, and good strategy is about making choices among competing priorities. advertisement advertisement With finite resources and numerous problems to fix, organizations can become inefficient without clear direction. It’s the CEO’s job to provide that direction for the use of limited resources. But with issues, opportunities, and initiatives popping up all the time, it’s not always easy to prioritize. Companies face issues in supply chain, marketing, product, quality, and entering new markets, to name a few. So how can a leader know which issues are most worth addressing? As a business unit leader for Fortune 500 companies, I saw many scenarios where the leadership team needed to decide between competing priorities. Over time, I developed a series of … [Read more...] about How to decide if a business issue is worth solving

Huge, advertising-based, general-purpose social networks aren’t the high-growth cash cows they once were, as Facebook’s recent “growth” numbers would suggest. Many consumers, it turns out, would rather spend their time watching short-form videos than sharing memes and hitting “like” buttons. And new restrictions on user tracking have made it harder for mass-market social networks to target ads. advertisement advertisement The founders of a new social network called Niche believe the next generation of social networks might cater to online communities formed around more specific interests, such as hobbies or creator businesses . So, on the Niche app, which became available in the App Store Tuesday, you would find groups formed around rock climbing or around people who enjoy collecting Star Wars memorabilia. Eventually, Niche will host groups based on many different things, including music artists and business events. advertisement … [Read more...] about These Facebook and Tinder vets are building a Web3 social network called Niche

Representative image Gold hit a four-week high on Tuesday, as a weaker dollar and a dip in U.S. Treasury yields boosted demand for the safe-haven metal amid mounting worries over an economic slowdown. FUNDAMENTALS * Spot gold was up 0.4% at $1,778.69 per ounce, as of 0044 GMT, its highest since July 5. * U.S. gold futures gained 0.2% to $1,791.10 per ounce. * The dollar fell 0.2% to a near one-month low against its rivals, making greenback-denominated gold less expensive for other currency holders. [USD/] Close * Benchmark U.S. 10-year Treasury yields dropped to a four-month low, reducing the opportunity cost of holding non-interest bearing gold. [USD/] [US/] * Data showed U.S. manufacturing activity slowed less than expected in July, with the Institute for Supply Management's (ISM) index of national factory activity dipping to 52.8 last month, its lowest reading since June 2020. * U.S. construction spending also fell 1.1% in June, as outlays on … [Read more...] about Gold climbs four-week peak as US Treasury yields, dollar fall

Oil languished near its lowest since the start of the war in Ukraine on Friday on fears of a global recession, though stocks ignored such worries, gaining ahead of U.S. jobs data that will give another clue to the health of the world's largest economy. Benchmark Brent crude futures were up a touch at $94.23 a barrel and U.S. crude futures were also a whisker higher at $88.70 a barrel, after both closed the previous session at their lowest levels since February. Losses were partly due to data on Wednesday showing surge in U.S. inventories last week. "It's a combination of the inventory data and a bit of worries about demand. Because the market is worried about growth more than inflation - even though inflation is still a major issue - the oil price has come down," said Prashant Bhayani, chief investment officer for Asia at BNP Paribas Wealth Management. In another warning sign for the global economy, the closely watched part of the U.S. Treasury yield curve measuring the gap … [Read more...] about Oil languishes on recession fears; unconcerned stocks climb on

Turns out your dog doesn't have to perform any Lassie-like heroics to save your life. Just having your favorite furball laying around the house doing nothing but demanding treats reduces your risk of dying by an impressive 24 percent, according to a new review of ten studies that examined data on 3.8 million people. Having a dog does your heart good (literally). The new research, published in the journal Circulation , offers happy news for dog lovers. "Dog ownership was associated with a 24 percent risk reduction for all-cause mortality as compared to non-ownership," declare the authors. Owning a dog was even more protective for those suffering from cardiovascular illness. Your chance of dying after a heart attack, for instance, drops 65 percent if you own a dog. The chance of dying after a stroke is 27 percent less for dog owners. Why does owning a dog have such a protective effect on your health? The first and most obvious explanation is that your pet … [Read more...] about How to Live Longer According to a New Study of 3.8 Million People: Get a Dog

BIDEN INVOKES EMERGENCY WAR POWERS TO BUILD SOLAR PANELS… NY POST: Biden draws heat for invoking Defense Production Act to boost solar panels President Biden drew criticism Monday after invoking the Defense Production Act to potentially expedite the production of solar panels — with journalists and Republicans questioning the rationale for using special wartime powers. Renewable energy advocates, meanwhile, cheered the White House announcement that Biden would invoke the act “to accelerate domestic production of clean energy technologies, including solar panel parts.” […] The Biden administration did not specify a national-defense reason for using the act to boost solar panels. When Biden was vice president, the Obama administration aggressively pushed for solar energy production — sparking the Solyndra scandal when a politically-connected firm went bankrupt after getting $535 million in federal loan guarantees. KOREAN WAR-ERA LAW WIELDS POWER OVER AMERICAN … [Read more...] about Editor Daily Rundown: Biden Invokes Emergency War Powers To Build Solar Panels