U.S. crude oil prices rose more than 4% on Thursday, on pace for a third consecutive session of gains on fears that Israel could strike Iran‘s oil industry in retaliation for Tehran‘s ballistic missile attack this week.
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Oil Price Jumps After Biden Says ‘Discussing’ Israeli Strike on Iranian Facilities
The president was asked about a potential strike on the oil infrastructure of Iran, which accounts for about 2 percent of the world’s supply.
Lawmakers still benefitting from share trading in defense stocks
(02.04.2024)
With the onslaught of new wars, Congress added $70 billion over the last two years to an already bloated Pentagon budget, much of which is funneled directly into the coffers of defense contractors like Palatir, Lockheed Martin, and Northrop Grumman. The stock values in these companies have since experienced double-digit growth – a lucrative business opportunity not overlooked by lawmakers calling the shots.
At least 25 members of Congress sitting on national security committees have simultaneously purchased stock in these very same companies. The majority of these members sit on the Senate and House Armed Services committees, the entities responsible for overseeing the Defense Department budget and contracts.
Politicians Profit as Military Stocks Soar Since Hamas-Israel Conflict
(02.11.2023)
Since the October 7 attack by Hamas on Israel, in which more than 1,400 Israelis were killed, shares of Boeing Co, Lockheed Martin, Northrop Grumman, and Raytheon Technologies (RTX) have all increased in value, collectively adding roughly $23 billion in market capitalization.
In the weeks preceding the attack, Markwayne Mullin, Kevin Hern, Bill Keating, and Josh Gottheimer purchased shares of those defense companies.
Dow drops by more than 500 points after a surprisingly bad inflation report
The blue-chip Dow was lower by 519 points, or 1.3%. The S&P 500 lost 1.1% and the Nasdaq Composite fell by 1%.
What the Israel-Hamas war means for defense stocks
(18.10.2023)
When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest.
War on Gaza: OIC and Arab League must back South Africa‘s ICJ case on Israel
Beyond material progress and architectural marvels that rival ancient wonders, a truly progressive state is marked by its commitment to accountability and justice – a domain where some established democracies have faltered.
After enduring a harrowing 85 days of bombardment resulting in nearly 22,000 killed, including more than 8,000 children and 6,000 women, 1.9 million displaced and the collapse of the health infrastructure, South Africa, a signatory of the Genocide Convention has finally called upon the International Court of Justice (ICJ) to examine the crisis.
This long-awaited step reflects a crucial recognition of the international community‘s role in conflict resolution and human rights protection.
Argentine Markets React With Optimism to Milei Election
(22.11.2023)
Argentina‘s stock market reacted with optimism Tuesday to the resounding election win by libertarian Javier Milei, despite the country being gripped by uncertainty over what changes the self-described ‚anarcho-capitalist‘ will bring.
Eramet Shares Tumble as Gabon Coup Halts Manganese Mining
At 0811 GMT, shares in Eramet slumped 19% to EUR61.65.
The company said all operations have stopped and rail traffic has been suspended in the West African country, and that it has begun procedures to ensure the safety of staff and facilities of its two subsidiaries there, Comilog and Setrag.
The former operates the Moanda manganese mine–the world‘s largest–and Setrag is a rail transport company.
Gabon soldiers seize power in OPEC member in latest coup
Gabon’s dollar bonds due June 2025 and November 2031 were the worst-performing in emerging markets on Wednesday. The 2025 notes fell 8.55 cents to 84.74 cents on the dollar as of 11:48 a.m. in London. Shares in French mining group Eramet SA, oil and gas producer Maurel & Prom SA and a listed unit of TotalEnergies SE, which all have operations in Gabon, sank in Paris trading.
BAE Systems forecasts more growth on Ukraine conflict boost
(February 23, 2023)
BAE, whose biggest customers are the United States, Britain, Saudi Arabia and Australia, forecast earnings per share (EPS) would rise 5% to 7% this year, after it posted a 9.5% rise in underlying EPS for 2022 on Thursday, beating forecasts on strong performances from its maritime and cyber units.
Dollar steady as Fed‘s Powell says higher rates may be needed
(August 25, 2023)
Powell, in a speech at an economic summit in Jackson Hole, Wyoming, said policymakers would „proceed carefully as we decide whether to tighten further,“ but also made clear that the central bank has not yet concluded that its benchmark interest rate is high enough to be sure that inflation returns to the 2% target.
Oil rises 2% as Saudi Arabia and Russia keep supplies tight
(August 3, 2023)
Oil prices gained about 2% on Thursday as Saudi Arabia and Russia took steps to keep supplies tight into September and possibly beyond.
Taxpayer to hand over £150bn to Bank of England to cover QE losses
According to a quarterly report by the Bank on its asset purchase facility – the vehicle it uses to hoover up UK debt on financial markets – losses from bond purchases are poised to balloon by the early 2030s.
After the 2008 financial crisis, the Bank of England started purchasing UK government and corporate debt from financial institutions in an effort to stimulate the economy by pushing down yields.
UK government faces £150bn bill to cover Bank of England’s QE losses
(25.07.2023)
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Kenya Proposes Additional Taxes Amid Protests Over High Living Cost
New excise and value-added taxes are among the proposals that will be included in a supplementary budget to be tabled in parliament for approval, according to a report published on International Monetary Fund’s website following a review of the East African nation’s finances.
IMF board signs off on $1 bln in funds for Kenya
(17.07.2023)
IMF Deputy Managing Directory Antoinette Sayeh said Monday‘s actions would allow Kenyan authorities to continue to address such challenges, sustain market confidence, promote growth, and advance ongoing reforms.
She said approval of Kenya‘s fiscal 2023-2024 budget and the 2023 Finance Act were „crucial steps“ needed to support ongoing consolidation efforts and reduce debt vulnerabilities while protecting social and development expenditures.
Netanyahu gave his „calm down, it‘s only a little bit of regime change“ interview to the Wall Street Journal b/c foreign investment in Israel is drying up. The foreign exchange market is not impressed: shekel dropping.
Plattform der Notrechtsbetroffenen
Was ist passiert?
Am Wochenende vom 18./19. März 2023 beschloss der Bundesrat, gemeinsam mit der FINMA, der Nationalbank und den Entscheidungsträgern der Banken Credit Suisse und UBS die Fusion der beiden Grossbanken.
Dabei wendete der Bundesrat Notrecht an um diverse gesetzliche Vorgaben, die bei einer Transaktion wie der vorliegenden allenfalls zu beachten wären (sei es u.a. aus dem Fusionsgesetz, Obligationenrecht, Bankengesetz oder dem Wettbewerbsrecht) via «Notverordnung» ausser Kraft zu setzen.
First Republic Bank Is Seized by Regulators and Sold to JPMorgan Chase
(May 1, 2023)
The government’s takeover and sale of First Republic comes roughly eight weeks after the government took control of Silicon Valley Bank and Signature Bank, whose failures sent a shock wave through the industry and raised fears that other regional banks were at risk of similar runs on deposits.
FDIC prepares to place First Republic under receivership
(April 29, 2023)
Separately, the Wall Street Journal reported on Friday that JPMorgan and PNC are vying to buy First Republic following its seizure by the government, which could come as soon as this weekend.
If the San Francisco-based lender falls into receivership, it would be the third U.S. bank to collapse since March. First Republic said this week its deposits had slumped by more than $100 billion in the first quarter.
Signature execs sold $100 million in stock in three years pre-bailout
(April 4, 2023)
The insider sales went largely unnoticed because Signature Bank, unlike most other S&P 500 companies, filed documents with the Federal Deposit Insurance Corporation instead of the Securities and Exchange Commission. (…)
The bank collapsed and was taken over by federal regulators last month, in the wake of Silicon Valley Bank’s collapse.
Silicon Valley Bank seized by FDIC after largest failure since the Great Recession
(Mar 10, 2023)
Silicon Valley’s failure came with incredible speed, with some industry analysts on Friday suggesting it was a good company and still likely a wise investment. Silicon Valley executives were looking to raise capital early Friday or find additional investors in the company. But trading in its shares had been halted before the opening bell due to extreme volatility.
Shortly before noon eastern time, the Federal Deposit Insurance Corporation announced it was shuttering the bank. Notably, the FDIC did not wait until the close of business to seize the bank, as is typical in an orderly wind down of a financial institution.
Sudan fighting prompts fears oil supply could be affected
Concerns were rising April 17 over oil production and exports in Sudan and its bigger-producing southern neighbor as fighting related to a vicious power struggle between military leaders rolled into a third day.
Oil Steady After Four Weekly Gains as IEA Warns of Price Rises
West Texas Intermediate futures traded above $82 a barrel after posting the longest run of weekly gains since June. A surprise production cut by OPEC+ will tighten the market more than previously expected and lead to further price increases, inflicting more pain on consumers, the IEA said on Friday.
Saudi Arabia’s national oil company raked in a record $161 billion profit last year, as the Ukraine war and OPEC+ drove a 46% increase
(12.03.2023)
Aramco boosted its dividend — a crucial source of funding for the Saudi Arabian government — to $19.5 billion for the final quarter, up 4% from the previous three-month period.
US and European peers such as Chevron Corp. and Shell Plc also reported blowout earnings and are returning billions of dollars to shareholders through larger dividends and buybacks. Aramco, until now, has instead focused on using its extra cash to increase output.
Brazilian President Lula Da Silva slams US and Europe for fueling war | Latest World News | WION
Following his visit to China on Saturday, UAE President Muhammad bin Zayed al-Nahyan met with Brazilian President Lula de Silva to explore a potential cooperative mediation effort for Russia‘s conflict in Ukraine with China.
Will OPEC’s Surprise Production Cuts Push Oil Prices To $100?
It was Saudi Arabia, the UAE, and Kuwait who led the surprise cuts, alongside OPEC’s second-largest producer Iraq and another half a dozen OPEC+ producers, including Russia.
While Russia’s extension of its own 500,000-bpd cut until the end of the year was no surprise – analysts had largely baked in a drop in Russian production in view of the embargoes and price caps on its oil – the move from OPEC’s heavyweights came as a surprise. And sent a clear message to the market—we are in charge.
Here‘s the latest: – US says all SVB deposits safe – NY takes control of Signature Bank – Stock futures gain, Asia stocks decline and Bitcoin rallies – Sunak says UK financial system ‘sound
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Russia‘s War In Ukraine Helps Oil Giant Saudi Aramco Post Historic $161 Billion Profit In 2022
The announcement came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow‘s oil and natural gas in Western markets. Aramco‘s results mirror the huge profits seen at U.S. and British oil giants.
Saudischer Ölkonzern Aramco meldet 161 Mrd. Dollar Gewinn
Der saudi-arabische Ölkonzern war erst 2019 an die Börse gegangen. Er ist das zweitwertvollste Unternehmen der Welt nach Apple. 2022 meldeten auch fünf weitere Ölgiganten Rekordgewinne: Shell, Chevron, ExxonMobil, BP und TotalEnergies.
Big Oil to take centerstage at Houston meet as markets, alliances shift
The war in Ukraine sparked a rally in crude oil and fuel prices that led to record industry profits, prompting the U.S. government and others to accuse Big Oil of profiteering and for Britain and some other governments to impose windfall taxes on energy companies.
Oil prices down after report on UAE debating OPEC exit
Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving OPEC and pumping more oil, but retraced some losses after a source told Reuters this was not true.
How the Biggest Fraud in German History Unravelled
For a fee of two hundred thousand euros a month, former “senior leaders from the world’s most powerful intelligence and law enforcement agencies,” as Arcanum put it, would deploy their combined networks and expertise in the service of Wirecard.
Russian Oil Flows to China Hit Highest Levels Since Ukraine Invasion
(20.02.2023)
Russian exports of discounted crude and fuel oil to China have jumped to record levels as the re-opening of the world’s biggest energy importer gathers pace after the dismantling of Covid Zero.
What Exxon and Chevron Are Doing With Those Big Profits
(Feb. 1, 2023)
The variables that will determine oil companies’ profitability this year are largely out of their control — in both supply and demand. The war in Ukraine could expand or not; a recession in the United States and Europe could be deep or averted entirely. Prices for fuels, and inflation generally, will largely depend on how events play out.
Shell Reports Record Profits As Oil Giants—Including Exxon, Chevron—Cash In On Sky-High Prices After Russian Invasion Of Ukraine
(Feb 2, 2023)
Shell reported an annual profit of nearly $40 billion in 2022, the highest in the firm’s 115-year history.
The figure is more than double the $19.3 billion the firm reported in 2021 and far greater than its previous record of $31 billion in 2008.
Shell Reports Record Profits As Oil Giants—Including Exxon, Chevron—Cash In On Sky-High Prices After Russian Invasion Of Ukraine
(Feb 2, 2023)
Shell reported an annual profit of nearly $40 billion in 2022, the highest in the firm’s 115-year history.
The figure is more than double the $19.3 billion the firm reported in 2021 and far greater than its previous record of $31 billion in 2008.
Price and Prejudice: A Note on the Return of Inflation and Ideology
With the acceleration of inflation in the post-pandemic recovery, the debate seemed to be limited to whether the inflationary spike would be short-lived or persistent and become imbedded into inflationary expectations. While some Keynesian authors like Paul Krugman initially believed that inflation was caused by cost-push factors including by the sharp rises in energy and foodstuff prices as a result of the Ukraine war, and that it would quickly subside, the debate shifted rapidly and a new consensus according to which inflation was, in part the result of over stimulation of demand during the pandemic coupled with supply side shocks that lowered the potential level of output which provides the main theoretical justification for raising interest rates. Thus, even when most authors accept the notion that snags in the supply chain played a role in the acceleration of inflation, the main cause is to be seen on the excess demand side with the economy beyond its potential output level.
The challenge to conventional wisdom, and its emphasis on demand, has come from left
of center authors, like Robert Reich, that suggest inflation is caused by greedy corporations that have increased their profit margins during a crisis. This has brought back the old debate about the relationship between administered prices and inflation, and the proposition that inflation is directly related to highly concentrated market structures, or what might be termed oligopolistic inflation.
In other words, there is an ideological divide between those that blame inflation in an incompetent government and central bank reaction to the pandemic versus those that suggest that the real culprits are greedy corporations rising their mark up above their costs.