35 Burst results for "Bp Shell"
"bp shell" Discussed on Bloomberg Radio New York
"Threat. happening down in Venezuela? That's a good question because no one really knows for sure if the Maduro government is going to comply with the agreement they made with the US on easing the sanctions and having free elections. They had already been the primary winner from the opposition from taking part in the elections and so there's a fear that this easing from the US may not last, especially as you mentioned with Brent at $80, WTI under $76. There's less pressure now to give Maduro a pass on his elections. So how does that reshape the outlook for energy prices moving forward in the next few months? Well, I think at the end of the day we believe demand is really the biggest driver and supply, especially from Venezuela, which needs a lot of investments, is very limited in what it can do for global the energy mix. So we think demand still plays the most significant role and so we are still looking at China, still looking at Europe and the US consumer for indications as to where that will fall. And we've been more on the bearish side, us and Mike McGlone as well, that we thought the demand side looked very, very weak, credit card delinquencies up, the the end student of loan pause and all of those starting to weigh in the consumption. It's been honestly a little bit more resilient, but we're still worried that this may not last over the next few weeks. All right, Fernando, I was filling up the ride over the weekend, $3 .15 at the BP station on Route 35 in Wall Township, New Jersey, but I saw diesel was like $4 .25. Can you explain to me why diesel is so much more expensive than gasoline? Absolutely. It actually has something to do with Venezuela. Most of the production in U .S. shale is very light oil, so produces a lot of diesel. A barrel of oil from shale usually produces around 50 to to 52 % of gasoline versus 30 to 32 % of diesel. It's a lot more gasoline than diesel. Especially where we are, Paul, on the East Coast, it's been difficult to get diesel because we to used get supply from both Europe and Russia because of your favor to the Jones Act. Obviously, Russia, we no longer receive diesel, and then Europe has been constrained because of high energy prices, high crude sourcing prices, so they don't export as much. We are really seeing a shortage in the Northeast of the country, which uses diesel for both heating and for backup power generation. We saw a lot of purchases ahead of winter, and this could still be a concern the over next few months. So how could demand end up affecting crude balance in 2024 if supply is still growing? Well, that's our fear is that demand, because of the pressures on the consumer, demand falls, and then we get a oversupply significant of crude. That hasn't been the case so far. We've been more or less balanced, but if the consumer continues to struggle, then we may see an oversupply of crude and leading build to up of inventories. We've seen Saudi complaining that the other OPEC plus members are complying. not That could be another thorn on the side of supply for oil bubbles. In 2014, that was a big issue that led to oil prices crashing to $29 a barrel. We see a lot of reasons for concern in the short term, both on the supply side and on demand side. All right, you mentioned OPEC. I seem to remember a week or so ago they were supposed to meet, they didn't meet. What's going on with OPEC and OPEC plus? Yes, and that's exactly it. They delayed the meeting because Saudi is complaining that they're the only ones shouldering the burden of cutting. And they want deeper cuts from other OPEC nations and Russia. The issue is that oil prices are lower, their cuts aren't having the effect they expected. Those oil countries don't have the balance sheets that Saudi does to shoulder that burden. So they aren't cutting as much. They need the revenue still. And Saudi is also getting strained. And they want to put some of that strain to the other members. And that was the same case in 2014 -2015. And that led to OPEC plus kind of falling apart momentarily and again oversupply the market. So with the OPEC talks being difficult at this stage, would that make a rollover of the previous agreement a possibility rather than having deeper production cuts? I think it would be very difficult to have deeper production cuts because again, as you mentioned, Saudi is not performing too well. Aramco didn't cover its dividend in the last year. They put into their cash balance, which they can, they have significant cash in their balance sheet, but they could extend their existing cuts, but deep in the cuts seems unlikely because you would almost all have to come from Saudi and they are already paying as it stands. So, all right, let's take a look, take a different tack here on global energy. Give us a sense, just give us an update, Fernando, kind of where are we in, I guess, the energy energy industry kind of going a little bit more green, if you will. It just feels like the European companies, whether it's BP, Shell, Total, they're more committed to it than our friends in Texas and Exxon and all those guys. How's that developing? Well, it's slowed down even on the European BP side. and We've Shell seen walk back some of their targets. And even Patrick Pollina, the CEO of Total Energy is mentioning that oil and gas isn't going away anytime soon. So we just need to find ways to producing it more effectively while also promoting the use of renewables. So I think what they've done on the European side is move increasingly towards natural gas as a lower emission fuel, whereas the US majors continue on the oil side and saying energy density and carbon capture will really be the solution rather than a shift to electrification. How do you view what the energy market is telling us about the direction of the global economy? Well, I think that's a great question. I think ultimately they are a follower rather than a leader on the global economy. But if you just look at crack spreads, how much they've come off two over the past years, they're showing you that the demand is not as strong as folks expected. These repeated cuts by OPEC with no real effect on the oil price are showing you that the demand for crude oil to be refined is not as strong as it is. If you look little a bit further downstream on the petrochemical side, margins there have been just a couple, which is a real alarming bellwether for construction and our sales and durable good sales. So that's a huge concern and one of the reasons why we are a little bit more bearish. So, Fernando, what's the best investment opportunity in your space at this moment, do you think? Well, I think you want to be safe and there's certainly companies with significant balance sheet strength that can still repurchase shares, continue distribution. I think those tend to be attractive in a scenario falling of oil prices. I think over the longer term there's been a lack of investment in supply. The amount that can be raised now between Iran and Venezuela is limited and once we do come out of lower this demand period, we'll do so by consuming more energy and I think that will be a signal where we'll have to go look at the players that have the capacity to grow, so a lot of back logging, a lot of inventory and that's why we're seeing the exons and the shepherds of the world buy very long life assets like Hess and Guyana or Pioneer in the Permian. Fernando, thank you so much for joining us. Fernando Valle, he's a senior analyst at Bloomberg Intelligence covering global oil and again crude oil, just about $76, just a little bit over $76 a barrel here, up about 1 .7%, but gasoline prices have come down dramatically. That's major for a lot of people that drive a lot every day. looking at those confidence numbers ticking up higher, I would imagine spending less. Well, you think about it, When you when you go down the highway, it's just like you see those electronic billboards. Well, I don't drive, JT, And it's like a billboard saying the rate No, of it's true. You have this massive sign and then if the gas prices are falling, Because I live in Manhattan and it would be a nightmare for me. Well, I mean, do you ever get off this rock and like
Jordan Cancels Summit With Biden, Sisi and Abbas in Amman
"That works. So Biden was overseas again. By the way, I appreciate everyone taking my stuff yesterday. It's a compliment. I don't say it to be like a jerk or anything, but came out yesterday and told you Biden's Middle East had one purpose. That purpose was to delay a ground invasion. There's absolutely no reason Biden needed to be in Israel yesterday. He was humiliated. He went over, the Jordanians canceled on him. Folks, do you have any idea what an embarrassment that is? Can I walk you through some of this done having actually a foreign advance in Jordan myself for First Lady Laura Bush when she went to Oman and Petra? Yeah, I was there. I was in Jordan for three weeks. When you're overdue in a foreign advance for the president, the first lady or anyone else in a foreign country, there is an inordinate sense that go into it. I'm not going to go for obvious reasons into a lot of it. But there is a lot of work. Military assets are moved. There's a ton of stuff that happens for the Jordanians at the last minute. And Abbas Mahmoud to cancel this thing at the last minute. I cannot tell you what what a slap in the face diplomatically that is. In my time, my 12 years with the United States Secret Service, I have never seen anything like it. I have never said now I've seen us cancel on them. Matter of fact, I was in Indonesia twice when we canceled on them. Once because of the BP oil spill and once an Obamacare vote was going on. I have never been in a country where the country has given the us middle finger while the president
"bp shell" Discussed on Bloomberg Radio New York
"Bloomberg Intelligence and more are also available as podcasts. Listen today on Apple, Spotify and anywhere else you get your podcasts. This is a Bloomberg money minute. The deal that returned ABC and other Disney owned channels to spectrum able customers is expected to be a landmark. Spectrums parent charter communications got it what wanted. It had offered to pay higher fees to Disney if it could offer some of Disney streaming services at no extra cost to cable TV customers. I think this is the future of distribution. Bloomberg Intelligence senior media analyst Geeta Ranganathan. This absolutely was kind of a game changer in many ways. So she expects comcast and other major cable providers will follow this path, one that makes cable a little more attractive to customers. Yes, it might put off some cord cutting, but the ultimate aim here what charter really wants to hold on to is its broadband customer. Ranganathan says that way if companies lose cable subscribers, there are still reasons to stick with its other services. They want that ability of being able to ultimately offer them you know streaming apps or even other streaming apps. Joan Doniger Bloomberg Radio. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here are some of the stories for watching. The IRS is planning to hire close to 4 ,000 new employees to help target large corporations and complex partnerships. The Inflation Reduction Act set aside tens of billions of dollars for the agency to intensify its hunt for tax cheats. Last week the IRS said that it would open examinations for 75 of the largest U .S. partnerships by the end of this month. According to a press release the new job positions will help the IRS's compliance efforts against large corporations, high income earners, promoters and partnerships. The recent housing boom has now become more of a housing bust. Bloomberg's Nancy Lyons has the latest. With interest rates topping 7%, home purchases in August were canceled at the highest rate in almost a year. That's according to Redfin that says nearly 60 ,000 deals to purchase homes fell through last month. That's equal to 16 % of the homes that went under contract in August. And despite sluggish sales Redfin says prices keep rising. They're up 3 % from last year because buyers are competing for a limited number of homes. Thanks Nancy. California suing oil companies such as ExxonMobil, Chevron, BP, Shell and ConocoPhillips. The state says that the companies misled the public over their roles in causing climate change. The civil case filed in Superior Court in San Francisco says the oil giants have caused tens of billions of dollars in damage while downplaying the risks posed by fossil fuels. suit seeks The creation of an abatement fund to pay for future damages caused by climate related disasters in California. There are some new developments emerging in the FTX crypto scandal. Bloomberg Denise Pellegrini with the details. Dan three high profile endorsers of the failed cryptocurrency exchange FTX including NFL quarterback Trevor Lawrence have all agreed to settle claims they helped dupe investors who lost billions in the meltdown of Sam Bankman Fried's digital asset empire. Lawyers are calling this the first round of settlements reached after more than a dozen celebrities, sports figures and investment fund firms were accused of enabling Bankman free to pull off what prosecutors are calling one of the largest frauds in U .S. history and Tom Brady, Giselle Bunchon, Steph Curry, Shaquille O 'Neal and Larry David have also been sued. Court records show that when FTX was flushed Bankman spent Fried heavily on endorsements to elevate the profile of his empire using the fame of celebrity athletes, Major League Baseball, National Baseball Association teams and Formula One racing. Thanks Denise. Global news 24 hours a day powered by more than 2 ,700 journalists and analysts in over 120 countries. I'm Dan Schwartzman and this Bloomberg. is The global leader in business and financial news is now live on YouTube. For our global news, I'm conversation and insight from Bloomberg's signature radio shows, surveillance, markets, sound on and Business Week. We've got a rally in stocks. More breaking news today from the Supreme Court. Bloomberg Radio. Watch us every business day live on YouTube. Search Bloomberg Global News. Bloomberg. Together, we have the opportunity to build a more sustainable and inclusive future. At the Bloomberg New Economy Forum, we help make this possibility a reality by cultivating new connections among global leaders that transcend geographies, industries
"bp shell" Discussed on Bloomberg Radio New York
"Fat Greek Wedding 3 and Barbie are expected to finish in the five top this weekend. I'm Chris Caragio. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the stories for watching. The IRS is planning to hire close to four thousand new employees to help target large corporations and complex partnerships. The Inflation Reduction Act set aside tens of billions of dollars for the agency to intensify its hunt for tax cheats. Last week the IRS said that it would open examinations 75 for of the largest U .S. partnerships by the end of this month. According to a press release the new job positions will help the IRS' compliance efforts against large corporations, high income earners, promoters and partnerships. The recent housing boom has now become more of a housing bust. Bloomberg's Nancy Lyons has the latest. With interest rates topping seven percent, home purchases in August were canceled at the highest rate in almost a year. That's according to Redfin that says nearly 60 ,000 deals to purchase homes fell through last month. That's equal to 16 percent of the homes that went under contract in August. And despite sluggish sales, Redfin says prices keep rising. They're up three percent from last year because buyers are competing for a limited number of homes. Thanks, Nancy. California is suing oil companies such as ExxonMobil, Chevron, BP, Shell and Conoco Phillips. The state says that the companies misled the public over their roles in causing climate change. The civil case filed in Superior Court in San Francisco says the oil giants have caused tens of billions of dollars in damage while downplaying the risks posed by fossil fuels. The suit seeks creation of an abatement fund to pay for future damages caused by climate -related disasters in California. There are some new developments emerging in the FTX crypto scandal. Bloomberg's Denise Pellegrini with the details. Dan, three high profile endorsers of the failed cryptocurrency exchange FTX, including NFL quarterback Trevor Lawrence, have all agreed to settle claims they helped dupe investors who lost billions in the meltdown of Sam Bankman Fried's digital asset empire. Lawyers are calling this first the round of settlements reached after more than a dozen celebrities, sports figures and investment fund firms were accused of Bankman enabling Fried to pull off what prosecutors are calling one of the largest frauds in US history. And Tom Brady, Gisele Bundchen, Steph Curry, Shaquille O 'Neal and Larry David have also been sued. Court records show that when FTX was flushed, Bankman Fried spent heavily on endorsements to elevate the profile of his empire using the fame of celebrity athletes, Major League Baseball, National Baseball Association teams and Formula One racing. Thanks Denise. Global news 24 hours a day powered by more than 2 ,700 journalists and analysts in over 120 countries. I'm Dan Schwartzman and this is Bloomberg. The global leader in business and financial news is now live on YouTube. For our audience worldwide, this is Bloomberg. Thanks for joining us. This is a market thats much more bullish. For market news, conversation and insight from Bloomberg's signature radio show, Surveillance, Markets, Sound On and Business Week. We've got a rally in stocks. More breaking news today from the Supreme Court. Or Bloomberg Radio. Watch us every business day live on YouTube. Search Bloomberg Global News. Bloomberg. Bloomberg. Context changes everything. This is Bloomberg Business Week. Insight from the reporters and editors who bring you America's most trusted business magazine. Plus global business finance and tech news as it happens. Bloomberg Business Week with Caro Masser and Tim Stenebeck Bloomberg on Radio. Tim Stenebeck and Jess Metten
"bp shell" Discussed on Bloomberg Radio New York
"Is gearing up for battle. They want to become more of an everyday brand. Daniella Sertori -Cortina covers fast food for Bloomberg News. She says they're starting by overhauling their kitchens. People who were going to the restaurants sometimes were complaining that orders were not always perfect. So she says they're looking at things like automated batter makers and more streamlined workstations. Popeyes is also planning even more menu options and more locations. Even in Kazakhstan they signed deals to enter there. Sertori -Cortina says competition is fierce in the chicken game. You got Filet, Chick McDonald's and Burger King offering chicken sandwiches. Don't forget Bojangles and Wingstop too. So really I don't think the war is over. Nathan Hager, Bloomberg Radio. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the stories for watching. The IRS is planning to hire close to 4 ,000 new employees to help target large corporations and complex partnerships. The Inflation Reduction Act set aside tens of billions of dollars for the agency to intensify its hunt for tax cheats. Last week the IRS said that it would open examinations for 75 of the largest U .S. partnerships by the end of this month. According to a press release, the new job positions will help the IRS's compliance efforts against large corporations, high -income earners, promoters and partnerships. The recent housing boom has now become more of a housing bust. Bloomberg's Nancy Lyons has the latest. With interest rates topping 7 percent, home purchases in August were canceled at the highest rate in almost a year. That's according to Redfin that says nearly 60 ,000 deals to purchase homes fell through last month. That's equal to 16 percent of the homes that went under contract in August. And despite sluggish sales, Redfin says prices keep rising. 3 They're percent up from last year because buyers are competing for a limited number of homes. Thanks, Nancy. California's suing oil companies such as ExxonMobil, Chevron, BP, Shell and ConocoPhillips. The state says that the companies the misled public over their roles in causing climate change. The civil case filed in Superior Court in San Francisco says the oil giants have caused tens of billions of dollars in damage while downplaying the risks posed by fossil fuels. The suit seeks creation of an abatement fund to pay for future damages caused by climate -related disasters in California. There are some new developments emerging in the FTX crypto scandal. Bloomberg's Denise Pellegrini with the details. Dan, three high -profile endorsers of the failed cryptocurrency exchange FTX, including NFL quarterback Trevor Lawrence, have all agreed to settle claims they helped dupe investors who lost billions in the meltdown of Sam Bankman -Fried's digital asset empire. Lawyers are calling this the first round of settlements reached. After more than a dozen celebrities, sports figures and investment fund firms were accused of enabling Bankman -Fried to pull off what prosecutors are calling one of the largest frauds in U .S. history, and Tom Brady, Gisele Bundchen, Steph Curry, to do. Neil and Larry David have also been sued. Court records show that when FTX was flush, Bankman -Fried spent heavily on endorsements to elevate the profile of his empire using the fame of celebrity athletes, major league baseball, National Baseball Association teams, and Formula One racing. Thanks Denise. Global news 24 hours a day, more powered by than 2 ,700 journalists and analysts in over 120 countries, I'm Dan Schwartzman and this is Bloomberg. The Bloomberg Talks podcast. Today's top interviews from around Bloomberg News. Join us now, Intel's CEO, Pat Singer. Wide -ranging conversations with Fortune 500 CEOs, big -name investors, and business leaders around the world. Bloomberg Talks. Subscribe today on Apple, Spotify, and anywhere you get your podcasts. Bloomberg. Context changes everything. AdoptUSK. When you get your news from Bloomberg, you don't just get the story, you get the story behind the story. How your EV's battery may not be as green as it seems. Why a decrease in global birth rates could send countries scrambling to increase immigration. You get Context. Context changes how you see things,
"bp shell" Discussed on Bloomberg Radio New York
"Mph, with Lee expected to continue to weaken as it moves north over the Canadian Forecasters Maritimes. say strong winds, coastal flooding and heavy rains are occurring in portions of Maine and Atlantic Canada. Congress is making little progress to fund the government and avoid a possible shutdown at the end of the month. Lawmakers must pass several spending bills or a short -term funding measure known as a continuing resolution by September 30th. Speaker Republican House Kevin McCarthy faced fierce opposition on both options this week from hardline conservatives who demanding are deep cuts in top -line spending and policy reforms on the border. The U .S. Border Patrol is investigating if a fell woman to her death while climbing a fence along the border with Mexico and California. Authorities say the incident happened Friday near the Otay Mesa port of entry in San Diego. Her identity hasn't been released. At least 16 falling deaths and over 400 injury accidents have been recorded at the border in San Diego since 2019. A rare Bob Ross signed painting is up for sale. A Minnesota art gallery is listing the very first piece from Ross's long -running show The Joy of Painting for nearly 10 million dollars. Gallery owner Ryan Nelson says Ross painted the valuable oil painting A Walk in the Woods on the very first episode of season one of his popular show on PBS. Chris Caragio. actor Ashton Kutcher is leaving a non -profit he founded after he received a criticism for writing a letter in support for a convicted rapist. Kutcher co -founded the anti -child sex abuse organization Thorn with his then wife Demi Moore back in 2009 Kutcher and his current wife Mila Kunis recently wrote letters of support for actor Danny Masterson. The letters were written after Masterson was convicted of rape but before a judge handed down the sentence three all actors have been friends for 25 years dating back to their time on that 70s show. Kutcher and Mila faced Kunis outrage after they asked the judge for a lighter sentence for Masterson. Earlier in the month he got 30 years to life in prison for raping two women. Halloween is creeping up on us and appropriately the Halloween house is now up for sale in California. Scott Carr explains. A house that Michael Myers terrorized in the 1978 movie is set in the fictional town of Haddonfield, Illinois, but in reality it's in South Pasadena in LA County. Now the house Jamie Lee Curtis's character Laurie Strode called home in the movie franchise is on sale for about 1 .8 million dollars. As a matter of fact, it was rather than on a soundstage. Footage for the movie was taken in and on Avenue. Fairview The home was built in 1906 and if we said buyers can view the property through a virtual or in -person tour. I'm Scott Carr. A haunting in Venice and The Nun 2 are in a battle to the top of the box office during a quiet weekend at movie theaters. The two movies are looking at box office totals between thirteen and a half million and fourteen and a half million dollars. Haunting is in its first weekend at theaters and is the third in director Kenneth Branagh's series of Agatha Christie inspired films. Equalizer 3, My Big Fat Greek Wedding 3 and Barbie are expected to finish in the top I'm Chris Caragio. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here are some of the stories we're watching. California is suing oil companies such as ExxonMobil, Mobile, Chevron, BP, Shell and Conoco Phillips. The state says that the companies misled the public over their roles in causing climate change. The civil case filed in Superior Court in San Francisco says the oil giants have cost tens of billions of dollars in damage while downplaying the risks posed by fossil fuels. The suit seeks creation of an abatement fund to pay for future damages caused by climate related disasters in California. Texas Attorney General Ken Paxton been cleared has of all charges by the Republican led State Senate at his impeachment trial. Paxton was facing 16 articles of impeachment over allegations of bribery and abusing his office. The nine day trial in Austin came after the Republican led Texas House voted to impeach the Attorney General back in May. If Paxton had been convicted on any of counts, the he would have been removed from office. Conviction would have required support from at least two thirds of the 31 state senators. The 60 year old had been suspended pending the trials. Outcome will now be allowed to continue his term. The allegations against Paxton stems from his friendship with Austin real estate developer Nate Paul, who was under state and federal investigations, which have now led to an indictment. The AG was accused of using his office to benefit Paul, who in turn was alleged to have helped Paxton cover extramarital up an affair while paying for renovations at his home. Paul has denied all allegations. There are some developments new emerging in the FTX crypto scandal. Bloomberg's Denise Pellegrini with details. Damn three high profile endorsers of the failed cryptocurrency exchange FTX, including NFL quarterback Trevor Lawrence, have all agreed to settle claims they helped dupe investors who lost billions in the meltdown of Sam Bagman Fried's digital asset empire. Lawyers are calling this the first round of settlements reached after more than a dozen celebrities, sports figures and investment fund firms were accused of enabling Bankman Fried to pull off what prosecutors are calling one of the largest frauds in U .S. history. And Tom Brady, Gisele Bundchen, Steph Curry, Shaquille O 'Neal and David Larry have also been sued. Court records show that when FTX was flushed, Bankman Fried spent heavily on endorsements to elevate the profile of his empire using the fame of celebrity athletes, Major League Baseball, National Baseball Association teams and Formula One racing. Thanks Denise. Finally, coastal regions in New York as well as Massachusetts and Maine bracing are for some flooding as Hurricane Lee heads toward land. Canada though is expected to receive the brunt of the storm sometime tonight. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm Dan Schwartzman and this is Bloomberg. The Bloomberg Talks podcast. Today's top interviews from Bloomberg News. An exclusive interview with the chair of the SEC, Gary Gensler. Kathy Wood, of the founder ARK Invest. Thanks for joining us. Wide ranging conversations with Fortune 500 CEOs, big name investors and business leaders around the world. Back with us is Enon Price, chairman and CEO of Mattel. Bloomberg Talk. Subscribe today on Apple, Spotify and anywhere you get your podcasts. Bloomberg. Context exchanges everything. This is Masters in Business with Barry Ritholtz on Bloomberg Radio. I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio. My extra special guest today is Elizabeth Burton. She is a managing director and client investment strategist at Goldman Sachs. Previously, she was chief investment officer of the Employees Retirement System of Hawaii, a 19 billion dollar pension fund. Prior to that, she worked as managing director of Quant Strategies at Maryland's retirement agency. Once she was there, she ran the four and a half billion dollar absolute return portfolio and also worked
"bp shell" Discussed on Bloomberg Radio New York
"I see students uh... about a twenty thirty percent of them rights and the the most precious moments of their life moleskine ceo daniela riccardi when they do it next to their digital device and that's okay with us we have a as marked moleskine where you can and write on paper but made at least shows on a digital device and to make sure it's keeping up with the times moleskine also relies on input from from a panel of young people about twenty kids uh... around twenty that come from university summer are interns with us some are already employed by us and so they give me information and to make sure that moleskine can stay relevant to that generation. Gina vervetti bloomberg radio and i'm dan schwartzman in the bloomberg newsroom here's some of the stories we're watching cornea suing oil companies such as exxon mobil chevron bp shell and conoco phillips the state says that the companies misled the public over their roles in causing climate change the civil case filed in superior court in san francisco says the oil giants have caused tens of billions of dollars in damage while downplaying the risks posed by fossil fuels the suit seeks creation of an abatement fund to pay for future damages caused by climate related disasters in california texas attorney general ken paxson has been cleared of all charges by the republican led state senate at his impeachment trial paxson was facing sixteen articles of impeachment over allegations of bribery and abusing his office the nine -day trial in austin came after the republican led texas house voted to impeach the attorney general back in may if if paxson had been convicted on any of the counts he would have been removed from office conviction would have required support from at least thirty -thirds of the thirty -one state senators the sixty -year -old had been suspended pending the trial's outcome will now be allowed to continue u s term the allegations against paxson stems from his friendship with austin real estate developer nate paul who was under and state federal investigations which have now led to an indictment the ag was accused of using his office the benefit paul who who in turn was alleged to have helped paxson cover up an extramarital affair while paying for renovations at his home paul has denied at all allegations there are some new developments emerging in the f t x crypto scandal bloomberg's bernice pelegrini with details damn three high -profile endorsers of the failed cryptocurrency exchange f t x including nfl quarterback trevor lawrence have all agreed to settle claims they helped dupe investors who lost billions in the meltdown of sam bankman fried's digital asset empire lawyers are calling this the first round of settlements after more than a dozen celebrities sports figures and investment fund firms were accused of enabling bankman free to pull off what prosecutors are calling one of the largest frauds in u .s history and tom brady giselle buncheon steph curry shakil o 'neill and larry david have also been sued court records show that when ftx was flushed bankman freid spent heavily on endorsements to elevate the profile of his empire using the fame of celebrity athletes major league baseball national baseball association teams and formula one racing thanks to these finally coastal regions new in york as well as massachusetts and maine are bracing for some flooding as hurricane lee heads toward land canada though is expected to receive the brunt of the storm sometime tonight global news twenty -four hours a day power by more than twenty seven hundred journalists and lists in over a hundred twenty countries i'm dan schwartzman and this is bloomberg wednesday we will continue to make our decisions meeting by meeting will the fed hold rates steady as expected and will they keep one more uh... leaving the door open to another great move coverage on a special edition of bird surveillance do we have a clear sense of what the dependency means of the great decision in power press conference this federal reserve needs to be somewhat cautious wednesday starting at one thirty eastern on bloomberg radio context changes everything together we have the opportunity to build a more sustainable and inclusive future at the bloomberg new economy forum we help make this possibility a reality by cultivating new connections among global leaders that that transcend geographies industries and ideologies because when global leaders work outcomes benefit all of us learn more
"bp shell" Discussed on Bloomberg Radio New York
"Customers. Yes, it might put off some cord cutting, but the ultimate aim here? What Charter really wants to hold on to is its broadband customer. Ranganathan says that way if companies lose cable subscribers, there are still reasons to stick with its other services. want They that ability of being able to ultimately offer them Disney's streaming apps. Joan Doniger Bloomberg Radio. And I'm Dan Schwartzman in the Bloomberg Newsroom. Here's some of the stories were watching. California is suing oil companies such as Exxon Mobile, Chevron, BP, Shell and Conoco Phillips. The state says that the companies misled the public over their roles in causing climate change. The civil case filed in Superior Court Court in San Francisco says the oil giants have caused tens of billions of dollars in damage while downplaying the risks posed by fossil fuels. The suit seeks creation of an abatement fund to pay for future damages caused by climate related disasters in California. Coastal regions of New York as well as Massachusetts and Maine are bracing for some flooding as Hurricane Lee heads toward land. Canada though is expected to receive the brunt of the storm sometime tonight in areas such Brunswick as New and Nova Scotia which already have the highest tides in the world even without storms. The recent housing boom has become more of a housing bust. Bloomberg's Nancy Lines has the latest. With interest rates topping 7 % home purchases in August were canceled at the highest rate in almost a year. That's according to Redfin that says nearly 60 ,000 deals to purchase homes fell through last month. That's equal to 16 % of the homes under that went contract in August and despite sluggish sales Redfin says prices keep rising. They're up 3 % from last year because buyers are competing for a limited number of homes. I'm Nancy Lines, Bloomberg Radio. Thanks Nancy. The IRS is planning to hire close to 4 ,000 new employees to help target large corporations and complex partnerships. The Inflation Reduction Act set aside tens of billions of dollars for the agency to intensify its hunt for tax cheats. According to a press release the new job positions will help the IRS' compliance efforts against large corporations, high income earners, promoters and partnerships. Air New Zealand could soon be offering bunk bed rentals in economy class on more U .S. routes after it introduces them on its 17 -hour Auckland to New York services next year. The story from Bloomberg's Charlie Pellet. The airline plans to rent out sleeping berths on flights to New York and Chicago from September of 2024. Bookings for four -hour slots in the bunks on two Boeing 787 jets will open in the first half of next year. While prices have yet to be set Air New Zealand says each session should sell for between $240 and $373. Charlie Pellet, Bloomberg Radio. Thanks Charlie. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. I'm Dan Schwartzman and this is Bloomberg. The Bloomberg Talks podcast. Today's top interviews from around Bloomberg News. Bloomberg's Anne -Marie Horta sitting down with the Treasury Secretary Janet Yellen. Joining us now Intel's CEO Pat Gelsinger. Wide -ranging conversations with Fortune 500 CEOs and business leaders around the world. Let's dig in further with Meta Chief Financial Officer Susan Lee. Bloomberg Talks. Subscribe today on Apple, Spotify and anywhere you get your podcasts. Bloomberg. Context changes everything. When you get your news from Bloomberg, you don't just get the story, you get the story behind the story. How your EV's battery may not be as green as it seems. Why a decrease in global birth could rates send countries scrambling to increase immigration. You get context. Context changes how
"bp shell" Discussed on The Café Bitcoin Podcast
"Yeah, Riot's also got a lot of those new orders coming in for those next gen hardware. And I just like that the business is vertically integrated. So they even owed the company that makes the parts for their machines. They're completely vertically integrated. Yeah, what's miner? Yeah. Yeah, I forgot what it's called. But yeah, no, it's literally like a company. It's not even like a Bitcoin company, but they just make the parts for their infrastructure. And that's kind of what they thought process was. They want to own every part of their business from the top down. And yeah, you know, I just think the having, the having is interesting to me because I personally, I don't, I think this might be controversial. I don't understand why people think that the having, it's like things get scarcer because it's just the issuance getting cut in half, but there's still most of the supply, the circulating supply is still on the market and it could be bought and sold. You know, the effect of the having on the immediate price is not that interesting to me. It doesn't really make sense. It's just the issuance getting cut in half. What's interesting to me is the effect on the Bitcoin mining industry. I think that's, that's the most interesting part of the having and seeing the effects that it has on mining. So that's just a personal take, but as it approaches, I'm really watching the strategies that these miners are employing to see if they can survive it. Yeah, I mean, effects of the having is, you could spend a while debating that one and I'm sure, you know, plenty of Bitcoiners would have differing opinions and it's hard to point to cause and effect. And personally, I don't have too strong of you on it. And it also gets tricky because a lot of times you're looking in the past and you're saying, well, hey, this relationship seems to have held up in the past. And, you know, maybe it will hold up in the future, but then maybe there's other factors that overtake it. So I tend to not have too strong of you on that, but just elaborating on what you were saying, Sam, I could see a lot of what you just said to be true, but then I would say if one of the biggest effects of the having is its impact on miners, if you have Bitcoin at a point in its development where miners are a big source of buying and selling, then, you know, perhaps that is what ends up impacting the price. But, you know, there's a lot to unpack there. And like I said, there's so many other variables and we're kind of like, yeah, go ahead. Well, big picture, this is exactly why, ironically, Bitcoin having is never priced in. This is exactly why. This will be my third. And every single time you get the weirdest fud about how this having is going to absolutely break the backs of Bitcoin miners or because fees aren't exactly where someone thinks they should be only eight years, 12 years, 14 years into Bitcoin's existence. All of the I definitely don't want to go into a whole BIP 300, 301 drive chains debate, but all of this is all of the piece. It's this massive amount of FUD where people think Bitcoin should be somewhere else. And it's not there yet in their mind's eye. And they look at the having as this massive catalyst of potential disaster. And when the having comes and goes and guess what? Bitcoin didn't die and everyone's not instantly somehow out of business. That's literally it. All these people that are completely offside. And that's why not all the time, but that's why the having price is never fully priced in. And for whatever odd reason, you do seem to see more bullish months post having than pre. On top of that, Matt, you've got the relationship with like with those same kind of fears as far as like impacting the mining activity and the hash rate. Um, we're like we've had plenty of evidence in just the last year alone how there's sovereign nations that have been incorporating Bitcoin mining, regardless of whether they're actually earning a revenue off of it, like Bhutan and Oman. They're obviously doing this as a secret. Like they're not going to publicize it. And like, I can't remember which one was like was actually leaked was a Bhutan where they didn't make like a like a public announcement. That was Bhutan. And Oman was this week. Yeah. And then on top of that, I've gotten to some some spirited debates with very like career oil and gas and energy guys that don't buy into the fact that Exxon, Chevron, BP, Shell, all these guys have been doing their own kind of case studies and experiments, particularly out in North Dakota, to incorporate Bitcoin mining into their operations. And the more that I have conversations with these these professionals, these individuals that are actually in the space, including those that are not just those that are down here in Houston, but just abroad and online, there's a lot going on behind the scenes that just people even within that industry itself aren't aware of. So like, yeah, when it comes to like the Bitcoin halving and people thinking it's going to just absolutely crush the mining revenue for operators is just not true. And it's not just it it's not just retail, as we know, Bitcoin's half a trillion dollar assets. So let's face it, big money, business, sovereign nations, et cetera, family, big family offices. That's who's truly going to be driving price into the into the far future. But one odd thing about the halving, too, is let's just pretend we're a new Bitcoin startup. I don't it doesn't matter our business. It could be mining, could be some could be well, it could be something else. But banks understand Bitcoin halving, too. They know it's an event we can't promise. We know exactly what the price will be the day before the halving. So oddly enough, financial services don't want to give you a new line of credit or loan or hear your business plan right before halving. They want to get they want to do all that after the halving as well, just because they just it's that uncertainty. And, you know, even if they're willing to do business with you at all, but just telling them, well, you know, we can't really tell you exactly what price will be before the halving, but it's going to be this event and yada yada. Like they're tuning you out and they're saying, well, you know what, let's revisit this post halving. So it's this whole culmination of odd events and ironies that I've never, ever, ever believed that the Bitcoin price is priced into a halving. Well, and then going even further, like this recent development with FASB, I brought this up on simply Bitcoin yesterday. This provides a massive boon to Bitcoin miners and oil and any energy producer that is utilizing Bitcoin mining like they don't they don't have to if they don't want to or if they see it as an investable asset in order to boost the value of their balance sheet. Um, now with this FASB ruling, they don't have to just like report back to shareholders and stakeholders that like the value of the company was diminished because they were holding Bitcoin. Right. And that provides a greater justification for investment and like buy in as far as like it's like the conversation around the whole FASB relationship, like what I heard was mostly around like corporate treasuries and like particularly banking. But from the way I understand it is that now Bitcoin miners and energy producers that are utilizing Bitcoin mining and putting Bitcoin on their balance sheet that may be excess, they don't have to sell as far as covering liabilities and costs.
"The Cold Streets Of South Memphis...Black Youngsta's Lil Brother Shot & Killed At BP Gas Station
"Memphis, Memphis, Memphis, what's going on Memphis? Welcome to another edition of Convo Over Cigars. I'm your host, Derrick Andre Flemming on a Saturday. So tragedy has struck again in South Memphis today as many are mourning the loss of a local hip hop artist and the younger sibling of artist, Black Youngsta on the morning of August 18th at approximately 9 .30 AM. Now a distressing incident unfolded near a Valero BP gas station, close to the Southside Park area. After shots were fired from a vehicle, a young man identified as Temmanuel Benson was shot and taken to Region One Hospital where despite efforts to save his life, he died. Of course, this shooting leaves a profound effect on the South Memphis community as they are still dealing with the untimely death of iconic Memphis staple, Adolph Thornton Jr. known as rapper Young Dolph. Now Dolph died of multiple gunshot wounds to the head, neck and torso when he was gunned down at the Memphis Bakery, at a Memphis Bakery. Many believe this recent shooting of Black Youngsta's younger brother is in retaliation for the Young Dolph shooting as Dolph fans post cryptic messages on IG like live long Young Dolph, long live flipper. So, you know, Young Dolph man is like a iconic, just a lot of people rock with Dolph in Memphis. I mean, South Memphis, that was his stomping grounds. He was shot at that bakery. People were saying, you know, so many people wanted revenge. There was like, yo, off with Gotti's head, off with Black Youngsta's. They believe that these young men had, you know, something to do with Dolph's, you know, killing. So this just, I just think there's gonna be, I'm just hoping and praying there's not gonna be any more bloodshed, any more casualties. I hope these young men get it together. I know anytime someone takes your brother's life, this was Black Youngsta's what? He's had three brothers that have been shot down and killed tragically, all gun violence. And that has to be hard. I mean, if that were me, I would be in a retaliatory mood. I would want some type of revenge. So I'm praying for the city of Memphis, man. This is very, very tragic news. Like I said, Black Youngsta's other brother, Ronnie B, similarly shot dead. Also his brother, Heavy Camp TD, was also a victim of gun violence back in 2019. He has had three brothers that have all pretty much lost their lives to gun violence. The streets of Memphis are cold. And I mean, I'm just praying for these guys. And I'm praying for Black Youngsta, man. Very comical guy. A lot of his music I like. I think he has a different type of personality, but he's also a great artist. I think he has bars. I mean, when it comes to his music, his delivery, I think Black Youngsta has to be probably one of my, you know, one of my favorite rappers out of Memphis. You know, I like some of Gotti's music as well. Moneybag Yo, that whole camp. So we are praying for Black Youngsta as he has lost another brother to gun violence in Memphis. You guys are locked in to Convo Over Cigars. I'm your host on a Saturday, Derrick Andre Flemming. Take care, guys.
"bp shell" Discussed on Bloomberg Radio New York
"Have gone in and done the analysis on this figures this is what they've come up with but they say that figure does not include the war's indirect macroeconomic impacts and that such as higher energy prices and commodity cause oil and gas companies have actually suffered the heaviest cost of withdrawal from Russia where three companies alone that's BP shell and total energies reported combined charges of around 40 billion euros that's a huge sum of money losses were actually far outweighed by the higher oil and gas prices that we've seen and according to data compiled by the key school of economics more than half of the 871 european -owned companies are actually still operating in russia they include italy's uni credit switzerland's nestle and also unilever which is part of uk the but caroline and steven today bloomberg is reporting about ukraine's drone attacks on shipping which is really putting pressure on russia's commodity exports they are now at risk given most of its grain and up to 20 percent of its oil go via the black sea route so so this is not the end of the story as we know leon let's go to the telegraph next the headline there james bond's job safe as gchq scientist says ai can only do extremely junior spying yes exactly so james bond and his colleagues have little to fear from the rise of machines apparently chat box such as chat gpt are actually not good enough to be but are only good enough to replace extremely junior agents now this is according to paper a that's been written by the chief data scientist at gchq so all good news when it comes to james bond because he's very obviously high up in the spying world so that can't be replicated but maybe the juniors will be stressing a little bit because the chatbot can replace them but very interesting really caroline yes because the debate about what jobs are going to be lost to ai seems to be very current at the moment yeah james will maybe about 60 years ago sure so much so i guess that looked at you the newspapers uh... now coming up next dozens of major european companies have reported results this week blue bags tim cracob will be with us to analyze their results this is really good will on the on the latest edition of the business week podcast conversation with founder of leave your mark consultancy elisa left on her book on brand shape your narrative share your vision shift their perception my former life i was a corporate publicist for donna karen for seventeen years and back in the day in two two thousand nine when brands were first starting on twitter at x at the time i created an anonymous social media personality inspired by gossip girl that was called my pr girl through my role in p r and i learned one valuable lesson that is that which is don't sell anything telegraphed story and that really was was
"bp shell" Discussed on Northwest Newsradio
"To drive south of 60th Street in Manhattan. Mass transit official Janet Lieber says it'll lead to... Less congestion, better air quality, safer streets. You're listening to ABC News. Newsradio 1000 FM 97 .7. Stay connected, stay informed. Good morning on this Tuesday it is June 27th and at 5 .02 we have 56 degrees in downtown Seattle. Along with Brian Calvert, I'm Amanda Factor here's and what's happening. Oregon's most populated county is suing several fossil fuel companies blaming them the for deadly heat dome that smothered the Northwest two summers ago. This suit seeks an eye -popping 50 billion dollars as we hear from Northwest News Radio's Corwin Haake. This time two years ago SeaTac Airport recorded a high temperature of 108 degrees as a days -long heat wave enveloped the Northwest. At the same time Portland melted under under 112 degrees. We saw 69 people die in Multnomah County. Jessica Vega Peterson including BP, Shell, Chevron and Exxon. County Attorney Courtney Lord says the lawsuit will do two things. It will declare climate change a public nuisance in Multnomah County and secondly it will authorize the Office the of County Attorney to initiate an action seeking legal remedies for damages. The suit seeks 50 million in actual damages, 1 .5 billion in future damages and a 50 dollar billion abatement fund to in the lawsuit's words weatherproof the county from future extreme heat events. The industry is pushing back and Exxon spokesperson tells CNBC quote suits like these waste time resources and do nothing to address climate change. Haake Corwin Northwest News Radio. And now a group of university researchers is offering strategies to help local governments prepare for future episodes of extreme heat. We get this part of the story from Northwest News Radio's Carleen Johnson. Multiple days over 100 and that just can't happen. Former Como TV meteorologist Scott Sistek told the Washington Historical Society they saw the heat dome coming on forecast models, but thought those models must be going haywire. This was a heat wave that went beyond the scope of any local meteorologist. Few national meteorologist would even think was remotely possible here. New research findings from the University of Washington, Gonzaga, Department the of Health and the state climatologist offer ways to prevent the loss of life in future excessive heat waves. Official estimates say 126 Washington deaths that year were due to heat related causes, but in the deaths of another 450 people, excluding Covid deaths, he played an indirect role. The group says local health jurisdictions, state agencies need to start planning for the next heat wave. Climate models project the number of extreme heat days will increase, such that by the 2050s, Western Washington could 17 see to 27 super heat days each year. Carleen Johnson, Northwest News Radio. It's 504. And that means it's time to check your traffic, something we do every 10 minutes on the force the from high performance homes traffic center. Let's say good morning to our friend Kiera Jordan. And good morning, Brian and Amanda. So it looks like we just cleared a crash that was in
"bp shell" Discussed on Bloomberg Radio New York
"Hager. And I'm Karen Moscow and U.S. stock index futures are little change this morning. We check the markets all day long here on Bloomberg again futures that'll change and your treasury down 9 30 seconds yield 3.45% that yield on the two year 4.06% and nymex crude oil is down 2.1% at $75 17 cents a barrel, Nathan. Karen, we begin with the turmoil involving first republic bank after a weekend of wheeling and dealing there is a last minute buyer. Let's get the latest with Bloomberg's Jeff Bellinger. First republic bank was taken over by regulators and will be acquired by JPMorgan Chase. The transaction makes the country's largest bank even bigger and outcome government officials have taken pains to avoid in the past. Because of regulatory restrictions, JPMorgan's size and its existing share of the U.S. deposit base would prevent it under normal circumstances from expanding its deposit base further. JPMorgan was a key player throughout first republic struggles, the bank advised it in its attempt to find strategic alternatives, like other regional lenders, first republic found itself squeezed as the fed jacked up interest rates to fight inflation and depositors fled partly in search of better returns and then in fear, as worry spread about first republic's health. Jeff Bellinger, Bloomberg daybreak. All right, Jeff, thanks. Well, first your pelvic has had a tumultuous history. The bank has been bought and sold several times over the years. In 2007, Merrill Lynch bought it for $1.8 billion. Ownership passed a Bank of America when it bought Merrill Lynch in 2009. It changed hands again in 2010 when investment firms, including general Atlantic and colony capital purchase first republic for $1.86 billion. After that, they took it public. Oh, well, I have much more in the first republic story in a few minutes, Karen, we're going to be speaking again with Bloomberg intelligence senior U.S. regional banks analyst Herman Chan. First, let's turn to the economy two big events for investors to look forward to this week. We've got a fed decision Wednesday and in April jobs report on Friday. Bloomberg opinion columnist Muhammad illyrians expects the fed to keep raising rates. I would be shocked if the fed didn't hike interest rates by 25 basis points. The inflation data we got suggests that it's hotter than what the fed would like it and wages of 5.1% is going to worry the fed. Muhammad el Arian says Wednesday is expected rate hike will be its tenth straight, going back to march of last year. Well, Nathan investor is holding on to hopes that the fed will cut rates in the second half may be disappointed by the fed's message this week. According to Mark and Stanley chief U.S. equity strategist Mike Wilson, and I know to clients, he says more hawkish message from the fed could provide a near term negative surprise for equities. In addition to the busy week of economic data Karen, we also have a full plate of earnings reports and we get a preview from Bloomberg's Charlie pellet. It has been a story of strong corporate results counteracting concerns over persistent inflationary pressures. Lindsey Rosner is portfolio manager at P Jim fixed income. What we heard, I think, resoundingly through the earnings that we've received is that recession watch is going to have to happen next quarter. The guide so far from companies that we've heard are actually not terrible. Apple will be closely watched on Thursday earlier in the week its Qualcomm and AMD will also hear this week from automakers Ford and Ferrari, along with Uber, Marriott Pfizer, Starbucks, Yum Brands, and oil giants, BP, shell, ConocoPhillips, and Philip 66. In New York, Charlie palette Bloomberg daybreak. All right, Charlie, thank you both. Thank you. Well, what's the best way to outperform the markets, invest in defensive stocks, Japan and Warren Buffett? That's according to the latest Bloomberg markets live pulse survey of finance professionals and retail investors, more than half a respondents in the surveyor confident that Berkshire Hathaway's returns over the next 5 years will beat the S&P 500. In corporate news this morning Karen we have a nearly $6 billion takeover in the drug industry, Japan's estella's pharma has agreed to acquire New Jersey based iveric bio that company developed drugs to treat age related blindness and shares of iveric bio are soaring in the pre market they are up 17 and two thirds percent. Okay, let's turn to politics now, Nathan and get the latest on the fight over the debt ceiling. The House Republicans are pressuring the Senate to come up with their own bill after speaker Kevin McCarthy's package of spending cuts past the house last week. Majority leader Steve scalise says Democrats need to make the next move. President Biden maxed out America's credit card by spending trillions of dollars over the last two years with Republicans said is we're willing to work with the president on addressing that, but let's also address the spending that got us here too. Congressman scalise says Republicans won't allow the U.S. to go into default. Democratic senator Chris Coons says the cuts Republicans are demanding amount to hostage negotiations over the debt ceiling. Look at what just passed in the House. It would cut veterans healthcare. We just passed landmark legislation to fund the healthcare for burn pit victims. They cut that. And senator Coons and congressman scalise spoke on ABC's this week, which you can hear on Sundays on Bloomberg radio. Finally, Karen Twitter cofounder Jack Dorsey has changed his mind when it comes to the sale of the social media platform to Elon Musk, writing on the Twitter alternative, blue sky, Dorsey said, quote, it all went south. He says Musk has not proven himself to be the best possible steward for Twitter. He also says the company's board should not have forced the sale. S&P futures are little change to the upside down futures are up 15 points. That's also a little change to the upside. And NASDAQ futures are lower by three points. The ten year treasury is down 9 30 seconds yield 3.45%. The two year yield 4.07. Straight ahead, your latest local headlines and a check of sports, this is Bloomberg. It's 6 O 7 on Wall Street. It's 48° in New
"bp shell" Discussed on Bloomberg Radio New York
"And it is 8 28 Monday morning in Hong Kong, ten 28 here in Sydney, 9 Paul Allen. And I'm Brian Curtis in Hong Kong looking at Asian market action this morning, limited trading, the nikkei is up about 9 tenths of 1% the ASX is up about 6 tenths of a percent. We had some disappointing manufacturing data out of China over the weekend, but pretty strong consumption information and that might be sparking a little bit of confidence. We also had a pretty good feed through from the Friday performance on Wall Street and in Europe. A closer look at markets coming up in a little while, but for now we look at some of the top stories of the hour. A U.S. authorities are stepping in after first republic stock plunged last week. It's now of 97% this year. We hear the FDIC has asked banks, including JPMorgan Chase, P and C financial services, U.S. Bancorp and Citizens Financial Group to submit bids for the San Francisco based lander. Now if no agreements reached, then regulators have got the option of seizing first republic and taking ownership of the bank. Democratic representative ro Khanna said the FDIC should be seeking the lowest cost alternative to rescue first republic and on CBS face the nation, he called for unlimited FDIC deposit insurance. I've been working with senator Rubio on this on a proposal to say, look, pay a fee and have some guarantee on these deposits. Because otherwise, what's going to happen? Regional banks, they're going to be insecure or people are going to be concerned. And they're going to start to consolidate into the top banks. And you have a lot of these payroll companies telling these companies to move to the bank. So I believe the FDA is doing fine and well now. But we've got to prevent this from happening again. That is kind of hurt here on Bloomberg. Bids for first republic banquet you about noon in Washington and a result is expected later this evening Washington time. It is busy week ahead for economic data, along with the full plate of earnings reports. Let's get a preview from Bloomberg's Charlie pellet. It has been a story of strong corporate results counteracting concerns over persistent inflationary pressures. Lindsey Rosner is portfolio manager at pgim fixed income. What we heard, I think, resoundingly through the earnings that we've received is that recession watch is going to have to happen next quarter. The guide so far from companies that we've heard are actually not terrible. Apple will be closely watched on Thursday earlier in the week its Qualcomm and AMD will also hear this week from automakers Ford and Ferrari, along with Uber, Marriott Pfizer, Starbucks, Yum Brands, and oil giants, BP, shell, ConocoPhillips, and Philip 66. In New York, Charlie palette Bloomberg daybreak Asia. Or at 31 minutes past the hour, let's get a check on global news. And the U.S. has reaffirming its commitment to protect the Philippines from any Chinese aggression head Baxter's got more. It. Yeah, thank you, Paul, you're right. Ahead of president Ferdinand Marcos junior visit to the U.S., State Department has put out a statement saying the U.S. will defend the transit in the South China Sea, while president Marcos is in the air now, and he's due to meet with President Biden at The White House tomorrow. They are part of our efforts to further reinforce our already strong
The President of the B.P. Council Has Never Seen Anything Like This
"We're talking right now with Brandon Judd, he is the president of the national border patrol council. You can follow him on Twitter, by the way, at BP union. I got to ask you, I think you've been in this position. Well, not this position, but on the border, dealing with this for some 22 years, I think I have that right. Have you ever 25? 25. Forgive me. No worries. Anything like this. No. No, absolutely. In fact, in my worst nightmare, I would have never thought that we would have ever gotten to this point. I would have never thought that administration would allow our borders to become so controlled. When you look at any given time, cartels actually control stretches of our border. They understand how it is that they operate. And when they operate under their parameters, they can control stretches of our border at any given time, and that's very dangerous. And we would have never thought that any administration would have allowed that to happen. No,
AP Sports SummaryBrief at 12:53 a.m. EDT
"BP sports. Coaches on the move in college basketball. Rick Pitino is headed back to the Big Apple. Patina will leave his coaching job at iona to take over at St. John's getting a 6 year deal, bettina was guided 5 different schools to the NCAA tournament. And former Notre-Dame coach Mike bray, who recently stepped down, takes over at South Florida. And the NBA, Philadelphia, honored its 1983 NBA championship sixers team. It was the Chicago Bulls doing the celebrating one O 9 one O 5 over the sixers in double overtime and New York got 57 points from Julius Randle, not enough though, has been a soda topped the Knicks one 40 to one 34. In the NHL, Dylan Ferguson, 48 saves for Ottawa and the Sens defeat Pittsburgh two to one. Women's NCAA tournament, another number one drops as top seed Indiana got beat by 9th seed Miami. Japan over Mexico 6 to 5 of the world baseball classic that sends them at the tonight's championship game against defending champ the United States. AP sports
BP CEO pay doubles to $12M as high energy costs surge profit
"VPC and took in more than double his salary from last year, waking in a hefty $12 million, the huge pay packet was thanks to soaring energy costs which have allowed oil and gas companies to make record profits while squeezing households and small businesses. The disclosure came a day after rival Shell reported a similar multi $1 million pay package for its top executive. The announcement comes not long after both companies posted their highest ever annual earnings last month, the fat profits for oil giants and their top executives have spurred demands for companies to do more to shield consumers from high energy costs, many critics in Britain have called for expanding taxes on the windfall profits of energy companies and taxing bonuses Karen Chammas London
America's Great Awakenings With Dr. Jerry Newcombe
"Doctor Newcomb, how many awakenings are revivals have there been that are notable in American history? And when did they occur? Well, you could define it in different ways. But I would say in terms of the real big pictures, being changed Kennedy, who will just mention the founder of BP independent ministries and noted author and so forth. Said in the big picture of things, we looked at it this way. America was born because of the first great wave of that was in the 1730s and 40s in America, okay? And that helped propel really the whole course for independence. Then the second major great awakening was in the early 1800s. And that pretty many people started to about the evils of slavery and the inconsistency of having slavery with a country that's based on the idea that all men are created equal. And it really helped for ultimately the end of slavery. Obviously, it happened through the Civil War, but there was a great deal of push for that. And then he said, doctor Kennedy, now we are in need of a great third rate of will you pray for that. Now, obviously, Charlie, we've seen many different sporadic weight gains, even in our own time, business in the last couple of weeks. This amazing event at asbury college and I remember about 20 years ago, there was like that at Wheaton college and my wife and I met and we graduate school about 45 years ago by God's grace. It was so grateful for that. But anyway, so there have been these little movements, but I would say, I kind of tend to agree with doctor Kennedy that in the big picture you're looking at the first great awakening, the second great waving and now the need for a third great way to
Trains Are Derailing in Ohio and Nobody Cares...
"Is a massive issue happening in eastern Ohio. Is it a modern day Chernobyl, maybe? There's a train derailment, deadly chemicals are flowing into the air uninterrupted. We mentioned yesterday that the type of chemicals that are going into the air, it would be against the Geneva convention on chemical weapons after World War I for this to be deployed on a citizenry. Yet the leaders are saying repeatedly, it's perfectly safe. It's perfectly fine. Go back to school, go back there. If Joe Biden actually believed that, if Pete boot edge edge actually believed that, I would love both of them to go for a couple hours, go get a sandwich without a mask on. And show us how safe it actually is. Will a singer single member of the Biden cabinet visit Ohio? And breathe in the air themselves. Do they actually believe that this air is safe to breathe? Now it's fascinating to me. Typically, these stories are covered by the left and the media. The BP oil spill, the Flint water crisis. Typically when there is a mismanagement by politicians and people's air is polluted or their water is infected, it is a non stop media push and narrative campaign. Why is this different? Why is this only getting a couple mentions, meanwhile, citizens are being told to return home everything is just fine. We know that everything is just not as far from fine, but there's a deeper reason that this is happening. You see, this train derailment that is now emitting incredibly deadly chemicals to the air. Is happening in a region of the country that Democrats have very little to no concern about.
"bp shell" Discussed on Bloomberg Radio New York
"120 countries. This is Bloomberg radio. Now, a global news update the inflation reduction act is headed to the House after clearing the Senate, the bill was approved with vice president Harris casting the tie breaking vote following a marathon weekend session. The house is expected to take up the massive economic plan on Friday, majority leader Chuck Schumer hailed today's approval of the package as historic and long overdue. Police and Cincinnati are investigating a mass shooting that wounded 9 people at a bar early this morning, begun fire erupted in the city's over the Rhine district, about one 30 a.m., police say all of the victims were being treated for non life threatening injuries at a nearby hospital. A Cincinnati police department spokesman says one responding officer fired his weapon at the shooter, but it's unclear if the suspect was hit as he fled the scene. There were no reports of arrests. The governor of New Mexico says she's sending additional police to Albuquerque to investigate the fourth murder of a Muslim man for Muslims have been killed in separate shootings in Albuquerque since November and police believe the murders could be related. I'm Chris karashi. You're listening to Bloomberg intelligence with Alex Steele and Paul Sweeney on Bloomberg radio. All right, well, U.S. lawmakers $370 billion climate and energy reconciliation proposal includes three key takeaways that would be most impactful for the oil and gas sector. Let's drill down on that with Bloomberg intelligence analyst Brandon Barnes. All right Brandon, what are those key issues for the energy space? Hey, Paul, I like the use of drill down there. That's good. And let's start with drilling, right So EMPs are probably the most impacted in terms of cost being added to them from the proposed reconciliation bill. It is coming in two different ways. One is a methane fee, which is a very popular approach from Democrat and those opposed to fossil fuels these days is trying to tag a fee on for emissions of methane at various places. Well head, compressors, pipelines where have you? The other one is going to be they're going to raise royalty rates on federal lands to 4% raise. These are billions of dollars across the industry, but that's helpful when you actually have landed drill on from the federal government, which is what brings us to the second takeaway, which is there's a net positive for offshore. So offshore drilling in the U.S. as we all know, gulf Mexico is primary target for exploration and production. There has not been a viable acreage sale from the federal government since before the fall of 2021. And so that has and we weren't supposed to see one until at least fourth quarter of 23. So this bill addresses all of that and everything in between and even going back further by reinstating old sales that were invalidated by a court. Let me give you a couple of people who are important in that place. You've got Chevron, Oxy, BP Shell Exxon. All of them were the highest bidders from that sale that would be reinstated a $192 million in bids. That's just one sale. They're supposed to happen at least once a quarter. And we haven't had one. So this bill would put that back into place. Third thing, we wanted to talk about was actually outside of this. Whatever background dealings were going on between senator Schumer and Manchin was allegedly part of that was we're going to agree later on to change federal permitting altogether. Sometime in the fall, maybe end of September. Big changes to energy infrastructure permitting, which hits renewables and oil and gas infrastructure in the same way because no one's getting anything built based on permitting, challenges in the course, et cetera. Interestingly enough, there's a carve out for mountain valley pipeline equitrans midstream that is the big one we think intervention has been using to try and he wants to get that push through. That goes West Virginia to Virginia, big gas pipe and stuck for a long time. Brandon, just give us a sense here. I mean, we were just paying $5 a gallon for gasoline a few weeks ago. There's real energy shortage that's going to get very acute in Europe this winter. What's the feeling with any energy space within the regulatory aspect of the energy space about, okay, we need to move towards clean energy, but boy, we also need some of this fossil fuel stuff, the tide is over. There's a lot of energy insecurity out there. How do you think about that? Well, look, I think that's we talked about this before and with reference to midstream, especially LNG exporters, right? U.S. keeps getting hit in different ways, LNG Freeport went offline because they have fire. They're trying to get back up. It just recently come to agreement with Sims of the federal regulator there. You got to be in pass and schneer. They're trying to push back on an air rule. Like there's all this regulatory morass that is threatening transmission and export of energy that could really help Europe, especially on the natural gas side. So I think there are certainly positive signals coming out of the companies in the energy and gas oil and gas companies here that are saying we wouldn't mind having this bill out there because that would help with, especially federal acreage for offshore, but maybe we get some permitting deal that we really badly need. Yeah, because it's interesting. Again, I think most people generally support the move towards green energy, but boy, I just had WTI crude at a $120 a barrel, you know, a few months ago with since come down and but it just seems like and I keep asking people, well, we'll just go build a new refinery, you know? And they tell me, it's not so easy, number one, and number two, there's really no incentive to go do that because, again, they're getting a lot of pressure from a lot of areas to move towards green energy. It seems like it's a very difficult transition. Yeah, really mixed signals coming out of Washington D.C., right? They're being big oil companies being called greedy. They're saying that gas prices are here because you guys are trying to get bigger profits. But just the way energy works worldwide, it's all connected. That doesn't really ring true. And what's being offered from certain corners of policymakers is let's push hard for green shore. But there's no bridge. There's no bridge from where we are now the way we consume electricity the way we use it for transportation and where people want us to go. And that reality just hasn't been crossed. I think that's the mix we get between politics in D.C. and sort of the reality of electricity and energy consumption in the United States. Right. I mean, $370 billion, this climate energy reconciliation proposal seems like a big number to me. Is it give us a sense of how material it is? Will it move the needle? Probably, I mean, honestly, this is more of a political move than anything else. This is let's get a win. We need something. We couldn't get those back better. This is a very light version of build back better. The last bill they got through that infrastructure act was over a trillion. And so this is much smaller in terms of the bigger packages that they would try and get through. Overall, it's in the $700 million range, but there's some energy and climate portion of 370 billion. We're talking about hundreds of billions of dollars. Those are big numbers, but for government spending, it's not a ton and it's likely that what this is going to do for the most part is this is targeting the tax side, right? Let's get some incentives out there to continue building those renewable projects. Let's get some incentives out there on EVs. Let's try and push people to come back to the table and develop again. All right, great stuff there, Brandon really appreciate it. Our thanks to Bloomberg intelligence analyst Brandon Barnes. All right, while we're talking about bill's another major piece of legislation in the works is the $740 billion inflation reduction act. The renewable industry may benefit if it passes while others like big pharma might not be so lucky. For more, let's bring in Bloomberg intelligence and senior government analyst Duane Wright Dwayne, what's in this bill for the healthcare industry? There's a couple of pieces and we start with the pharmaceutical side of things. The bill includes the Democrats long-standing goal to bring in drug prices. There's a provision in the bill that would allow or require the secretary of HHS to negotiate prices on some high expenditure or D and part D drugs and those prices would be available in the Medicare marketplace. Now the bill is and what's been proposed is short of what Democrats had proposed in the past. But there are enough moderate Democrats in the House and in the Senate to scale back the proposal so that we're looking at each of the first couple of years, only a handful of products ten to 15 products that will be subject to negotiation and those prices would be passed on to Medicare, to savings are not as big as what Democrats had hoped they'd see in previous proposals, but they are significant. It will bring in about a $100 billion in savings
"bp shell" Discussed on Bloomberg Radio New York
"And thank you The European Union is proposing to ban Russian crude oil over the next months European Commission president Ursula von der leyen also said that refined a Russian fuels would be banned by the end of the year Bloomberg has learned that Hungary and Slovakia won't have to enforce that ban until the end of 2023 both were opposed to a cutoff of a Russian oil Now on top corporate news Elon Musk says Twitter will allow remaining a free will always remain free for casual users but government and commercial users may see a slight cost to stay on the social media platform Meanwhile The Wall Street Journal reports that the billionaire told potential investors that he could return Twitter to the public markets as soon as three years after buying it And finally a robot chef has been trained to taste food at different stages of the chewing process to check if it is salty enough researchers have developed the bolt to copy the human process of chewing and tasting if it learns what does and doesn't taste good They could be useful in the development of automated or semi automated food preparation Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Leanne guerin's this is Bloomberg Anna Leanne I mean I'm all for the future being technology filled and for progress but sorry can't we keep some jobs for the humors That sounds like the best part of the food preparation job That's the tasting bit It's the one we should be doing It's the licking the bowl but isn't it That's literally the best part of any food process However I did have a look at this chef The robot Yeah and I did think to myself oh you remember there was a cocktail robot and it actually looked like a proper man shaking cocktails I'm sorry to report this just sort of looks like a metal probe that probably has a little bit of chewing It's nothing too exciting But I did have a little bit of an investigation into why they doing this And they've teamed up so Cambridge University of teamed up with the manufacturer becco and they collaborating on this project And he believes that robotic chefs will play a major role in busy households and assistant living homes in the future So that's good It's good for older people who probably live on their own and need a little bit of help to get their food just right Very good That sounds very worthy and very welcome I still want to do the tasting myself though Thanks to Lee and garris for the update there On the top stories Let's get back to the markets Sharon bell Goldman Sachs co head emea global investment research joins us now in Sharon big news this morning then on the EU banning Russian oil a phased approach what they call a targeted approach and there were other sanctions measures mentioned as well around banking but oil clearly having an impact on markets already We're up by around two point 7% on the Brent price this morning as a result of this phased introduction of a ban on Russian oil What are your initial thoughts your initial reflections on this news So I think clearly it's just one of a number of things which is keeping the oil price high And we'll continue to keep the oil price high There's a big lack of global supply of oil relative to demand that we currently have And if there's going to be a section of the oil market where we're going to refuse to take that supply then clearly that's going to keep prices higher for longer period of time And that of course will increase inflation which is already high And hit people's real incomes as well So I think economically it's clearly going to be a negative for Europe but you can completely understand why politically they wish to do this We're seeing oil companies go a little bit higher on this news BP Shell up by just 1.41 .5% and the oil price move that I mentioned up by 2.7% perhaps even that a little more modest than it could have been if we'd seen a more immediate introduction I mean certainly I was looking at some strategies Sharon he was saying look we could jump to one 80 on oil prices if we saw an immediate ban coming through but that's not what we're seeing I suppose it is designed to have a more modest impact on pricing Yeah absolutely because however much politically Europe would love to isolate Russia more economically It can't at the moment too interlinked Obviously particularly so when it comes to gas that would really hit Russia economically but it would of course also Europe if you're at a band Gap So I think it's been done modestly So it won't impact Europe Two severely at a time when anyway Europe is seeing or likely to see a downturn through this summer and second half of this year Yeah let me start Let me ask you about that then What kind of slowdown are you anticipating for the European economy And what kind of assumptions do you have to make to get to to get to your stats for the rest of the year Sharon Because there's such uncertainty There is a lot of uncertainty I've definitely feel that when I talk to investors as well I mean it could go either way Clearly there could be a lot deeper recession And we expect modest growth in the second third and fourth quarters A slowdown from where we've been in the last year but of course the last year was a recovery out of.
Washington Free Beacon: Biden Pressured Oil Execs to Decrease Output
"When the Washington free Beacon one of the great sights Despite reassurances from The White House that it is doing nothing to discourage oil companies from opening new drill sites President Joe Biden's allies in Congress just months ago pressured oil executives did decrease outputs Because of climate change raising questions about the Democrat party strategy to lower prices for consumers I might add That they're slip and fall ambulance chasing hate America lawyers have done the same thing They sue them bring civil suits stockholder shoots suits class action suits In order to try and force them to adopt quote unquote climate change policies In late October for example the House oversight and reform committee controlled by the Democrats of course Called in the CEOs of Exxon BP shall and Chevron To explain what steps they're taking to produce less oil and less scarce With representative Hank Johnson Democrat of Georgia nitwit alleging that quote the world can't wait any longer At the time gas prices were hovering around a ten year high This October Meanwhile Biden said this week that his administration's policies are not holding back domestic energy production echoing comments from press secretary Psaki who said that federal policies aren't limiting the supplies of oil and gas before mentioning thousands of unused pre approved oil and gas drilling leases
The Market Got Hammered Today
"Is pretty wild. We get a market that, let's see where we end off, but just getting hammered today, I expected that it would. In fact, Fridays turn around in the markets really shocked me, although we did, I remember reopening after 9 11 and there was kind of this pre patriotic push. I think the reality, though, here is we are in a very different world. This is very uncharted territory. We are going to be looking at a market that experiences continued downside, I would start looking for value opportunities there. I think you've got a little bit of time because I don't think that this is going to turn around overnight. Unless, unless we're really able to see some demonstrable change in terms of the inner circle of Putin's all of these sanctions, by the way, do have their effect and I'm a big believer in using financial sanctions to the best of our ability. I mean, we certainly don't want to be sending American lives, right? But if we lose a few dollars along the way, if BP has to lose its 20% stake in raw stuff, you know, I'm okay with that. And I'm okay if I'm a shareholder in BP or some of these other multi global corporate multi state corporations, global corporations, I'm okay losing a little bit of that value because I think this is just the necessary pain that we're all going to take right now. The problem of course is it is going to have an effect on the middle class and I'm going to get to that momentarily. But just in terms of the markets, you will probably see more and more volatility more and more downside in the coming days is all of this really sinks in. At some point though, it's probably going to be a buy because I am a long-term believer in America, a long-term believer in freedom. And freedom will prevail
Rep. Byron Donalds Accuses Democrats of Rank Intimidation Against Oil Companies
"But Byron donalds is a congressman from around Naples the Naples area of Florida Is an African American I saw him on TV once I thought he was superb and I brought him on life liberty and levent He said really good guy Turns out he's been listening to me on the radio for years And since we've had him on he's been all over Fox Why Because the other host know a great guest when they see one On my show of course And anyway so Byron donalds was at this hearing yesterday and he had had enough He heard this crap And here's what he had to say cut 12 go First of all to the witnesses the leaders of Exxon Chevron BP shell I know that the climate activists and Twitter world which Dave Chappelle says doesn't exist and he's right because it's just people who have nothing better to do with type on your keyboards And we do it too here in Congress But let's be very clear you need an apology because what I witnessed today was just rank intimidation by the chair of this committee Trying to get you to pledge on what you're going to spend your money on is a gross violation of the First Amendment And just because we're members of Congress and we got microphones and we passed laws does not mean that we also have the ability to infringe on your ability to what to organize whether it's API or anybody else or what you choose to spend your money on It is
"bp shell" Discussed on Bloomberg Radio New York
"Those energy stocks going higher as we see the Brent price rise So 80s spot one 7 is where we trade up 8 tenths of a percent as Brent took out $80 a barrel during the Asia session and the U.S. senior yield is now at 1.53% so we can see so successful And all right well let's stick with that energy story Because we are seeing that fuel crunch as you say support some of those energy stocks So as the UK's fuel crunch continues the military has officially been put on standby to help deliver supplies to petrol stations A number of army tanker drivers will be trained up in case they're needed It's the latest emergency measure as the government attempts to get control of supply chain eruptions that have drained petrol pumps But a group of companies including BP Shell and SO say they expect demand to ease in the coming days and there's no shortage of fuel at refineries and terminals And onto the fed there are plenty of jobs coming up for grabs Dallas fed president Robert Kaplan has joined Boston's Eric Rosen gren in early retirement Both have been under scrutiny over securities trading activity last year Kaplan will depart on October 8th saying the recent focus on his financial disclosure risk becoming a distraction Rosen grenville retire this week due to ongoing health conditions Sticking with the fed then the recent message coming from Jerome Powell and other officials is that the Central Bank will probably begin winding down its bond buying programs soon Though the economic recovery still has a way to go before interest rate increases are appropriate New York fed president John William cited progress on both the inflation and labor market front and arguing for a moderation in the pace of bond buying I think it's clear that we made substantial for the progress in achieving our inflation goal It's also been very good progress towards maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned But Powell says inflation is elevated and will likely remain so incoming months before moderating That's in prepared remarks ahead of his Senate appearance today US Treasury secretary Janet Yellen also testifies Hong Kong's Central Bank asked lenders to report their exposure to debt laid in China ever grant on concerns over potential risks to the region's financial system Bloomberg told officials queried lenders on the city last week giving them 24 hours to respond on their financial commitments to China's most indebted developer both in terms of lending and derivatives And I feel like we've kind of haven't heard of evergreen as recently It's all about the fed It's all about those yields now Definitely a lingering question is when could that issue of China in its contagion rear its head again Yeah absolutely You have a grand so dominant last week wasn't it Danny apologies I chopped out of programming for a moment there but I'm back now Yeah ever ground was so dominant And almost overshadowed this China energy story that is starting to gain momentum as well So there's a lot of reasons to focus on China A lot of reasons to focus though on what's going on closer to home here in the UK with the labor shortage in particular around drivers Let's talk about that now Danny the government has put the army on sound bite to help deliver fuel to petrol pumps amid a shortage of lorry drivers and the panic buying that has since ensued The government has blamed the crisis on the surge in demand caused by the economic rebound from the pandemic but business groups and the Labor Party say that Brexit and immigration policies are also to blame cutting the supply of labor from the European Union of course Joining us now is Victoria short CEO of the recruitment consultancy rans that UK Victoria really good to speak to you so you've got your eyes firmly on the UK labor market What is the problem with a shortage of drivers Is it the aftermath of Brexit Is it the pandemic Is it weak wages in the sector Is it all of the above I think it's probably a mixture of all of the above In terms of Brexit that we can't blame Brexit alone for this They really been driven in the demand for the skills and the consumer demand has increased significantly post pandemic we're seeing people buy online which is driving an increase for drivers And we've got a lot beneath the Brexit story So look at solutions there There's about 600,000 people in the UK with a necessary license to drive who are choosing not to do so at the moment Well given that some of the solutions that the government is looking for at least in the short term things like relaxing some of the Visa rules for the EU perhaps even looking at readying the army Is that enough to alleviate some of the concerns here or does more need to be done I think mold needs to be done We need to look at the pay for drivers.
"bp shell" Discussed on Bloomberg Radio New York
"The push higher in energy prices oil prices in particular but were also watching coal and a host of other commodities as well Brent prices touching $80 during the Asian trading session So 80 23 is where we trade up by 9 tenths of a percent compared to the previous close 76 12 is where we trade on the WTI price and a big focus on bond markets once again as we busted out of that previous trading range up over one and a half percent on the U.S. ten year We went over 1% on the U.S. 5 year as well So watching those yields drifting just a little bit higher amidst all of that the dollar is entirely stable Caroline Let's go to our top stories this morning as the UK's fuel crunch continues the military has officially been put on standby to help deliver supplies to petrol stations a limited number of army tanker drivers will be trained up in case they're needed It's the latest emergency measure as the government grapples with supply chain reactions that have drained petrol pumps But a group of companies including BP Shell and esso say that they expect demand to ease in the coming days and there's no shortage of fuel at refineries and terminals Meanwhile plenty of jobs coming up for grabs at the U.S. Federal Reserve the Dallas fed president Robert caplan has joined Boston's Eric Rosenberg in early retirement both had been under scrutiny over securities trading activity last year Kaplan will depart on the 8th of October saying that the recent focus on his financial disclosures risks becoming a distraction Rosenberg will retire this week due to an ongoing health condition Meanwhile the recent message from Jerome Powell and fed officials is that the Central Bank will probably begin winding down its bond buying program soon though the economic recovery still has a way to go before the interest rate increases are appropriate The New York fed president John Williams cited progress on both the inflation and labor market front in arguing for a moderation in the pace of bond buying I think it's clear that we made substantial further progress in achieving our inflation goal It's also been very good progress towards maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned But pal says that inflation is elevated and will likely remain so in coming months before moderating that's in preparation in prepared remarks rather ahead of Powell's Senate appearance today The US Treasury secretary Janet Yellen also testifies Those are a few of our top stories for you this morning Let's go on to one of our top interviews The Labor Party is gearing up here in the UK for a potential snap election as soon as next year That's according to one senior party figure With the annual party conference in full swing we're awaiting the key speech form care starmer The Chancellor shadow Chancellor Rachel Reeves has been making the case for a more business friendly Labor Party saying the party will scrap business rates replace it with a new business taxation system Now a Bluebird Westminster yesterday you imports and I spoke to Bridget phillipson MP She set out what the party is trying to achieve We've seen obviously a really terrible 18 month old for businesses and for workers And what do we believe the approach that should be taken the product that racial reefs will be setting out in her speech is that labor will tax fairly will spend wisely and will get the economy firing on all cylinders Now that means government working with business to create jobs and opportunity and every part of our country but it also means that when the government spending money is always focused on the value that you get out of every single pound making sure it has best possible effect We've seen extraordinary waste of public money during this pandemic and we would do things differently Is there enough real policy in what is being discussed at the party conference I noticed that the shadow Chancellor former shadow Chancellor John McDonald he's been on the program before and he's never won not to throw some criticism at Keir Starmer He loved this that the pamphlet that starmer wrote and published just before the party conference last week he described that as banality after banality that there was a lot of writing a lot of words but not enough politics in there What would you say in response to that I mean not for the first time I happened to disagree with them on that And I think what we're seeing today from our shadow Chancellor Rachel Ray is a focus not just on the fiscal rules and the approach that labor would take to the public finances on the office of AD for money but also already ambitious agenda around completely overhauling the way in which business rates operate in our country So we will put forward a different system the better reflects the change that taken place in the economy so more modern system of taxation that understands both how high streets but also our online businesses too So we would end business rate in the long run but in the short term we think this should be for all of them and for smaller businesses to be cut to really support our high street to thrive once more So I think we're setting out quite a big agenda around the different choices that are labor government would be taking How will labor get the likes of Amazon to pay more tax when others haven't managed it Well part of that course is around.
NASA Is Digging Into a Problem
"Unlike rounded weathered rocks on earth the dust and dirt particles on the moon are irregularly shaped crushed rocks with sharp angles the abrasive nature of lunar regular creates a host of challenges for landers robots and scientific equipment sent to the moon but nasa researchers are digging into the problem with the help of an earth stimulant that has similar properties to moon dirt be one an economical commercial byproduct of certain mining operations comes from the black point lava flow in northern arizona from surface experiments to vacuum chambers nasa uses bp one to help researchers better understand the interaction between rocket exhaust and the lunar surface one hundred twenty tonnes of the stimulant can be found at nasa kennedy space center in a lab area nicknamed the big ben where they test how robots will perform on the moon ground tests using the stimulant help. Researchers validate predictive models of plume interaction and determine which instruments will get left in the
Activists Protest Shell Museum Sponsorship
"Chris before we talk about the specific actions last weekend. Can you set the context of the oil sponsorship at the science museum and recent events. Sure so there's a long history of oil sponsorship at the science museum as the energy gallery. Which a lot of people go to but some refers fl was actually designed in close collaboration with a team from ep and so when the science museum director is constantly saying there's no editorial influence or anything like that actually not an accurate picture till and at this point in time. Show is the real focus of the campaigning. Because it's the sponsor of this new exhibition of future planet on climate solutions on things like carbon capture and storage which fossil fuel companies often overstate in order to keep drilling from all oil and gas. But they're not the only one say back. The science museum opened one lab which is actually one allowed. The equitable battery and ecuador is the norwegian state oil and gas company and they have recently said. We're gonna continue increasing all out over the coming decade. The basically have no intention of getting to where we need to be to. Climate change anthon. Bp also remains a partner. The science museum is actually helping. Trading sunset Since stem education as well so the fossil fuel industry is deeply embedded in the museum and the director is very happy to defend and maintain relationships.
BP's EVP of Sustainability Giulia Chierchia on Divestments in Polluting Assets
"Potential strategy for a company in order to have their company appear to be much more. Environmentally friendly is to sell off their most polluting assets. What is to stop companies from doing that. And where do you think. There is a place for leadership in trying to make sure that that is visible in the industry to the investors. I think divestments is as we've shed one of a critical elements actually of all strategy. The way we actually look at divestment says one of the critical elements strategies that divestments basically helps in our case advanced world towards netzer and the reason for readers were actually divesting assets and we all reinvesting the percy's into creating a low-carbon supply so it's not five for the second time Divestments in reinvestments into low carbon supply and so that actually advances the world in the energy transition in the sense of actually bringing in that capacity that additional common capacity in solution online.
BP's Role in a Net-Zero Carbon World
"What is it about that you think differentiates them in this space that it's quite progressive to say that you're you think that an oil and gas firm is exact right place to be in looking at decarbonization the energy transition. I actually think that if we want to play a critical role getting to the paris alignments the carbonized energy systems. We need to walk energy companies. I think that's the first element brooches you conscious decarbonize energy systems by walking with companies. But if we really want to get the pass alignment winnie talks support such as us which energy plus industry transport represents seventy percent of global emissions. So we need to really work with companies such as Gas companies to actually help them decarbonised in. Go along that journey. So i i don't see joining a company such as vpn Gas company which is committed to she decarbonising as a progressive jenny. I think it's actually very much lines towards the ambition on the purpose in terms of what is unique about ep. When i actually had my first conversation with the time when i was actually considering jet joining the had already involved on a series of multiple conversations with multiple types of stakeholders from institutional stakeholders eeg governments. They called as with investors across the world and with less obvious stakeholders such as ngos and some of the most challenging gio so there was a whole process of listening which was going on and that person of listening actually very much shaped his perspective and also the l. tease perspective leadership teams perspective. So what. I was actually struck by the super superstrong alignment within the whole leadership team within the company itself on this ambition to transition at the end of the day. If you're actually working in the morning gas company and your delivering energy to the world he also wanna feel good about what you're doing and in equivocally we all delivering energy to the world's anna frame of the energy transition we have capabilities in the skills to continue doing so trudy energy transition and and towards the low-carbon well
Police Say Nearly 250 Arrested in Minnesota Pipeline Protest
"People turned out in pretty large numbers in northern minnesota this week. More than a thousand people there to protest the construction of a new multi-billion dollar oil pipeline a pipeline that among other things would cross through the delicate headwaters of the mississippi river. The protesters are trying to block that new pipeline and all the environmental hazards that it brings with it. A separate group of protesters made their way into one of the new pipelines pump stations. That's currently under construction. They piled a whole bunch of stuff including a vote at the entrance way so nobody could get in or out. The demonstrators then started locking themselves to the construction equipment bodily at at that site that had the effect of shutting down all work on on the pipeline for the day. Eventually police showed up. They started dragging protesters through the dirt to arrest them. About two hundred. People were arrested just at the pump station but the response by law enforcement wasn't just a local one in terms of local minnesota police officers. Look at this. This is a helicopter belonging to the federal government. Us customs and border patrol cv. Pista flew this helicopter. Really low dangerously low over this pipeline protest using the rotor wash from the chopper to blow dirt and debris all over the place apparently to try to get those protesters to leave see. Bp now says they are investigating the use of that helicopter. You're not supposed to use a government helicopter like that even if it is against protestors especially if it's against protestors this pipeline which is called line three it's pipeline by a company called bridge it was approved greenland under president trump. The protesters are pushing for president biden to suspend the permit for the pipeline before construction on it finished about two hundred. Protesters are camped. Out along the pipeline. Saying we won't stop pushing. They're not saying they won't leave
Marketing Missing In Conservative Views
"Said I've been around He shall remain nameless. This guy I've been around Republican politics for a long time. And the problem is all of our donors who influenced the message. They're like commodities type people, You know they're in the petroleum industry, the gas industry and there's really no marketing in that. It's not like you know, if you go toe Exxon or you go to BP, like, Hey, go to BP. This gas is really super hip cast. You're like it's gas. Whatever you stop, whatever gestation, whatever the price is cheaper. So, Yeah, There's a little bit of marketing in it. But the people who run those companies and influence the GOP and the message, air quotes Don't really have any skill in marketing. And I listened to him and I said, Ma, it's pretty genius. Trust me. This guy, this guy I've been around a long time. He said. On the other hand, James, wait his eggs in mortar that yes, there is, he said, on the other hand donors that influence liberals and the Democrat Party and get their message pushed into the Democrat ecosystem. Roll the tech people where marketing is everything. Your
"bp shell" Discussed on WSB-AM
"Said that the price of gas is going to 40 cents a gallon since yesterday. There's no gas at the race track the quick trip or the Murphy US A Wal Mart in McDonough, Uh, a shell station on highway 1. 55 has raised gas to $3.40 a gallon. The BP Shell and Valero station still have gas, but they're losing it quickly. There have been a couple of wrecks around the gas stations as well in the McDonough area that people swarming in to try to get gas. Now, if the colonial pipeline folks say that the situation is going to be restored later this week, the problem is when, later this week tomorrow, Thursday, Friday Saturday, What are they gonna pay the ransom? Most companies want to pay the ransom and and Colonial is getting no help from the federal government. Ah federal government that has decided that that teaching kids how to how to procreate in kindergarten is infrastructure has decided that helping a natural gas pipeline in the United States is not infrastructure. It's a private business decision and do it agreed. Yes, they're right. But the FBI has gone so far as to name the the entity and I don't know that their release In any sort of hackers. Dell pretty things like that. You got some major fuel shortages now happening to the Southeast. While the New York Times says no, There's not no, there's not. It's amazing the number of people who will listen to the York Times in and ignore their eyes on social Media. Multiple people are responding to The New York Times. Tweet say there are no lines and no shortages anywhere with actual pictures of lines and shortages and New York Times is double down and said, Well, it's actually it's hoarding. That's the problem with so there are lines and shortages even though or it's just it's infuriating to see that sort of stuff play out with the media doing damage control for the bite administration now. Going with the theme of I have the smartest listeners on radio in America. I'm going to go to D in Monroe. Welcome to the program. How are you? I'm just fine, Eric. I hope you're doing well. Also. We're talking about jail. You say no. We need to build more nuclear power plants, and I really agree. I used to be in that industry. So one of the reasons that we have stopped building the plants is because the federal government and their infinite wisdom has made it Economically unfeasible. T build them anymore. They have so many regulations they have regulated industry out were you used to have, you know, cos like Westinghouse and General Electric. And what have you building these plants? Well, I think the only one that's still building a nuclear plant is Westinghouse. I'm not sure so we'll see if I understand right. Westinghouse went bankrupt, and they They stopped the project in South Carolina $5 billion in they abandon it. Georgia powers the last remaining and I think if I remember right in someone from Georgia Power can correct me, But they used the Westinghouse plan, but they use someone other than Westinghouse to help them build another contractor, But a real good one is a project that they call looks. Have you Peopie s And, uh, that was back in the day, and that's actually Washington power. There were supposed to be four reactors built. I don't think they even completed one back when I was still in that industry. There there were. I think three of them at actively under construction, and the power company just abandoned them because that nuclear regulatory commission came in, and they kept you know. Your concrete, not right. Oh, well, you can't have this there. It has to be a stainless, seamless pipe. You can't be a welded pipe or it has to be this or it has to be that and they're just regulated them. So they threw out of business. They can't afford it. Well, and now you've got Howard, please, that they're closing. There's one down in Crystal River, Florida that has closed and why? Because they have found Cracks in the containment. Well, but they're making it sound worse than what it is. Is this the actual containment where the rods are, or is it the exterior of the building? That's the houses that containment. They don't tell you that well, and you know, it's a portable may listen to you. Thank you. So much for the phone call that super informative and part of the problem in this country is regulators After a number of issues in certain power plant nuclear power plants, they they did. People got scared of it. Now in France, 80% of their power comes from nuclear power in this country. I think it's 10% 10 to 15% of its not a large amount when I was in school growing up in Louisiana, there's a nuclear power plant there on and it will have one here in Georgia. There, not that common. They have wound some of them down. And there is new technology out there that will prevent meltdowns like the Chernobyl style meltdown and the what is the three mile island or whatever. Situation. There are there are you designs? The problem is they're just so ridiculously expensive to build at this point, because the lack of knowledge that we have now in the country and there are new designs that we do need them. Nuclear power is not a panacea, but it can do base load power.
A Message to CEOs: Act On Climate, Or We'll Cut Your Pay
"A lot of companies have announced ambitious goals to fight climate change. But who's keeping an eye on those companies to see if they keep their promises as npr's camilo domino's ski reports activist investors. Want to tell. Ceos cut your emissions or will cut your pay. Big companies are talking a big game on climate. Whether they're tech giants. Twenty thirty apple will be one hundred percent carbon neutral for our entire end to end footprint. Food companies like nestle. I'm committed to do what we can to protect our planet for future generations or even oil and gas companies across pay. We are changing to support our net zero ambition. Maybe you're skeptical. Maybe you remember twenty years ago. Bp pledge to go beyond petroleum and kept on pumping oil. Maybe you're wondering what happens if these promises are empty and often times when you find somebody is not making progress against that goal or we just stop is investors. Hearing about the goal. It's time to increase pressure on the company. Pat me nail tomato is with seven asset management. A socially responsible investment company and he says one way to increase pressure is to go to the board directors with this idea. It's time now once there's a goal in place to tie performance on that goal to executive compensation. Ceo's get huge incentive package is designed to reward them if they grow profits or promote worker safety or boost customer satisfaction companies could change those packages to peggy some pay to meeting climate targets so if executives hit their goals they get their full very large bonuses if they fall short their paychecks all to after shareholder pressure companies like apple and shell have actually said yes to this. This is new.
Your Stock Market Snapshot for Tuesday, April 6, 2021
"Insurance, A lackluster day for US stocks with the index is holding to a narrow range and finish He never so slightly lower. The Dow Jones industrial Average East 97 points. The S and P 500 slipped four and the NASDAQ composite fell seven. Higher energy prices over the first quarter of the year. Have men good news for business at BP Theo oil, Titan says also that have seen signs the industry is set for a rebound after last year's pandemic induced losses. Today. BP shares jumped