Author: omc_admin
NEW YORK (AP) — Most U.S. stocks are rising Tuesday following an encouraging report that showed inflation unexpectedly slowed across the country last month.The S&P 500 was up 0.9% in afternoon trading, coming off a big gain to start the week after the United States and China announced a 90-day pause in their trade war to allow for negotiations. The Dow Jones Industrial Average was down 193 points, or 0.5%, as of 12:40 p.m. Eastern time, and the Nasdaq composite was 1.7% higher as AI and other tech stocks led the way.Stocks have been roaring back since the S&P 500…
Tripoli descended into chaos Monday following the reported assassination of Abdel Ghani al-Kikli, known as “Gheniwa,” the powerful commander of Libya’s Stability Support Authority (SSA). Al-Kikli was allegedly killed during a meeting at the base of the 444th Combat Brigade in the capital’s Abu Salim district. The assassination, reportedly ordered by 444th Brigade commander Mahmoud Hamza, has reignited fears of full-scale conflict in a country already fractured by years of political and armed division.His death triggered intense clashes across Tripoli, with tanks deployed and civilian aircraft evacuated from Mitiga Airport. The Interior Ministry has urged residents to stay indoors as…
A lawsuit over the fatal crash involving one of Google cofounder Sergey Brin’s planes has ended in a settlement.Two pilots, Dean Rushfeldt and Lance Maclean, died in May 2023 after a plane belonging to Brin crashed off the coast of California. A lawsuit filed last July by the family of Rushfeldt claimed the crash was the result of a failure in the plane’s fuel equipment.The settlement, filed in the Superior Court of Santa Clara County on May 9, is “pending the exchange of closing documents and disbursement of the settlement fund,” per a filing with the court. The parties anticipate…
Esso Societe Anonyme Francaise (SAF)—a majority owned subsidiary of ExxonMobil Corp. (82.89%)—has restarted operations following scheduled maintenance at Esso Raffinage SAS’ 12-million tonne/year (tpy) Notre-Dame-de-Gravenchon refinery in Port-Jérôme-sur-Seine, Normandy, in northern France. On May 12, Esso Raffinage began the process of gradually returning refinery units affected by the planned maintenance event to service, Esso SAF said. The operator did not reveal when the phased restart would be fully completed. Initiated on Mar. 1 with the sequential shutdown of certain unidentified units of the Port-Jérôme-sur-Seine refinery, the major turnaround was to involve detailed inspections of refinery equipment normally in continuous operation,…
The deal will cut U.S duties on Chinese goods to 30% from the current 145%. Beijing said it would cut its blanket tariffs on American products from 125% to 10%. The reductions on both sides will go into effect on Wednesday. Crude Oil: The Trade of The Year? According to GSC Commodity Intelligence – “this agreement opens the door to the most asymmetric trade setup in years”. In a note to clients, analysts stated: “We’re looking at an asset that’s been mispriced for months. Recession fears dragged Oil down, but now the macro has flipped – and the market hasn’t…
(World Oil) – BKV Corporation has formed a strategic joint venture with Copenhagen Infrastructure Partners (CIP), on behalf of its Energy Transition Fund I, to expand BKV’s portfolio of carbon capture, utilization and sequestration (CCUS) projects. CIP, on behalf of its Energy Transition Fund I, has agreed to commit $500 million to be invested by the JV for use in designing, constructing and operating CCUS projects across the United States in exchange for up to a 49% interest in the JV. BKV has contributed to the JV its ownership of the Barnett Zero and Eagle Ford projects, and has committed…
Oil and most other commodities powered higher, while gold fell, after China and the US ratcheted down trade tensions that had threatened to slash demand for raw materials. West Texas Intermediate crude rose 1.5% to settle at $61.95 a barrel in New York, while copper advanced 0.8%. European natural gas, soybeans and iron ore also rallied. Shares of the top mining companies surged. The truce between the world’s two largest economies brought some temporary relief to commodity markets roiled by tariffs that dented the outlook for global economic growth in recent weeks. Oil watchers have slashed demand forecasts, and the…
Amazon is going back to FedEx after falling out with UPS.According to an internal document obtained by Business Insider, Amazon signed a new partnership deal with FedEx in late February to handle some parts of its package deliveries.The FedEx deal gives Amazon “cost favorability” compared with UPS, the document said, indicating the retail giant stands to save money from the transition. The document didn’t specify the extent of the deal or which Amazon packages would be handled by FedEx.”Securing FedEx capacity is our primary solution for these capacity constraints,” the internal document said.FedEx shares popped in after-hours trading on Monday,…
Prosafe has been declared the winner of a bidding process for a four-year contract by Petróleo Brasileiro SA (Petrobras) for the provision of the Safe Notos semi-submersible vessel for safety and maintenance support offshore Brazil. Contract award and timing are subject to a formal process during which Petrobras is under no formal obligation to conclude a contract and other bidders may appeal. A contract, if awarded, has a firm period commitment of four years with the operational commencement in September 2026 closely following on from the expiry of the current Safe Notos contract that commenced in Q3 2022.…
Equinor ASA got no new signals that the Trump administration would reconsider the halt imposed on the Empire Wind project when its CEO met with a top White House official last week. Now the company must decide whether it will kill the project. “If no progress is made within days, Equinor will be forced to terminate the project,” Molly Morris, president of Equinor Renewables Americas, said Monday. “We are still fighting every day to find a resolution.” That came after there was no indication of a change in stance from US officials when the Norwegian oil and gas company’s Chief…