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Alan Greenspan’s famous phrase doesn’t do justice to some current developments. Cases in point: a $100 million deli, a desperate reach for yield, and Coinbase’s mega-valuation.
The streaming pioneer added four million net new subscribers in the March quarter, falling well short of the company’s forecast.
(Bloomberg) -- OPEC and its allies are discussing downgrading next week’s full-scale ministerial meeting, delegates said, a signal the coalition may stick with plans to gradually revive oil production.The OPEC+ coalition led by Saudi Arabia and Russia may go ahead with just the meeting of its monitoring committee on April 28, rather than the full gathering that’s currently also planned for that day, the delegates said.The talks are continuing and nothing has been decided yet, they added, asking not to be named because the discussions are private.The Joint Ministerial Monitoring Committee was established to make recommendations for the full ministerial group, rather than set or change policy. Holding the JMMC meeting alone may indicate members don’t see much need to revise the current strategy.The Organization of Petroleum Exporting Countries and its allies already agreed at the start of this month to carefully restore some halted production between May and July. The alliance will revive just over 2 million daily barrels of the 8 million they’ve been keeping offline to shore up global markets.Three OPEC+ delegates, speaking anonymously, said they don’t expect any changes to the scheduled supply increase at next week’s gathering.Saudi Arabia, the group’s most influential member, has said it’s comfortable with the strategy. The kingdom’s Energy Minister Prince Abdulaziz bin Salman said on April 15 that he doesn’t “see anything yet that disturbs us, me or my colleagues at OPEC+.”Global markets are also signaling that OPEC+ is following the right course, restoring just enough supply to meet the fragile recovery in demand. Brent crude futures, the international benchmark, traded near $67 a barrel on Monday -- close to their highest level in a month.OPEC+’s output restraint, combined with the tentative demand rebound, has cleared the vast majority of the oil-inventory glut that piled up when consumption collapsed during the pandemic. Storage tanks in developed economies now hold barely a fifth of the excess that amassed in the middle of last year, according to the International Energy Agency.With many OPEC+ members currently celebrating the Islamic holy month of Ramadan, holding a session of the JMMC rather than a full-blown ministerial conference may be easier, some of the delegates said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A new coalition has formed aimed at helping ensure federal efforts to expand solar power don't leave the poor and communities of color behind.Driving the news: The dozen-plus members of the Solar Access for All Coalition include Earthjustice, Coalition for Community Solar Access, GreenLatinos, Solar United Neighbors and the NAACP.Get market news worthy of your time with Axios Markets. Subscribe for free.Why it matters: The White House wants clean energy policy to enable economic and environmental gains for communities that have long borne disproportionate pollution burdens.But a lot of blanks remain to be filled in.The big picture: "For too long, the benefits of a clean energy economy have eluded communities of color, indigenous communities, low-income, rural, and frontline communities disproportionately impacted by climate and environmental change," they said in a letter to congressional leaders.How it works: Goals include adding solar power to 30 million homes, 15 million of which are low- and moderate-income, and making sure people from underserved communities are part of the solar workforce.They unveiled a policy agenda today. Just a few planks...Not only extending solar investment tax credits as the White House plan calls for, but structuring them to spur deployment in underserved areas.Providing zero or low-interest financing via the Energy Department's Loan Programs Office.$30 billion in funding for state, local and tribal communities to deploy distributed and community solar, with a significant amount targeted to communities the group represents.Various solar workforce development initiatives.What's next: Earthjustice's Luis Nasvytis Torres tells Axios the coalition's plans include "directly lobbying members of Congress and the administration to include the core proposals within our roadmap in whatever infrastructure legislation moves this year."Like this article? Get more from Axios and subscribe to Axios Markets for free.
Strong global growth and inflation expectations are good news for Europe's property market, says JPMorgan.
Citigroup plans to expand its investment banking business in China and will soon apply to set up local underwriting, sales and trading and futures trading businesses by the end of June, a person with direct knowledge of the matter told Reuters. The move comes after the U.S. bank revealed last week it would sell its retail banking assets in 13 markets, including mainland China. Citigroup's applications to regulators are being finalised and should be officially lodged shortly, the source said.
McDonald's stock has been heating up since the Dow giant launched its new chicken sandwich, but should you buy MCD stock?
Even if REITs are already part of your investment portfolio, senior living REITs might be a smart addition, provided you are aware of the risks.
SINGAPORE (Reuters) -Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world's third-biggest oil importer. Brent crude futures for June fell 48 cents, or 0.7%, to $66.09 a barrel at 0515 GMT, after dropping 48 cents on Tuesday. U.S. West Texas Intermediate (WTI) crude futures for June fell 52 cents, or 0.8%, to $62.15 a barrel.
The reflation trade --- a bet that assets that benefit from a post-pandemic surge in growth and inflation will outperform safer assets --- might not be as popular as many believe, say analysts at Jefferies. If so, the strategy may have plenty of room to run.
Gov. Ron DeSantis on Monday put a cap on one of his top legislative priorities by signing an “anti-mob” legislation into law back where it all began.
For Morgan Stanley, the coronavirus's resurgence isn't a risk to the double-digit returns in U.S. stocks thus far but actually a catalyst for further gains.
As the Kremlin threatens Ukraine and Russia’s main opposition leader’s health deteriorates, some European countries want to follow the Biden administration’s lead and take a tougher line toward Moscow.
Stocks fell Monday, a trading day after a record Friday. Investors are pulling back from value stocks, which have rallied this year, and defensive stocks have proven resilient.
The EY paper suggests that because Ripple is faster, less expensive and more transparent it could put “competitive pressure” on India’s traditional banking system.
A deal between the asset manager and the crypto custodian is close to being finalized, sources tell CoinDesk.
Singapore prosecutors on Tuesday filed five additional charges against businessman Ng Yu Zhi in relation to a scheme that allegedly raised at least S$1 billion ($746 million) from investors to fund bogus nickel trades. The alleged fraud, which would be one of the city-state's biggest, follows a string of scandals involving Singapore trading firms that have shaken investor and banker confidence in the sector over the last year when some commodities, including nickel, have rallied strongly. The new charges of cheating against Ng were read out in Singapore's State Court.
Meme-based cryptocurrency Dogecoin fell on Tuesday after hitting an all-time high in a wild session that saw supporters of the token once considered a parody use hashtags to fuel a rally until it lost steam. Dogecoin ultimately fell 15.4% to US$0.33, but during the session when it hit a record peak, its market capitalization soared to more than $50 billion. Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, referring to the informal April 20 holiday to celebrate cannabis which is marked by smoke-ins and street parties.
India does not see any logic in the United States putting it on a monitoring list of currency manipulators, a trade ministry official said on Tuesday. "I don't understand any economic logic," Anup Wadhawan, India's commerce secretary told reporters. The Reserve Bank of India is following a policy that allows currency movements based on market forces, he said.
Institutional Shareholder Services noted that Vice Chairmen Greg Abel and Ajit Jain were each awarded $16 million in salary and $3 million in bonuses in 2020, the same as in 2019, and said it was "unclear" whether any of their pay was tied to Berkshire's performance. The firm said the "continued lack of transparency" raised questions about oversight by Berkshire's compensation committee, and recommended that shareholders withhold votes to reelect its members - Susan Decker, David Gottesman, Walter Scott Jr. and Meryl Witmer - as Berkshire directors.
Libya’s state-owned NOC has declared force majeure on crude exports from the eastern Marsa el-Hariga terminal.
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