The conclusion of energy and oil conference in Abu Dhabi
At the annual Adipec conference in Abu Dhabi, ministers and oil industry officials discuss the energy transition and OPEC+ production cutbacks. Climate dominates the forum this year, with the focus on the energy transition. The UAE’s major oil producer, Adnoc, is investigating geothermal district cooling as part of its diversification efforts. Shell CEO Wael Sawan…
Canada’s manufacture PMI dropped to 47.5
Canada’s manufacturing sector experienced its lowest level since the COVID-19 pandemic due to weak market demand, affecting production and new orders. The S&P Global Canada Manufacturing PMI dropped to 47.5, its lowest level since May 2020. The output index fell to 45.6, the lowest level since August 2022. The Bank of Canada kept its main…
Government shutdown may hurt flood-prone house sales
The National Flood Insurance Program (NFIP) could face a government shutdown if Congress fails to reauthorize it before the shutdown, potentially denying mortgage applications for property purchases in flood-prone areas. The NFIP warns that it would not be able to sell flood insurance and borrow funds in the event of a closure, but can still…
Credit Suisse and Mozambique resolve ‘tuna bond’ case
Credit Suisse and Mozambique have reached an out-of-court settlement over the $1.5 billion tuna bond scandal, which lasted for a decade. UBS will forgive a portion of a loan made to Mozambique in 2013, amounting to less than $100 million. The agreement was reached before a three-month London civil trial began. Mozambique, one of the…
Wells Fargo has divested $2 billion to face the uncertainty on US economy
Wells Fargo liquidated $2 billion of private equity investments to focus on core businesses amid uncertainty from the Federal Reserve’s soft landing for the US economy. The investments were in Norwest Equity Partners and Norwest Mezzanine Partners funds.
The Fed warn energy-driven can cause major concern
Powell highlighted energy-driven inflation as a major concern. The Fed hiked interest rates 11 times between March and July 2023, adding 5.25 percentage points. Treasury rates hit 16-year highs, and bond market selloff could end oil advance. The US Dollar Index remained unchanged, and the Personal Consumption Expenditure Index grew 0.4% last month.
Oil prices fell 92 cents but stay high on this months
Crude prices in the US plummeted on the last trading day of September due to concerns about the world’s future. Long oil also performed well this month and quarter due to supply chokes by Saudi Arabia and Russia. WTI crude fell 92 cents to $90.79 per barrel, while Brent closed at $92.20. Oil prices have…
Three giant banks of US got penalized over $50 million
The US Commodity Futures Trading Commission (CFTC) has ordered Goldman Sachs, Bank of America, and JPMorgan to pay over $50 million to settle swap reporting failure and other charges. The fines include $15 million, $8 million, and $30 million civil monetary penalties. Goldman Sachs must create a written repair plan and hire a consultant.