Oil prices drop amid rising inventories, diplomatic push for Gaza ceasefire

The Telegraph
Joe Biden has found a new way for electric cars to kill the economy
The price of a slick new BYD will double. The value of tech giant Xiaomi’s new SUV – which will sync with your phone – will go through the roof.
Simply Wall St.
3 High Yield Dividend Stocks On SGX With Returns Up To 6.3%
Amidst the dynamic landscape of the Singapore stock market, investors continue to seek stable and potentially lucrative opportunities, particularly in high-yield dividend stocks. In this context, understanding what constitutes a robust dividend stock can be crucial, especially when navigating through varying economic conditions that influence market performance.
Reuters
CORRECTED-UPDATE 2-TSMC says can make next generation chips without ASML's new machine
Taiwanese chipmaker TSMC does not necessarily need to use ASML's next generation "High NA EUV" machines for an upcoming generation of chip manufacturing technology called A16, which is under development for the second half of 2026, an executive said on Tuesday. The High NA lithography tools are expected to help shrink chip designs by up to two-thirds, but chipmakers must weigh that benefit against a higher cost and whether ASML's older tech may be more reliable and good enough. Speaking at a conference in Amsterdam, Kevin Zhang said that it is possible that the company's A16 plants could be designed to accommodate the technology, but that is not certain.
Reuters
Oil settles lower as inflation data gives way to market jitters
Oil prices settled lower on Tuesday, after U.S. data stoked concerns that interest rates may stay high, but potential risks to supply from Mideast tensions and wildfires in Canada put a floor under prices. U.S. producer prices increased more than expected in April, feeding fears the Federal Reserve may keep borrowing costs elevated to fight inflation. Fed Chair Jerome Powell said he expects U.S. inflation to keep declining through 2024 but warned he is less confident now, since prices rose more quickly than expected through the first quarter.
Reuters
Blackstone-led consortium eyes snacks business of India's Haldiram's, sources say
A consortium including Blackstone, Singapore state fund GIC and Abu Dhabi Investment Authority (ADIA) is in talks with India's Haldiram's for a majority stake in its snacks business at a valuation of up to $8.5 billion, two sources with direct knowledge said. Haldiram's, a household name in India, has more than 150 restaurants selling local food, sweets and western cuisine.
Reuters
UPDATE 2-Gazprom CEO Miller is in Iran as Putin prepares to visit China
Gazprom CEO Alexei Miller is on a working visit to Iran, the company said on Wednesday, just as President Vladimir Putin prepares to visit China with a high-level delegation for talks with Xi Jinping. Gazprom, the world's biggest natural gas company, did not say whether Miller would attend the talks in China, where the Kremlin said Putin would discuss Ukraine and expanding both energy and trade ties.
Yahoo Finance Video
Tesla to rehire some of its laid-off Supercharger team: BBG
Tesla (TSLA) appears to be backtracking on its recent workforce reduction strategy, as Bloomberg reported the electric vehicle giant is rehiring some of its Supercharger team. This move comes just a month after CEO Elon Musk laid off nearly all of its employees on the Supercharger network team. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith
Associated Press
Morocco’s automotive industry shifts gears to prep for electric vehicle era
A train that travels from rural northern Morocco to a port on the Mediterranean Sea carries no passengers. Three times a day, it brings hundreds of cars stacked bumper to bumper from a Renault factory outside Tangiers to vessels that transport them to European dealerships. Business incentives and investing in infrastructure like the freight railway line have allowed Morocco to grow its automotive industry from virtually non-existent to Africa's largest in less than two decades.
The Edge Singapore
Golden-Agri Resources reports 1QFY2024 earnings of US$37 mil, down 60% y-o-y
Supply constraints will gradually ease in the coming quarters
Reuters
Oil prices edge up on US crude storage and economic data
NEW YORK (Reuters) -Crude prices edged up on Wednesday from a two-month low in the prior session as the market balanced somewhat bullish U.S. economic and storage data against a forecast for weaker global oil demand growth from the International Energy Agency (IEA). Brent futures rose 33 cents, or 0.4%, to $82.71 a barrel by 12:10 p.m. EDT (1610 GMT), while U.S. West Texas Intermediate (WTI) crude rose 43 cents, or 0.6%, to $78.45. Earlier in the session, the bearish IEA report helped push both crude benchmarks into technically oversold territory with prices at their lowest levels since February.
Reuters
Boeing, Airbus need to do more to reduce new jet delays, Qatar Airways CEO says
Planemakers Airbus and Boeing need to put more pressure on their suppliers to reduce the delivery delays of new aircraft that are hindering airlines' ability to meet travel demand, Qatar Airways CEO said on Wednesday. "We are ... really trying our best to assist both Boeing and Airbus and try to find solutions for them to make sure they deliver," Badr Mohammed Al Meer said on a panel at the Qatar Economic Forum in Doha. Demand for air travel has rebounded since the pandemic, but planemakers are struggling to get back to previous production levels due to disrupted supply chains and a safety crisis at Boeing.
The Telegraph
Vauxhall owner to sell cheap Chinese electric cars in Britain
The owner of Vauxhall is to sell cheap Chinese electric cars in Britain as it hit out at a decision by Joe Biden to impose tariffs on cars imported from China to the US.
Barrons.com
Biden’s EV Tariff Is All for Show. Tesla, GM, and Ford Already Have Protection.
The existing 25% tariff on vehicles from China has effectively closed the border already. Raising it to 100% doesn’t make much difference.
Reuters
UPDATE 2-Indonesia's Pertamina, ExxonMobil plan appraisal drilling in carbon capture effort
State energy firm Pertamina and U.S. major ExxonMobil plan to conduct appraisal drilling for a carbon capture and storage (CCS) hub in Indonesia, with the companies signing an initial storage deal with South Korea's KNOC on Wednesday. Indonesia, which estimates its depleted oil and gas reservoirs and saline aquifers could provide storage for hundreds of gigatonnes of CO2, this year allowed CCS operators to set aside 30% of their storage capacity for imported carbon.
Reuters
US makers of masks and gloves get lifeline: higher tariffs on Chinese-made products
President Joe Biden’s move to hike tariffs on Chinese goods should help U.S.-based medical mask and glove makers, a sector that has largely flamed out after surging during the COVID-19 pandemic. Industry executives on Tuesday said Biden's tariffs could boost demand by helping level a price differential with cheap imports from China, and could foster investments needed to bring some stalled projects online, although some think the 25% duties need to be even higher. India-based research firm Mordor Intelligence estimates the U.S. personal protective equipment (PPE) market is $14 billion.
The Guardian
Vauxhall owner to sell cheap Chinese EVs in UK and mainland Europe
Stellantis deal with Leapmotor aims to cash in on imports as Biden imposes 100% tariff in US
Simply Wall St.
3 High-Yield Dividend Stocks On Euronext Amsterdam Offering Up To 6.5%
Amid a backdrop of fluctuating global markets, the Netherlands' Euronext Amsterdam has shown resilience, offering opportunities for investors seeking stable returns through high-yield dividend stocks. In light of current market conditions where cautious optimism prevails due to potential policy shifts in major economies, selecting stocks with robust dividends can be a prudent strategy for those looking to enhance their portfolio's income stream.
Simply Wall St.
Exploring Dividend Stocks In Switzerland With Compagnie Financière Tradition And Two Others
Swiss stocks showed modest gains in a recent trading session, reflecting cautious investor sentiment amid mixed economic signals, including a slight dip in consumer confidence. In this context of subtle market movements and economic indicators, exploring dividend stocks like Compagnie Financière Tradition can offer investors potential stability and steady returns.
TechCrunch
Uber to acquire Foodpanda's Taiwan unit from Delivery Hero for $950M in cash
Uber Technologies announced Tuesday that it will buy the Taiwan unit of Delivery Hero's Foodpanda for $950 million in cash. The deal is part of Uber Eats' strategy to expand in Asia, specifically by strengthening its position in Taiwan. On the other hand, it also underscores Delivery Hero's ongoing retreat from that same market: The sale is coming at the same time that Delivery Hero has been trying to sell off a package of its other operations across Southeast Asia.
Reuters
China's Hailiang, Shinzoom to build auto battery plants in Morocco
Chinese auto battery manufacturers Hailiang and Shinzoom will set up two separate plants in Morocco, as the country seeks to adapt its growing automotive sector to increasing demand for electric vehicles, Moroccan officials said on Tuesday. Authorities in charge of developing the Moroccan northern industrial zone, Tanger Tech, said Hailiang plans to build a copper plant worth $450 million on an area of 30 hectares. Shinzoom, part of Hunan Zhongke, will invest $460 million in an anodes plant spanning over 20 hectares, they said in a statement.

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Oil prices drop amid rising inventories, diplomatic push for Gaza ceasefire

Latest stories

Joe Biden has found a new way for electric cars to kill the economy

3 High Yield Dividend Stocks On SGX With Returns Up To 6.3%

CORRECTED-UPDATE 2-TSMC says can make next generation chips without ASML's new machine

Oil settles lower as inflation data gives way to market jitters

Blackstone-led consortium eyes snacks business of India's Haldiram's, sources say

UPDATE 2-Gazprom CEO Miller is in Iran as Putin prepares to visit China

Tesla to rehire some of its laid-off Supercharger team: BBG

Morocco’s automotive industry shifts gears to prep for electric vehicle era

Golden-Agri Resources reports 1QFY2024 earnings of US$37 mil, down 60% y-o-y

Oil prices edge up on US crude storage and economic data

Boeing, Airbus need to do more to reduce new jet delays, Qatar Airways CEO says

Vauxhall owner to sell cheap Chinese electric cars in Britain

Biden’s EV Tariff Is All for Show. Tesla, GM, and Ford Already Have Protection.

UPDATE 2-Indonesia's Pertamina, ExxonMobil plan appraisal drilling in carbon capture effort

US makers of masks and gloves get lifeline: higher tariffs on Chinese-made products

Vauxhall owner to sell cheap Chinese EVs in UK and mainland Europe

3 High-Yield Dividend Stocks On Euronext Amsterdam Offering Up To 6.5%

Exploring Dividend Stocks In Switzerland With Compagnie Financière Tradition And Two Others

Uber to acquire Foodpanda's Taiwan unit from Delivery Hero for $950M in cash

China's Hailiang, Shinzoom to build auto battery plants in Morocco