1) The price of oil advanced as shrinking U.S. crude inventories added to expectations of a tighter global supply outlook after Saudi Arabia surprised the markets by pledging to reduce production for the next two months. Gasoline demand is falling to its lowest level since late May, spelling trouble for refining margins as a tighter global crude balance and straggling demand crimp profits for processing a barrel of oil. Saudi Arabia has decided to reduce crude output in February and March as part of an OPEC+ supply agreement. With the outlook for crude oil supply suddenly looking tighter, the oil options markets have grown less bearish.
2) A top scientist explains why a more infectious coronavirus variant is a bigger problem than a deadlier strain, with the deadly coronavirus having now mutated. One variant, called B.1.1.7, is more infectious, and has forced the UK into national lock down, with the variant having also been discovered in several US states, as well as other countries around the world. However, the new variant does not appear to be more deadly, so existing vaccines should also work against it. A really severe disease that one person gets won’t necessarily have as much impact as a lesser disease which a huge number of people get. While not any more deadly the new mutant B.1.1.7 is much more infectious, and is to blame for the surging numbers of people infected, filling up UK hospitals that forced the national lock down. It is estimated to have a 71% higher growth rate than other variants.
3) North Korea’s supreme ruler Kim Jong Un has announced a military expansion, but it is unclear if Pyongyang plans to ramp up its nuclear program too. This could put pressure on the incoming Joe Biden administration just when it is most vulnerable. North Korea plans to boost its military capacities in defiance of international sanctions, as well as a new five-year economic plan, admitting the previous program has failed. It’s unclear just what the military expansion will involve.
4) Stock market closings for – 7 JAN 21:
Dow 31,041.13 up by 211.73 Nasdaq 13,067.48 up by 326.69 S&P 500 3,803.79 up by 55.65
Technology ride hailing company Uber has sold off its self-driving unit (ATG) to Aurora. Aurora is backed by investors such as Amazon. The sale is an all stock sale, which will make Aurora worth around $10 billion dollars.
ATG (Uber) will be worth around $4 billion dollars from the sale. Collectively ATG and Aurora will have a work force of over 3,000 employees worldwide. Uber sold ATG in order to focus on their core business models and focus on generating profits, which the tech giant has yet to achieve. -SB
Breaking News: Tesla Inc market value has now surpassed both legendary Ford Motors and General Motors company market values combined.
January 8, 2020 (Wednesday) Tesla Inc had a market cap of $89 billion, approx 2 more billion dollars then Ford Motors ($50 billion) and General Motors ($37 billion) combined.
Many of Tesla Inc’s attributes for rising market cap has to be with a profitable 3rd quarter the electrical auto maker had; also surpassing auto deliveries in the Chinese market, while also having its stock more then double over the past few months. These all seem to be contributing factors to its increased market cap currently.
With all the accolades Tesla has achieved, there are skeptics in the investment community who believe the company will not able to sustain cash flow nor provide more profitability in the next few years.
1) As American farmers age, more of them are cashing out of the grain business with the number of farms decreasing from consolidation. Auction houses report their sales of closing farms are up 30%, a result of consecutive years of harvest and low grain prices, made worst by the China-U.S. trade war.
2) The Las Vegas based resort company MGM announced a planned 1,000 layoffs by June in an attempt to reduce costs and boost earnings. So far, 35 executives have taken voluntary retirement as part of the company’s restructuring.
3) Rising meat prices is weighing down on many restaurant chain’s bottom lines, at a time when rising minimum wages is cutting deeply into profits, which will start forcing their prices up leaving consumers paying more.
4) 30 APR 19 Stock market closings:
Dow 26,592.91 up 38.52 Nasdaq 8,095.39 down 66.47 S&P 500 2,945.83 up 2.80
1) America’s GDP (Gross Domestic Product) for the first quarter of 2019 grew to 3.2%, well above the predicted 2.5% by experts. The US growth makes the American economy the strongest in the world.
2) Exxon Mobil oil company’s profits for the first quarter fell 49% to $2.36 billion dollars. The company is spending more on oil production, while also having lower margins in their refinery business. Exxon is expanding its production in the Permian Basin of west Texas and New Mexico, causing a 42% spike in exploration and production spending.
3) The technology stocks $1 trillion dollar rally continues. The tech sector has outperformed every other industry, with monies pouring into the technology stocks.
4) 26 APR 19 Stock market closings: Again Nasdaq and S&P 500 set record highs.
Dow 26,543.33 up 81.25 Nasdaq 8,146.40 up 27.72 S&P 500 2,939.88 up 13.71
Mega host Sammy BE (Bizman Bassey) co host James Lymon, along with Jon Don Sterling (on the boards), wrap up 2017 with a year end review on the economy, business and finance.
They engage on topics ranging from Bitcoin, stocks profits/declines, Trump’s Republican tax bill (which he signed into law before Christmas began), our military & manufacturing sector encompassing a strong nation and our huge deficit and/or debt to China(in the $$$trillions$$$ of dollars)……
This year has seen its share of ups and downs in the economic & financial stratosphere but overall the year turned out to be a learning experience, as every year before it should be. Only time can tell what the new year (2018) will bring.
One thing is for sure 2018 shall surely be one that is newsworthy on the economic, financial and business front, and as it develops we will report on it, discuss it, and of course podcast it… The EFR Podcast show… Happy New Year 2018.
Remember to tune in, and continue to #Stay Blessed & #God Bless…
Back with the latest episode of the EFR podcast; the first episode of the new year, Businessman Bassey along with co host James Lymon and super engineer KH (Kyle Harper), speak on economic and financial developments that occured in the first quarter of 2017.
Topics range from the economy, stock market, wall street, IPOs, companies, wages, labor, global markets, investing, people, and business talk across the economical and financial spectrum…… Check the episode below… Stay Blessed & God Bless-SB