25Nov2020 Market Close: The Dow Dipped Closing Down 174 Points And The Nasdaq Rose, Closing Up +0.5% Ahead Of The Thanksgiving Holiday, Rig Count Rise Fails To Slow The Oil Price Rally, WTI Settles At 45.82

Big Banks Virtue Signaling Is Irrelevant For Arctic Oil

JP Morgan. Citi. Morgan Stanley. Goldman Sachs. All of these banks have announced they will no longer finance oil and gas drilling projects in the Arctic, virtue signaling to environmental groups that have been pressing for the suspension of Arctic drilling altogether. Things recently heated up after the U.S. federal government proposed a new rule that would limit banks ability to refuse to finance Arctic drilling unless they can prove that the decision to refuse this financing was based on financial rather than political grounds. The proposal

Israel Prepares For A Potential U.S. Military Strike On Iran

With just weeks to go until President-Elect Joe Biden is inaugurated on January 20, Axios reports that Israel is preparing for the possibility that Trump will launch a preemptive attack on Iran. Axios’ Barak Ravid reports from Tel Aviv that “The Israel Defense Forces have in recent weeks been instructed to prepare for the possibility that the U.S. will conduct a military strike against Iran before President Trump leaves office, senior Israeli officials tell me.” While not citing specific intelligence, Ravid says Israeli military and intelligence

Can Colombias Oil Industry Stage A Comeback In 2021?

Colombias economically crucial oil industry keeps showing signs of life as the oil rally extends into late-November 2020. The international benchmark Brent has finally crossed the all-important $45 per barrel mark, which is the price that many drillers need to be profitable. This is especially important for those upstream oil explorers and producers operating in Colombia because it is above their estimated after-tax breakeven price of $40 to $45 per barrel. Not only is the activity in Colombias energy patch picking-up as upstream

Rig Count Rise Fails To Slow The Oil Price Rally

Baker Hughes reported on Wednesday that the number of oil rigs in the United States rose by 10 to 241, resuming its climb after a one-week decline last week. The total number of active oil and gas rigs increased for the week by 10, with oil rigs increasing by 10 and gas rigs rising by 1. Miscellaneous rigs fell by 1 rig. Total oil and gas rigs in the United States are now down by 482 compared to this time last year. The EIAs estimate for oil production in the United States rose again last week as well, to 11.1 million barrels

Going Green Could Crush Canadas Oil Industry

As Prime Minister Trudeau reveals his net-zero plan for 2050, it is clear that Canada is still very much reliant on its oil industry. The new bill requires Canada to meet multiple targets to reach its goal of net-zero emissions by 2050, one of the aims of the internationally-signed Paris climate agreement. However, critics say the country has already failed to meet its targets over the last decade, making this plan overly ambitious. In addition, Trudeau has failed to provide the required five-year targets or to clarify

Oil Tanker Hit By Mine Explosion Near Saudi Arabia

An oil tanker was damaged in the Red Sea near Saudi Arabia after a mine exploded on Wednesday, the Associated Press reported, citing the tankers operator and a maritime security company. The MT Agrari oil tanker, managed by a Greek company and flying a Maltese flag, was damaged by a mine off the Saudi city of Shuqaiq near Yemen. Their vessel was attacked by an unknown source, the firm operating the MT Agrari said in a statement carried by AP. The Agrari was struck about 1 meter above the waterline and

Thanksgiving is usually a $250 million box office haul. This weekend it will be hard to reach $20 million

The Thanksgiving box office is set to see its worst haul in decades due to the coronavirus pandemic.

Cornish hens and restaurant meals: What Thanksgiving looks like in a pandemic

The coronavirus pandemic means consumers will be celebrating Thanksgiving differently this year.

Nissan is trying to bounce back from turmoil and losses

Nissan was once regarded as one of the automotive world’s great comeback stories. But now it is embroiled in turmoil and struggling once again.

Jewelry sales staging a holiday comeback as shoppers look to add sparkle to challenging year

Jewelers will try to drive holiday sales by encouraging purchases as a romantic gesture, a Zoom accessory or a way to brighten a very challenging year.

Covid cases are exploding across U.S. and Thanksgiving could be an ‘accelerator event’

“I’m not scared for the day itself, but for what’s going to happen, two, three and four weeks later,” Dr. Megan Ranney, an emergency physician in Rhode Island, said.

JPMorgan ‘skeptical’ about GM producing Nikola badger pickup

JPMorgan is “skeptical” about Nikola finalizing a deal with GM to produce an electric pickup called the Badger for the embattled vehicle start-up.

Neiman Marcus’ holiday perks are very 2020: Santa delivers curbside and virtual gift advisors send champagne

Santa will be busy delivering packages curbside at Neiman Marcus this holiday season. This is just one of its initiatives to try to win customers over.

Delta pilots approve cost-cutting measures to avoid furloughs until 2022

Delta pilots approve cost-cutting measures to avoid furloughs until 2022

Why Pizza Hut fell behind in the pizza wars

Since the start of the coronavirus pandemic, pizza makers that have their delivery game in place and digital assets in order have seen big gains.

‘It’s been crazy’ ” Maker of ultra-cold freezers sees surge in demand to store Covid vaccines

“Right now, we are out of everything,” Dan Hensler of So-Low Environmental Equipment told CNBC.

New York Gov. Cuomo says ‘states are broke’ and need federal funding to distribute Covid vaccine

Cuomo said distributing a vaccine is going to be much harder than anticipated, citing the early difficulties states had in administering Covid tests.

The CDC is expected to shorten Covid quarantine time, something most everyone seems to agree on

“I mean, frankly we probably should have done this sooner,” Dr. Scott Gottlieb, the former U.S. Food and Drug Administration commissioner, told CNBC.

L Brands names a new chief to lead Victoria’s Secret, as it works to revive the lingerie brand

L Brands tapped Martin Waters, current head of its international division, as CEO of Victoria’s Secret, replacing John Mehas.

President Trump Pardons Michael Flynn

President Trump Pardons Michael Flynn Tyler Durden Wed, 11/25/2020 – 16:09

Just minutes before the market closed on the day before Thanksgiving (typically one of the slowest, lowest-volume days of the year) John Solomon reported that President Trump has pardoned Michael Flynn, the man who briefly served as his national security advisor before being taken down (and then charged and convicted of lying to investigators) in an effort that some have described as a deep state-backed setup.

Trump just confirmed the reports, published minutes ago by John Solomon and Just the News, in a tweet.

It is my Great Honor to announce that General Michael T. Flynn has been granted a Full Pardon. Congratulations to @GenFlynn and his wonderful family, I know you will now have a truly fantastic Thanksgiving!

” Donald J. Trump (@realDonaldTrump) November 25, 2020

Flynn was granted a full pardon by the president, who also commuted the sentence of former advisor Roger Stone back in July.

Second Amendment Under Threat After New Third Circuit Decision

Second Amendment Under Threat After New Third Circuit Decision Tyler Durden Wed, 11/25/2020 – 15:55

Authored by Jonathan Turley,

The Third Circuit has issued an opinion that has received little attention over the right to bear arms, but it should. The decision in Folajtar v. The Attorney General of the United States may be one of the most perfectly tailored case for major Supreme Court decision. Indeed, the only thing lacking from the 2-1 decision is a mailing label directly to Justice Amy Coney Barrett.

In ruling that a non-violent tax conviction can result in the denial of gun ownership, the panel presents a clean case to further define the contours of the individual rights recognized in District of Columbia v. Heller, 554 U.S. 570 (2008).

Doctors Warn Side Effects From COVID-19 Vaccine “Won’t Be A Walk In The Park”

Doctors Warn Side Effects From COVID-19 Vaccine “Won’t Be A Walk In The Park” Tyler Durden Wed, 11/25/2020 – 15:25

Fevers, sweats, migraines and muscle aches that last for days – these are just some of the symptoms reported by various ‘Phase 3’ trial participants who volunteered for the vaccine trials run by Pfizer, Moderna and others. Though AstraZeneca noted in its preliminary results that its vaccine (which uses the more traditional adenovirus vector) seemed to produce side effects that are less severe than some of its competitors.

As scientists try to ensure the US reaches a 70%+ vaccination rate (the cut-off point at which herd immunity is believed to kick in) a group of doctors just warned that public health officials and drugmakers need to be “transparent” with patients about the potential side effects of vaccination, and ensure precautions are taken to ensure patients don’t skip their follow-up visit.

This is a top concern for Dr. Sandra Fryhofer of the American Medical Association, who warned that the side effects might deter many of her patients from receiving the follow-up shot. Dr. Fryhofer expressed her concerns during a virtual meeting on Monday with the CDC and representatives from various vaccine makers

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Fed, IMF Sound Warning That More QE Could Lead To “Unintended Consequences”

Fed, IMF Sound Warning That More QE Could Lead To “Unintended Consequences” Tyler Durden Wed, 11/25/2020 – 15:21

Five years ago we wrote that the world’s most exclusive club has eighteen members. They gather every other month on a Sunday evening at 7 p.m. in conference room E in a circular tower block whose tinted windows overlook the central Basel railway station. Their discussion lasts for one hour, perhaps an hour and a half. Some of those present bring a colleague with them, but the aides rarely speak during this most confidential of conclaves. The meeting closes, the aides leave, and those remaining retire for dinner in the dining room on the eighteenth floor, rightly confident that the food and the wine will be superb. The meal, which continues until 11 p.m. or midnight, is where the real work is done. The protocol and hospitality, honed for more than eight decades, are faultless. Anything said at the dining table, it is understood, is not to be repeated elsewhere.

Rishi Sunak warns ‘economic emergency has only just begun’

The pandemic will deal lasting damage to growth and jobs, the chancellor has warned.

Spending Review: Rishi Sunak ‘hasn’t gone far enough’

Under-30s have been hit hard by Covid, so what did they think of the chancellor’s Spending Review?

Low-paid public sector workers to get £250 pay rise

Pay will be frozen for at least 1.3 million public sector staff, but low-paid and NHS workers will get raises.

$240 million equity infusion, acquisition and IPO plans: Inside JSW Group’s expansion strategy

With the planned investments, the cement company expects to double its capacity of 25 mt to 50 mt by 2026 after the planned initial public offer (IPO) is completed.

Why HNI investors are looking to flee Srei Group-issued bonds

Bond prices plunged pushing yields up. Since November 23, the first working day after the Reserve Bank of India (RBI) ordered a special audit into SREI’s books, bond prices plunged 13.5%.

Why RBI needs to go slow on its record piling of forex reserves

There may be a limit to which the central bank continues to keep piling forex because this results in a surge in rupee liquidity that distorts loan pricing and hence bank profitability

Final November 2020 Michigan Consumer Sentiment Significantly Declines Due To Republican Consumers

Written by Steven Hansen

The final University of Michigan Consumer Sentiment for November came in at 76.9, down from the preliminary’s 77.0, down from October’s 81.2, and down from September’s 80.4.

Realtor.com: See inside Seth Rogen’s $2.1 million Spanish-style Hollywood bungalow

The actor Seth Rogen has listed his longtime Hollywood home for $2,125,000. The home landed on the market early last month, and is currently in pending sale status.

Economic Report: U.S. jobless claims hit 5-week high as record coronavirus wave triggers more layoffs

The number of people who applied for state unemployment benefits in late November rose for the second week in a row to a five-week high, signaling the record rise in coronavirus cases has put a dent in hiring and could be applying the brakes to the economic recovery. Initial jobless claims increased by a seasonally adjusted 30,000 to 778,000.

The Ratings Game: American Eagle says digital and full-price sales offset lower mall traffic

Mall staple American Eagle Outfitters Inc. said traffic was a challenge during the third quarter, but digital sales and full-price purchases drove better-than-expected results.