26Aug2021 Midday Update: Wall Street Slips Into The Red, DOW Down 58 Points, Nasdaq Down 0.2%, US Dollar Hits 93 Again, Bitcoin Seaking A Lower Altitude At 46900

Here is the current market situation from CNN Money

North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively.

U.S. Signals Readiness To Compromise With Iran

The United States is ready to make concessions on some difficult issues in the Iran nuclear talks, the lead U.S. negotiator in the talks, Robert Malley, has said as quoted by Bloomberg. According to the latest comments by Malley, the U.S. has recognized Irans shift to a more hardline political course but there is still hope for the nuclear deal if Iran returns to the negotiating table with a realistic approach. Malleys remarks should spark optimism not in themselves but also because they are a marked departure

Chinese Oil Major Sinopec Announces Oil, Gas Discovery

Chinas state-owned oil and gas major Sinopec has struck oil and gas at a field in the northwestern province of Xinjiang, Reuters reports, adding that the reserves at the field are estimated at some 100 million tons. This would be equal to about 733 million barrels based on a 7.33 barrels-to-the-ton conversion ratio. The state company said on Chinese social media that it had achieved daily output of more than 6,000 barrels of crude and close to 600,000 cubic meters of natural gas. The newly discovered field is in a legacy-producing region

India To Boost LNG Import Capacity By 12%

India is planning to expand its import capacity for liquefied natural gas by 12 percent by building a new floating import terminal in the western state of Gujarat. The terminal is due to become operational next year, Reuters reports, and will bring Indias total LNG import capacity to 47.5 million tons annually. India last year consumed 25.7 million tons of liquefied natural gas, a 14-percent increase on 2019, according to Wood Mackenzie. Demand is likely to continue to grow in the coming years although there will be constraints related to

House Democrats Seek More Oil Drilling Bans

Democrats on the House Natural Resources Committee are proposing more offshore drilling bans and higher fees and royalty charges on the oil and gas industry to raise funds for wildlife conservation efforts, Bloomberg News reported on Thursday, citing a document circulated among lawmakers it had seen. Democrats sitting on the Natural Resources Committee propose increased royalties for oil and gas pumped on public lands and want new fees for idled oil wells and the inspection of oil and gas infrastructure, among a dozen measures to raise more

Line 3 Opponents Rally In Minnesota

Protesters gathered in front of the Minnesota State Capitol a day after the states Supreme Court allowed construction on the Enbridge Line 3 oil pipeline to proceed, calling on the Minnesota governor and President Joe Biden to stop the project. Were here in ceremony. Were here to assert our treaty rights and our right to exist and our right to clean water,said one of the protesters, the founder of an organization called the Resilient Indigenous Sisters Engaging Coalition. Line 3 violates our treaty

BP Spins Off Operations Of Iraqs Largest Oilfield

BP is spinning off its assets in Iraq by setting up a joint venture with PetroChina which will manage Iraqs largest oilfield Rumaila as the UK-based supermajor is looking to invest more in low-carbon energy sources and become a net-zero business by 2050. BP and PetroChina are creating a new standalone joint venture company, Basra Energy Co. Ltd., to run Rumaila together with Iraqi state-held Basra Oil Company, BP said in a statement carried by Bloomberg. The new venture will have access to external financing, the supermajor said. The new

Abercrombie shares tumble as supply chain constraints, delayed back-to-school purchases hurt sales

Abercrombie & Fitch shares tumbled Thursday after the apparel retailer reported quarterly sales that came up short of analysts’ expectations.

BMW to build new vehicle at South Carolina plant

The Spartanburg plant currently produces the BMW X3, X4, X5, X6 and X7 as well as performance models of most of the vehicles.

Blue Origin successfully launches New Shepard cargo mission with research for NASA

Jeff Bezos’ Blue Origin launched its New Shepard rocket for the fourth time this year but Thursday’s mission did not carry people inside the capsule.

Here are the top 10 beach destinations for wealthy investors

The Nomad Beach Index ranks the top beach destinations worldwide for wealthy entrepreneurs and investors looking for sunny second residences ” and lower taxes.

UK car production plummets to lowest level since 1956 amid chip shortage, worker absences

U.K. car production plummeted to a new low last month, marking the worst July performance for the industry since 1956, according to a trade group.

Australia’s Qantas hopes to resume international flights by Christmas, CEO says

Qantas CEO Alan Joyce told CNBC he expects the first flights out of Australia would be to highly vaccinated destinations like Singapore.

Blockbuster movies create booms for tourism ” and headaches for locals

Blockbuster hits old and new like “The Godfather” and “The Lord of the Rings” can lead to a massive influx in tourism. But problems often follow.

Finding Covid origins requires ‘radical and complete transparency,’ Singapore’s foreign minister says

The WHO said in February that Covid-19 “most likely” originated in animals before spreading to humans. China has rejected a second phase of investigation.

Ulta shares rise after beauty retailer posts 60% gain in revenue as makeup sales recover

Shares of Ulta Beauty rose in extended trading after the retailer posted second-quarter results that topped analyst expectations on the top and bottom lines.

ESPN cancels Rachel Nichols’ show, pulls her from NBA coverage following race controversy

Rachel Nichols has faced backlash after suggesting former colleague Maria Taylor got a job hosting NBA coverage because she is Black.

Krispy Kreme Warns Donut Price Inflation To Hit Next MonthÂ

Krispy Kreme Warns Donut Price Inflation To Hit Next MonthÂ

Americans are hooked on sugary donuts and may find out next month that their favorite breakfast snack is about to experience a price increase because of rapid food inflation.Â

America’s favorite doughnut company and coffeehouse chain Krispy Kreme, Inc. warned this week that higher costs for donut ingredients, such as flour, butter, milk, oil, and sugar, are forcing the company to raise prices in September.Â

CEO Mike Tattersfield told Yahoo Finance this week that price hikes “won’t be exorbitant.”Â

“We are really disciplined on pricing. We are a dozens business, so we do always pay attention to an accessible price point. So when you think about the pricing that will happen on a dozen you won’t really see it that much,” Tattersfield explained about next month’s price increases.Â

He said the cost of one donut would be approximately $1, adding, “We do have pricing …

Powell’s Incentives To Taper (Or Not): ‘Skin In The Game’ FOMC-Style

Powell’s Incentives To Taper (Or Not): ‘Skin In The Game’ FOMC-Style

Authored by Dylan Grice via TheMarket.ch,

All people are driven by incentives, including senior officials at the most powerful central banks. A look at Jerome Powell’s portfolio shows what incentives might drive the chairman of the Federal Reserve.

«You show me the incentives, I’ll show you the outcome.»

– Charlie Munger (*1924, Vice Chairman of Berkshire Hathaway)

James M. Buchanan won the 1986 Nobel Prize in Economics for his pioneering work in public choice theory, the systematic study of the efficacy with which representative organizations act on behalf of those they represent.

Its starting point is simply that the presumption of some kind of higher benevolence or public-spiritedness on the part of political agents is a bad one.

Decades before Nassim Taleb had written «Skin in the Game», and without so much of the literary flair, Buchanan argued that agents should be expected to accommodate their own interests pari-passu with those of the group only to the extent that their incentives were accurately aligned. To the extent that there was a misalignment, the agent’s private interests would trump those of the public. The challenge of designing institutions to efficiently achieve that alignment was one Buchanan made his life’s work.

When it came to central banks, Buchanan, writing in 1984 in < …

Capitol Police Officers Sue Trump For Allegedly ‘Masterminding’ Jan. 6 “Attack”

Capitol Police Officers Sue Trump For Allegedly ‘Masterminding’ Jan. 6 “Attack”

A group of seven Capitol Police officers filed a lawsuit Thursday accusing President Trump and nearly 20 members of various (allegedly) “far-right” groups (including the Oath Keepers and Proud Boys, of course) of being part of a plot to disrupt the peaceful transition of power on Jan 6, when the officers were injured during the unrest on Capitol Hill.Â

According to the NYT, this latest lawsuit is the “most expansive civil effort to date seeking to hold Mr. Trump and his allies legally accountable for the storming of the Capitol.”

Three other similar lawsuits have been filed in recent months, including one filed by two Capitol Police officers back in March which accused President Trump of being directly responsible for unleashing his followers on the officers for a violent confrontation. But Thursday’s lawsuit is the first to allege that Trump worked in concert with the “far-right extremists”, something the FBI h …

One Bank’s Non-Transitory Inflation Meter Just Hit A New Record High

One Bank’s Non-Transitory Inflation Meter Just Hit A New Record High

Two months ago we reported that Bank of America had released a new proprietary indicator tracking the level of transitory inflation, which incidentally was at the highest possible reading of 100.

Of course, since then it’s only gotten worse and the core PCE report released earlier today revealed another explosion in all price pressures, not just transitory, rising to the highest level since 1983.

NHS blood test tube shortage set to worsen

NHS England admits supplies of the tubes will become “even more constrained over the coming weeks”.

Food firm in ‘drastic’ action amid driver shortage

Wholesaler Country Range says it is buying smaller vans to get round the lack of HGV drivers.

Sports Direct owner’s new boss offered potential £100m bonus

Michael Murray, Mike Ashley’s future son-in-law, must more than double the firm’s share price.

IPO candidates take a step back in unlisted market after flat listing and correction

Dealers active in the space said a correction of 5-10 per cent in the unlisted shares does not dampen the sentiments, and the correction was much anticipated.

Market Movers: D-Street’s silent gainer and why BPCL is back in limelight

The move in the privatization candidate was spurred by a media report that Apollo Global and I Squared Capital have submitted bids to the government to buy a majority stake in the state-owned refiner.

Multifold jump in Q1 sales and profit fail to lift these 5 BSE500 stocks

Shares of NBCC (India) and NMDC fell 16-17 per cent since July 1 despite reporting a 2-3 times jump in year-on-year Q1 sales. Ircon International, Dixon Technologies (India) and Bajaj Auto also declined despite logging in strong year-on-year numbers for the June quarter.

21 August 2021 New York Fed Weekly Economic Index (WEI): Index Decline Continues

Written by Steven Hansen

The New York Fed’s Weekly Leading Index (WLI) declined this past week. This index’s trend is worsening based on the 13-week rolling average.

The Moneyist: My husband and I have lived in my grandparents’ home since 1999. They left it to me ” now he wants half

‘The marriage has turned very ugly in a short period of time, and my husband is demanding that he get half of everything we own.’

: I bought my husband’s childhood home before we married ” but only my name is on the deed. Should I add him?

‘I am concerned that if we get a divorce I would be stuck with a mortgage and I am sure my husband would not want to sell.’

Economic Report: Jobless claims rise for first time in five weeks, but still near low for pandemic era

The number of people who applied for U.S. unemployment benefits in late August rose for the first time in five weeks, but new jobless claims remained near a low for the pandemic era and suggest the economy is still doing pretty well despite a surge in coronavirus cases.