Shell 2022 profit more than doubles to record $40 bln

Fourth-quarter profit of $10 billion beats estimates Shell to repurchase $4 billion in shares Shares up 2.5% by 1002 GMT LONDON, Feb 2 (Reuters) – Shell ( SHEL.L ) delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after … Read more

Morning bid: Markets go all in for disinflation

SYDNEY, Feb 2 (Reuters) – A look at the day ahead in European and global markets from Wayne Cole. Push back? What push back? The main theme ahead of the Fed announcement was that Chair Jerome Powell would definitely, totally, absolutely push back against the recent rapid easing in market conditions given inflation was still … Read more

Asian shares jump, dollar eases after Powell comments

SINGAPORE, Feb 2 (Reuters) – Asian stocks jumped on Thursday while the dollar eased after Federal Reserve Chair Jerome Powell said a “disinflationary” process was underway, boosting risk appetite and hope that the US central bank will soon end its monetary tightening streak. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.84% ​​higher, … Read more

Solar power industry to FERC: Let us compete in backup market for midwest grid

Midwest grid operator MISO banned renewables from the backup market in 2010 Solar power industry says decision based on now-outdated data (Reuters) – A rule banning wind and solar energy producers from participating in power markets that provide critical support for the electricity grid for much of the Midwest is outdated and based on “stale” … Read more

India ramps up spending in last budget ahead of election

NEW DELHI, Feb 1 (Reuters) – India’s government on Wednesday unveiled a $550 billion budget for the next fiscal year that starts on April 1, with a plan for record capital spending while reining in the fiscal deficit. Prime Minister Narendra Modi’s party, which faces elections in key states this year and a national vote … Read more

Oil stable as market awaits Fed, OPEC decisions

LONDON, Feb 1 (Reuters) – Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and US government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at … Read more

Stocks firm, dollar on edge ahead of Fed decision

US wage growth moderates, Wall Street rallies MSCI AxJ index up 0.6%; dollar flat All eyes on 1900 GMT Fed announcement SINGAPORE, Feb 1 (Reuters) – Asia’s stock markets steadied on Wednesday, with signs of a slowdown in US wages bolstering hopes that the Federal Reserve could hint at an end to interest rate hikes … Read more

Exxon smashes Western oil majors’ profits with $56 billion in 2022

HOUSTON, Jan 31 (Reuters) – Exxon Mobil Corp (XOM.N) posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own … Read more

Norway wealth fund posts record $164 billion loss

Loss in 2022 exceeds previous record from 2008 Inflation, geopolitical tensions remain risk factors Record inflow of money from the oil and gas industry OSLO, Jan 31 (Reuters) – Norway’s wealth fund, one of the world’s largest investors, posted a record loss of 1.64 trillion crowns ($164.4 billion) for 2022, bringing to an end a … Read more

Turkey’s push into Iraq risks deeper conflict

SARARO, Iraq, Jan 31 (Reuters) – Looming over the deserted village of Sararo in northern Iraq, three Turkish military outposts break the skyline, part of an incursion that forced the residents to flee last year after days of shelling. The outposts are just some of the dozens of new military bases Turkey has established on … Read more