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• Aramco Acquires Valvoline Global Operations for $2.65 Billion
  Saudi Arabia’s Aramco has acquired Valvoline Inc.’s global...
  Saudi Arabia’s Aramco has acquired Valvoline Inc.’s global products business Valvoline Global Operations for $2.65 billion, Aramco announced in a press release on March 2.
  
  Headquartered in Lexington, Kentucky, Valvoline Global Operations is in the lubricants market and provides automotive and industrial solutions. Aramco’s acquisition of the 157-year-old brand advances its international lubricants growth strategy and base oils production.
  
  As part of their agreement, Aramco will own Valvoline’s brand for its products business and Valvoline Inc. will own the Valvoline brand for retail services
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• Equinor Buys Suncor Energy UK in $850 Million Deal
  Equinor said on March 3 it will acquire the British oil and gas business of Canada's Suncor Energy for...
  Equinor said on March 3 it will acquire the British oil and gas business of Canada's Suncor Energy for $850 million, giving the Norwegian company stakes in several key North Sea petroleum assets.
  
  Equinor said the deal includes a 29.9% stake in the Buzzard oilfield, an additional 40% stake in the Rosebank development and will also see the Norwegian firm taking on Suncor's U.K.-based employees who work with these assets. The transaction will add approximately 15,000 boe/d to Equinor's production in 2023, the Norwegian company said.
  
  Equinor is already the operator of the planned offshore Rosebank oil and gas project, some 130 km (80 miles) northwest of the Shetland Islands and one of the largest developments in the aging North Sea basin.
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• ☕️What Else is Brewing Friday Morning
  Starbucks engaged in “egregious and widespread” violations of federal labor law...
  Starbucks engaged in “egregious and widespread” violations of federal labor law at stores in upstate NY and illegally fired six workers in response to a unionization drive, a judge at the National Labor Relations Board ruled.
  
  Former President Trump does not have immunity from civil lawsuits over his role in the Jan. 6, 2021, attack on Capitol, the DOJ said.
  
  More than half of the global population will be obese or overweight by 2035 barring significant action, the World Obesity Federation warned.
  
  Egyptian officials confirmed the discovery of a hidden corridor in the Great Pyramid of Giza.
  
  
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• Mortgage rates are spiking…again
  The average rate on the 30-year fixed mortgage rose for the ...
  The average rate on the 30-year fixed mortgage rose for the fourth straight week, to 6.65%, according to Freddie Mac. While mortgage rates fell earlier this winter, they’re jumping again in response to strong economic growth and hot inflation data, which could signal more interest rate hikes from the Fed. Higher mortgage rates combined with already astronomical home prices have led to the most unaffordable housing market on record, per Bloomberg.
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• Dow climbs 340 points as stocks finish higher despite rising Treasury yields
  U.S. stocks closed higher on Thursday, shrugging off early losses as commentary from Atlanta Fed President...
  U.S. stocks closed higher on Thursday, shrugging off early losses as commentary from Atlanta Fed President Raphael Bostic appeared to help lift stocks in afternoon trading. The S&P 500 SPX, +0.76% gained 29.96 points, or 0.8%, to 3,981.35, according to preliminary data from FactSet. The Dow Jones Industrial Average DJIA, 1.05% gained 341.73 points, or 1.1%, to close at 33,003.57. The Nasdaq Composite COMP, +0.73% rose by 83.50 points, or 0.7%, to finish at 11,462.98. Atlanta Fed President Raphael Bostic on Thursday said he was firmly in support of a 25 basis point rate increase at the Fed’s late-March policy meeting, and that the central bank could be in a position to pause rate hikes by the summer. The market suffered earlier as the yield on the 10-year Treasury note moved meaningfully above 4%.
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