Companies have made pledges to invest more than $200 billion in US manufacturing projects since the government passed two pieces of legislation—the Inflation Reduction Act and the CHIPS Act—that offer subsidies for certain manufacturing investments, the FT reported. The amount committed to clean tech and semiconductor projects is nearly double the commitments made to those sectors in 2021, and up almost 20x from 2019.
In what would be a shocking move, Samsung may ditch Google as the default search engine on its smartphones in favor of Microsoft’s AI-powered Bing, according to the New York Times. It certainly came as a shock to Google, which has launched an initiative to shield its $162 billion search business from rivals that are leveraging AI chatbot tech. Under a project called Magi, the company plans to eventually release an all-new search engine, and make AI-related tweaks to its current search product in the meantime, according to internal docs seen by the NYT.
The energy sector is off to a lower start, pressured by weakness in the...
The energy sector is off to a lower start, pressured by weakness in the crude complex. U.S. equity futures are mixed as investors brace themselves for more quarterly earnings reports.
WTI and Brent crude oil futures are trading lower, following last week’s short-covering rally as investors wait for Chinese economic data which will provide more color on the country’s demand recovery. On Tuesday, China will release its first-quarter GDP data which is expected to be positive for commodities as forecasts suggest they will account for most of 2023 demand growth. However, according to the IEA, further supply tightening by OPEC+ is anticipated to hurt economic growth during the latter half of the year. Oil exports from northern Iraq to Turkey remain halted for almost three weeks which is lending additional support to futures.
Natural gas futures are up as the NOAA’s 8-14 day outlook forecasts below-normal temperatures for key consuming regions.
At least 30 people are dead and 400 are injured as rival military factions fight to control Sudan
Deadly clashes broke out on Saturday in Sudan’s...
Deadly clashes broke out on Saturday in Sudan’s capital, Khartoum, and several other cities as months of rising tensions between rival factions of the armed forces turned into an all-out battle for control of one of Africa’s biggest countries.
At least 30 people were killed and hundreds were injured, according to United Nations officials, after fighting that erupted early Saturday at a military base in Khartoum quickly spread to the presidential palace, the international airport and the headquarters of the state broadcaster. As residents cowered in their homes amid gunfire and explosions, warplanes screeched over rooftops at low altitudes.
126 years ago today, the Nellie Johnstone No. 1 became the first commercially productive oil...
126 years ago today, the Nellie Johnstone No. 1 became the first commercially productive oil well in Oklahoma (still Indian Territory, at that time). Named for the daughter of the oilman who drilled it, the well was completed on April 15, 1897 and produced over 100,000 barrels of oil before being capped in 1948. The land where the well was situated was sold to the city of Bartlesville in 1915, and remains as Johnstone Park to this day.
