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Making Big Oil Pay for Climate Change May Be Impossible

(Bloomberg) — Exxon Mobil dodged a bullet last month when a judge rejected a novel climate-change lawsuit brought by New York’s attorney general. The case began with a promise from state officials that there would be a historic reckoning for the fossil fuel giant.It ended ignominiously as a failed accounting fraud claim.But that was just the beginning. Globally, humans are on the hook for trillions of dollars if they want to sufficiently reduce greenhouse gas emissions, acclimate to the damage already done and prepare for what is yet to come. As more governments and taxpayers find themselves staring down the …read more […]

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Europe Stocks Rise With U.S. Futures; Oil Edges Up: Markets Wrap

(Bloomberg) — Stocks rose in Europe and U.S. index futures edged higher as investors mulled China’s restrictions on movement for 30 million people to contain a deadly virus from spreading, while keeping an eye out for economic data. Oil steadied after a three-day slide.Miners and banking shares led the Stoxx Europe 600 Index higher, while contracts on the three main gauges on Wall Street pointed to a firm open. Officials in China widened their travel ban beyond the epicenter of the outbreak, yet the World Health Organization stopped short of calling the virus a global health emergency, saying it remains …read more […]

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Ripple’s IPO could come within 12 months, suggests CEO

Brad Garlinghouse, CEO of Ripple, has indicated that the firm could go public in the next 12 months. Speaking at the World Economic Forum in Davos, Garlinghouse told the Wall Street Journal on Thursday that an initial public offering (IPO) is a “natural evolution” for the company. “In the next 12 months, you’ll see IPOs […]The post Ripple’s IPO could come within 12 months, suggests CEO appeared first on The Block. …read more […]

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Volkswagen CEO Confident He Can Catch Tesla in Electric Car Race

(Bloomberg) — Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.Volkswagen AG Chief Executive Officer Herbert Diess is sending a message to Elon Musk: We’re coming for Tesla Inc.While Tesla is paving the way in electric cars, the world’s biggest automaker is buying software companies and ramping up investments in sustainable vehicles and battery cells, Diess said Friday at the World Economic Forum in Davos, Switzerland.“It’s an open race,” Diess said in an interview with Bloomberg TV. “We are quite optimistic that we still can keep the pace with Tesla and …read more […]

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Boeing reschedules 777X plane's first test flight for Friday

Boeing has previously said the 777X, its largest-ever twin-engined model, designed to hold on average 406 people, was on track to be delivered in 2021. Boeing said on Thursday weather or other factors could still delay the test flight. The crisis surrounding the smaller jet following two fatal crashes has led new Chief Executive Officer Dave Calhoun to send the aerospace giant back to the drawing board on proposals for a new mid-market aircraft. …read more […]

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Apple, Broadcom Strike $15 Billion Worth of Chip-Supply Deals

(Bloomberg) — Broadcom Inc. disclosed new agreements to provide components for Apple Inc. devices released through the middle of 2023.The San Jose, California-based chipmaker said it entered into two multiyear pacts “for the supply of a range of specified high-performance wireless components and modules to Apple for use in its products.” That’s in addition to another similar agreement that Broadcom reached with Apple in 2019. The three deals could generate about $15 billion in future revenue, Broadcom added.Broadcom shares rose more than 2% in late trading, while rival Skyworks Solutions Inc. dropped as much as 7.7%. Broadcom is a major …read more […]

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Intel Can’t Take Off Another Round in Chip Battle

(Bloomberg Opinion) — Intel Inc. closed out 2019 learning the hard lesson that making cutting-edge semiconductors is truly difficult.Like a prizefighter who refuses to admit he just hit the mat, the world’s biggest chipmaker is coming out swinging. And it should, because how it gets through 2020 could decide the company’s fate. Once the most advanced supplier of semiconductors, Intel struggled last year to ramp up production of chips that use its latest 14-nanometer process node, “letting customers down,” as CEO Bob Swan said in October. Its full-year results released Thursday showed that revenue climbed 2% and that net income …read more […]

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Is It Time for an Energy Sector Rally?

From a price-to-earnings standpoint, the energy sector is the cheapest sector in the S&P 500.
It can also be surprisingly stable at times. Pricing for West Texas Intermediate crude was down slightly in 2019, but for the most part it was fairly steady for the year.
Yet given this price stability and the perceived cheapness in the sector’s equity prices, there are few bidders for the stocks.
In fact, relative strength (a measure of market demand) for the sector is among the worst in the S&P 500.
The sector did go through quite a bit of stress in 2015 and 2016, which may have …read more […]