Exxon Mobil will merge with Pioneer Natural Resources in an oil mega-deal that could transform the Permian shale basin. Tomi Kilgore reports for MarketWatch: Exxon Mobil Corp. confirmed Wednesday an agreement to buy shale driller Pioneer Natural Resources Co. in an all-stock deal valued at $59.5 billion, or $64.5 billion including debt. “Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge,” said Exxon Mobil Chief Executive Darren Woods. “The combined capabilities of our two companies will provide long-term value creation well in excess … [Read more...]
The Quantum Future of Computing
In Foreign Policy, Rishi Iyengar explains the quantum future of computing, and what it means for geopolitics, writing: Even as the U.S. government tries to hold back China’s semiconductor industry and steal a march on its artificial intelligence capabilities, it is also preparing a much bigger, and more important, battlefield: quantum computing. Mentions of the technology have been tucked into a recent executive order curbing outbound investment into China, guardrails around funding for the CHIPS and Science Act, and a pair of presidential directives last year aimed at securing America’s … [Read more...]
Does Anyone Know About Clothes at the Gap?
In The Robin Report, Robin Lewis wonders about the lack of experience in the apparel industry at the top of Gap's organizational chart. He writes: I was reluctant to write this article, only because I was getting kind of bored being TRR’s Chief Critic Officer railing against Gap Inc’s serial selection of five CEOs over roughly the past two decades. None of those executives had experience in apparel retailing, despite the fact that such experience was a key qualifier for the top job. Gap Gone So, while Gap Inc.’s overall business (across its four major brands) following the exit of Mickey … [Read more...]
Americans Watch as Household Incomes Drop
In recent weeks, higher numbers of Americans have been watching their incomes decline. Alexandre Tanzi reports in Bloomberg: The share of US adults with decreasing incomes has ticked higher in recent weeks, another sign that the labor market is slowly cooling. The increase — to 11.8% last month from 10.7% in August — was driven primarily by high- and middle-income households and the West region, according to a survey of the US labor market from data intelligence company Morning Consult. Among adults with an annual income of $100,000 or more, close to 20% say they expect their incomes to … [Read more...]
Has Tupperware Survived Its Brush with Death?
Tupperware was nearly out of business, but, reports The Robin Report, it may have been saved, for now. Arick Wierson writes: Way back in May of this year – I know that’s only a few months ago but with the entirety of summer sandwiched in between now and then it now seems like an eternity has passed – business scribes were getting ready to write their eulogies for the iconic American household brand Tupperware (TUP). Why? It had just announced that there was “substantial doubt about the company’s ability to continue as a going concern.” (In case you’re wondering, that’s business-speak for … [Read more...]
Biden’s “War” On Fossil Fuels Keeps Shale Drillers Idle as Oil Prices Rise
Despite high oil prices, America's shale drillers are holding back on new drilling in the face of what they fear will be a war on their businesses from the Biden White House. Jamie Smyth and Amanda Chu report for the Financial Times: America’s shale pioneers have vowed to keep a lid on drilling even if oil hits $100 a barrel, citing a need to maintain capital discipline and what they claim is a “war” on fossil fuels waged by the Joe Biden administration. The price of Brent crude has surged more than 25 per cent to $95 a barrel since June following co-ordinated cuts in production by Saudi … [Read more...]
India Chooses to Promote Coastal Trade. The US Should Too
Trade in the United States is disjointed by a rule that is meant to promote the American shipbuilding industry but instead hurts all the others. The Jones Act demands that trade traveling from one port to another in the U.S. must travel on ships built, owned, and operated by U.S. citizens or permanent residents. Since the American shipbuilding industry isn't competitive compared to those in other places in the world, the Act severely limits trade between ports. For instance, no liquified natural gas ships are built in the United States, so despite the massive amounts of LNG exported from Texas … [Read more...]
The War Machine’s Manpower Problem
No, I'm not talking about the U.S. military's failure to recruit its intended numbers of new servicemen, but the labor shortages plaguing the military-industrial complex. The Pentagon and Washington, D.C. would like to throw billions of American dollars into producing new drone aircraft of all shapes and sizes, but there simply aren't enough Americans with the know-how or desire to build them all. Doug Cameron reports for The Wall Street Journal: The Pentagon wants to acquire thousands of drones over the next two years that can fly to their targets, confuse radar, overwhelm enemy defenses, … [Read more...]
Profits Becoming Elusive in China
American companies are pulling back on investments in China as profits in the nation are becoming elusive. Yuka Hayashi reports in The Wall Street Journal: China has become a much tougher place to make money for American companies, a new survey found. Escalating bilateral tensions are affecting various aspects of U.S. companies’ operations in China, including losses in sales, declines in profits and canceled or delayed investments, according to a survey of the U.S.-China Business Council’s member companies. The ratio of companies expressing a pessimistic outlook on their China … [Read more...]
The Single Worst Market Timing Event in History
Attempting to time the market could be the most popular mistake among market participants. Here’s what I wrote about market timing back in January 1997: Panic!... History has been made. Since the exact summer Dow low of 5346.55, the Dow has soared an amazing 21.9%. Never in stock market history has the Dow added 1,000 points so fast. As a cap to the monster four-month surge, the Dow Jones News Service headlined a lead story with, “November Point Gain Was Largest Ever for the Dow.” To anyone who was foolish enough to sell stocks in front of this tidal wave, the bailout goes down, in terms … [Read more...]
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