REUTERS
"Tesla layoffs include 14% of Buffalo workers, WARN notice shows"
By Reuters
April 17, 2024
April 17 (Reuters) - Tesla will lay off 285 employees in Buffalo, New York, as part of its plans to trim 10% of its global workforce, the electric-vehicle maker said in a legally mandated notice on Wednesday.
Under pressure from falling sales and an intensifying price war for EVs, Tesla announced its latest round of jobs cuts on Monday in an internal memo that was seen by Reuters.
The notice on Wednesday, opens new tab was issued under the Worker Adjustment and Retraining Notification (WARN) Act which requires employers to provide a 60-day notice before layoffs.
It said the layoffs would start on July 15 and that they were due to "economic" reasons.
Tesla has a total of 2,032 employees across the two impacted sites in Buffalo, meaning that the cuts will affect about 14% of its workers there.
The plants in upstate New York were built to produce solar roof tiles.
Tesla also makes fast-charging equipment at the location, which hosts staff that label data for its Autopilot driver-assistance technology and is set to be the home of its Dojo supercomputer project.
The EV maker had in February last year let go 4% of the employees in the Autopilot labeling team in Buffalo as part of a performance review cycle conducted every six months.
The move had come just a day after the workers launched a campaign to form a union, but Tesla had said the affected staff were identified before the union campaign was announced.
Musk last announced a big round of job cuts in 2022, after telling executives he had a "super bad feeling" about the economy.
Still, Tesla's headcount has risen from around 100,000 in late 2021 to over 140,000 in late 2023, according to filings with U.S. regulators.
The layoffs follow an exclusive Reuters report on April 5 that Tesla had canceled a long-promised inexpensive car, expected to cost $25,000, that investors have been counting on to drive mass-market growth.
Tesla has been slow to refresh its aging models as high interest rates have sapped consumer appetite for big-ticket items, while rivals in China, the world's largest auto market, are rolling out cheaper models.
Reporting by Aditya Soni in Bengaluru; Editing by Maju Samuel
https://www.reuters.com/business/autos- ... 024-04-17/
THE DAILY NEWS
Re: THE DAILY NEWS
REUTERS
"US regional banks seen booking more commercial property losses, loan sales"
By Saeed Azhar and Matt Tracy
April 17, 2024
April 17 (Reuters) - U.S. regional banks are expected to set aside more money to cover potential commercial real estate (CRE) losses and sell more property loans as the sector remains under pressure a year after the collapse of Silicon Valley Bank and Signature Bank.
Most multifamily loans are made by regional banks, so when New York Community Bank posted a surprise fourth-quarter loss it intensified fears about the industry's exposure to commercial real estate.
Multifamily properties with more than five units are a major concern, especially since the bank had booked losses on its real estate portfolio.
Scrutiny of regional banks has increased after Silicon Valley Bank's collapse prompted by high borrowing costs that exceeded its income from low-rate loans following the Federal Reserve's aggressive rate hikes since March 2022.
Many banks have unrealized losses on securities portfolios, including mortgage-backed paper.
A slew of regional banks report first-quarter earnings starting April 16.
"I expect to see more of a reserve buildup," said Stephen Buschbom, research director at consultancy Trepp.
Buschbom said office loans remain the "biggest pain points" for banks, but he also expects stress in the multifamily sector especially construction loans.
Office loans have been hit as many employees still work from home after the pandemic, leaving vacancies that make it tougher for building owners to repay their mortgages.
Multifamily is also under pressure in cities like New York and San Francisco that, right before the pandemic, severely limited rent hikes on regulated apartments based on record low interest rates and inflation at the time.
Non-performing CRE loans as a percentage of U.S. banks' portfolios doubled to 0.81% by the end of 2023 from 0.4% a year earlier, the International Monetary Fund said in its semi-annual Global Financial Stability report.
Banks have continued to increase provisions for bad CRE loans, the IMF noted on Tuesday.
Several analysts and investors are predicting higher reserves.
Morgan Stanley forecast a 10- to 20-basis point increase in CRE reserve ratios for regional banks this year, said Manan Gosalia, an analyst at the Wall Street bank, in a research note.
Aggregate provisions are 20% above consensus, she added.
Stephen Biggar of Argus Research agreed, saying high office vacancies have reduced cash flows, and the Fed's stance on keeping interest rates higher for longer makes financing expensive.
CRE holdings are significant across the U.S. banking industry, comprising 13% of large banks' balance sheets and 44% for regional banks, an Ares Alternative Credit report showed.
Reflecting investor sentiment, the KBW regional bank index is down 13.5% year to date versus the S&P bank index's 6.8% rise.
S&P Global Ratings downgraded the outlook for five U.S. banks in March because of stress in CRE markets, which it said may hurt their asset quality and performance.
The banks cited, including M&T Bank and Valley National Bancorp, declined to comment.
"The CRE delinquency rate for banks is more benign than the commercial mortgage-backed securities market, but deteriorating," Stuart Plesser, managing director (at rating agency S&P Global Ratings, told Reuters, saying he sees some reserve increase for banks.
The delinquency rate at regional banks is 1.2% for loans 30 days due as of the end of the fourth quarter, according to S&P Global, below the 4% for CMBS.
Buschbom, however, said the level of support from potential buyers, including private equity investors, will help reduce some downside risks for banks.
Office loans are selling at deep discounts, while multifamily properties have smaller discounts, industry sources said.
"Numerous community and regional banks are exploring their options and, as a result, we are seeing more deal flow than we have since the global financial crisis," said David Aviram, co-founder of real estate investment firm Maverick Real Estate Partners.
A senior Wall Street banker who declined to be named discussing sensitive information said banks are expected to offload existing loans to private lenders and that those lenders would originate new loans.
Among such deals, regional lender PacWest last year sold construction loans with a $200 million discount, a regulatory filing showed.
In December Signature Bridge Bank, whose predecessor Signature Bank collapsed in 2023, sold 20% of its equity stake in a venture that held a $16.8 billion real estate loan portfolio to a Blackstone-led consortium for $1.2 billion.
The discount on the portfolio was nearly 30%, based on data from the announcement by Blackstone.
"We see banks taking a more conservative approach and anticipate additional write-offs in coming quarters," said Ran Eliasaf, founder and managing partner at Northwind Group, a private equity firm over $3 billion assets under management.
"There's a much more dramatic drop in values than what the market estimated in 2023."
Analysts, however, do not expect turmoil from the banking sector's exposure to commercial real estate.
"This is a slow wreck, not a high-speed crash," said Biggar of Argus Research.
Reporting by Saeed Azhar and Matt Tracy; editing by Megan Davies and Richard Chang
https://www.reuters.com/markets/us/us-r ... 024-04-17/
"US regional banks seen booking more commercial property losses, loan sales"
By Saeed Azhar and Matt Tracy
April 17, 2024
April 17 (Reuters) - U.S. regional banks are expected to set aside more money to cover potential commercial real estate (CRE) losses and sell more property loans as the sector remains under pressure a year after the collapse of Silicon Valley Bank and Signature Bank.
Most multifamily loans are made by regional banks, so when New York Community Bank posted a surprise fourth-quarter loss it intensified fears about the industry's exposure to commercial real estate.
Multifamily properties with more than five units are a major concern, especially since the bank had booked losses on its real estate portfolio.
Scrutiny of regional banks has increased after Silicon Valley Bank's collapse prompted by high borrowing costs that exceeded its income from low-rate loans following the Federal Reserve's aggressive rate hikes since March 2022.
Many banks have unrealized losses on securities portfolios, including mortgage-backed paper.
A slew of regional banks report first-quarter earnings starting April 16.
"I expect to see more of a reserve buildup," said Stephen Buschbom, research director at consultancy Trepp.
Buschbom said office loans remain the "biggest pain points" for banks, but he also expects stress in the multifamily sector especially construction loans.
Office loans have been hit as many employees still work from home after the pandemic, leaving vacancies that make it tougher for building owners to repay their mortgages.
Multifamily is also under pressure in cities like New York and San Francisco that, right before the pandemic, severely limited rent hikes on regulated apartments based on record low interest rates and inflation at the time.
Non-performing CRE loans as a percentage of U.S. banks' portfolios doubled to 0.81% by the end of 2023 from 0.4% a year earlier, the International Monetary Fund said in its semi-annual Global Financial Stability report.
Banks have continued to increase provisions for bad CRE loans, the IMF noted on Tuesday.
Several analysts and investors are predicting higher reserves.
Morgan Stanley forecast a 10- to 20-basis point increase in CRE reserve ratios for regional banks this year, said Manan Gosalia, an analyst at the Wall Street bank, in a research note.
Aggregate provisions are 20% above consensus, she added.
Stephen Biggar of Argus Research agreed, saying high office vacancies have reduced cash flows, and the Fed's stance on keeping interest rates higher for longer makes financing expensive.
CRE holdings are significant across the U.S. banking industry, comprising 13% of large banks' balance sheets and 44% for regional banks, an Ares Alternative Credit report showed.
Reflecting investor sentiment, the KBW regional bank index is down 13.5% year to date versus the S&P bank index's 6.8% rise.
S&P Global Ratings downgraded the outlook for five U.S. banks in March because of stress in CRE markets, which it said may hurt their asset quality and performance.
The banks cited, including M&T Bank and Valley National Bancorp, declined to comment.
"The CRE delinquency rate for banks is more benign than the commercial mortgage-backed securities market, but deteriorating," Stuart Plesser, managing director (at rating agency S&P Global Ratings, told Reuters, saying he sees some reserve increase for banks.
The delinquency rate at regional banks is 1.2% for loans 30 days due as of the end of the fourth quarter, according to S&P Global, below the 4% for CMBS.
Buschbom, however, said the level of support from potential buyers, including private equity investors, will help reduce some downside risks for banks.
Office loans are selling at deep discounts, while multifamily properties have smaller discounts, industry sources said.
"Numerous community and regional banks are exploring their options and, as a result, we are seeing more deal flow than we have since the global financial crisis," said David Aviram, co-founder of real estate investment firm Maverick Real Estate Partners.
A senior Wall Street banker who declined to be named discussing sensitive information said banks are expected to offload existing loans to private lenders and that those lenders would originate new loans.
Among such deals, regional lender PacWest last year sold construction loans with a $200 million discount, a regulatory filing showed.
In December Signature Bridge Bank, whose predecessor Signature Bank collapsed in 2023, sold 20% of its equity stake in a venture that held a $16.8 billion real estate loan portfolio to a Blackstone-led consortium for $1.2 billion.
The discount on the portfolio was nearly 30%, based on data from the announcement by Blackstone.
"We see banks taking a more conservative approach and anticipate additional write-offs in coming quarters," said Ran Eliasaf, founder and managing partner at Northwind Group, a private equity firm over $3 billion assets under management.
"There's a much more dramatic drop in values than what the market estimated in 2023."
Analysts, however, do not expect turmoil from the banking sector's exposure to commercial real estate.
"This is a slow wreck, not a high-speed crash," said Biggar of Argus Research.
Reporting by Saeed Azhar and Matt Tracy; editing by Megan Davies and Richard Chang
https://www.reuters.com/markets/us/us-r ... 024-04-17/
Re: THE DAILY NEWS
REUTERS
"Exclusive: US plans to restore tariffs on dominant solar technology, sources say"
By Nichola Groom and Jarrett Renshaw
April 17, 2024
April 17 (Reuters) - The Biden administration is expected to grant a request by South Korea’s Hanwha Qcells to reverse a two-year-old trade exemption that has allowed imports of a dominant solar panel technology from China and other countries to avoid tariffs, two sources familiar with the White House plans said on Wednesday.
The news sent shares of solar manufacturers including U.S.-based First Solar higher in afternoon trade.
The Qcells request, which has not previously been reported, comes as the company is seeking to protect a pledged $2.5 billion expansion of its U.S. solar manufacturing presence against competition from cheaper Asian-made products.
The solar division of Korean conglomerate Hanwha Corp outlined the request in a formal petition to the U.S. Trade Representative on Feb. 23.
It included letters of support from seven other companies with billions of dollars combined invested in U.S. solar factories.
No decision has been made on the timeline of the expected reversal, the sources said.
Duties on imports of bifacial panels, the main technology in utility-scale solar projects, would be a boon to the more than 40 solar equipment factories planned since U.S. President Joe Biden signed his landmark climate change law, the Inflation Reduction Act, in 2022.
Those plants are critical to Biden's plan to fight climate change, revitalize American manufacturing and create millions of union jobs.
Past trade remedies have sharply divided the U.S. solar industry, which is dominated by installers and developers who rely on cheap imports to keep their project costs low.
The top U.S. solar trade group, the Solar Energy Industries Association (SEIA), lobbied for the bifacial exemption.
In a statement, SEIA did not address the exemption directly but advocated for an increase in the amount of solar cells that can be imported tariff-free to help companies assembling American-made panels.
"We hope the Administration is prepared to directly support increased domestic manufacturing of solar modules by raising the tariff rate quota on cells," said Stacy Ettinger, SEIA's senior vice president of supply chain and trade.
Biden administration officials, including Treasury Secretary Janet Yellen and U.S. Trade Representative Katherine Tai, in recent weeks have said the U.S. is evaluating trade remedies to deal with threats posed by China's massive investment in factory capacity for clean energy goods.
The solar panel issue goes to the core of one of Biden’s arguments for re-election: that his economic policies have begun transforming the U.S. energy economy while combating climate change.
However, the pace of growth in the domestic solar panel manufacturing market has been cast into doubt by surging imports of cheap, Chinese panels.
A bipartisan group of U.S. senators, led by the two Democrats from the critical election battleground state of Georgia, asked Biden earlier this year to toughen up tariffs on Chinese solar panels or face a glutted market just as clean-energy tax credits hit the market.
Qcells, which has two factories in Georgia, is the largest U.S. producer of silicon-based solar products.
In its petition, a copy of which was seen by Reuters, the company asked Biden to revoke an exemption of so-called bifacial panels from duties first imposed by Republican former President Donald Trump in 2018 and extended by Biden, a Democrat, in 2022.
The tariffs on imported modules started at 30% and currently stand at 14.25%.
They are due to expire in 2026.
'A LEVEL PLAYING FIELD'
Most panel imports come from Southeast Asia but are made by Chinese companies there.
The U.S. imposed duties on some panel makers for finishing their products in Cambodia, Malaysia, Thailand and Vietnam to avoid tariffs on Chinese-made goods.
Biden waived those tariffs nearly two years ago, a policy that the White House said it will allow to expire in June.
"We're continuing to look at all of our options to ensure that the historic investments spurred by the Inflation Reduction Act are successful," a White House official said.
"Our companies and workers can compete with anyone, but they need a level playing field."
Bifacial panels can generate electricity on both sides.
The technology was nascent when the tariffs were first imposed but now accounts for 98% of imported modules, according to the petition.
The action is needed, Qcells said in the petition, to preserve the many plans for new U.S. solar manufacturing capacity that have been unleashed by incentives contained in the IRA.
"Despite these positive trends, there is growing evidence that negative market conditions caused by surging imports of bifacial modules are causing several companies to rethink their plans to invest in the U.S.," the petition said.
Qcells' request is supported by seven other solar manufacturers with U.S. factories - First Solar, Heliene, Suniva, Silfab, Crossroads Solar, Mission Solar and Auxin Solar - according to the petition documents.
First Solar shares closed nearly 3% higher at $178.01 on the Nasdaq.
Reporting by Nichola Groom and Jarrett Renshaw; editing by Timothy Gardner and Bill Berkrot
https://www.reuters.com/world/us/us-pla ... 024-04-17/
"Exclusive: US plans to restore tariffs on dominant solar technology, sources say"
By Nichola Groom and Jarrett Renshaw
April 17, 2024
April 17 (Reuters) - The Biden administration is expected to grant a request by South Korea’s Hanwha Qcells to reverse a two-year-old trade exemption that has allowed imports of a dominant solar panel technology from China and other countries to avoid tariffs, two sources familiar with the White House plans said on Wednesday.
The news sent shares of solar manufacturers including U.S.-based First Solar higher in afternoon trade.
The Qcells request, which has not previously been reported, comes as the company is seeking to protect a pledged $2.5 billion expansion of its U.S. solar manufacturing presence against competition from cheaper Asian-made products.
The solar division of Korean conglomerate Hanwha Corp outlined the request in a formal petition to the U.S. Trade Representative on Feb. 23.
It included letters of support from seven other companies with billions of dollars combined invested in U.S. solar factories.
No decision has been made on the timeline of the expected reversal, the sources said.
Duties on imports of bifacial panels, the main technology in utility-scale solar projects, would be a boon to the more than 40 solar equipment factories planned since U.S. President Joe Biden signed his landmark climate change law, the Inflation Reduction Act, in 2022.
Those plants are critical to Biden's plan to fight climate change, revitalize American manufacturing and create millions of union jobs.
Past trade remedies have sharply divided the U.S. solar industry, which is dominated by installers and developers who rely on cheap imports to keep their project costs low.
The top U.S. solar trade group, the Solar Energy Industries Association (SEIA), lobbied for the bifacial exemption.
In a statement, SEIA did not address the exemption directly but advocated for an increase in the amount of solar cells that can be imported tariff-free to help companies assembling American-made panels.
"We hope the Administration is prepared to directly support increased domestic manufacturing of solar modules by raising the tariff rate quota on cells," said Stacy Ettinger, SEIA's senior vice president of supply chain and trade.
Biden administration officials, including Treasury Secretary Janet Yellen and U.S. Trade Representative Katherine Tai, in recent weeks have said the U.S. is evaluating trade remedies to deal with threats posed by China's massive investment in factory capacity for clean energy goods.
The solar panel issue goes to the core of one of Biden’s arguments for re-election: that his economic policies have begun transforming the U.S. energy economy while combating climate change.
However, the pace of growth in the domestic solar panel manufacturing market has been cast into doubt by surging imports of cheap, Chinese panels.
A bipartisan group of U.S. senators, led by the two Democrats from the critical election battleground state of Georgia, asked Biden earlier this year to toughen up tariffs on Chinese solar panels or face a glutted market just as clean-energy tax credits hit the market.
Qcells, which has two factories in Georgia, is the largest U.S. producer of silicon-based solar products.
In its petition, a copy of which was seen by Reuters, the company asked Biden to revoke an exemption of so-called bifacial panels from duties first imposed by Republican former President Donald Trump in 2018 and extended by Biden, a Democrat, in 2022.
The tariffs on imported modules started at 30% and currently stand at 14.25%.
They are due to expire in 2026.
'A LEVEL PLAYING FIELD'
Most panel imports come from Southeast Asia but are made by Chinese companies there.
The U.S. imposed duties on some panel makers for finishing their products in Cambodia, Malaysia, Thailand and Vietnam to avoid tariffs on Chinese-made goods.
Biden waived those tariffs nearly two years ago, a policy that the White House said it will allow to expire in June.
"We're continuing to look at all of our options to ensure that the historic investments spurred by the Inflation Reduction Act are successful," a White House official said.
"Our companies and workers can compete with anyone, but they need a level playing field."
Bifacial panels can generate electricity on both sides.
The technology was nascent when the tariffs were first imposed but now accounts for 98% of imported modules, according to the petition.
The action is needed, Qcells said in the petition, to preserve the many plans for new U.S. solar manufacturing capacity that have been unleashed by incentives contained in the IRA.
"Despite these positive trends, there is growing evidence that negative market conditions caused by surging imports of bifacial modules are causing several companies to rethink their plans to invest in the U.S.," the petition said.
Qcells' request is supported by seven other solar manufacturers with U.S. factories - First Solar, Heliene, Suniva, Silfab, Crossroads Solar, Mission Solar and Auxin Solar - according to the petition documents.
First Solar shares closed nearly 3% higher at $178.01 on the Nasdaq.
Reporting by Nichola Groom and Jarrett Renshaw; editing by Timothy Gardner and Bill Berkrot
https://www.reuters.com/world/us/us-pla ... 024-04-17/
Re: THE DAILY NEWS
REUTERS
"New tariffs on Chinese metals won't impact inflation, White House says"
By Reuters
April 17, 2024
WASHINGTON, April 17 (Reuters) - Sharply higher tariffs on Chinese metal products being considered by the Biden administration would not affect U.S. inflation and are necessary for national security, White House economic adviser Jared Bernstein said on Wednesday.
"If we don't take action, we're putting at risk about one of our most critical sectors -- what the president calls the backbone of the American economy, the bedrock of our national security -- and that's domestic steel production," the chairman of the White House Council of Economic Advisers told CNBC.
U.S. President Joe Biden on Wednesday will call for sharply higher tariffs on Chinese steel and aluminum as part of a package of policies aimed at pleasing steelworkers in the swing state of Pennsylvania, at the risk of angering Beijing.
Bernstein said such tariffs would not have a negative effect on the U.S. economy.
"This is a targeted intervention that shouldn't have much impact at all on inflation," he said in an interview with CNBC.
Reporting by Doina Chiacu; editing by Susan Heavey
https://www.reuters.com/markets/commodi ... 024-04-17/
"New tariffs on Chinese metals won't impact inflation, White House says"
By Reuters
April 17, 2024
WASHINGTON, April 17 (Reuters) - Sharply higher tariffs on Chinese metal products being considered by the Biden administration would not affect U.S. inflation and are necessary for national security, White House economic adviser Jared Bernstein said on Wednesday.
"If we don't take action, we're putting at risk about one of our most critical sectors -- what the president calls the backbone of the American economy, the bedrock of our national security -- and that's domestic steel production," the chairman of the White House Council of Economic Advisers told CNBC.
U.S. President Joe Biden on Wednesday will call for sharply higher tariffs on Chinese steel and aluminum as part of a package of policies aimed at pleasing steelworkers in the swing state of Pennsylvania, at the risk of angering Beijing.
Bernstein said such tariffs would not have a negative effect on the U.S. economy.
"This is a targeted intervention that shouldn't have much impact at all on inflation," he said in an interview with CNBC.
Reporting by Doina Chiacu; editing by Susan Heavey
https://www.reuters.com/markets/commodi ... 024-04-17/
Re: THE DAILY NEWS
REUTERS
"Stellantis chief Tavares warns of tough year ahead"
By Giulio Piovaccari
April 16, 2024
Summary
* AGM approves chief executive's 2023 pay package
* CEO remuneration for 2023 rose 56% to up to 36.5 mln euros
* Warns of auto sector's increasingly competitive pricing
MILAN, April 16 (Reuters) - Carmaker Stellantis faces a challenging year with increasing pricing pressures, its chief executive warned on Tuesday before shareholders voted to approve his bumper 2023 salary package.
Having had to contend with high raw material costs and strikes over pay in North America last year, the company is now operating in an increasingly competitive market, CEO Carlos Tavares said.
"We see that the market is being more and more competitive in terms of pricing."
"We cannot ignore that," he told the group's annual general meeting (AGM).
In a consultative-only vote, on Tuesday about 70% of Stellantis shareholders voted in favour of the 2023 remuneration report for senior managers.
Total remuneration for Tavares rose 56% to up to 36.5 million euros ($38.8 million) including 13 million euros in long-term incentives linked to specific performance targets.
That salary has drawn criticism at a time when the Franco-Italian automaker is seeking to cut costs and reduce its workforce as part of its transition to electric vehicles (EVs).
The Portuguese CEO, who has made Stellantis one of the most profitable companies in the industry, had defended his compensation while speaking at an event in France on the eve of Tuesday's AGM, drawing comparisons with soccer players or Formula 1 drivers.
"Ninety percent of my salary is determined by the results of the company, so this proves that the company's results are apparently not too bad," he told reporters.
The carmaker this year agreed voluntary redundancy packages for about 3,000 workers, representing 7.5% of its Italian workforce.
It also announced layoffs for 600 workers on time contracts in France and for 400 salaried employees in the United States.
Stellantis, brands of which include Fiat, Peugeot and Jeep, has rewarded employees worldwide with a total of 1.9 billion euros for the group's performance in 2023.
The company's investors approved Tavares' remuneration package last year but rejected it at the 2022 shareholder meeting in the run-up to the French presidential elections, when both President Emmanuel Macron and his far-right challenger Marine Le Pen strongly and openly criticised Tavares's package.
France has a 6% stake in the carmaker and is represented on its board.
Reporting by Giulio Piovaccari in Milan; Additional reporting by Dominique Patton in Paris; Editing by Gavin Jones, Keith Weir and David Goodman
https://www.reuters.com/business/autos- ... 024-04-16/
"Stellantis chief Tavares warns of tough year ahead"
By Giulio Piovaccari
April 16, 2024
Summary
* AGM approves chief executive's 2023 pay package
* CEO remuneration for 2023 rose 56% to up to 36.5 mln euros
* Warns of auto sector's increasingly competitive pricing
MILAN, April 16 (Reuters) - Carmaker Stellantis faces a challenging year with increasing pricing pressures, its chief executive warned on Tuesday before shareholders voted to approve his bumper 2023 salary package.
Having had to contend with high raw material costs and strikes over pay in North America last year, the company is now operating in an increasingly competitive market, CEO Carlos Tavares said.
"We see that the market is being more and more competitive in terms of pricing."
"We cannot ignore that," he told the group's annual general meeting (AGM).
In a consultative-only vote, on Tuesday about 70% of Stellantis shareholders voted in favour of the 2023 remuneration report for senior managers.
Total remuneration for Tavares rose 56% to up to 36.5 million euros ($38.8 million) including 13 million euros in long-term incentives linked to specific performance targets.
That salary has drawn criticism at a time when the Franco-Italian automaker is seeking to cut costs and reduce its workforce as part of its transition to electric vehicles (EVs).
The Portuguese CEO, who has made Stellantis one of the most profitable companies in the industry, had defended his compensation while speaking at an event in France on the eve of Tuesday's AGM, drawing comparisons with soccer players or Formula 1 drivers.
"Ninety percent of my salary is determined by the results of the company, so this proves that the company's results are apparently not too bad," he told reporters.
The carmaker this year agreed voluntary redundancy packages for about 3,000 workers, representing 7.5% of its Italian workforce.
It also announced layoffs for 600 workers on time contracts in France and for 400 salaried employees in the United States.
Stellantis, brands of which include Fiat, Peugeot and Jeep, has rewarded employees worldwide with a total of 1.9 billion euros for the group's performance in 2023.
The company's investors approved Tavares' remuneration package last year but rejected it at the 2022 shareholder meeting in the run-up to the French presidential elections, when both President Emmanuel Macron and his far-right challenger Marine Le Pen strongly and openly criticised Tavares's package.
France has a 6% stake in the carmaker and is represented on its board.
Reporting by Giulio Piovaccari in Milan; Additional reporting by Dominique Patton in Paris; Editing by Gavin Jones, Keith Weir and David Goodman
https://www.reuters.com/business/autos- ... 024-04-16/
Re: THE DAILY NEWS
"Rensselaer County officials fight federal charges as trial looms - Three Rensselaer County officials facing federal criminal charges for voter fraud have filed pretrial motions challenging the government's case"
By Brendan J. Lyons, Albany, New York Times Union
April 18, 2024
TROY — Three Rensselaer County officials facing federal criminal charges for voter fraud have filed pretrial motions challenging the government’s case and seeking access to more of the evidence against them as their September trial date looms.
The pretrial motions reveal more details about the lengthy FBI investigation that focused on the actions of multiple Republican officials and had already led to the guilty pleas of former Troy Councilwoman Kimberly Ashe-McPherson and Jason T. Schofield, the county’s former Republican elections commissioner.
One of the motions, filed by Richard W. Crist, the county’s director of operations, contends the top count against him — conspiracy to violate constitutional rights — should be thrown out because he claims to have had no authority to hire or fire the employees who were reportedly intimidated to help gather absentee ballots in the 2021 election.
His attorney also argues that count should be dismissed because there was no federal election involved in the allegations.
The charges include allegations that the trio conspired to use their official positions to violate the constitutional rights of dozens of subordinate county employees to intimidate them into requesting and filing fraudulent absentee ballots in the 2021 election, when county Executive Steve McLaughlin, a former state Assemblyman, was seeking reelection.
In his motion to dismiss the top count against him, Crist contends he had no authority to hire or fire employees and therefore could not have acted “under color of law” to coerce anyone to commit a crime.
“I do not engage in direct supervision of any of Rensselaer County employees and do not have any authority to hire or fire anyone and lack authority to impose employee discipline,” Crist said in a declaration attached to his motion to dismiss the top charge.
The pretrial motions filed by Crist and codefendants James R. Gordon, director of the county’s Bureau of Central Services, and Leslie A. Wallace, a longtime political consultant and “assistant for constituent relations” in McLaughlin’s office, indicate the case is on course for trial in September and that there may be no plea bargain negotiations underway.
Crist’s motion was filed as he has joined in another motion with Wallace and Gordon that seeks to compel the government to turn over more of its evidence.
Federal prosecutors said they have already met their pretrial discovery obligations and will continue to do so.
In addition, Gordon is seeking to quash evidence against him that came from a mobile phone seized from a person whose name has been redacted in the court filings.
Wallace is also arguing that allegedly incriminating statements that she made to two FBI agents who confronted her outside her apartment in February 2022 should also be thrown out because she had repeatedly suggested they should speak to her attorney, former Rensselaer County District Attorney Joel A. Abelove.
The motion by Wallace is scheduled to be the subject of a hearing next month at U.S. District Court in Albany.
In a response motion filed this week by the U.S. attorney’s office in Albany, assistant U.S. Attorney Michael Barnett argued that Wallace’s “version of events is not credible” and is contradicted by the statements of the two FBI agents who interviewed her.
Wallace claims that just before 10 a.m. Feb. 3, 2022, it was raining heavily when two FBI agents knocked on her car window as she was leaving her apartment to go to work and asked her to step out of the vehicle.
They told her she was not in any trouble and just needed to ask her questions about the 2021 elections.
Her motion says she asked them if she needed an attorney and that they should speak with Abelove.
Wallace eventually told the agents to come inside her apartment and they interviewed her over the course of four hours.
At points, she contends, she cried as one of the special agents told her she was “implicated in this,” would go to prison and needed to answer their questions.
One of the charges against Wallace alleges that she lied to FBI agents.
The interview with Wallace took place the same morning that FBI agents seized mobile phones from Crist, Gordon and Sara J. McDermott, who also works for Rensselaer County.
McDermott has been described by county political insiders as a GOP operative but has not been accused of wrongdoing.
An affidavit filed by an FBI agent contradicts Wallace’s version of their confrontation outside her apartment and also the details of the subsequent interview that federal authorities say lasted more than five hours.
The motion filed by the Justice Department in response to Wallace’s motion asserts that initially she was not forthcoming with the FBI agents and “minimized her involvement and omitted information, requiring agents, in their questioning, to return to many events and conversations she had previously described, to make sure she was being truthful.”
“After Wallace told agents that she filled out approximately 150 to 200 absentee ballots of other voters Nov. 1, 2021, she asked agents if they thought she should get an attorney; they responded that they could not provide legal advice, and that the decision was hers to make,” the government’s motion states.
“Wallace never requested an attorney during the interview, nor did she ever mention that Joel Abelove was her attorney, nor did she ever seek to end the interview, nor did she ever ask agents to leave her apartment.”
An affidavit filed by an FBI agent says Wallace offered the two agents something to drink, was never threatened with arrest and had the ability to use her laptop and mobile phone, which she used while they were there to make calls and to send text messages to others.
He said that Wallace “spent time explaining to us and showing us, and emailing me, text messages, emails and documents from her phone and her computer that she said would be helpful to our investigation.”
But he said that Wallace also minimized her involvement in any criminal acts and omitted key information.
The agent said that Abelove called their office the next day, confirmed that he was Wallace’s attorney and asserted that she would continue to cooperate and provide additional information.
Days later, Abelove and Wallace went to the FBI’s Albany office, where she took part in another lengthy interview.
She also signed consent forms allowing FBI agents to search her mobile phone, laptop computer and Gmail account, according to the agent’s affidavit.
“She also provided agents with a thumb drive with additional evidence, and turned over paperwork and notes related to absentee ballots and other matters,” the agent’s affidavit states.
It’s unclear what evidence was gleaned from Wallace’s electronic devices or the paperwork she turned over to the FBI.
There is no timetable for when the federal judge in the case may rule on the pretrial motions.
Crist is a former news reporter and longtime GOP political operative in Rensselaer County who has wielded enormous influence in local politics and for many years has been McLaughlin’s political confidant.
Wallace is a former Republican legislative aide in the state Assembly and Senate.
Gordon is a former Troy mayoral candidate and a member of the North Greenbush Town Board.
Their arrests were the result of a federal grand jury investigation that went on for more than a year and focused on allegations of widespread ballot fraud.
“Their conduct violated the constitutional rights of Rensselaer County voters to have their votes counted equally as compared to votes cast by other voters, and made it more likely that the defendants’ preferred candidates would win the election,” the U.S. attorney’s office said in a release.
In addition to the single count civil rights conspiracy charge, Gordon was charged with one count of witness tampering and Wallace was charged with one count of making false statements.
Crist, Gordon and Wallace each face up to 10 years in prison if convicted of conspiracy to violate constitutional rights.
Gordon faces up to 20 years in prison if he’s convicted of witness tampering.
The charge against Wallace for making false statements carries a five-year maximum sentence.
Schofield pleaded guilty more than a year ago to 12 counts of unlawfully using the names and dates of birth of voters to fraudulently apply for absentee ballots for elections held in 2021.
He resigned before pleading guilty and has not been sentenced.
He testified before the grand jury that indicted Crist, Gordon and Wallace.
Ashe-McPherson pleaded guilty to a single felony count in which she admitted to fraudulently submitting absentee ballots in the 2021 primary and general elections as she sought reelection to the city council.
She is also awaiting sentencing.
McLaughlin, the highest-ranking county official, has not been implicated in the federal voter fraud case.
https://www.timesunion.com/news/article ... 0headlines
By Brendan J. Lyons, Albany, New York Times Union
April 18, 2024
TROY — Three Rensselaer County officials facing federal criminal charges for voter fraud have filed pretrial motions challenging the government’s case and seeking access to more of the evidence against them as their September trial date looms.
The pretrial motions reveal more details about the lengthy FBI investigation that focused on the actions of multiple Republican officials and had already led to the guilty pleas of former Troy Councilwoman Kimberly Ashe-McPherson and Jason T. Schofield, the county’s former Republican elections commissioner.
One of the motions, filed by Richard W. Crist, the county’s director of operations, contends the top count against him — conspiracy to violate constitutional rights — should be thrown out because he claims to have had no authority to hire or fire the employees who were reportedly intimidated to help gather absentee ballots in the 2021 election.
His attorney also argues that count should be dismissed because there was no federal election involved in the allegations.
The charges include allegations that the trio conspired to use their official positions to violate the constitutional rights of dozens of subordinate county employees to intimidate them into requesting and filing fraudulent absentee ballots in the 2021 election, when county Executive Steve McLaughlin, a former state Assemblyman, was seeking reelection.
In his motion to dismiss the top count against him, Crist contends he had no authority to hire or fire employees and therefore could not have acted “under color of law” to coerce anyone to commit a crime.
“I do not engage in direct supervision of any of Rensselaer County employees and do not have any authority to hire or fire anyone and lack authority to impose employee discipline,” Crist said in a declaration attached to his motion to dismiss the top charge.
The pretrial motions filed by Crist and codefendants James R. Gordon, director of the county’s Bureau of Central Services, and Leslie A. Wallace, a longtime political consultant and “assistant for constituent relations” in McLaughlin’s office, indicate the case is on course for trial in September and that there may be no plea bargain negotiations underway.
Crist’s motion was filed as he has joined in another motion with Wallace and Gordon that seeks to compel the government to turn over more of its evidence.
Federal prosecutors said they have already met their pretrial discovery obligations and will continue to do so.
In addition, Gordon is seeking to quash evidence against him that came from a mobile phone seized from a person whose name has been redacted in the court filings.
Wallace is also arguing that allegedly incriminating statements that she made to two FBI agents who confronted her outside her apartment in February 2022 should also be thrown out because she had repeatedly suggested they should speak to her attorney, former Rensselaer County District Attorney Joel A. Abelove.
The motion by Wallace is scheduled to be the subject of a hearing next month at U.S. District Court in Albany.
In a response motion filed this week by the U.S. attorney’s office in Albany, assistant U.S. Attorney Michael Barnett argued that Wallace’s “version of events is not credible” and is contradicted by the statements of the two FBI agents who interviewed her.
Wallace claims that just before 10 a.m. Feb. 3, 2022, it was raining heavily when two FBI agents knocked on her car window as she was leaving her apartment to go to work and asked her to step out of the vehicle.
They told her she was not in any trouble and just needed to ask her questions about the 2021 elections.
Her motion says she asked them if she needed an attorney and that they should speak with Abelove.
Wallace eventually told the agents to come inside her apartment and they interviewed her over the course of four hours.
At points, she contends, she cried as one of the special agents told her she was “implicated in this,” would go to prison and needed to answer their questions.
One of the charges against Wallace alleges that she lied to FBI agents.
The interview with Wallace took place the same morning that FBI agents seized mobile phones from Crist, Gordon and Sara J. McDermott, who also works for Rensselaer County.
McDermott has been described by county political insiders as a GOP operative but has not been accused of wrongdoing.
An affidavit filed by an FBI agent contradicts Wallace’s version of their confrontation outside her apartment and also the details of the subsequent interview that federal authorities say lasted more than five hours.
The motion filed by the Justice Department in response to Wallace’s motion asserts that initially she was not forthcoming with the FBI agents and “minimized her involvement and omitted information, requiring agents, in their questioning, to return to many events and conversations she had previously described, to make sure she was being truthful.”
“After Wallace told agents that she filled out approximately 150 to 200 absentee ballots of other voters Nov. 1, 2021, she asked agents if they thought she should get an attorney; they responded that they could not provide legal advice, and that the decision was hers to make,” the government’s motion states.
“Wallace never requested an attorney during the interview, nor did she ever mention that Joel Abelove was her attorney, nor did she ever seek to end the interview, nor did she ever ask agents to leave her apartment.”
An affidavit filed by an FBI agent says Wallace offered the two agents something to drink, was never threatened with arrest and had the ability to use her laptop and mobile phone, which she used while they were there to make calls and to send text messages to others.
He said that Wallace “spent time explaining to us and showing us, and emailing me, text messages, emails and documents from her phone and her computer that she said would be helpful to our investigation.”
But he said that Wallace also minimized her involvement in any criminal acts and omitted key information.
The agent said that Abelove called their office the next day, confirmed that he was Wallace’s attorney and asserted that she would continue to cooperate and provide additional information.
Days later, Abelove and Wallace went to the FBI’s Albany office, where she took part in another lengthy interview.
She also signed consent forms allowing FBI agents to search her mobile phone, laptop computer and Gmail account, according to the agent’s affidavit.
“She also provided agents with a thumb drive with additional evidence, and turned over paperwork and notes related to absentee ballots and other matters,” the agent’s affidavit states.
It’s unclear what evidence was gleaned from Wallace’s electronic devices or the paperwork she turned over to the FBI.
There is no timetable for when the federal judge in the case may rule on the pretrial motions.
Crist is a former news reporter and longtime GOP political operative in Rensselaer County who has wielded enormous influence in local politics and for many years has been McLaughlin’s political confidant.
Wallace is a former Republican legislative aide in the state Assembly and Senate.
Gordon is a former Troy mayoral candidate and a member of the North Greenbush Town Board.
Their arrests were the result of a federal grand jury investigation that went on for more than a year and focused on allegations of widespread ballot fraud.
“Their conduct violated the constitutional rights of Rensselaer County voters to have their votes counted equally as compared to votes cast by other voters, and made it more likely that the defendants’ preferred candidates would win the election,” the U.S. attorney’s office said in a release.
In addition to the single count civil rights conspiracy charge, Gordon was charged with one count of witness tampering and Wallace was charged with one count of making false statements.
Crist, Gordon and Wallace each face up to 10 years in prison if convicted of conspiracy to violate constitutional rights.
Gordon faces up to 20 years in prison if he’s convicted of witness tampering.
The charge against Wallace for making false statements carries a five-year maximum sentence.
Schofield pleaded guilty more than a year ago to 12 counts of unlawfully using the names and dates of birth of voters to fraudulently apply for absentee ballots for elections held in 2021.
He resigned before pleading guilty and has not been sentenced.
He testified before the grand jury that indicted Crist, Gordon and Wallace.
Ashe-McPherson pleaded guilty to a single felony count in which she admitted to fraudulently submitting absentee ballots in the 2021 primary and general elections as she sought reelection to the city council.
She is also awaiting sentencing.
McLaughlin, the highest-ranking county official, has not been implicated in the federal voter fraud case.
https://www.timesunion.com/news/article ... 0headlines
Re: THE DAILY NEWS
FOX News
"Biden faces harsh criticism from Pennsylvania businesses, ex-union Democrat: 'I pray to God' he loses"
Story by Taylor Penley
18 APRIL 2024
Disillusioned with the Democratic Party he once supported, ex-union electrician and retired veteran Tony Milidantri says he's pledging his vote to former President Trump in hopes of seeing President Biden get the boot in November.
"To see everybody go against him [Trump], and what's happening to him?"
"It's ridiculous."
"You have to be blind not to see what they're doing, and the Democrats get away with everything," he said Wednesday on "Fox & Friends First."
"They could do whatever they want to, say whatever they want."
Milidantri said he believes Trump has the "formula" to "bring the country back in line" and hopes others in the battleground state of Pennsylvania will agree when they cast their ballots.
"I hope not," he said when asked if he believes Biden will win the state again.
"I pray to God he doesn't."
Biden, meanwhile, is slated to take his economic tour to Pittsburgh on Wednesday, visiting steelworkers to discuss his plans to support them and to call for higher tariffs on Chinese steel imports.
Polls currently show the nominees deadlocked in key battleground states, including the Keystone State, with Trump boasting a slight edge over Biden in a recent Fox News poll.
The state could be one of the most decisive this November.
In Milidantri's circles, the choice is clear, however.
"I can't use that language on the air," he replied when asked what his friends have said about Biden.
"It really is pathetic to watch a man that they can't impeach because he's not capable of it, but yet he's capable of running our country."
"There's something wrong here."
"There's definitely something wrong," he continued.
Milidantri said his fellow retired veterans are tired of witnessing the country taking a downward turn, adding that he believes "we are turning into a third-world country."
Other Pennsylvanians are none too happy with the country's direction, according to interviews Fox News Digital conducted in Schnecksville on the heels of former President Trump's visit to the area on Saturday.
"Our costs are through the roof just to stay in business."
"From A-to-Z we didn't have this four years ago," said Al Anderson, a local business owner, adding, ""Of course, Bidenomics is nothing but printing money and creating inflation."
Ed Frack, another Schnecksville native who opened his first gym in the area just before Trump left office, a time he described as one of "growth."
"Things were just a little easier for businessowners," he said.
"The younger generation is noticeably spending more money than my generation ever did."
Biden and Trump are currently engaged in a fight to win over voters in other swing states like Arizona, Georgia, Wisconsin, Nevada, Michigan and Virginia in addition to Pennsylvania.
Pennsylvania State Sen. Jarrett Coleman, a Republican from the area, said voters in the area lack enthusiasm under Biden's watch compared to Trump's.
"President Biden was recently in Lehigh County touting Bidenomics -- the funny thing about Bidenomics is if it was working, the president wouldn't have to travel around the country convincing people it's working," he said.
Fox News' Charles Creitz contributed to this report.
https://www.msn.com/en-us/news/politics ... 332c&ei=17
"Biden faces harsh criticism from Pennsylvania businesses, ex-union Democrat: 'I pray to God' he loses"
Story by Taylor Penley
18 APRIL 2024
Disillusioned with the Democratic Party he once supported, ex-union electrician and retired veteran Tony Milidantri says he's pledging his vote to former President Trump in hopes of seeing President Biden get the boot in November.
"To see everybody go against him [Trump], and what's happening to him?"
"It's ridiculous."
"You have to be blind not to see what they're doing, and the Democrats get away with everything," he said Wednesday on "Fox & Friends First."
"They could do whatever they want to, say whatever they want."
Milidantri said he believes Trump has the "formula" to "bring the country back in line" and hopes others in the battleground state of Pennsylvania will agree when they cast their ballots.
"I hope not," he said when asked if he believes Biden will win the state again.
"I pray to God he doesn't."
Biden, meanwhile, is slated to take his economic tour to Pittsburgh on Wednesday, visiting steelworkers to discuss his plans to support them and to call for higher tariffs on Chinese steel imports.
Polls currently show the nominees deadlocked in key battleground states, including the Keystone State, with Trump boasting a slight edge over Biden in a recent Fox News poll.
The state could be one of the most decisive this November.
In Milidantri's circles, the choice is clear, however.
"I can't use that language on the air," he replied when asked what his friends have said about Biden.
"It really is pathetic to watch a man that they can't impeach because he's not capable of it, but yet he's capable of running our country."
"There's something wrong here."
"There's definitely something wrong," he continued.
Milidantri said his fellow retired veterans are tired of witnessing the country taking a downward turn, adding that he believes "we are turning into a third-world country."
Other Pennsylvanians are none too happy with the country's direction, according to interviews Fox News Digital conducted in Schnecksville on the heels of former President Trump's visit to the area on Saturday.
"Our costs are through the roof just to stay in business."
"From A-to-Z we didn't have this four years ago," said Al Anderson, a local business owner, adding, ""Of course, Bidenomics is nothing but printing money and creating inflation."
Ed Frack, another Schnecksville native who opened his first gym in the area just before Trump left office, a time he described as one of "growth."
"Things were just a little easier for businessowners," he said.
"The younger generation is noticeably spending more money than my generation ever did."
Biden and Trump are currently engaged in a fight to win over voters in other swing states like Arizona, Georgia, Wisconsin, Nevada, Michigan and Virginia in addition to Pennsylvania.
Pennsylvania State Sen. Jarrett Coleman, a Republican from the area, said voters in the area lack enthusiasm under Biden's watch compared to Trump's.
"President Biden was recently in Lehigh County touting Bidenomics -- the funny thing about Bidenomics is if it was working, the president wouldn't have to travel around the country convincing people it's working," he said.
Fox News' Charles Creitz contributed to this report.
https://www.msn.com/en-us/news/politics ... 332c&ei=17
Re: THE DAILY NEWS
RIGZONE
"Oil Swings Amid Rising Iranian Threats"
by Bloomberg | Julia Fanzeres and Alex Longley
Thursday, April 18, 2024
Oil fluctuated as markets weighed Iran’s threats on Israeli nuclear sites against a stronger US dollar.
West Texas Intermediate settled little changed below $83 a barrel after swinging between gains and losses in nearly a $2 range, ultimately leaving crude near the three-week low it reached on Wednesday.
Geopolitical risks lingered, with Iran warning Israel against attacking its nuclear facilities, threatening to respond in kind if its atomic sites are targeted.
At present, oil is carrying a premium of $5 to $10 a barrel because of geopolitical tensions, but futures may fall without escalation, Goldman Sachs Group Inc. said.
Still, crude’s recovery remains hampered by broader financial market sentiment as the US dollar’s strength makes commodities priced in the currency more expensive.
The fundamental picture also is cloudy, and futures dropped on Wednesday after US crude inventories rose by 2.7 million barrels last week while fuel demand declined.
Despite the recent dip, oil remains comfortably higher year to date as supply cuts by OPEC+ members underpin a market that’s been boosted by geopolitical risks in the Middle East and Russia.
The run-up had ignited speculation that crude may regain $100 a barrel, although market metrics such as timespreads and parts of the diesel market are pointing to more amply supply conditions.
US sanctions are also in focus.
President Joe Biden’s administration has reimposed restrictions on Venezuelan oil, ending a six-month reprieve in a move that may hamper flows from the South American nation.
At the same time, new sanctions on Iranian oil were included as part of a foreign aid package released by House Republicans that is slated for a floor vote later this week.
Prices:
WTI for May delivery was little changed to settle at $82.73 a barrel in New York.
Brent for June settlement fell 0.2% to settle at $87.11 a barrel.
https://www.rigzone.com/news/wire/oil_s ... 2-article/
"Oil Swings Amid Rising Iranian Threats"
by Bloomberg | Julia Fanzeres and Alex Longley
Thursday, April 18, 2024
Oil fluctuated as markets weighed Iran’s threats on Israeli nuclear sites against a stronger US dollar.
West Texas Intermediate settled little changed below $83 a barrel after swinging between gains and losses in nearly a $2 range, ultimately leaving crude near the three-week low it reached on Wednesday.
Geopolitical risks lingered, with Iran warning Israel against attacking its nuclear facilities, threatening to respond in kind if its atomic sites are targeted.
At present, oil is carrying a premium of $5 to $10 a barrel because of geopolitical tensions, but futures may fall without escalation, Goldman Sachs Group Inc. said.
Still, crude’s recovery remains hampered by broader financial market sentiment as the US dollar’s strength makes commodities priced in the currency more expensive.
The fundamental picture also is cloudy, and futures dropped on Wednesday after US crude inventories rose by 2.7 million barrels last week while fuel demand declined.
Despite the recent dip, oil remains comfortably higher year to date as supply cuts by OPEC+ members underpin a market that’s been boosted by geopolitical risks in the Middle East and Russia.
The run-up had ignited speculation that crude may regain $100 a barrel, although market metrics such as timespreads and parts of the diesel market are pointing to more amply supply conditions.
US sanctions are also in focus.
President Joe Biden’s administration has reimposed restrictions on Venezuelan oil, ending a six-month reprieve in a move that may hamper flows from the South American nation.
At the same time, new sanctions on Iranian oil were included as part of a foreign aid package released by House Republicans that is slated for a floor vote later this week.
Prices:
WTI for May delivery was little changed to settle at $82.73 a barrel in New York.
Brent for June settlement fell 0.2% to settle at $87.11 a barrel.
https://www.rigzone.com/news/wire/oil_s ... 2-article/
Re: THE DAILY NEWS
CNBC
"2-year Treasury yield sits near 5% after manufacturing data comes in much stronger than expected"
Alex Harring @ALEX_HARRING Sophie Kiderlin @IN/SOPHIE-KIDERLIN-B327B914A/ @SKIDERLIN
PUBLISHED THU, APR 18 2024
The U.S. 2-year Treasury yield rose close to 5% on Thursday following data indicating strength in the manufacturing sector.
The 2-year Treasury yield was last at 4.99% — near the key 5% level — after advancing almost 6 basis points.
The yield on the 10-year Treasury rose by nearly 5 basis points to 4.633%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Yields took a leg up after the Philadelphia Federal Reserve’s manufacturing survey came in much higher than economists forecasted.
It jumped to 15.5 for April, well above the consensus estimate of 2.5 from economists polled by Dow Jones.
Most of the gain was attributable to a jump in the prices paid index.
That measure rose to 23, a gain of more than 19 points.
Investors awaited fresh comments from Fed policymakers as uncertainty around when and how often interest rates will be cut this year persisted.
Comments made by Fed Chairman Jerome Powell and other policymakers in recent days and weeks have added to these concerns.
Powell on Tuesday said that there had been “a lack of further progress” when it comes to inflation returning to the Fed’s 2% target range this year.
The Fed has often said that it was looking for further evidence that inflation is easing sustainably, but Powell said recent economic data has not given central bank officials more confidence in this.
His comments came after the consumer price index for March came in higher than expected earlier this month.
Expectations for when the first rate cut will take place have moved backward from the previously expected June date since then.
— CNBC’s Jeff Cox contributed to this report.
https://www.cnbc.com/2024/04/18/us-trea ... ahead.html
"2-year Treasury yield sits near 5% after manufacturing data comes in much stronger than expected"
Alex Harring @ALEX_HARRING Sophie Kiderlin @IN/SOPHIE-KIDERLIN-B327B914A/ @SKIDERLIN
PUBLISHED THU, APR 18 2024
The U.S. 2-year Treasury yield rose close to 5% on Thursday following data indicating strength in the manufacturing sector.
The 2-year Treasury yield was last at 4.99% — near the key 5% level — after advancing almost 6 basis points.
The yield on the 10-year Treasury rose by nearly 5 basis points to 4.633%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Yields took a leg up after the Philadelphia Federal Reserve’s manufacturing survey came in much higher than economists forecasted.
It jumped to 15.5 for April, well above the consensus estimate of 2.5 from economists polled by Dow Jones.
Most of the gain was attributable to a jump in the prices paid index.
That measure rose to 23, a gain of more than 19 points.
Investors awaited fresh comments from Fed policymakers as uncertainty around when and how often interest rates will be cut this year persisted.
Comments made by Fed Chairman Jerome Powell and other policymakers in recent days and weeks have added to these concerns.
Powell on Tuesday said that there had been “a lack of further progress” when it comes to inflation returning to the Fed’s 2% target range this year.
The Fed has often said that it was looking for further evidence that inflation is easing sustainably, but Powell said recent economic data has not given central bank officials more confidence in this.
His comments came after the consumer price index for March came in higher than expected earlier this month.
Expectations for when the first rate cut will take place have moved backward from the previously expected June date since then.
— CNBC’s Jeff Cox contributed to this report.
https://www.cnbc.com/2024/04/18/us-trea ... ahead.html
Re: THE DAILY NEWS
REUTERS
"Stocks end near flat as investors assess earnings, data"
By Chuck Mikolajczak
April 18, 2024
Summary
* Fed officials signal pause on rate cuts
* Initial jobless claims unchanged from prior week
* Meta climbs on Bernstein price target boost
* Indexes: Dow up 0.06%, S&P 500 off 0.22%, Nasdaq down 0.52%
NEW YORK, April 18 (Reuters) - U.S. stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.
Economic data showed that the labor market remained resilient, as weekly initial unemployment claims were unchanged from the prior week at 212,000 while a gauge of manufacturing in the mid-Atlantic region rose to a two-year high.
The solid labor market, recent reading showing sticky inflation, and comments from Fed officials, including Chair Jerome Powell, have led markets to back off expectations the central bank would cut interest rates by at least 25 basis points (bps) at its June meeting.
"I wouldn't be surprised if we go through a fall or spring where it's an air pocket for a while," said Richard Alt, Principal and CEO at Carnegie Investment Counsel in Cleveland, Ohio, referring to a drop in stock prices.
"But the numbers are going to come in with unemployment low and 70% of this economy consumer spending, if unemployment continues to be low consumers will continue to spend, they'll continue to travel, they'll continue to demand services and that's going to drive earnings and prices up towards the end of the year."
According to preliminary data, the S&P 500 lost 12.02 points, or 0.24%, to end at 5,010.19 points, while the Nasdaq Composite lost 82.35 points, or 0.52%, to 15,601.02.
The Dow Jones Industrial Average rose 23.87 points, or 0.06%, to 37,777.18.
The S&P 500 saw its fifth straight session of declines, as equities have struggled recently following a five-month rally that started in November, in part due to expectations the Fed was likely to cut interest rates in the first half of the year.
The five-session run of declines marks the longest for the benchmark S&P index since October.
After the closing bell, Netflix fell about 4% in extended trade after posting its quarterly results.
Comments on Thursday from Fed officials reiterated the lack of urgency to lower rates, as New York Federal Reserve President John Williams cited the robust economy while Atlanta Federal Reserve President Raphael Bostic said he is "comfortable being patient" as inflation is returning to the Fed's 2% target more slowly than expected.
Market expectations for a rate cut of at least 25 bps in June have shrunk to 15.2%, according to CME's FedWatch Tool, with July standing at 41.5%. down from 48.4% a week ago.
On the plus side, stock Meta Platforms rose 1.54% as the biggest boost to the S&P 500 after Bernstein raised its price target to $590 from $535.
Earnings season continued to pick up steam with Genuine Parts surging 11.22% as the top percentage gainer on the S&P, after the automotive parts distributor raised its 2024 profit forecast.
In contrast, Las Vegas Sands dropped 8.66% as the worst S&P performer despite beating quarterly expectations, as multiple brokerages cut their price target on the stock, citing weakness in its Macau operations.
Equifax also tumbled, down 8.49% after the credit ratings firm forecast its second-quarter revenue below estimates.
On the NYSE declining issues outnumbered advancing ones by a 1.2-to-1 ratio and by a 1.18-to-1 ratio on the Nasdaq.
The NYSE saw 34 new highs and 95 new lows while the Nasdaq had 24 new highs and 238 new lows.
Volume on U.S. exchanges was 10.54 billion shares, compared with the 10.99 billion average for the full session over the last 20 trading days.
Reporting by Chuck Mikolajczak; Editing by Aurora Ellis
https://www.reuters.com/markets/us/futu ... 024-04-18/
"Stocks end near flat as investors assess earnings, data"
By Chuck Mikolajczak
April 18, 2024
Summary
* Fed officials signal pause on rate cuts
* Initial jobless claims unchanged from prior week
* Meta climbs on Bernstein price target boost
* Indexes: Dow up 0.06%, S&P 500 off 0.22%, Nasdaq down 0.52%
NEW YORK, April 18 (Reuters) - U.S. stocks closed near the unchanged mark on Thursday, as investors sifted through the latest corporate earnings, while economic data and comments from Federal Reserve officials suggested the central bank was unlikely to cut interest rates in the near future.
Economic data showed that the labor market remained resilient, as weekly initial unemployment claims were unchanged from the prior week at 212,000 while a gauge of manufacturing in the mid-Atlantic region rose to a two-year high.
The solid labor market, recent reading showing sticky inflation, and comments from Fed officials, including Chair Jerome Powell, have led markets to back off expectations the central bank would cut interest rates by at least 25 basis points (bps) at its June meeting.
"I wouldn't be surprised if we go through a fall or spring where it's an air pocket for a while," said Richard Alt, Principal and CEO at Carnegie Investment Counsel in Cleveland, Ohio, referring to a drop in stock prices.
"But the numbers are going to come in with unemployment low and 70% of this economy consumer spending, if unemployment continues to be low consumers will continue to spend, they'll continue to travel, they'll continue to demand services and that's going to drive earnings and prices up towards the end of the year."
According to preliminary data, the S&P 500 lost 12.02 points, or 0.24%, to end at 5,010.19 points, while the Nasdaq Composite lost 82.35 points, or 0.52%, to 15,601.02.
The Dow Jones Industrial Average rose 23.87 points, or 0.06%, to 37,777.18.
The S&P 500 saw its fifth straight session of declines, as equities have struggled recently following a five-month rally that started in November, in part due to expectations the Fed was likely to cut interest rates in the first half of the year.
The five-session run of declines marks the longest for the benchmark S&P index since October.
After the closing bell, Netflix fell about 4% in extended trade after posting its quarterly results.
Comments on Thursday from Fed officials reiterated the lack of urgency to lower rates, as New York Federal Reserve President John Williams cited the robust economy while Atlanta Federal Reserve President Raphael Bostic said he is "comfortable being patient" as inflation is returning to the Fed's 2% target more slowly than expected.
Market expectations for a rate cut of at least 25 bps in June have shrunk to 15.2%, according to CME's FedWatch Tool, with July standing at 41.5%. down from 48.4% a week ago.
On the plus side, stock Meta Platforms rose 1.54% as the biggest boost to the S&P 500 after Bernstein raised its price target to $590 from $535.
Earnings season continued to pick up steam with Genuine Parts surging 11.22% as the top percentage gainer on the S&P, after the automotive parts distributor raised its 2024 profit forecast.
In contrast, Las Vegas Sands dropped 8.66% as the worst S&P performer despite beating quarterly expectations, as multiple brokerages cut their price target on the stock, citing weakness in its Macau operations.
Equifax also tumbled, down 8.49% after the credit ratings firm forecast its second-quarter revenue below estimates.
On the NYSE declining issues outnumbered advancing ones by a 1.2-to-1 ratio and by a 1.18-to-1 ratio on the Nasdaq.
The NYSE saw 34 new highs and 95 new lows while the Nasdaq had 24 new highs and 238 new lows.
Volume on U.S. exchanges was 10.54 billion shares, compared with the 10.99 billion average for the full session over the last 20 trading days.
Reporting by Chuck Mikolajczak; Editing by Aurora Ellis
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