Walmart’s smash quarter headlined a retail resurgence. The...
Walmart’s smash quarter headlined a retail resurgence. The recession that Bloomberg Economics projected with 100% certainty faded further from imagination yesterday when the Commerce Department revealed that retail sales were up 1% last month—much better than expected. One of the main beneficiaries of US consumer spending was Walmart, which said sales increased by 4.2% last quarter, operating income jumped by 8.5%, and digital sales rocketed up 22%. The retailer also raised its outlook for the rest of the year as shoppers power through their weariness about inflation.
Subway reportedly convened an “emergency” meeting of franchisees to reveal plans to boost foot traffic amid a major sales slump.
Edgar Bronfman Jr., the heir to the Seagram beverage empire, is “close” to making a competing offer to buy Paramount Global, which already has an agreement in place to merge with Skydance Media, Bloomberg reported.
Lockheed Martin bought Terran Orbital for $450 million in a bid to take the spacecraft-maker private.
North Korea is set to reopen to tourists for the first time since the start of the Covid pandemic.
Gaza cease-fire talks resumed yesterday among the US, Qatar, Egypt, and Israel—but without Hamas.
Here’s what to know about the alleged hack of 2.9 billion records, including Social Security numbers.
Equinor, Dominion Place Winning Bids in US Offshore Wind Sale
Subsidiaries of Equinor and Dominion Energy were the provisional winners...
Subsidiaries of Equinor and Dominion Energy were the provisional winners in the Aug. 14 U.S. offshore wind lease sale, which brought in nearly $93 million for two lease areas in the Central Atlantic.
The lease sale, which gives the companies the right to submit offshore wind project plans for acreage offshore Delaware, Maryland and Virginia, marked the first sale in the region in a decade, according to the U.S. Bureau of Ocean Energy Management (BOEM). Combined, the lease areas have the potential to power up to 2.2 million homes with clean energy by BOEM’s estimates. That would require up to 6.3 gigawatts (GW) of wind power.
“At the start of the [Biden] administration, our nation had approved zero offshore wind energy projects. Today, we have nine—enough to power nearly 5 million homes,” said U.S. Interior Secretary Deb Haaland. “This is what developing a clean energy transition looks like.”
Norway’s Oil Investment Set for Record High in 2024
Statistics Norway reports unprecedented growth in offshore oil and gas...
Statistics Norway reports unprecedented growth in offshore oil and gas investments. The 2024 forecast hits a record $24 billion, up 4.1% from earlier projections. Rising costs and ongoing field developments drive this surge. The outlook for 2025 remains strong at $22.45 billion, 11% above previous estimates. These figures cement Norway's position as Western Europe's leading hydrocarbon producer, highlighting the sector's continued expansion despite global shifts towards cleaner energy.
Analysts: Midstream MLPs Outperforming S&P in 2024
Analysts said during an Aug. 13 seminar that...
Analysts said during an Aug. 13 seminar that the midstream sector has become a stable niche for investors over the last two years. Companies have generally exercised capital discipline as cash flows increased.
Speakers discussed the factors that have affected the energy market over the first part of 2024 and how the large midstream companies have remained insulated from much of the volatility. New York-based financial firm VettaFi hosted the online program, 2024 State of Energy: Midstream/MLPs Stand Out.
“If you look at the S&P 500 and break it down by sector, the energy sector is lagging the S&P, year to date,” said Paul Baiocchi, chief exchange-traded fund strategist at SS&C ALPS Advisors. “But midstream, and especially midstream MLPs, are actually outperforming the S&P.”
Ernesto knocked out out Puerto Rico’s power and became a hurricane. As...
Ernesto knocked out out Puerto Rico’s power and became a hurricane. As a tropical storm, Ernesto deluged Puerto Rico with rain and brought 74 mph wind gusts, leaving more than 700,000 homes and businesses—representing half of all power customers on the island—without power. Another 46,000 customers lost power in the Virgin Islands. Traveling north, the storm strengthened into a Category 1 hurricane, and it is expected to become even stronger over open waters in the Atlantic, potentially stirring up strong waves and currents along the East Coast of the US.
Hamas said it won’t take part in Gaza cease-fire negotiations that were scheduled for today in Qatar because Israel would not commit to sticking to the plan outlined by President Joe Biden. But Reuters reports that mediators might still meet with Hamas representatives. Meanwhile, as concerns of a wider regional war grow, the US approved a $20 billion weapon sale to Israel—though most of the weapons won’t get there for years.
Cisco will lay off 7% of its workforce to cut costs, although it projects an improvement in sales.
Japan’s Prime Minister Fumio Kishida will step down next month amid controversy over his handling of a fundraising scandal.
RIP: Wally Amos, the founder of Famous Amos cookies, died from complications of dementia at age 88. Oscar-nominated actress Gena Rowlands, who was diagnosed with Alzheimer’s in 2019, died at age 94.
