May 20, 2024

Archives for November 2020

Hollywood’s Obituary, the Sequel. Now Streaming.

Ms. DuVernay, whose film and television credits include “Selma,” “Queen Sugar” and “When They See Us,” grew more pointed. “Some folks are scared, and I have sympathy,” she said. “But it’s mostly the folks who are clinging to the idea that Hollywood is theirs and it was built in their likeness, and they will do anything to cling to it, even if that means destroying it.”

She concluded by rolling her eyes at the Chicken Littles who fret that moviegoing is over.

“Talk about dramatic,” she said. “Theaters aren’t going anywhere, at least not all of them.”

In fact, multiplexes may get a post-pandemic bump. Because so many studios have pushed back their biggest movies, next summer’s theatrical release calendar looks like a blockbuster heaven: “Black Widow,” “Fast Furious 9,” “The Conjuring: The Devil Made Me Do It,” “Ghostbusters: Afterlife,” “Minions: The Rise of Gru,” “Top Gun: Maverick,” Marvel’s “Shang-Chi and the Legend of the Ten Rings,” “Hotel Transylvania 4,” “Venom: Let There Be Carnage.” (To name a few.) With any luck, studio chiefs say, the newly vaccinated masses will come out in droves, in part because they won’t take the theatrical experience for granted anymore.

In Japan, where cinemas are fully operating again (the country’s response to the coronavirus has kept cases and deaths low), more than 3.4 million people turned out last month to see an animated movie, “Demon Slayer: Mugen Train,” on its opening weekend. One Tokyo theater scheduled a jaw-dropping 42 screenings in one day to meet demand.

Popcorn for everyone!

“There’s a reason that the Roaring Twenties followed the 1918 pandemic,” J.J. Abrams, the Bad Robot Productions chairman, said by phone. “We have a pent-up, desperate need to see each other — to socialize and have communal experiences. And there is nothing that I can think of that is more exciting than being in a theater with people you don’t know, who don’t necessarily like the same sports teams or pray to the same god or eat the same food. But you’re screaming together, laughing together, crying together. It’s a social necessity.”

Article source: https://www.nytimes.com/2020/11/28/business/media/hollywood-coronavirus-streaming.html

Shell must pay nearly half a billion for oil spill in Nigeria, court rules

The judges upheld the previous decision, which ruled that the oil conglomerate must pay damages for an oil spillage in Ejama-Ebubu in Rivers State. According to Bloomberg and local media reports, the five-member panel said that Shell’s request to review the case lacked merit.

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The case centers around an oil spill that occurred in 1970 from Shell’s oil production activities in the Niger delta. The case was brought to court in 2001 by the Ejama-Ebubu community, which has accused the company of making their water sources unfit for human consumption. In 2010, a Nigerian court ruled that the company was liable for an oil spill in the community, but Shell still disputes its responsibility and says that it has cleaned the area.

“It is regrettable that the legal process in this case has been focused for so long on procedural issues and not the merits of the case,” Shell said in a statement responding to the latest ruling on Friday. Still disputing the Ejama-Ebubu claim, the company insists that “any attempt to enforce payment should not be permitted” due to other ongoing court proceedings.

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“We have always maintained that we are ready to defend this case based on the available facts,” Shell said, as cited by Bloomberg.

Shell and its subsidiaries have also fought several lawsuits over oil spills in the Niger Delta, with legal tussles ongoing in the Hague and in the British courts, which previously sided with the oil giant. Last year, a UK court blocked the enforcement of damages against the major.

Shell was previously forced to pay for massive oil spills in Nigeria that occurred in 2008 and 2009, considered to be the biggest in decades of oil exploration the country. The Bodo fishing community, whose territory was polluted as the result of the incident, sued the company, which agreed to pay $83 million in compensation in 2015.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/508092-shell-oil-spill-nigeria/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Chinese private corporate giants rocket in value despite Covid-19 pandemic

The average value of the country’s top 500 private enterprises increased by 55 percent to a record $16.5 billion (108 billion yuan) year-on-year, according to a report released by the institute earlier this week.

China’s five biggest technology titans – Tencent, Alibaba Group, Meituan-Dianping, Pinduoduo and JD.com – benefitted from a global stock market rally as the pandemic started receding in the country earlier this year. Each firm added over $100 billion in value over the year.

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“The main reasons for the rapid increase were the rise of the new economy, especially after the pandemic, a sharp rise in the stock markets and a flurry of new listings,” said Rupert Hoogewerf, chairman and chief researcher at Hurun.

Since the outbreak of Covid-19, investors have been piling into technology and pharmaceutical stocks globally, seeking growth and certainty. The stocks were also pushed by unprecedented liquidity created by central banks.

Social media and online games operator Tencent, valued at $743 billion, outpaced e-commerce holding Alibaba’s market value of $713 billion to become the most valuable Chinese company. Online food delivery services provider Meituan became the third-biggest private firm in the country with a market cap of $243 billion. Ping An Insurance ($221 billion) and Ant Group ($209 billion) rounded off the top five.

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As major technology stocks have been gaining since the beginning of the year, the Nasdaq Composite has advanced 34 percent, while the Shanghai Composite Index has added 10 percent. The Hang Seng Tech Index that tracks the 30 largest technology companies listed in Hong Kong has grown 15 percent.

As the pandemic evoked unprecedented growth in the number of online consumers, online shopping platform operators Pinduoduo and JD.com managed to get into the top 10 list for the first time ever. The enterprises demonstrated growth of 289 percent and 200 percent respectively.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/507997-china-corporate-growth-covid/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

OPEC+ likely to prolong existing oil cuts despite rising prices – media

The coalition is leaning towards maintaining crude oil production cuts at the current level of 7.7 million barrels per day (bpd) for another two or three months, the Wall Street Journal reported citing officials. Similar intentions were earlier reported by Reuters, who cited delegates and sources close to OPEC+. 

The group is expected to hold informal talks on Sunday before making the final decision on the fate of production curbs at a ministerial gathering next week. The informal online meeting was reportedly requested by OPEC’s de-facto leader Saudi Arabia and one of the main non-OPEC parties of the deal, Russia. 

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OPEC+ was scheduled to start adding 2 million barrels per day (bpd) to the market  – about 2 percent of global consumption – in January, according to the next stage of their historic oil accord. Some of the largest crude suppliers, including Russia, earlier signaled that the cuts could be extended if necessary. 

This weekend’s unofficial meeting comes after oil prices secured gains for a fourth straight week. Despite edging lower on Friday, futures for West Texas Intermediate (WTI) were up eight percent over the week, while Brent rose more than seven percent. 

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The price rebound may be driven by optimism about the possible rollout of a Covid-19 vaccine, as several companies announced over 90 percent effectiveness of their products earlier this month. Meanwhile, some analysts warn that oil market fundamentals are still weak, and demand is not expected to get back to pre-pandemic levels for another year.

“It is far too early to know how and when vaccines will allow normal life to resume. For now, our forecasts do not anticipate a significant impact in the first half of 2021,” the International Energy Agency (IEA) said in its report.

However, not all the OPEC+ members could be in favor of extended cuts despite those concerns. The United Arab Emirates (UAE), which was recently rumored to be considering withdrawing from OPEC, is reportedly eager to ramp output back up and asked for a higher production quota. Nigeria, criticized by other members for failing to comply with the deal, also wants a higher quota. Another key breakaway from the deal and the second-largest OPEC producer, Iraq, was previously seeking an exemption from 2021 reductions.

OPEC+ would still push all the overproducers to compensate for extra supplies, some delegates quoted by the Wall Street Journal said. In addition to non-complaint parties of the deal, OPEC+ efforts are partly hindered by the resumption of oil production in Libya. Being exempt from the current oil curbs, Libya has recently boosted oil output by over 1 million barrels per day.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/508072-opec-prolong-oil-cuts/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Iconic tech entrepreneur & former Zappos CEO Tony Hsieh passes away at 46

The news broke on Friday night, with the first reports citing a text message from his family to friends. The death was later confirmed by the retailer Hsieh led for 20 years before leaving this summer, with Zappos’ homepage paying tribute to the former CEO. The cause of Hsieh’s death is unknown.

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“The world has lost a tremendous visionary and an incredible human being,” current Zappos CEO Kedar Deshpande wrote in statement. “Tony played such an integral part in helping create the thriving Zappos business we have today, along with his passion for helping to support and drive our company culture.”

Before launching the shoe and apparel business, Harvard graduate Hsieh co-founded an advertising startup called LinkExchange. The tech firm was sold to Microsoft for $265 million in 1998, when he was just 24.

Hsieh co-founded Zappos, then called ShoeSite.com, in 1999 and turned it into a massive business that eventually caught eye of another industry behemoth, Amazon. Seeing enormous growth potential, Amazon acquired Zappos for $1.2 billion in 2009, and it remains one of Amazon’s largest acquisitions to date.

The late tech entrepreneur is also known for the Downtown Project – a plan aimed at helping revitalize part of downtown Las Vegas by investing in people and projects. The initiative has allocated and invested $350 million, helping to create more than 165 new businesses and over 1,000 new jobs.

Local businessmen and officials also offered their condolences to Hsieh’s family, praising him for helping to change the landscape of downtown Las Vegas.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/508082-ex-zappos-tony-hsieh-dies/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Six US oil executives convicted in Venezuela on corruption charges

The men all worked for Citgo, a US refining company owned by Venezuela’s state oil firm PDVSA. They were arrested in the capital Caracas three years ago after arriving there for a business meeting.

RT

Citgo’s former president, Jose Angel Pereira, was sentenced to over 13 years in prison and given a $2 million fine. The others (all vice-presidents of the company at the time) – Gustavo Cárdenas, Jorge Toledo, Tomeu Vadell, Jose Luis Zambrano, and Alirio Jose Zambrano – received sentences of between eight and 10 years. They could be released on parole in a couple of years, defense lawyer Jesus Loreto said.

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Five of those arrested are Venezuelan-Americans with roots in Texas and Louisiana, and one is a permanent US resident, according to media reports.

According to the Human Rights Watch, the group was accused of signing a deal that was “unfavorable” for Venezuela’s state oil firm. The men have denied any wrongdoing.

Alirio Rafael Zambrano, whose two brothers are among the defendants, said that they were “undeniably innocent” and victims of “judicial terrorism.” No evidence presented in the case supports a guilty conviction, he said, as quoted by the New York Times.

One of the lawyers, Maria Alejandra Poleo, said the case was “void of evidence,” adding: “Of course the defense will appeal the decision.”

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Last week, US Secretary of State Mike Pompeo said that Washington will continue to do the “utmost” to bring the men home. “The US government has repeatedly called for the unconditional release of the Citgo 6 and their return to the United States. These six Americans and their families have suffered long enough; it is time for [President] Maduro to put politics aside and let these families be reunited,” said Pompeo.

In 2019, Washington introduced sanctions against Venezuelan state oil firm PDVSA (which accounts for about 95 percent of the country’s export earnings) after recognizing opposition leader Juan Guaido as interim president.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/508018-us-oil-executives-convicted-venezuela/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Groups Trying to Open Golf to Young People Are Struggling Themselves

But the Monterey Peninsula Foundation, which organizes the event with Chevron and the title sponsor, PURE Insurance, presented First Tee with a $500,000 donation. The group also made college scholarship donations to all 70 high school seniors who applied to play in the event.

“In a year with many uncertainties, there have been bright spots,” said Greg McLaughlin, chief executive of First Tee.

Many of the donors to these athletic-focused nonprofit groups received similar support from a sport when they were young.

Rich Thawley, an entrepreneur whose house backs up to the 15th hole of Pebble Beach Golf Links, said he had given money to capital projects at his alma mater, San Jose State University, for years, including a golf practice facility. But this year, he has increased his support to Youth on Course because it reminds him of when he was young with limited means to play the game.

“My financial involvement has increased as I’ve seen the good that it’s done, the lives that it’s changed,” Mr. Thawley said. “It fires me up that some kid in Texas, some kid in Nebraska or some kid in New Jersey is getting to play golf. I’ll never meet them. But I love them.”

He had been giving about $100,000 a year to Youth on Course, but has committed to increasing that to more than $1 million a year for the next few years. “It’s a response to Covid — that would be No. 1,” he said in explaining why he was increasing his contributions. “Covid has been wind in our sails for golf. It’s increased my awareness of giving. We found a greater need.”

Jalyn Robinson, 18, who took up golf when she was in sixth grade in Vallejo, Calif., is one of those beneficiaries. She now has a full scholarship to Prairie View AM University in Texas, where she is on the golf team. No one in her family played but she caught the bug and found support through golf nonprofit groups.

Article source: https://www.nytimes.com/2020/11/27/your-money/golf-nonprofits-needy.html

Russia working on MASSIVE oil project to boost country’s position in Arctic

Rosneft’s CEO Igor Sechin, who has met with President Vladimir Putin this week, has pledged that Vostok Oil will deliver up to 30 million tons of oil via the Northern Sea Route by 2024.

In total, the project will ensure the production, transportation and transshipment of up to 50 million tons of oil per year at the initial stage, and up to 100 million tons when the second stage is completed, Sechin said.

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Putin has called the project “huge and promising,” saying earlier that it “will increase the country’s GDP as a whole, boost freight traffic along the Northern Sea Route, and, of course, strengthen Russia’s position in the Arctic.”

Vostok Oil is aimed at developing oil and gas fields and energy infrastructure in Russia’s remote northern regions. The initiative, which includes construction of a 770-kilometer pipeline, port complex, and two airfields, will create tens of thousands of new jobs.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/507986-russia-oil-project-arctic/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Washington tells Deutsche Bank to wind up its business in Russia

Deutsche Bank is reportedly planning to expand its Russian business, despite a spate of scandals connected to cases of money-laundering, and a series of hefty fines for failure to act against them.

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The call from Chicago-based law firm Jenner Block came as the efforts taken by the bank’s subsidiary in Russia against money-laundering practices were deemed insufficient, according to sources connected to the matter as quoted by the Wall Street Journal. The monitors reportedly said Deutsche Bank runs a high risk of potential prosecution if it keeps doing business in Russia.

The US set up a watch on the financial activity of Deutsche Bank’s branch in Russia after one of the world’s biggest lenders was fined $425 million by the New York State Department of Financial Services and £163 million by the UK Financial Conduct Authority, in connection with laundering $10 billion out of Russia.

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The monitoring agency has no legal right to dictate the bank’s policy. However, the monitors can pass on information to the New York financial watchdog, which is in a position to impose fines and introduce sanctions.

Earlier this year, US regulators suspected Deutsche Bank of facilitating more than half of the $2 trillion of suspicious transactions around the world that were flagged between 1999 and 2017.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/507969-us-deutsche-bank-russia/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Oil pirates are DANGEROUSLY CLOSE to US waters

Piracy is an age-old problem in the energy industry, often seen in West Africa and other regions of the world. However, following the rise of the phenomenon during the 2020 Covid-19 pandemic, pirates are nearing US shores, presenting a new threat to the industry.  Slow-moving oil tankers in the region present an easy target for pirates looking for a ransom opportunity. This has become an increasingly common event in Mexico’s Bay of Campeche, the origin of a significant proportion of US oil, providing around 17 percent of the country’s crude oil and five percent of its natural gas. 

“Recent piracy attacks in the Gulf of Mexico are a new development near US waters,” Rockford Weitz, Director of Maritime Studies at Tufts University’s Fletcher School told Forbes earlier this month. 

“Hundreds of crude oil tankers and refined product tankers (carrying jet fuel, gasoline, and diesel) pass through the Gulf of Mexico each year when transiting to and from refineries in Texas and Louisiana.”

Piracy threats reached a peak in Campeche earlier this year, forcing the US State Department to issue an official piracy warning in April in the southern Gulf of Mexico. Despite this, there has been little media attention on the issue. Piracy is primarily linked to a few hot-spots around the globe, thought of as a distant crime. Previously, Venezuelan waters and Peruvian waters were both flagged as hotspots for pirates, but this zone appears to be expanding. 

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This new trend comes as levels of piracy increased in reaction to the Covid-19 pandemic. In 2019, global maritime piracy plunged to a 25-year low, with just 41 reported cases on large ships of over 100 gross tonnage. However, with the pandemic leading to greater oil storage on the seas, reports of piracy are mounting. 

As well as hitting new areas, piracy in Asia doubled in the first half of 2020, over the same period in 2019. Traditional hotspots, such as the Gulf of Guinea off of West Africa which accounts for 90 percent of maritime kidnappings worldwide, remain high-risk areas for energy companies.

This autumn, there have already been several reports of piracy off the coast of West Africa, including an attack on the UK’s Union Maritime oil tanker and Danish tanker Torm Alexandra. That makes a total of three vessels boarded since late October in this region alone. 

Although piracy is well known in the West African region, threats of these events spreading to other regions need to be addressed by the energy sector. At present, there are hundreds of platforms, supply and drill ships, and oil tankers operating in the US that are waiting to dock with their cargo and are mostly unguarded. 

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Any cases of piracy on these structures would require a response from the US Coast Guard, which already has limited capacity due to the large geographical area. The failure to respond successfully to reports of piracy could lead to loss of cargo as well as negative environmental effects, such as oil spills. 

While pirates have not yet touched US waters, it’s important to consider the need for advanced action before a crisis occurs. Private companies and the Coast Guard may not be enough to secure US oil if better preventative strategies are not put in place. 

By Felicity Bradstock for Oilprice.com

Article source: https://www.rt.com/business/507971-oil-pirates-dangerously-close-us/?utm_source=rss&utm_medium=rss&utm_campaign=RSS