energy Archives - Page 2 of 2

March 21, 2022

Biden’s pursuit of Venezuelan oil while shunning US energy and Keystone XL slammed: ‘climate craziness’

North Dakota Republican Sen. John Hoeven reacts to Saudi Arabia reportedly thinking of accepting the Chinese yuan alternatively of U.S. dollars for oil product sales.

The Biden administration has flirted with lifting oil sanctions on as soon as-shunned Venezuela to mood surging oil costs, nonetheless it seems unwilling to motivate financial investment in domestic strength production. Critics slammed this shift in opinions to Fox News Digital.

White Property and Condition Division officers traveled to Caracas before this month to meet with Venezuela’s authoritarian President Nicolás Maduro after Biden banned imports of Russian oil above Russian President Vladimir Putin’s invasion of Ukraine.

demonstrator holds a collage of pictures of Russia's President Vladimir Putin and his Venezuelan counterpart Nicolas Maduro

A demonstrator holds a collage of shots of Russia’s President Vladimir Putin and his Venezuelan counterpart Nicolás Maduro in the course of an anti-war protest next Russia’s invasion of Ukraine, in Caracas, Venezuela March 4, 2022. (REUTERS/Leonardo Fernandez Viloria)

Soon after some backlash, the Condition Department claimed that the pay a visit to had simply been about the release of detained Us residents and “championing the democratic aspirations of the Venezuelan people.”

Even with the Point out Department’s denial, a supply briefed on the conference in Caracas informed The Monetary Occasions that a partial lifting of oil sanctions experienced been on the agenda, after all.

BIDEN’S OIL BLAME Recreation BACKFIRES

Even if the Biden administration ended up to go forward with lifting U.S. sanctions on Venezuela with the goal of securing an alternative oil provide, specialists say the nation is nowhere in close proximity to being in a placement to ramp up manufacturing in time to aid temper the current selling price spike. The United States makes additional than 12 million barrels of oil per day on regular, when consuming about 19.5 to 20 million. Venezuela’s output merely is not enough to make up substantially of what the U.S. economy demands.

Also, Venezuela’s anemic oil market is plagued by technological and political difficulties. So why would the Biden administration even consider the thought when far better possibilities – ones that never empower authoritarian dictators – are on the desk?

The Biden administration has experienced and carries on to have an icy romance with the oil sector, whom the president blames for profiteering off the present electrical power disaster. On working day 1 of his presidency, Biden pulled the plug on the Keystone XL pipeline, which would have transported an estimated 840,000 barrels a day, displaced more than 600,000 barrels of Russia’s oil and employed countless numbers of employees in the U.S. and Canada. Canada’s oil is also far better suited for use in gasoline than Venezuela’s.

Power ETFS TO Participate in AS Gas, OIL Prices Soar

The U.S. has slapped tough sanctions on Venezuela’s point out-owned oil organization, PDVSA, and lower ties with the state in reaction to President Maduro’s alleged human rights violations. As a result, lots of critics of Biden’s move have questioned why the U.S. would shun its individual oil, and Canada’s, in favor or an authoritarian regime that is brazenly hostile to the United States.

state oil company PDVSA, in Caracas, Venezuela

A person walks previous a fuel station of condition oil enterprise PDVSA, in Caracas, Venezuela March 16, 2022. (REUTERS/Gaby Oraa)

Ryan Sitton, an oil and gasoline engineer, founder of Pinnacle Reliability, and former Texas electrical power regulator with encounter in Venezuela, reported the Biden administration and Democrats are “beholden to this anti-oil and gas narrative that is so disruptive to the U.S. financial state.”

“If you’re going to win a Democrat main, you’ve received to be so hardcore anti-oil and fuel that any hint of currently being thoughtful or becoming professional U.S. electrical power is virtually untenable,” he reported.

Sitton mentioned the issue was not what President Biden is executing now, but what he was performing though working for place of work.

“You assume Maduro is heading to play good with us? This is the large difficulty. It’s effortless to say, ‘Oh we’ll just invest in Venezuelan crude.’ I’m positive Maduro’s over there declaring, ‘Yeah, I’ll present you my crude oil. It is going to be 150 bucks a barrel due to the fact he is aware of we’ve bought to have it.”

THE Vital TO Conserving UKRAINE AND DEFEATING PUTIN May perhaps LIE IN PENNSYLVANIA

“And as soon as you reported, ‘We’re not likely to buy the Russian crude oil,’ we never create the Keystone Pipeline, Marduro’s going, ‘Oh person, I have bought these fellas around a barrel.’”

Venezuela provides at most 800,000 barrels of oil per day. That determine is up from the common of 525,000 barrels it made a year in the past, but far off its unsuccessful focus on of 1 million a working day by the conclude of 2021 and nowhere close to the far more than 3 million barrels for each working day the country was manufacturing in the 1990s.

Venezuela’s oil is also heavier and grimier and is much more suited for earning asphalt and petrochemicals alternatively than being utilised for vehicles. Extracting gasoline and diesel from Venezuela’s oil would need a sophisticated refining process.

The place also lacks high quality engineers, because numerous of the kinds who ran Venezuela’s field at its peak were being exiled from the country through the Hugo Chavez era, when the socialist dictator nationalized Venezuela’s oil industry.

Illustration by Ian Jopson. (AP Newsroom)

Dr. Brenda Shaffer, a senior electrical power adviser for the Basis for the Protection of Democracies, told FOX Small business that there was an irony in the Biden administration’s pursuing oil in Venezuela, provided the higher environmental influence of heavier oil.

“The U.S. has strong environmental regulations, rule of legislation, contracts and insurance coverage in comparison to the way output will take put exterior the United States,” Shaffer reported. “Applying oil abroad not only has a geopolitical influence, but it also has an environmental and weather impact.”

Property DEMOCRATS REPORTEDLY WANT BIDEN TO DECLARE Nationwide ‘CLIMATE EMERGENCY’

Phil Flynn, a senior energy analyst at The Rate Futures Team, slammed the Biden administration’s policies as “local climate craziness.” He warned that declaring a climate crisis only helps make buyers jittery about fossil fuels, which in switch results in shortages and history-significant gas charges, leading to political instability.

A container ship is proven at the Port of Los Angeles, Nov. 22, 2021. (REUTERS/Mike Blake)

“They are betting on some breakthrough technologies in the potential, but they are not there yet,” Flynn reported in an job interview with FOX Business. “Except if their motivation is to destroy the U.S. center course and the lousy, you are only going to make oil rates prohibitively high-priced, you are likely to harm economic growth and you are heading to harm the place.”

Lingering offer chain problems have been sending oil prices to history high ranges nicely just before Russia invaded Ukraine, but the war has produced issues worse. Nonetheless, Biden has conveniently blamed meant oil companies’ profiteering and Russian President Vladimir Putin for the selling price hike.

Simply click Here TO Read FOX Enterprise ON THE GO

“Anyone who does economics 101 is familiar with that if acquire steps to reset, prohibit provide and demand from customers, charges are heading to go up,” Flynn mentioned. “But however, the Biden administration does not get it.”

December 14, 2021

Stocks Pull Back From Records, Weighed Down by Tech, Energy | Business News

By DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

Stocks pulled back beneath their modern history ranges on Wall Road Monday as the market’s momentum slows down next its best 7 days since February. The S&P 500 fell .9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, the Dow Jones Industrial Average also fell .9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and the tech-hefty Nasdaq gave up 1.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} Technologies, energy and vacation-related corporations had some of the major losses. Nvidia, Normal Motors and Devon Energy were among the most important decliners in the S&P 500. Pfizer rose soon after announcing a deal to acquire Arena Prescribed drugs, and Harley-Davidson rose following stating it will consider its electrical motorcycle division community by way of a blank-check out business. Treasury yields fell.

THIS IS A BREAKING News UPDATE. AP’s previously story follows below.

Shares fell in afternoon trading on Wall Road Monday in a sluggish start out to the 7 days pursuing the market’s most effective weekly obtain because February.

The S&P 500 fell .6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as of 2:50 p.m. Eastern. The Dow Jones Industrial Average fell 228 factors, or .6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, to 35,744 and the Nasdaq fell .9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

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Smaller firm shares fared even worse than the broader industry in a sign that buyers are involved about economic expansion. The Russell 2000 get rid of 1.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

A wide selection of merchants that rely on immediate consumer paying experienced some of the most significant losses. Hanesbrands fell 5.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Automakers and travel-associated providers also fell. Ford fell 3.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and Carnival dropped 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Bond yields fell. The generate on the 10-calendar year Treasury fell to 1.43{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from 1.49{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} late Friday. That weighed on banking companies, which rely on greater bond yields to cost more beneficial fascination on loans. Funds One particular fell 2.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Industrial and power businesses also moved decreased.

Sectors that are viewed as much less dangerous, such as utilities and family item makers, held up far better than the relaxation of the market. Well being care businesses also received ground.

Numerous big pharmaceutical organizations were standouts. Moderna climbed 5.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the most significant achieve in the S&P 500. Pfizer rose 4.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} following information it is acquiring Arena Prescription drugs. Bristol Myers Squibb rose 4.6{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Harley-Davidson rose 5.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} after expressing it will just take its electrical bike division public by a blank-verify company, valuing the company that has been aspect of the motorbike maker for 10 many years at $1.77 billion.

Buyers will be monitoring various economic stories this week and the Federal Reserve to achieve extra insight into financial progress as 2021 arrives to a close and the earth proceeds to consider and shake off the effects from COVID-19.

Wall Street will get an inflation update on Tuesday when the Labor Department releases its Producer Value Index for November, which displays how inflation is impacting charges for firms. That report will be especially critical with the Fed meeting on Tuesday and Wednesday.

Persistently rising inflation has prompted the central lender to hasten its prepare to trim bond buys that have assisted retain desire prices reduced. Investors will be listening for any statements that insert depth to the timing of that approach and hints at how that may well influence how soon benchmark fascination premiums are improved in 2022.

December 8, 2021

Minority Students Encouraged to Apply for Dominion Energy Educational Equity Scholarship

– The company will award $500,000 in scholarships to 60 pupils in 2022

– Second calendar year of the six-year, $10 million scholarship method

– Pupils can utilize for scholarships until eventually Jan. 25, 2022

RICHMOND, Va., Dec. 8, 2021 /PRNewswire/ — By means of its Academic Fairness Scholarship Software, Dominion Electricity is awarding $500,000 in scholarships to 60 students in 2022. In its second calendar year of the six-year $10 million initiative, the plan helps with undergraduate increased instruction expenses for underrepresented minority students who reside in the company’s company place.

(PRNewsfoto/Dominion Energy) — (PRNewsfoto/Dominion Vitality)

“We acknowledge the worth of instruction as an equalizer in culture,” explained Robert M. Blue, Dominion Energy’s president and main executive officer. “This system aids minimize the economical hurdle many underrepresented students face, which allows scholarship recipients better accessibility to put up-secondary education and learning and more options to propel their futures.”

The scholarship software interval is open Nov. 30, 2021, through Jan. 25, 2022, 4 p.m. Japanese Regular Time.

To be qualified, college students need to:

self-determine as Black or African American Hispanic or Latino American Indian or Alaska Indigenous Asian or Indigenous Hawaiian or other Pacific Islander with higher education and learning fees,
be superior university seniors or graduates, or present-day school undergraduates residing in Connecticut, Ohio, West Virginia, Virginia, Maryland, North Carolina, South Carolina, Idaho, Wyoming or Utah, with designs to enroll comprehensive time at an accredited two- or 4-12 months school, university or vocational-technological school for the total approaching academic 12 months and
have a minimum grade stage typical of 3. on a 4. scale (or its equivalent).

In all, 60 scholarships totaling $500,000 will be awarded in 2022. Of those people, 20 scholarships of $5,000 each will be created out there for college students enrolled in two-calendar year colleges, although 40 scholarships of $10,000 each and every will be awarded to college students enrolled in 4-yr colleges. Scholarship recipients will be ready to renew scholarships as they progress in school, offered they satisfy sure criteria, this sort of as GPA demands and residence in an suitable condition.

The program is administered by Scholarship America, a nonprofit specializing in taking care of scholarship and tuition aid packages. Scholarship The usa will assist Dominion Vitality in the collection of finalists.

College students can understand extra and apply at DominionEnergy.com/EquityScholarships.

Clinton Washington III, a student at Furman College in South Carolina, was between the 2021 very first class of Dominion Energy Educational Equity Students from eight states in the firm’s services area.

“In early December, everyday living was particularly demanding owing to the affect of COVID-19,” Washington said. “Between obtaining only my mother doing work, and balancing college with economic stress, it was extremely challenging to maintain a content point out of thoughts heading into my spring semester. When I obtained the news regarding the Dominion Strength Instructional Fairness Scholarship, I was so ecstatic simply because I realized it would create an huge amount of reduction for my relatives and myself going into my senior year. This scholarship has definitely improved the trajectory in my mental wellbeing by providing me the liberty to go after all my targets for my senior 12 months. Instead than paying out an huge amount of money of time pursing on campus positions, I can go all in on university, graduate college plans, and my clubs/organizations. The amount of gratitude that I have for this scholarship does not suffice by just terms by yourself, and I actually hope this can be continued for future learners like myself.”

About Dominion Electrical power
About 7 million prospects in 13 states energize their households and enterprises with energy or all-natural gasoline from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is fully commited to sustainable, responsible, very affordable and risk-free electricity and to attaining net zero carbon dioxide and methane emissions from its electrical power technology and gasoline infrastructure functions by 2050. Make sure you check out DominionEnergy.com to master far more.

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November 4, 2021

Women in Clean Energy – U.S. Clean Energy Education & Empowerment Initiative (U.S. C3E Initiative) Announces 2021 Awardees

WASHINGTON, Nov. 4, 2021 /PRNewswire/ — The U.S. Clean up Electricity Training & Empowerment Initiative has declared the assortment of 9 completed ladies who have demonstrated exceptional management in cleanse energy. The U.S. C3E Initiative—celebrating its 10th year—is led by the U.S. Department of Power (DOE) in collaboration with Stanford University’s Precourt Institute for Electrical power, the Texas A&M Power Institute, and the MIT Strength Initiative. The U.S. C3E Initiative aims to close the gender hole and improve the participation, leadership, and achievement of girls in clear energy fields. The winners will be honored at the Tenth Annual U.S. C3E Women in Clean Vitality Symposium, Justice and Equity in Clean up Power, accessible on c3e.org/2021.

The U.S. Clean Energy Education & Empowerment Initiative (U.S. C3E Initiative)—celebrating its 10th year—is led by the U.S. Department of Energy in collaboration with Stanford University’s Precourt Institute for Energy, the Texas A&M Energy Institute, and the MIT Energy Initiative. The U.S. C3E Initiative aims to close the gender gap and increase the participation, leadership, and success of women in clean energy fields. Learn more at c3e.org. — The U.S. Clean Power Schooling & Empowerment Initiative (U.S. C3E Initiative)—celebrating its 10th year—is led by the U.S. Division of Power in collaboration with Stanford University’s Precourt Institute for Strength, the Texas A&M Strength Institute, and the MIT Electricity Initiative. The U.S. C3E Initiative aims to near the gender gap and improve the participation, leadership, and good results of ladies in clear power fields. Master a lot more at c3e.org.

“Producing an equitable and sustainable thoroughly clean energy changeover requires a variety of abilities, perspectives, and thoughts,” said Secretary of Strength Jennifer M. Granholm. “I’m happy to honor the winners of this year’s C3E awards who are an exemplary group of innovators and trailblazers operating to accomplish the cleaner, greener foreseeable future of our dreams. Collaborative initiatives, like C3E, that advance women’s management in clear power are vital to constructing the workforce of tomorrow and enhance our remedies to reaching internet-zero by 2050.”

The 2021 award winners are rising and proven leaders who are owning an effects throughout clean up electricity fields:

Organization – MEGHAN NUTTING is govt vice president of governing administration and regulatory affairs at Sunnova Electricity Company, a U.S. household photo voltaic and storage companies supplier. She will work with field leaders, nonprofits, condition legislators, federal policymakers, and regulators to craft and carry out policies that deliver a extra stable and sustainable small business ecosystem for photo voltaic energy era. She has worked with stakeholders to move vital parts of coverage and legislation ahead in far more than 20 states, which include Arizona, California, Connecticut, and Puerto Rico.

Education and Advocacy – MARINA BADOIAN-KRITICOS is a research scientist at the Houston Highly developed Investigation Middle and assistant director of the DOE Upper-West Put together Heat and Electrical power Technological Help Partnership (CHP Tap), in which she engages with utilities, regulators, and policymakers to offer no-price independent engineering assist to assistance advance technical answers using CHP.

Entrepreneurship – STEPH SPEIRS is co-founder and CEO of Solstice, a organization focused on expanding the range of U.S. households that can acquire edge of clean electrical power as a result of neighborhood-shared photo voltaic plans. Solstice has established ground breaking funding alternatives, advocated for the generation of inclusive solar plan across a number of states, and enrolled clients in much more than 25 group renewable tasks throughout Massachusetts, New Jersey, New York, and Washington, D.C.

Govt – Faith CORNEILLE is a world wide Electric power Sector Plan manager at the Bureau of Power Means at the U.S. Department of State, in which she sales opportunities technical aid to foreign lover governments to bolster electrical power markets and electricity systems, and advance energy sector decarbonization, resiliency, and thoroughly clean power investment.

Intercontinental – RHONDA JORDAN ANTOINE is a senior energy professional at the Environment Lender, where by she operates on energy investment decision and advisory tasks across Sub-Saharan Africa. She also sales opportunities modeling and geospatial electrification organizing initiatives, applying reducing-edge geographic info method analytics to tell Entire world Bank strength engagements in 30 international locations and underpin detailed electrification methods and strategies in 20 nations in Sub-Saharan Africa.

Legislation and Finance – JOHANA AFENJAR was most recently a senior director of cash marketplaces at Clearway Strength Group, exactly where she was the transaction lead in the funding of Clearway’s 140 MW Hawaii portfolio, elevating more than $500 million in financial debt, tax equity, and investor money.

Social, Financial, and Plan Innovation – KATE ANDERSON is chief of personnel for Vitality Units Integration at the Nationwide Renewable Energy Laboratory (NREL), supporting actions focused on energy devices, programs analysis, final decision science, vitality safety and resilience, and vitality justice.

Technology Research and Innovation – MARYAM SAEEDIFARD is an affiliate professor at the Ga Institute of Engineering Faculty of Electrical and Computer Engineering, wherever she conducts investigate into technologies that can deal with problems in huge-scale grid integration, storage, and transmission of renewable strength.

Life span Accomplishment – CHERYL A. LAFLEUR was a single of the longest-serving commissioners on the Federal Vitality Regulatory Fee (FERC), nominated in 2010 and serving until 2019. At FERC, she served direct the evolving transformation of U.S. electrical power markets and infrastructure, doing work to remove obstacles to clear energy systems these kinds of as demand reaction, storage, and renewable electricity. She is at present Chairman of the Board of Administrators at ISO New England and an adjunct senior study scholar at the Columbia University Middle on World wide Electricity Coverage, exactly where she focuses on the adaptation of the electric and pure fuel sectors to the difficulties of climate change.

Find out much more about the U.S. C3E Initiative at c3e.org. To find out far more about the 9 awardees’ clean up power journeys, check out c3e.org/winners, c3e.org/lifetime-accomplishment-award, or get hold of C3E@hq.doe.gov. Tune in to view awardees’ acceptance remarks November 3-4, 2021, at c3e.org/2021.

The U.S. Clean Energy Education & Empowerment (C3E) Initiative has announced the selection of nine accomplished women who have demonstrated outstanding leadership in clean energy. The 2021 award winners are rising and established leaders who are having an impact across clean energy fields. To learn more about the awardees’ inspirational clean energy journeys, visit c3e.org/winners, c3e.org/lifetime-achievement-award, or contact C3E@hq.doe.gov. — The U.S. Clean up Energy Training & Empowerment (C3E) Initiative has announced the range of nine accomplished women who have shown exceptional leadership in clear electricity. The 2021 award winners are growing and recognized leaders who are possessing an impression throughout clean up strength fields. To study extra about the awardees’ inspirational clean up energy journeys, take a look at c3e.org/winners, c3e.org/lifetime-accomplishment-award, or make contact with C3E@hq.doe.gov.

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October 14, 2021

Today’s top economy and business news: WPI inflation eases; Sensex at a new high; IEA on energy crisis and more

Evening wrap:

The worsening gobal energy crisis could boost oil demand by half a million barrels per day (bpd), the International Energy Agency. This could push inflation up and slow the world’s recovery from the COVID-19 pandemic, the agency noted.

In other developments, China’s factory-gate inflation rose to a record on soaring commodity prices. The country’s producer price index (PPI) rose 10.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from a year earlier in September, the National Bureau of Statistics (NBS) said on Thursday, the biggest rise since the bureau started compiling the data in 1996. – John Xavier

For other top business, economy and market updates, pls read our blog

4:45 P.M.

Rupee closes at 75.26 against US dollar

The rupee appreciated 11 paise to close at 75.26 (provisional) against the US dollar, posting gains for a second straight day.

The domestic unit rose on heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment while surging crude prices in the international market restricted the rupee’s gain.

The local unit opened strong at 75.27 against the greenback, before closing at 75.26 against the American currency, a rise of 11 paise over its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, dipped 0.28{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 93.81.

4:30 P.M.

China’s coal prices near record high

China coal prices held near record high after cold-weather prompted power plants to stock up on fuel to ease an energy crunch.

China has been grappling with a widening power crisis due to a shortage of coal, record-high fuel prices and booming post-pandemic demand.

Soaring energy prices sent producer prices to their highest in at least 25 years in September, rising 10.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} from a year earlier, and cold winter weather is likely to worsen the situation.

Beijing has ramped up efforts to contain coal price rises. Some of it includes raising domestic coal output, rationing of power at factories and assuring energy supplies will be secured for the winter heating season.

4:00 P.M.

Sensex soars to a new high

Equity benchmark Sensex rallied 569 points to close at a new high amid positive macro cues and upbeat global markets. The sense rose 0.94{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to close above 61,000 for the first time at 61,305.95.

The Nifty also surged 0.97{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to a new lifetime closing high of 18,338.55.

ITC was the top gainer in the Sensex pack, followed by HDFC Bank, and PowerGrid while TCS, HCL Tech, and Bajaj Finance were among the laggards.

The Indian market stayed in green due to the upbeat global market and favourable inflation data.

The wholesale price-based inflation eased to 10.66{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in September, and retail inflation in September too slowed to a five-month low of 4.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on moderating food prices.

In Asia, Seoul and Tokyo ended with strong gains, while Shanghai was in the red. Stock exchanges in Europe were trading on a positive note in mid-session deals.

3:30 P.M.

Passenger vehicle sales drop

Passenger vehicle wholesales in India fell 41{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} year-on-year in September as the semiconductor shortage hit production of automobiles.

Passenger vehicle sales last month stood at 1,60,070 units compared with 2,72,027 units in the same month a year ago.

According to the Society of Indian Automobile Manufacturers (SIAM), two-wheeler dispatches to dealers plunged 17{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 15,28,472 units, compared to 18,49,546 in September 2020.

While demand for automobiles is picking up, the semiconductor chip shortage has been a major concern for the industry. During the festive season when sales usually peak, customers have to wait for a long time on popular models of some segments.

3:00 P.M.

Energy crisis could threaten global economic recovery: IEA

The global energy crunch could boost oil demand by half a million barrels per day (bpd), fuelling inflation and slowing the world’s recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said.

Oil and natural gas prices have skyrocketed to multi-year highs recently, leading to record power prices across the world.

“Record coal and gas prices as well as rolling blackouts are prompting the power sector and energy-intensive industries to turn to oil to keep the lights on and operations humming,” the IEA said in its monthly oil report.

Due to an increased demand for oil, global oil demand next year is now projected to recover to pre-pandemic levels.

2:15 P.M.

Govt approves proposals for telecom PLI scheme

The Department of Telecom approved 31 proposals of companies including Nokia India, HFCL, and Foxconn requiring an investment of ₹3,345 crores over the next four and a half years.

The other firms selected for the PLI scheme are HFCL, Flextronics, Coral Telecom, VVDN Technologies, Akashastha Technologies, and GS India.

With the scheme for telecom gear manufacturing, the government aims to encourage the production of equipment worth ₹2.44 lakh crore and create direct and indirect employment for about 40,000 people.

1:30 P.M.

Oracle opens Israel cloud centre to withstand rocket attacks

Oracle opened a public cloud centre in Israel to let firms and Israeli people store their data on local servers rather than relying on other countries.

The underground data centre, which is the first of two planned public cloud centres in the country is built below one of Jerusalem’s technology parks.

The nine floors centre, estimated to have cost hundreds of millions of dollars, is designed to work even during the potential terror. The company claims it can withstand a rocket direct, a missile direct hit or even a car bomb.

1:00 P.M.

WPI inflation eases to 10.66{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in September

The wholesale price-based inflation eased to 10.66{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in September on moderating food prices despite a rise in prices of crude petroleum. It stood at 11.38{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in August.

Inflation in food articles eased for the fifth straight month, recording 4.69{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in September from 1.29{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in August, primarily on low vegetable prices. Pulses prices continued to spike at 9.42{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Retail inflation in September eased to a five-month low of 4.35{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on moderating food prices.

12:30 P.M.

EU rules will raise cybercrime risks: Apple

Apple said EU’s draft rules that will allow users to install software from outside its App Store would boost cybersecurity risk.

On the contrary, the Coalition for App Fairness, which includes Spotify, Match Group and Epic Games, argued that built-in security measures such as encrypted data and antivirus programmes provide security to devices, and not its App Store.

The group wants regulators to loosen Apple’s grip on its App Store so they can bypass it to reach Apple’s hundreds of millions of users and also to avoid paying commissions of up to 30{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for purchases made in the Store.

11:30 A.M.

Rupee rises against US dollar

The Indian rupee rose 12 paise to 75.25 against the US dollar in opening trade on heavy buying in domestic equities and fresh foreign fund inflows.

At the interbank foreign exchange, the domestic unit opened strong at 75.27 against the US dollar before gaining further to 75.25, a 12 paise rise against the previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.03{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 94.05.

10:45 A.M.

U.S. Federal Reserve to reduce bond purchases

According to the minutes of the September 21-22 Fed meeting, the U.S. central bank would scale back its bond-buying programme, and conclude its $120 billion asset purchases by the middle of next year.

Policymakers discussed cutting the Fed’s purchases of Treasuries by $10 billion a month and those of mortgage-backed securities by $5 billion a month. However several participants preferred a faster reduction.

If a decision to begin tapering is agreed upon in the Fed’s next policy meeting scheduled at November 2-3, the process could begin by the middle of that month or mid-December.

10:00 A.M.

Infosys, Wipro announce Q2 results

Infosys reported a 12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} rise in its second-quarter net profit on growth across verticals and geographies, strong revenue contribution from the Daimler deal, and higher adoption of digital transformation.

The net profit of India’s second-largest IT service company stood at ₹5,421 crore as compared with ₹4,845 crore in the same quarter a year ago.

Infosys also raised its annual revenue outlook due to an increased demand for its software services from global businesses.

Wipro posted a 17{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} jump in consolidated net profit for the quarter ended September 30. The net profit rose to ₹2,930.6 crore as compared with ₹2,484.4 crore in the same period a year ago.

Consolidated revenue of Wipro increased by about 30{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to ₹9,667.4 crore during the quarter compared to ₹15,114.5 crore it registered in the corresponding quarter of 2020-21.

Wipro said it is in position to hire 25,000 people in the next financial year and is also resuming work back from office in a staggered manner starting with fully vaccinated senior colleagues in India.

9:30 A.M.

Asian markets open | Sensex update

India’s benchmark equity indices opened at fresh record high. At 9:17 IST, the benchmark index rose 388.11 points to 61125.16 and the Nifty surged 117.70 points or 0.65{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to 18279.50.

Most Asian markets rose as investors anticipated that inflation will push rate hikes around the world.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} while Japan’s Nikkei surged 1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Overnight on Wall Street the S&P 500 rose 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and in early Asia trade S&P 500 futures were also up 0.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

The minutes from last month’s Federal Reserve meeting showed policymakers’ growing concern about inflation and a general agreement to start tapering asset purchases soon.

Morning note:

Investment activity in India rebounded in the September ending quarter, but growth was not spread across all sectors or states. Gujarat secured the highest amount of fresh investment commitments among the top 5 states, which included Maharashtra, Telangana, Karnataka and Odisha. Manufacturing led the pack among industries, and irrigation and infrastructure lagged.

Coal crisis hit the country’s Aluminium sector as the industry demanded immediate resumption of supplies from Coal India for its survival.

In other developments, the U.S. Federal Reserve released minutes of its September 21-22 meeting, which revealed the Fed plans to scale back its bond buying programme next month. In China, the Evergrande crisis sapped investors appetite for Chinese dollar bond. – John Xavier

Follow our live blog for more on business, economy and markets

—- Edited by John Xavier

(With inputs from Reuters, PTI and other news agencies.)