Jumat, 04 Oktober 2019

Markets Fear Oil Price Collapse: Should OPEC Cut More Production? - OilPrice.com

It’s been nearly three years since the world’s top oil exporter and OPEC’s de facto leader Saudi Arabia forged an alliance with Russia to start managing oil supply with the hope of rebalancing the market and ensuring, in their words, market stability, in other words—higher oil prices.

While they have managed to put a floor under oil prices, the allies in the OPEC+ deal have failed to materially move prices higher. With fears of demand faltering, the leaders of the pact—Saudi Arabia and Russia—face a tough test ahead. Should they deepen the cuts and lose additional market share, (mostly) to U.S. oil? Or should they just stay put and wait for the storm to pass, jawboning the market about ‘stability’ in the meantime?

On top of these questions, the leaders of the OPEC+ coalition are now facing another force on the oil market—increased unpredictability in geopolitics, as the attacks on vital Saudi oil infrastructure that knocked 5 percent of global oil supply offline for a few weeks showed.

Despite the ongoing production cuts from the OPEC+ alliance, and despite the worst disruption of oil supply in history, oil prices not only haven’t moved significantly higher, they are now even lower than they were on the day just before the attacks. On September 13, Brent Crude prices closed at $60.22 a barrel. On October 2, Brent Crude closed at $57.75 per barrel, after the Saudis were busy reassuring the market over the past weeks that the affected capacity has been restored and not a single oil shipment to customers would be skipped.  

Sure, the Saudi reassurances have played a significant role in weighing on oil prices after they had spiked the most on record on the day after the attacks. But lingering concerns about flagging global oil demand growth and weakening economies returned with a vengeance on the market and sent oil prices lower than they were just before the attacks.  

Oil prices had just had their worst quarter this year, the worst three-month performance since Q4 2018 when prices crashed by 40 percent after the U.S. granted six-month waivers to the eight largest Iranian oil buyers.

In Q3, concerns about demand trumped geopolitics and the fact that U.S. sanctions on Iran and Venezuela further tightened and cut off some more oil supply to the market, in addition to the cuts by the OPEC+ group.

And one question started to weave its way to the top of analysts’ minds: are those cuts enough?

“I think they will want to plow ahead of keeping OPEC+ cuts in place and will start using concerns about the global economy and trade war to stay the course,” Joe McMonigle, Senior Energy Advisor with Hedgeye Risk Management, told Bloomberg.

The International Energy Agency (IEA) and many other organizations and analysts, including OPEC, have trimmed their oil demand growth estimates several times this year already, on the back of signs of slowing economic growth in the world, also due to the U.S.-China trade spat.    Related: Don’t Expect Oil Prices To Go Much Higher This Year

If the pace of global economy deteriorates further, the IEA could revise down again its oil demand growth expectations for this year and next, its executive director Fatih Birol said last week.

Russia’s Energy Minister Alexander Novak also sees global oil demand growth slowing this year on the back of the trade disputes, and expects that growth could be just 1 million barrels per day. Yet, expectations are that as early as in 2020, demand growth will accelerate to 1.4 million bpd, Novak hopes.

Russia and Saudi Arabia need to continue their cooperation, including in stabilizing the oil market, Novak said during a meeting with Saudi Energy Minister Abdulaziz bin Salman on the sidelines of the Russian Energy Week Forum in Moscow on Wednesday.  

The Russian minister, however, warned that black swans—extreme and highly unpredictable events with severe impacts—are ‘flying around’ the oil market, making forecasting even more difficult. Related: China’s Renewable Boom Hits The Wall

At the energy forum this week, Russia’s President Vladimir Putin also commented on the OPEC+ alliance and said that “Russia remains a responsible party to the OPEC+ deal. We are convinced that cooperation will continue to develop.”     

At a meeting with OPEC Secretary-General Mohammad Barkindo, at which Novak was also present, Putin said that “The recent attack on oil facilities in Saudi Arabia certainly triggered a hike in oil prices, but I was sure that everything would return to today’s indicators because there are no serious grounds for fundamental market fluctuations. They do not exist partly owing to our common efforts to stabilise the world market.”

But with slowing oil demand growth and economies, Saudi Arabia and Russia may have to not only continue cooperation, but also make it more flexible to mitigate a potentially devastating effect of a ‘black swan’ event on the oil market.   

By Tsvetana Paraskova for Oilprice.com

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October 04, 2019 at 06:00AM

Traders Await Tomorrow's Jobs Report - Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

Although gold is trading higher on the day, it is most definitely well off of the intraday high achieved when gold futures hit $1525.80. As of 5 PM EDT gold futures basis the most active December contract are currently bid at $1511.10, which is a net gain of $3.20 on the day.

The current demeanor of price changes this week has been highly influenced by Tuesday’s ISM manufacturing report which indicated a major contraction between August and September of this year. The data suggested that the U.S. economy is absolutely contracting and caused a major selloff in U.S. equities that carried over into yesterday’s trading. In fact, the Dow Jones industrial average sustained a loss of over 800 points during Tuesday’s and Wednesday’s trading sessions.

This report also prompted market participants and traders to collectively bid the precious metals higher as they sought the safety of the safe haven asset group. Gold traded to its lowest price point of the current correction on Tuesday when the December contract hit $1465 intraday, before recovering and closing in positive territory at $1489 per ounce. That was followed by yesterday’s strong upside move in which gold futures opened at $1485, and broke back above $1500 closing at $1507. Just as impressive was the fact that this upside move took current pricing back above gold’s 50-day moving average.

Technically both of these factors are significant in that $1500 per ounce has been a key and critical psychological level. When coupled with a break above the 50-day moving average it indicates a high probability that gold will once again return to its bullish demeanor with the potential to take prices substantially higher.

Gold began a dynamic rally at the end of May when prices were hovering just above $1280. What would follow was the most dynamic rally in gold pricing of the year that concluded on September 4 when gold reached its highest value this year at $1565.

Immediately following the $300 rally, gold began a corrective period which lasted up until Tuesday when gold hit $1465, the lowest value found during the correction.

However, it was the ISM manufacturing report which was the worst report in a decade that had a dramatic and profound impact on market sentiment, turning it from bearish to bullish. Many traders and market participants believe that this data will have a large influence on the Federal Reserve and has raised the probability of yet another rate cut this year.

Attention from market participants as well as voting Fed members will now focus upon tomorrow’s U.S. labor department nonfarm payroll report. At the beginning of the week the probability of a rate cut this year according to the CME’s FedWatch tool was at 49.2%. However as of today the CME’s fed watch tool predicts an 88.2% probability of a rate cut at the end of this month. Tomorrow’s Jobs report will certainly have an impact on the probability of a rate cut when the Federal Reserve meets on October 29, and concludes on October 30.

For those who would like more information, simply use this link.

Wishing you as always, good trading,



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October 04, 2019 at 05:59AM

Listeria illnesses investigated amid expanding chicken recalls - CTV News

TORONTO – The Public Health Agency of Canada (PHAC) says it is investigating an outbreak of human illness linked to Listeria-contaminated chicken products.

In a public notice updated Wednesday, the PHAC says the outbreak of Listeria infections is likely linked to Rosemount brand cooked and diced chicken products.

The agency says there have been seven confirmed cases of Listeria illness in three provinces; one in British Columbia, one in Manitoba and five in Ontario.

Six people have been hospitalized and the PHAC says the affected individuals are between 51-97 years-old, and mostly female.

“The collaborative outbreak investigation was initiated because of an increase of Listeria illnesses that were reported in June 2019. Through the use of a laboratory method called whole genome sequencing, two Listeria illnesses from November 2017 were identified to have the same genetic strain as the illnesses that occurred between April and June 2019,” the public health notice says.

The PHAC says the U.S. Center for Disease Control (CDC) is also investigating a Listeria outbreak in several states, and the type of Listeria affecting the U.S. is genetically similar to one believed to be making people ill in Canada. The CDC and the PHAC are collaborating on the ongoing investigation.

The Canadian Food Inspection Agency (CFIA) first issued a food-recall warning for Rosemount brand cooked chicken meat on August 18, and has since issued six separate food-recall warnings Tuesday and Wednesday over chicken products distributed across Canada due to concerns of Listeria contamination.

Listeria monocytogene infections can have symptoms of vomiting, nausea, persistent fever, muscle aches, severe headache and neck stiffness.

Pregnant women, the elderly and people with weakened immune systems are particularly at risk, the CFIA says. 

Les Aliments Deli Chef brand sandwiches

Certain Deli Chef brand sandwiches, including the chicken salad, egg salad, ham and roast turkey sandwiches have been recalled by the company on October 1, due to possible Listeria contamination.

The CFIA has listed known retail distribution sites as New Brunswick, Nova Scotia, Ontario, P.E.I. and Quebec, but says there is a possibility products have been distributed to retailers nationally.

Product codes and the full list of recalled items can be found on the CFIA website

Gordon Food Service frozen chicken products

Gordon Food Service’s frozen and diced chicken products, including white and dark meat, have been recalled by the company on Oct. 1 due to possible Listeria contamination.

The CFIA has listed hotel, restaurant and institutional distribution sites as Alberta, British Columbia, Northwest Territories, Nunavut, Saskatchewan and Yukon.

Product codes and the full list of recalled items can be found on the CFIA website

A Bis Gourmet sandwiches

A Bis Gourmet sandwiches, including the chicken salad and Madras chicken salad sandwiches, have been recalled by the company due to possible Listeria contamination.

A food recall warning was issued on Oct. 1 by the CFIA after the original Sept. 30 warning was updated to include additional product information.

The CFIA has listed the retail distribution site as Ontario, including Timothy’s, A Bis Gourmet and ONroute services.

Product codes and the full list of recalled items can be found on the CFIA website

HQ Fine Foods sandwiches

HQ Fine Foods sandwiches, including the deli chicken, deli roast beef and deli egg salad sandwiches have been recalled by the company on Oct. 1 due to possible Listeria contamination.

The CFIA says the product was distributed to retailers nationally.

Product codes and the full list of recalled items can be found on the CFIA website

Longo’s chicken wraps

Longo’s chicken wraps, including two of the chicken gyros wrap products, have been recalled by the company on Oct. 2 for possible Listeria contamination.

The CFIA says the product was distributed to retailers in Ontario.

Product codes and the full list of recalled items can be found on the CFIA website

Sobeys Inc. sandwiches and salads

Sobeys Inc. sandwiches and salads, including in-store made chicken salad products, have been recalled by the company on Oct. 2 for possible Listeria contamination.

The CFIA has listed the retail distribution sites as Alberta, British Columbia, Manitoba, Ontario and Saskatchewan.

The recalled products are associated with Sobeys, IGA and Safeway stores.

Product codes and the full list of recalled items can be found on the CFIA website



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October 03, 2019 at 05:46AM

How cannabis CEOs use weed at work - Quartz

We stand at a hazy junction in cannabis business history.

Some Big Weed companies are so “eager to shake off the image of being high-end drug dealers,” as the New York Times recently put it, that their CEOs won’t even cop to sampling their own products. But others in the industry—including six CEOs who spoke to Quartz at Work—will gladly tell you how and why they consume cannabis products, sometimes at the office, perhaps multiple times per day.

The latter bunch are not being reckless with their corporate reputations. They run small to medium-sized companies in one of 11 US states, or in the capital district, where recreational marijuana is legal and cannabis is routinely compared to everyday “drugs” like caffeine or alcohol. As representatives of the modern cannabis sector, touting health and wellness, they’re eager to cast cannabis as a normal aid in daily life, including life at work.

We asked for the details of their habits, hoping to get a sense of how and why people might use cannabis in the workplace. Their answers are below. But first, a couple of caveats.

The CEOs we spoke to all stressed that people respond differently to marijuana, so their own experiences with cannabis shouldn’t be read as a claim or promise of what a product can do for you or for a particular health concern. Secondly, many of the people we spoke to are CBD believers, even though studies can’t really prove either way that this non-psychoactive chemical compound in cannabis (CBD stands for cannabidiol) has any of the benefits ascribed to it. For that matter, we also don’t know with certainty whether THC (tetrahydrocannabinol), the main active ingredient in marijuana, which is intoxicating, can work all the magic that’s attributed to it, like heightened creativity. Scientific studies are still catching up with all of this.

Finally, we’re likewise waiting for science to explain the vaping-related lung illnesses and deaths that have been reported across the US since late summer. Officials in several states have issued advisories urging people not to vape at all, even with legal cannabis products. Nevertheless, a few of our interviewees say they continue to vape, feeling safe about the quality of the products they’re buying; they argue that the crisis illustrates why cannabis should be legalized federally and therefore regulated and inspected.

“I use cannabis specifically to treat ADD.”

Max Simon, CEO of Green Flower, a California-based cannabis education and training platform, says he’s a daily consumer of the plant’s extract. Every morning before work and again right after lunch, he takes 3-5 mg of a pure THC tincture that also contains MCT (medium chain triglycerides) oil, and he microdoses with tinctures throughout the day.

“I use cannabis specifically to treat ADD, which has been a real problem for most of my life, and for which pharmaceuticals were a pretty poor solution,” he says. “Cannabis gives me the ability to focus and be present in a way that nothing else in my whole life has ever been capable of doing.” But while he feels THC keeps his ADD in check without any negative side-effects, CBD triggers it.

For his staff of 17 people, he has a loose policy. “It would be hypocritical of me, quite frankly, to use old practices of thinking in the workplace when it comes to cannabis, when I am using it as a performance enhancer on a daily basis,” he says. His approach: “We instruct people on responsible care, we support people in getting educated, and then we hold very high standards from a culture perspective of what we’re looking to accomplish.”

People are measured according to metrics and goals they set for their personal projects “and if cannabis is helping them there, then we’re in full support of that,” he says. “If anything is a hindrance to that, that has nothing to do with cannabis; that has to do with their performance as an employee.”

“I need to keep my wits about me.”

As the chief executive of Canna Provisions, a retail dispensary in Lee, Massachusetts, Meg Sanders is a pot abstainer during the work day. “I need to maintain my wits about me,” she says, explaining that in her highly regulated business, there’s a constant need to crunch numbers and track inventory. But even outside of work she’s careful, because, as the head of a startup, she says, “your day is never really over.”

But dispensaries like hers also sell THC-free products, like patches or topical creams that contain CBD. A few of these potions will combine tiny amounts of THC with larger doses of CBD, specifically to treat pain or anxiety. “They don’t get in the way of thinking or doing your day job,” says Sanders. “And they are something that I definitely use, especially after long days on your feet in retail. You know, my back hurts, my feet hurt…”

On nights at home when she’s been “running really hard” and needs restorative sleep, she sprays a nano tincture with a 1:1 ratio of THC to CBD under her tongue, for a total of 2.5 milligrams of cannabis. Or she might vape or smoke a pre-roll (a joint that’s sold packed and ready to smoke) of the shop’s Death Star strain and “sleep through the night.”

Cannabis consumption by staff is banned during business hours, unless someone has a medical prescription. But the shop sells cannabis to people who are at least partly motivated by professional ambitions: Artists, chefs, and musicians of the Berkshires—which is teeming with creative types—tell staff that cannabis inspires them and, says Sanders, “helps them be better at their craft.”

“I start with a couple of different multi-cannabinoid complexes.”

Ricardo Baca was the first US journalist to cover marijuana full-time when he took on that beat for the The Denver Post in 2013. Three years later, after 20 years as a reporter, he switched sides, launching Grasslands, a PR agency of 11 full-time workers.

Cannabis, he says, now helps him deal with things he had been shielded from in his former career, like budgets and profit and loss sheets—which are now sources of anxiety for him.

“Every morning I start with a couple of different multi-cannabinoid complexes. I think of them as vitamins,” he says. One is a “straightforward derived CBD capsule” with a few other cannabinoids. “It takes care of any of the cobwebs that I wake up with,” he says.

Then he takes a small bottle of tincture that’s “really loaded”—with more than 1,000 milligrams of cannabinoids, many of which are CBD, but also some rare cannabinoids, or “emerging cannabinoids,” like CBN, or cannabinol, a mildly psychoactive component. (CBD products are frequently said to work best when they contain a full spectrum of cannabinoids, which produces something called “the entourage effect,”  a boost of medicinal power as the cannabinoids work in synergy. But not everyone buys this claim.)

This morning regimen, with its “minuscule amount of THC,” has allowed him to cut down on coffee, and he believes it has improved his productivity. “I know I’m going to be working 10 to 12 hours no matter what, and if I am not in a good place that morning, then that could really send a destructive domino effect down the course of my day.”

Baca avoids “THC-forward cannabis” during the workday. That’s a creature comfort of home, where cannabis helps him to disconnect from business pressures and settle in at home with his wife, dogs, and cat. Still, the staff can expect some late evening texts with ideas that range from ridiculous to fantastic. After one pot-inspired evening message, the staff began reading poems to kick off Monday staff meetings.

Baca’s team will sometimes invite journalists or collaborators over to the office for a late-afternoon happy hour and mingle, too. On the table, says Baca, they’ll have beers, and everything weed, including vaporizers, a dab ring, and “flower” (buds of an actual marijuana plant) for rolling.  Cannabis functions as a “great equalizer,” says Baca.

And when a client visits and invites him to “a sesh,” Baca doesn’t decline. Maybe they grew the flower themselves and extracted the oil, he says, which makes it hard to refuse.

He recalls one client bringing some novel technology that demanded a demo. “That day I definitely found myself in my office loading bowls at like 11:30 am with my client, and after a couple of hits, I will tell you, I was flying high and feeling great and definitely recognizing that I should not be doing any specific tactical, client-facing work for the next hour.”

“Cannabis has become a critical part of the way I’m able to operate.”

Whitney Beatty, founder and CEO of Apothecarry, in Los Angeles, was a television executive before she launched her business selling attractive cannabis containers as home decor, in 2015. (She thought to herself at the time: Why do we store expensive liquor in a cabinet and high-end weed in a shoebox?) She had avoided cannabis her whole life, she has explained in interviews, until she was diagnosed with anxiety as an adult. Now, she tells Quartz at Work, “Cannabis has become a critical part of the way I’m able to operate.”

To be sure, she’s mostly referring to CBD. “I’m around a lot of cannabis and I want to be clear-headed making decisions with employees,” she says. Besides, because there’s a risk that THC will trigger her anxiety, Beatty sticks to products she knows even at semi-social work functions. For “cannabis-centric” events, she packs her own pre-rolls that have a higher ratio of CBD.

“I’m reticent to make people think that everyone who is in the business is consuming cannabis all the time. I don’t want to put that out into the atmosphere,” she says, “but there is a lot of consumption that happens at conferences of all types—medical, recreational, and everything in between.”

She tends not to be the person who takes everything that’s passed around the circle. But on workdays, she has a CBD vape pen on her person at all times,  and she even stashes one in her car’s cup holder to keep her centered in LA’s legendarily anxiety-inducing traffic.

Mornings, she adds to her coffee a tincture with an 18:1 ratio of CBD to THC, with the THC present just for the entourage effect, she explains. “It helps to keep me calm and centered when the shit hits the fan,” she says, “as it always does when you’re in a startup.”

Consuming cannabis helps me “come back to why I’m in this industry.”

Alison Gordon, CEO of 48North Cannabis Corp., a producer and distributor of cannabis products in Toronto, has been using marijuana since she was 15 years old. But she hasn’t built up a tolerance (something she tells us she has heard a lot of women say). So, with more than 100 people relying on her to keep the lights on, indulging in even the slightest puff on the job is totally out of the question for her—even in Canada, where recreational marijuana is legal across the country and tightly regulated.

But not consuming after hours would be absurd, she says. “The way that I work, and lead a company, it very much has to be something that I understand at every level.”

During the day, she’s dealing with bankers and going on road shows, feeling removed from the point of it all. When she’s smoking marijuana at off-sites with staff or at home in the evenings, though, “it’s like I’m a consumer again,” she says. “And so I can sort of come back to, ‘Wait a minute, what is this product? What does this product do? What do people want from this product?'”

Though the cannabis industry has churned out cannabis in a wide array of materials forms, she sticks to joints—her go-to is a strain is one that’s said to be calming—explaining, “I’m old school.”

“I may not be as focused, but I do come up with some really wonderful brainstorming ideas.”

Amanda Jones, co-founder of Kikoko, a cannabis-infused tea company, recently conceived of a clever concept for a marketing campaign for the brand’s new honey shots. She envisioned a monochromatic photo shoot: “Everyone was wearing yellow. The furniture was yellow, the cups—everything.”

The outdoor shoot, in a field of yellow, turned out beautifully, she says. And for that, she partly credits one of her products, Sympa-tea, a brew of turmeric, ginger, black pepper, 3 mg of THC, and 20 mg of CBD. It’s marketed “for pain and anxiety” on Kikoko’s website, but Jones claims it’s the right amount of THC for her to feel creative.

Just to be clear, Jones drank that cup of tea at home in the evening. During business hours, a single milligram of cannabis is her limit, and at the workplace itself, she says, “We have to be careful.” Then she adds, “But I work from home most of the time.”

Some nights she dials up the THC, believing the high enables even more uninhibited thinking. “Let’s say at six o’clock at night,” she says, “I will take around six or seven milligrams of THC,” in one of the company’s stronger brews, Sensuali-tea. “I may not be as focused, but I do come up with some really wonderful brainstorming ideas.”

That tea is meant for “passion and play,” and was blended as a libido booster. “It frees the mind a little bit so that it makes sex better,” Jones claims, “but it also makes ideation and conversation deeper and more fulfilling.”

In after-hours meetings with her co-founder Jennifer Chapin, they may go up to their 10 mg THC tea for problem solving, though they tend to cut themselves off at half a cup.

Jones advises anyone considering a little cannabis helper to start small, because you could always do more. “I probably wouldn’t encourage going straight out and doing seven milligrams of THC at work,” she says. “That could be bad.”

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2019-10-04 10:01:00Z
52780399536779

Where to Get Free and Discounted Tacos Today for National Taco Day - Lifehacker

Today, October 4, is National Taco Day. Like all made-up food-related holidays, that means you can score some great discounts on tacos today from a pretty wide range of places.

We’ve rounded up some of the best deals from national chains, but if you have a local favorite in your town it’s always worth checking to see if they have a bargain going on as well. And if you know about a superior deal that we missed, let us know in the comments.

Advertisement

Taco Bell

Taco Bell will be offering “gift sets” in honor of National Taco Day. The packs will include four tacos: two crunchy and two nacho cheese. It’s also offering a way for you to send a digital gift card for $5+tax to a friend in honor of the day to cover the cost of their taco gift set.

Applebees

Applebees locations in Florida, Georgia, New Jersey and New York that are owned by Doherty Enterprises will be offering the Chicken Wonton Taco appetizer for $1 for National Taco Day.

Advertisement

Long John Silver’s

Get a free taco of your choice on Friday with any purchase at Long John Silver’s.

Advertisement

Chipotle

Chipotle isn’t offering a specific National Taco Day deal, but if you sign up for the company’s rewards program you can get free chips and guac after spending $5.

Advertisement

Del Taco

Del Taco is offering two different offers for National Taco Day when you download its app: a free Del Taco with any purchase, and a free Beyond Taco (using the plant-based meat) with any app purchase.

Advertisement

Jack in the Box

Jack in the Box is offering a free taco with any purchase for National Taco Day provided you’re signed up for the restaurant’s e-offers.

Advertisement

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https://lifehacker.com/where-to-get-free-and-discounted-tacos-today-for-nation-1838626027

2019-10-04 12:00:00Z
52780399148700

PC maker HP to cut up to 9,000 jobs in restructuring push - CNBC

U.S. personal computer maker HP Inc. said on Thursday it will cut up to 16% of its workforce as part of a restructuring plan aimed at cutting costs.

The company will cut about 7,000 to 9,000 jobs through a combination of employee exits and voluntary early retirement, it said in a statement.

HP estimates the plan will result in annual gross run rate savings of about $1 billion by the end of fiscal 2022, it added.

The company had about 55,000 employees worldwide as of Oct. 31, according to a filing with the U.S. Securities and Exchange Commission. That would mean up to 16% targeted in the cuts, Reuters calculation showed.

The logo of the 3D printer manufacturer HP is seen during the event. Feria de Barcelona hosts the third edition of the (3D) industry week.

Paco Freire | LightRocket | Getty Images

In connection with the restructuring, HP said it expects to incur an overall charge of about $1 billion, of which $100 million will be realized when it reports its fourth-quarter earnings.

"We are taking bold and decisive actions as we embark on our next chapter," said Enrique Lores, the company's incoming chief executive officer.

"We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work."

Lores will take over the CEO position on Nov. 1 from Dion Weisler.

Palo Alto, California-based HP also said its board on Sept. 30 approved an additional $5 billion in share buybacks.

HP expects to generate free cash flow of at least $3 billion in fiscal 2020 and return at least 75% to shareholders through a 10% quarterly dividend increase and share buybacks, it added.

The company said it expects its adjusted earnings in the range of $2.22 to $2.32 per share for fiscal 2020.

For the current fiscal year, it expects adjusted earnings to be in range of $2.18 to $2.22, the company said when reporting its third-quarter earnings.

HP's shares have fallen about 10% this year up to Thursday's close.

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https://www.cnbc.com/2019/10/04/pc-maker-hp-to-cut-up-to-9000-jobs-in-restructuring-push.html

2019-10-04 09:24:18Z
52780400679730

BP CEO Bob Dudley to step down, Bernard Looney will succeed - CNBC

British Petroleum (BP) Chief Executive Bob Dudley (R) participates to a conference during the event "Tomorrow in Motion" on October 1st, 2018 on the eve of the first press day of the Paris Motor Show.

ERIC PIERMONT | AFP | Getty Images

BP chief executive Bob Dudley will step down from his current role at the end of March next year, the energy giant announced Friday.

Dudley, who has worked with BP for 40 years and held the position of CEO for almost a decade, will be replaced by BP's current upstream chief executive, Bernard Looney.

The FTSE 100 giant said in a press release that Dudley, who is 64 years old, has decided to step down from his role following the delivery of the firm's 2019 full-year results on February 4, 2020. He will then retire on March 31 later that year.

Looney, 49, will continue with his current role until February 5, at which point he will take the reins from Dudley and join the BP board.

Shares of BP traded up almost 1% on the news.

"It has been the privilege of a lifetime to serve this company and work in this industry for the past four decades. I have worked with so many committed people from all over the world — both inside and outside BP — and I am enormously proud of all the things we have achieved together to provide energy for the world," Dudley said in a statement on Friday.

"Bernard (Looney) is a terrific choice to lead the company next. He knows BP and our industry as well as anyone but is creative and not bound by traditional ways of working. I have no doubt that he will thoughtfully lead BP through the transition to a low carbon future," he added.

'Challenging time'

Dudley took over as CEO of BP on October 1, 2010 in the wake of the biggest oil spill in U.S. history. The Deepwater Horizon catastrophe killed 11 people and threatened the company's existence.

His job was to try to restore the company to a position it held before the explosion, managing the company's balance sheet as it faced billions of dollars worth of penalties and clean-up costs.

"Bob has dedicated his whole career to the service of this industry. He was appointed chief executive at probably the most challenging time in BP's history," BP Chairman Helge Lund said in a statement.

"During his tenure he has led the recovery from the Deepwater Horizon accident, rebuilt BP as a stronger, safer company and helped it re-earn its position as one of the leaders of the energy sector. This company — and indeed the whole industry — owes him a debt of gratitude," Lund said.

A BP company logo is displayed on a fuel pump on the forecourt of a gas station operated by BP Plc in London, U.K.

Chris Ratcliffe | Bloomberg | Getty Images

The BP CEO also faced a historic collapse in oil prices in 2014, with the downturn in crude futures ultimately forcing BP to pull back on capital spending plans and delay investment projects.

More recently, BP agreed to a request from shareholders in May for greater detail and transparency on how each capital investment decision would align with the Paris climate agreement — an international accord that seeks to limit global warming to less than 2 degrees Celsius.

Last month, Dudley said BP would sell some of its most carbon-intensive projects and reduce investment in others to try to improve the firm's environmental footprint.

The energy giant has been targeted by climate activist groups on numerous occasions in recent months, with demonstrators increasingly angry about the lack of progress toward a lower-carbon future.

Shares of BP have increased by about 10% since Dudley came to the helm.

Who is Bernard Looney?

Looney has run BP's upstream business since April 2016 and has been a member of the firm's executive management team since November 2010.

BP's upstream segment includes 17,000 people operating across almost 30 countries and produces around 2.6 million barrels equivalent of oil and gas a day.

An Irish citizen, Looney joined BP in 1991 as a drilling engineer and worked in operational roles in the North Sea, Vietnam and the Gulf of Mexico.

"It has been a great pleasure to work with Bob and it is an honor to succeed him as chief executive. I am humbled by the responsibility that is being entrusted to me by the board and am truly excited about both the role and BP's future," Looney said.

"Our company has amazing people, tremendous assets, and a set of core values that guide our actions, but most of all we have a desire to be better. I look forward to tapping into that desire and building on the strong foundation that Bob has built as we meet society's demand for cleaner, better energy."

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https://www.cnbc.com/2019/10/04/bp-ceo-bob-dudley-to-step-down-bernard-looney-will-succeed.html

2019-10-04 05:42:57Z
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