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Pension Funds In California Win Fight Over Fossil Fuel Divestments
Three years ago, senator Lena Gonzalez of California had proposed a bill requiring two of California’s largest pension funds to divest of their investments in oil & gas. California Public Employees’ Retirement System (Calpers), with $504 billion in assets under management, and Califo...
John Hess Appointed To Goldman Sachs Board of Directors
Investment bank, Goldman Sachs has appointed Mr. John Hess to its board of directors. Goldman was an advisor to Hess following its $53 Billion acquisition by Chevron Corp. The Chevron-Hess acquisition however is still under arbitration as ExxonMobil attempts to block it, seeking a right of first ref...
BP Acquires 50% Interest In Biofuel Company
BP is reportedly acquiring a 50% interest in BP Bunge Bioenergia S.A., a leading biofuels producer in Brazil. The acquisition is valued at $1.4 Billion. Post-acquisition, BP will become the sole owner of BP Bunge Bioenergia and is reportedly aiming to grow production to 50,000 bpd (biofuels) and 40,...
ConocoPhillips Acquires Marathon Oil For $17 Billion
ConocoPhillips has agreed to acquire Marathon Oil in a transaction valued at $17 Billion. The all-stock transaction will add 2 billion barrels to Conoco’s reserves, and will increase its presence in the Eagle Ford, Bakken, Niobrara, and Equatorial Guinea, where Marathon previously had major op...
Crescent Energy Acquires SilverBow Resources For $2.1 Billion
Crescent Energy has agreed to acquire SilverBow Resources in a deal valued at $2.1 billion. Through this transaction, Crescent will become the second largest operator in the Eagle Ford, at ~250 Mboepd. As part of the transaction, SilverBow shareholders will receive 3.125 shares of Crescent stock for...
Russia Discovers The Largest Oil Reserve On Earth
According to the Telegraph, Russia has discovered one of the largest oil reserves on earth, in the Antarctica. The issue however, is that, in Antarctica, resource exploitation and development is prohibited, except it is for scientific purposes (the Antarctic Treaty). The discovery is in an area whos...
President Putin Approves New Russian Government
President on Tuesday signed a decree approving a new Russian government. “I have just signed decrees on the formation of a new government. I congratulate you on this. You have gone through the procedure for approval of the Duma in accordance with the Constitution of the Russian Federation&rdqu...
Melinda Gates Departs The Bill and Melinda Gates Foundation
Melinda Gates, the wife of Bill Gates is reportedly leaving the Bill and Melinda Gates Foundation. As part of her departure, she will receive $12.5 Billion from Bill Gates to totally cut all ties with the foundation. Following her departure, the Bill and Melinda Gates foundation will change its name...
Tesla is Again Asking Shareholders To Approve Elon’s $56 Billion Compensation
In an upcoming shareholder meeting, Tesla will again ask investors to vote and approve Elon Musk’s $56 Billion compensation package that was previously cancelled by a Delaware Judge. Also, the company said it’ll ask shareholders to equally vote to move the company’s state of incorp...
23andMe Plans To Go Private
Anne Wojcicki, the CEO of 23andMe, the DNA-testing company, is planning to take her company private. This comes after being a public company for three years. The move follows a collapse in the company’s valuation from a high of $6 billion down to $200 million. The company’s shares are cu...
Biden Administration Enters Into Partnership With Samsung To Build $40 Billion Chip Factory In Texas
In 2022, President Biden signed into law the $53 billion Chips and Science Act, with the goal of improving production of advanced computer chips in the US. This week, the Biden administration is making good on that commitment with a $6.4 billion funding to Samsung, to jointly develop an advanced chi...
Tesla Lays Off 10% Of Its Workforce
Tesla this week announced a 10% reduction in its workforce, globally. This, perhaps is due to challenging economic times at the company owing to its 31% stock price decline since the start of the year. The cut affects about 14,000 people. Elon Musk empathized with those being let go and said its ver...
Jamie Dimon Sells $183 Million Worth of JPMorgan Stock
Chairman and CEO of JPMorgan, Mr. Jamie Dimon has been selling company stock lately. In February, Mr. Dimon sold 800,000 shares valued at about $150 million. This was the first time he sold JPMorgan stock since he became CEO some 19 years ago. This Monday, he sold another $33 million worth of stocks...
Biden Administration Forgives $7.4 Billion of Student Debt
The Biden administration this week announced the cancellation of another $7.4 billion of student debt. This follows previous cancellations the administration had announced, bringing its year-to-date student debt cancelled to $153 billion. The total student debt cancelled to date is estimated to equa...
Softbank Hopes To Repeat Alibaba’s Success With It’s AI Investments
It was in 2000 when Softbank’s chairman, Masayoshi Son, saw fire in the eyes of Jack Ma and decided to back Ma’s one year old startup, Alibaba, with a $20 million investment. Fast-forward 23 years later, Alibaba became one of Son’s most profitable investments realizing over $72 bil...