Author: Amandeep Buttar

  • The S&P 500’s best and worst stocks of 2022, and where they will go from here

    The S&P 500’s best and worst stocks of 2022, and where they will go from here




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  • Reliance seeks bids for sale of KG-D6 gas at rates linked to JKM – Times of India

    Reliance seeks bids for sale of KG-D6 gas at rates linked to JKM – Times of India


    NEW DELHI: Reliance Industries Ltd and its partner bp plc of the UK have sought bids for the sale of natural gas from the eastern offshore KG-D6 block at a price linked to the rate at which LNG is delivered to Japan and Korea.
    The two partners invited bids for the sale of 6 million standard cubic meters per day of gas starting February 2023, according to the tender document.
    Users such as city gas operators that convert gas into CNG for sale to automobiles and pipe it to household kitchens for cooking purposes, or power plants that use it to generate electricity or fertilizer units that use it to make urea, have been asked to quote premium they are willing to pay over the JKM price.
    JKM is the Northeast Asian spot price index for LNG delivered ex-ship to Japan and Korea. JKM price for February is $28.83 per million British thermal unit.
    Bidders have been asked to quote variable ‘V’ in the gas price formula ‘JKM + V’.
    The starting bid for ‘V’ has been set at $(minus) 0.30 per mmBtu. “Each Bidder is required to enter bids that are higher than or equal to the starting” bid quote, the tender document said.
    The maximum valid bid for ‘V’ shall be $5.01 per mmBtu beyond which the bid shall not be accepted by the e-bidding portal, it said.
    The gas price, it said, shall be higher of the government-set ceiling price for gas produced from deepsea fields or the lower of price arrived at the bidding and the ceiling price.
    In May last year, Reliance-pb had auctioned 5.5 mmscmd of incremental gas from the newer discoveries in the KG-D6 block, benchmarking it to the same JKM gas marker.
    Three-fourths of that volume was picked-up by Reliance and its affiliates.
    The price discovered in that e-auction came at a $0.06 discount to the JKM (Japan-Korea Marker) LNG price.
    Prior to that, the duo had sold 7.5 mmscmd of gas at a discount of $0.18 per mmBtu to JKM.
    The government sets a cap or ceiling rate at which natural gas from difficult fields like deepsea can be sold. This cap for the period October 1, 2022, to March 31, 2023, is $12.46 per mmBtu.
    Reliance has so far made 19 gas discoveries in the KG-D6 block. Of these, D-1 and D-3 — the largest among the lot — were brought into production in April 2009, and MA, the only oilfield in the block, was put to production in September 2008.
    While the MA field stopped producing in 2020, output from D-1 and D-3 ceased in February 2021.
    Since then, Reliance-bp is investing $5 billion in bringing to production three deepwater gas projects in block KG-D6 — R-Cluster, Satellites Cluster, and MJ which together are expected to meet about 15 per cent of India’s gas demand by 2023.





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  • Tyler Sanders’ parents talk about their son after his cause of death is confirmed

    Tyler Sanders’ parents talk about their son after his cause of death is confirmed


    Tyler Sanders’ parents talk about their son after his cause of death is confirmed

    After the cause of their son’s death was made public, Tyler Sander’s parents spoke out about their late son in a recent interview and described him as an “ambitious and hardworking actor,” according to Fox News.

    Tyler’s parents said that their son loved God but his depression caused him to use drugs and he could not overcome his depression. His father said that his son fell into drug use to overcome his mental health issues.

    Tyler’s mother, Ginger Sanders, said, “Tyler had a strong support system and still could not overcome his persistent depression. Perhaps because of his depression, Tyler sought out deep connections to bring those around him joy.”

    His father, David, said, “Tyler fell into drug use, not as a way to have fun socially, but rather as an attempt to overcome his profound mental health struggle.”

    The 18-year-old 9-1-1: Lone Star actor died in June and his death was ruled accidental due to excessive drug use.



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  • India-made cough syrup production suspended after deaths

    India-made cough syrup production suspended after deaths


    Police are seen at the gate of an office of Marion Biotech, a healthcare and pharmaceutical company and a part of the Emenox Group in Noida, India, December 29, 2022. — AFP

    NEW DELHI/TASHKENT: India has suspended production at a pharmaceutical company based near New Delhi whose cough syrup was linked to the death of 19 children in Uzbekistan, India’s health minister said on Friday.

    Uzbekistan said this week that at least 18 children had died in the southeastern city of Samarkand after consuming Marion Biotech’s Dok-1 Max syrup. On Thursday, Uzbek media reported a 19th victim, a one-year-old child, in the nearby region of Qashqadaryo.

    Uzbekistan’s health ministry had said the syrup contained a toxic substance, ethylene glycol, and was administered in doses higher than the standard dose for children, either by their parents, who mistook it for an anti-cold remedy or on the advice of pharmacists.

    Indian Health Minister Mansukh Mandaviya said all production had been suspended at Marion Biotech’s unit in Noida, outside Delhi.

    “All manufacturing activities of Marion Biotech at Noida unit have been stopped yesterday night, while further investigation is ongoing,” Mandaviya wrote on Twitter on Friday.

    Hasan Harris, Marion’s legal head, told Reuters partner ANI that the company had halted production of all medicines as it awaited a government report on the inspection.

    Neither Marion nor the health ministry responded to Reuters requests for comment on media reports that inspectors had found some deviation from rules on manufacturing at one of the firm’s production units.

    Uzbekistan has taken legal action against a Marion representative there and has ordered all pharmacies to withdraw the Dok-1 Max tablets and syrups.

    Uzbek news website uzdaily.uz on Friday reported that sales of all Marion medicines had been temporarily suspended.

    India is known as the “pharmacy of the world” and has doubled its pharmaceutical exports over the last decade, touching $24.5 billion in the last fiscal year, thanks in large part to the manufacture of vaccines.

    The Uzbekistan case follows deaths of at least 70 children in Gambia that a parliamentary committee had linked to cough and cold syrups manufactured by New Delhi-based Maiden Pharmaceuticals.

    The company denied any wrongdoing and Indian government inspectors found no contamination in test samples of cough syrups linked to deaths in Gambia and said they met government standards.

    Uzbek President Shavkat Mirziyoyev said in a statement that he had sacked the head of the country’s Pharmaceutical Industry Development Agency.

    “The deaths of children in Samarkand and Qashqadaryo showed the state of affairs in the field, the lack of control,” he said “All the officials who allowed this will answer according to the law.” 



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  • Hershey’s sued after study found lead and other heavy metals in its dark chocolate

    Hershey’s sued after study found lead and other heavy metals in its dark chocolate


    New study says some varieties of dark chocolate contain potentially hazardous heavy metals


    New study says some varieties of dark chocolate contain potentially hazardous heavy metals

    02:19

    Hershey’s misled buyers of its dark chocolate by not disclosing the products contain lead and another potentially harmful chemical, according to a lawsuit filed against the candy maker. 

    Nassau County, New York, resident Christopher Lazazzaro said he would not have bought dark chocolate products sold by Hershey had it revealed the bars contains lead and cadmium, according to the suit filed Wednesday in federal court in Central Islip, New York.

    Lazazzaro relied on the company’s presentation of its candy bars as containing only dark chocolate ingredients and as safe for consumption, according to the legal filing. Instead, he purchased and paid more than he would have had he known “the truth about the products,” the suit states. 

    The proposed class action comes two weeks after Consumer Reports published research showing potentially dangerous levels of heavy metals in multiple brands of dark chocolate, including Hershey’s, Godiva, Lindt, Trader Joe’s and Scharffen Berger.

    Heavy metals in 28 popular brands

    Scientists at the nonprofit advocacy organization recently measured the amount of heavy metals in 28 popular brands of dark chocolate bars and found cadmium and lead in all of them. For 23 of the bars, consuming just an ounce a day would put an adult over a level for at least one of the metals that could be harmful, CR said. Five of the bars were above those levels for both cadmium and lead.

    Long-term exposure to even small amounts of heavy metals can lead to a slew of health issues, including developmental problems and brain development in young children, experts say.

    Conversely, dark chocolate has long been viewed as a healthier option than milk chocolate and other treats, with studies finding it  contains antioxidants that might help prevent heart disease. 


    Children’s clothes from popular retailers recalled over lead poisoning risk

    00:19

    In determining the risks for the chocolate it tested, CR used California’s maximum allowable dose level of 0.5 micrograms for lead and 4.1 micrograms for cadmium, as there are no federal limits. 

    CR found that an ounce of Hershey’s Special Dark Mildly Sweet Chocolate contained lead 265% above what California allows. The company’s Lily’s Extra Dark Chocolate 70% Cocoa product had lead 144% above the allowable level, and Lily’s Extreme Dark Chocolate 85% Cocoa product contained lead and cadmium that were 143% and 101%, respectively, above the state’s limit, the consumer group concluded.

    A spokesperson for Hershey’s did not immediately respond to a request for comment to the suit. The company previously deferred to the National Confectioners Association (NCA) for comment about CR’s findings. In a statement earlier this month, the trade group objected to CR’s use of heavy metal levels set by California, noting that the state does not set federal food safety standards.

    “The products cited in this study are in compliance with strict quality and safety requirements,” an NCA spokesperson said in an email to CBS MoneyWatch. “Food safety and product quality remain our highest priorities and we remain dedicated to being transparent and socially responsible.”



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  • Mohammad Amir rubbishes rumours of withdrawing retirement

    Mohammad Amir rubbishes rumours of withdrawing retirement


    Pakistani cricketer Mohammad Amir. — Reuters/File

    Former Pakistani pacer Mohammad Amir has cleared the air on rumours, saying he is not planning to withdraw his retirement as of now. 

    Instead, the star pacer said, he is focusing on the upcoming Pakistan Super League (PSL), in which he is the brand ambassador of Karachi Kings.

    The fast bowler has also been practising at the National High Performance Center (NHPC) in preparation for his participation in the 2023 edition of the Bangladesh Premier League. Amir said that he sought permission to train the NHPC from the chairman of the Pakistan Cricket Board, Najam Sethi. “Najam Sethi was kind enough to allow me to train at the NHPC.”

    Amir had retired from international cricket in December 2020, citing “mental torture” and the “hostile environment” he faced at the hands of PCB management as the reason for his departure. 

    Earlier this year after Ramiz Raja, the former PCB chairman, announced that he had made up his mind to resign, it was expected that the fast bowler would come out of retirement.

    However, despite the fact that the PCB chairmanship has changed, Amir has said that he still does not intend to withdraw from retirement and is focusing on the 8th edition of PSL. “If Allah wills, I will play for Pakistan again,” he added, leaving hopes for fans for his return. Amir also praised the performance of the Pakistani team in the first Karachi Test, which ended in a draw. “Imam-ul-Haq Sarfaraz Ahmed and Saud Shakeel batted well,” he said.

    It is pertinent to mention here, in a recent interview, Ramiz Raja revealed that the reason for not selecting Amir for the team was “selection”. 

    He said, “Amir’s inclusion in the team is on the basis of selection criteria.” 

    He further said that it was not in his hands. “Should Shaheen be made the 12th player or should Haris Rauf or Wasim Junior be left out for Amir? These young lads focus only on cricket, instead of politics and Twitter” he lambasted.



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  • Andrew Tate victims come forward with human trafficking allegations

    Andrew Tate victims come forward with human trafficking allegations


    Andrew Tate victims come forward with human trafficking allegations

    Andrew Tate and Tristan Tate’s victims have reportedly addressed charges of human trafficking.

    News of the six victims has been brought to light in a Twitter post shared by Pop Crave.

    Per the outlet’s claims, the DIICOT (Direcţia de Investigare a Infracţiunilor de Criminalitate Organizată şi Terorism) have found six of the victims connected to Andrew Tate, Tristan Tate and two other unidentified accomplices.

    These six allegedly told authorities that “they were trafficked by Andrew Tate and Tristan Tate.”

    Andrew Tate victims come forward with human trafficking allegations

    Not only that, “They say they were kept captive in houses, where they were sexually assaulted and forced to produce” illicit content “under threats of physical violence.”



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  • Cristiano Ronaldo flaunts his brand new Rolls Royce gifted by Georgina Rodriguez

    Cristiano Ronaldo flaunts his brand new Rolls Royce gifted by Georgina Rodriguez


    Cristiano Ronaldo showed off his lavish new £250,000 Rolls Royce for the first time since his partner Georgina Rodriguez gifted it to him for Christmas.

    The Spanish model appeared to be in a particularly generous mood this year as she posted Ronaldo’s lavish present on Instagram on Christmas Day, with the Rolls Royce wrapped with a massive red bow.

    Ronaldo has now been seen taking it for a spin as he went out for dinner with family and friends on Thursday evening in Madrid.

    The 37-year-old appeared in a relaxed mood in the video posted on TikTok, smiling and joking with his nearest and dearest, despite his club future remains up in the air.

    The Portuguese star had his Manchester United contract terminated last month after criticising the club and Erik ten Hag in a bombshell interview with Piers Morgan.

    He has since been offered a £173m-a-year deal to join Saudi Arabia side Al-Nassr, and they appear to be confident that Ronaldo will sign the contract.



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  • Cramer’s final thoughts for the year: Making sense of multiples amid a looming recession

    Cramer’s final thoughts for the year: Making sense of multiples amid a looming recession


    Bundles of steel from Nucor Corp. sit for sale to at Thompson Building Materials in Lomita, California, U.S., on Thursday, Aug. 30, 2012.

    Patrick Fallon | Bloomberg | Getty Images

    The price-to-earnings multiples say recession. But the multiples said similar things in 2022. So how long can the multiples stay this low?



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  • Putin and Xi meet against backdrop of growing crises for both leaders | CNN

    Putin and Xi meet against backdrop of growing crises for both leaders | CNN




    Hong Kong
    CNN
     — 

    Russian President Vladimir Putin told his Chinese counterpart Xi Jinping in a virtual meeting Friday that their partnership was more important than ever in the face of “unprecedented pressure” from the West, as Moscow’s invasion of Ukraine leaves it increasingly isolated on the global stage.

    While Putin’s war in Ukraine rages on and Xi grapples with an unprecedented Covid outbreak, a call between the two leaders on Friday underlined their mutual reliance amid mounting crises at home.

    In opening remarks broadcast on Russian state TV, Putin said that the stabilizing force of the Russia-China relationship was becoming even more critical against the backdrop of growing geopolitical tensions.

    The Russian leader described relations between the two nations as “the best in history,” saying they could “withstand all tests,” and invited Xi to visit Moscow in the spring of 2023.

    “We share the same views on the causes, course and logic of the ongoing transformation of the global geopolitical landscape,” Putin said.

    “In the face of unprecedented pressure and provocations from the West, we defend our principled positions and defend not only our own interests, but also all those who stand for a truly democratic system and the right of countries to freely determine their own destiny.”

    Putin added that the two countries would strengthen cooperation between their armed forces, and pointed to growth in trade despite “unfavorable market conditions,” alluding to the waves of economic sanctions Russia has faced since invading Ukraine.

    Xi echoed Putin’s message of unity, saying that the two countries should “strengthen strategic coordination” and “inject more stability into the world,” according to Chinese state media Xinhua.

    China is “ready to work” with Russia to “stand against hegemonism and power politics” to oppose unilateralism, protectionism and “bullying,” as well as to safeguard sovereignty, security, international equity and justice, Xi said, Chinese state media reported.

    Xi also said China is ready to resume normal cross-border travel with Russia and other countries “in an orderly manner,” Xinhua reported.

    Moscow and Beijing have drawn closer in recent years, with Xi and Putin declaring the two countries had a “no limits” partnership weeks before Russia invaded Ukraine in February. Analysts on Friday were watching for any sign that the Chinese leader’s support for his Russian counterpart had softened.

    China has repeatedly refused to condemn the aggression, instead repeatedly laying blame for the conflict on NATO and the United States – and remaining one of Russia’s key remaining supporters as outrage over the invasion builds, leaving Russia increasingly on its own.

    But more than 10 months into the grinding war, the world looks much different – and the dynamic between both partners has shifted accordingly, experts say.

    Instead of an anticipated swift victory, Putin’s invasion has faltered with numerous setbacks on the battlefield, including a lack of basic equipment. Many Russians face economic hardship in a bitter winter.

    On Thursday, Russia launched what Ukrainian officials described as one of the biggest missile barrages since the war began in February, with explosions rattling villages and cities across Ukraine, damaging civilian infrastructure and killing at least three people.

    Ukrainian officials had been cautioning for days that Russia was preparing to launch an all-out assault on the power grid to close out 2022, plummeting the country into darkness as Ukrainians attempt to ring in the New Year holidays.

    “China is eager for (the war) to end,” said Yun Sun, director of the China Program at the Washington-based think tank Stimson Center.

    “Xi will try to emphasize the importance of peace to Putin,” she added. “As Russia is getting impatient with the lack of progress on the battlefield, the timing is ripening for peace talk in China’s eyes.”

    China, too, is growing more isolated in its stance toward Russia, said Alfred Wu, associate professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore.

    Wu pointed to Indian Prime Minister Narendra Modi as an example of hardening attitudes to Russia’s war.

    Though India has not condemned Moscow’s invasion outright, Modi told Putin in September that now was not the time for war and urged him to move toward peace. That shift is another reason Xi could be eager to see a swift resolution, Wu said.

    Xi had already shown hints of impatience when he last met with Putin in September at a regional summit in Uzbekistan. At the time, Putin conceded Beijing had “questions and concerns” over the invasion, in what appeared to be a veiled admission of their diverging views.

    But, experts say, China’s domestic situation has also changed significantly in the months since, which could necessitate a different approach to Putin this time around.

    The country is currently fighting its worst-ever Covid outbreak after finally abandoning its stringent zero-Covid policy, with restrictions loosened and borders partially reopened. The U-turn came after an unprecedented wave of protests across the country in opposition to zero-Covid – in some cases expanding to include broader grievances against Xi and the ruling Communist Party.

    At the center of this crisis is Xi – who entered a norm-breaking third term in October, with a tight grip on power and a close circle of loyalists.

    “Now with domestic issues out of the way, Xi is in a better position to work on Russia,” said Stimson Center’s Sun, referring to his consolidation of power in October.

    She added that despite the unpopularity of the war, China and Russia “are aligned because of geopolitics.” Both countries face tensions with the West, and the two leaders have often touted a shared vision for a new world order.

    “The two leaders will emphasize their partnership, cooperation and strong ties. They will want to send the message that all those transcend the war in Ukraine,” said Sun. “(The war) has been a nuisance for China this past year and has affected China’s interest in Europe. But the damage is not significant enough that China will abandon Russia.”

    Wu, too, acknowledged that the relationship was “fundamental for both countries,” pointing to China’s ability to profit from the Ukraine war due to its access to Russian oil.

    However, he added, China’s protests, Covid outbreak and consequent economic toll have placed Xi in a more vulnerable position that could mean less material and outspoken support for Russia. Now, more than ever, China is not in a position to risk sanctions.

    “The policy tools Xi Jinping can use to support Russia is quite limited now, it’s quite constrained,” said Wu. “Politically, domestic support for Xi has declined dramatically. His third term does not actually start with a rosy picture.”



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