Monday, June 03, 2024


Oil companies 'make up for lost time' as consolidation sweeps across
industry



Ines Ferré
·Senior Business Reporter
Sun, Jun 2, 2024,

Oil and gas companies in the US have been on a consolidation tear, and industry watchers predict it isn't over.

Last year, crude oil and natural gas exploration and production companies increased spending on mergers and acquisitions to $234 billion, the biggest amount adjusted for inflation since 2012, according to data from the Energy Information Administration.

The latest tie-up, announced on Wednesday, involves Houston-based ConocoPhillips (COP) and Marathon Oil (MRO) in a deal valued at $22.5 billion, including debt.

"They're all the same underpinnings. It's buying acreage, it's buying inventory," Matt Willer, managing director of capital markets and partner at Phoenix Capital, told Yahoo Finance. He added, "Now recognizing that oil and gas isn't going anywhere likely during our lifetime, [the oil producers] have to make up for lost time."

Willer says the wave of mergers and acquisitions in the energy space comes after more than a decade of underinvestment amid political and regulatory uncertainty over the oil and gas landscape as the US transitions to green energies.

The appetite for oil and gas has only grown over the last year as US oil production hit new highs after Russia's invasion of Ukraine temporarily sent prices past $130 a barrel in 2022.


ExxonMobil recently acquired Pioneer Natural Resources. (AP Photo/Mark Humphrey, File) (ASSOCIATED PRESS)

On the heels of record profits and strong balance sheets, consolidation went into full swing last year with two of the biggest deal announcements since Occidental Petroleum (OXYacquired Anadarko Petroleum in 2019.

In October ExxonMobil (XOMannounced a $60 billion acquisition of Pioneer Natural Resources. More than a week later, Chevron (CVXsaid it would buy Hess Corporation (HES) for $53 billion.

Among other deals announced last year was Tulsa, Okla., based ONEOK (OKE) acquiring Magellan Midstream for $18.8 billion, forming one of the largest US energy pipeline companies.

At the end of last year, Occidental Petroleum agreed to buy privately held CrownRock in a cash-and-stock deal valued at $12 billion.

In January, Chesapeake Energy (CHK) said it would buy Southwestern Energy (SWN) in an all-stock deal valued at $7.4 billion.

The following month, Diamondback Energy (FANG) announced it was buying Endeavor Energy (EDR) for $26 billion.


ConocoPhillips is buying Marathon Oil in a deal valued at $22.5 billion, including debt. (AP Photo/Matt Rourke, File) (ASSOCIATED PRESS)


More acquisitions are expected, according to a survey of oil and gas executives conducted by the Federal Reserve Bank of Dallas.

Among those who responded, 77% said they anticipate more M&A activity in the next two years.

Among large-cap companies surveyed, 35% said their main goal this year was to acquire assets.

Now that the biggest players have announced their acquisitions, industry watchers expect smaller deals to follow suit.

"I think this is all about consolidating into a smaller number of players in a very mature industry that is looked at as something that is not going to last forever," Sarah Hunt, Alpine Saxon Woods chief market strategist, told Yahoo Finance.

"Nobody wants to end up being too small to compete with some of the big guys. So I think you will see some of this continue,” Hunt said.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.

 

Muslim schools caught up in France's 

fight against Islamism

By Juliette Jabkhiro

PARIS (Reuters) - Last year, Sihame Denguir enrolled her teenage son and daughter in France's largest Muslim private school, in the northern city of Lille some 200 kilometres (125 miles) from their middle-class suburban Parisian home.

The move meant financial sacrifices. Denguir, 41, now pays fees at the partially state-subsidised Averroes school and rents a flat in Lille for her children and their grandmother, who moved to care for them.

But Averroes' academic record, among the best in France, was a powerful draw.

So she was dumbstruck in December when the school lost government funding worth around two million euros a year on grounds it failed to comply with secular principles enshrined in France's national education guidelines.

"The high school has done so well," Denguir told Reuters in a park near her home in Cergy, calling Averroes open-minded. "It should be valued. It should be held up as an example."

President Emmanuel Macron has undertaken a crackdown on what he calls Islamist separatism and radical Islam in France following deadly jihadist attacks in recent years by foreign and homegrown militants. Macron is under pressure from the far right Rassemblement National (RN), which holds a wide lead over his party ahead of European elections this week.

The crackdown seeks to limit foreign influence over Muslim institutions in France and tackle what Macron has said is a long-term Islamist plan to take control of the French Republic.

Macron denies stigmatizing Muslims and says Islam has a place in French society. However, rights and Muslim groups say that by targeting schools like Averroes, the government is impinging on religious freedom, making it harder for Muslims to express their identity.

Four parents and three academics Reuters spoke to for this story said the campaign risks being counterproductive, alienating Muslims who want their children to succeed within the French system, including at high-performing mainstream schools such as Averroes.

Thomas Misita, 42, father of three daughters attending Averroes, said he was taught at school that France's principles included equality, fraternity and freedom of religion.

"I feel betrayed. I feel singled out, smeared, slandered," Misita said. "I feel 100% French, but it creates a divide. A small divide with your own country."

The school's long-term survival is now in question.

Despite raising about 1 million euros in donations from individuals, enrolment for next year has dropped to about 500 students, from 800, headmaster Eric Dufour told Reuters in May.

Macron's office referred a request for comment to the interior ministry, which did not respond. The education ministry said it did not differentiate between schools of different faiths in applying the law. The ministry said despite academic success, Averroes had failings, citing "administrative and budgetary management" and a lack of transparency.

The school is in a legal battle to overturn the decision.

Headmaster Eric Dufour told Reuters the school had given the state "all the guarantees" to show that it respected funding terms and French values.

"We are the most inspected school in France," he said.

SCHOOLS CLOSED

Local offices of the national government have closed at least five Muslim schools since Macron came to power in 2017, according to a Reuters tally. Reuters was only able to find one Muslim school closed under his predecessors.

In the first year of Macron's presidency, one other school lost public funding, pledged in May 2017 by the government of former president Francois Hollande.

Since 2017, only one Muslim school has been awarded state funding, compared to nine in total under Macron's two predecessors, Education Ministry data shows. The National Federation for Muslim Education (FNEM) told Reuters it made about 70 applications on behalf of Muslim schools in that period.

Reuters spoke to more than a dozen current and former headmasters and teachers in ten Muslim schools, who said the establishments were being targeted, including being censured on flimsy grounds, and that perceived discrimination was preventing them integrating more closely with the state system.

"It's really a double standard of who has to conform to secular Republican values in a certain way, and who doesn’t," said American anthropologist Carol Ferrera, who studies French faith schools and says Catholic and Jewish schools are treated more leniently.

Prominent Parisian Catholic school Stanislas has kept its funding despite inspectors last year finding issues including sexist or homophobic ideas and mandatory religious classes, French media has reported.

The education ministry said the government had increased supervision of private schools under Macron, leading to more closures, including of some non-denominational schools. It cited budget restraints as a reason for the low number of schools offered public funding.

While some of the five closed Muslim schools taught conservative versions of Islam, according to the education ministry statements and closure orders, the headmasters and teachers Reuters spoke to emphasised their schools' efforts to create a mainstream and tolerant teaching environment.

"There was never a desire for separatism," said Mahmoud Awad, board member at Education & Savoir, the school that lost state funding soon after Macron took office.

"At some point they have to accept that a Muslim school is like a Catholic school or a Jewish school," he said.

Idir Arap, headmaster of the Avicenne middle school in Nice, told Reuters he has unsuccessfully sought public funding since 2020, as he wants the school brought into the state fold. The latest request was rejected in February, according to a document reviewed by Reuters.

"We're the opposite of radicalism," Arap said.

In February, Education Minister Nicole Belloubet said she wanted to close Avicenne, citing 'opaque funding' found by a local representative of the government. In April, an administrative court provisionally ruled any irregularities were minor, suspending the closure order. The next hearing is set for June 25.

In a reply to Reuters, the ministry reiterated that financial opacity was widespread at Avicenne, saying it awaited the court's final ruling. It said the school could appeal the funding refusal.

FAITH SCHOOL TRADITION

France has a tradition of Catholic, Protestant and Jewish schools that allow religious expression within the constraints of lay principles broadly excluding religion from public life.

A prohibition on hijab headscarves in public schools in 2004 created demand for schools where Muslim students, and in particular girls, could express religious identity.

State funding was extended to Averroes in 2008, in return for oversight, in a push by former president Nicolas Sarkozy to better integrate Muslim institutions.

An estimated 6.8 million Muslims live in France, data from France's statistics agency shows, around 10% of the population. Islam is the country's second-largest religion after Catholicism.

There are 127 Muslim schools, according to FNEM. Only ten benefit from state funding, a report from the public audit office said last year.

In contrast, 7,045 Catholic schools are funded, the report said. France's Catholic Church says there are 7,220 such schools.

Macron's government introduced laws granting powers to local authorities to strip institutions, including private schools, of funding for failing to respect "liberty, equality, fraternity," among other things.

In a 2020 speech, Macron described a need to reverse what he saw as radicalization in Muslim communities, including practices such as the separation of sexes.

"The problem is an ideology which claims its own laws should be superior to those of the Republic," he said.

In 2020, Elysee advisers told reporters monitoring of Muslim schools and associations involved with children was key to fight separatism. Officials said they feared religious indoctrination was taking place in some of them.

Rights group Amnesty International has warned the government's approach is potentially discriminatory and risks reinforcing stereotypes that conflate all Muslims with terrorism or radical views.

CULTURAL BRIDGE

The first Muslim high school in mainland France, Averroes was named after a 12th century Muslim scholar from Spain who helped reintroduce Aristotle's thought to Europe and is seen as a symbol of cooperation between Islam and the West.

It was voted France's best high school in 2013.

Reuters spoke to seven parents and pupils who spoke of a nurturing space that took constitutional commitments seriously.

On a visit in March, Reuters reporters observed girls and boys studying together. Teachers included non-Muslims. Some girls wore the hijab while others chose not to.

Religious studies are optional, as is prayer.

In 2019, French journalists and local politicians drew attention to Averroes over a 850,000 euro grant from aid organisation Qatar Charity, which works with the United Nations. They also questioned links between members of the school's board and proponents of political Islam in France.

An education ministry inspection of the school in 2020 found the grant to be legal. But officials and politicians in the Lille region continued a campaign to restrain the school's state income.

In February, a Lille administrative court upheld the decision of the local representative of the government to halt funding, largely on the grounds that a 1980s Syrian book on the curriculum of an optional Muslim ethics class contained ideas about the separation of genders and the death sentence for apostasy, according to the ruling, reviewed by Reuters.

The Lille office of the government declined a request for comment.

Headmaster Dufour told Reuters the book should not have been on the curriculum and was removed earlier in 2023. He said it was not present in the school and had never been taught. The Muslim ethics class helped pupils practice faith in compliance with French law, he said.

Nine pupils, former pupils, parents and teachers said the class advocated for democratic, tolerant values.

On a March afternoon, Denguir's son Abderahim, 14, attended the class during Ramadan alongside other boys and girls from the middle school.

Abderahim said he wanted to become an architect and make his parents proud.

"They want me to excel at school," he said, "to have a good job, a good salary, to take care of our family later."

(This story has been refiled to add a missing letter in Mahmoud Awad's name in paragraph 25)

(Additional reporting by Layli Foroudi and Michel Rose; Editing by Richard Lough and Frank Jack Daniel)

Trump Courts Young Voters by Joining TikTok He Tried to Ban

Stephanie Lai and Michael Sin
Sun, June 2, 2024 



(Bloomberg) -- Former President Donald Trump joined TikTok, the Chinese-owned platform he tried to ban in the US, as the presumptive 2024 Republican nominee steps up efforts to reach young voters.

Fresh from being convicted in the first criminal trial of a former US president, Trump made his debut on the video-sharing app with a 13-second clip alongside Ultimate Fighting Championship CEO Dana White. “It’s my honor,” Trump said in the video, which cuts to scenes of fans cheering for him at a UFC fight in Newark, New Jersey.

Trump, who polls suggest is leading President Joe Biden among voters in most of seven key swing states, has been seeking to shift attention away from his case since last week’s verdict.

He touted a 24-hour fundraising record of almost $53 million immediately after the jury found him guilty in the New York trial and announced an initiative to recruit volunteers to canvass neighborhoods leading up to the election in November.

A New York jury found Trump guilty of 34 counts of falsifying business records to conceal a hush-money payment to a porn star, a conspiracy that prosecutors said deprived voters of vital information before the 2016 presidential election. Sentencing is set for July 11.

‘Breaking Point’

Asked about the risk of facing house arrest or jail time, Trump suggested it could provoke an outcry.

“I’m not sure the public would stand for it,” he said in a Fox News interview broadcast Sunday. “I think it would be tough for the public to take. You know at a certain point there’s a breaking point.”

Lara Trump, who has been the Republican National Committee’s co-chair since March, said her father-in-law’s supporters will “remain calm and protest at the ballot box on Nov. 5.”

“So they shouldn’t do anything until voting starts, and then they’re going to come out in droves,” she said on CNN’s State of the Union.

Before Trump started his TikTok account, his main super political action committee joined last month.

“We will leave no front undefended and this represents the continued outreach to a younger audience consuming pro-Trump and anti-Biden content,” Trump campaign spokesperson Steven Cheung said in a statement Sunday.

TikTok’s fate has become a election-year issue as its Chinese parent, ByteDance Ltd., faces a deadline to sell its stake in the company or face a ban in US app stores. TikTok is suing the US government over the law, which was backed by congressional Republicans and Biden in a bid to address concerns that the Chinese government could access user data or influence what’s seen on the app.

More than 170 million Americans have accounts on the popular platform, according to the company, including many Gen-Z and millennial voters who both Biden and Trump have been courting. Biden’s decision to sign the divest-or-ban law has drawn blowback from younger voters on the app, including some influencers who have backed his reelection bid.

Trump has criticized Biden’s decision even though he tried to force a sale of the app as president. He blamed Biden for “banning TikTok” in a post on his social media platform in April, saying he was addressing “especially the young people.”

The former president and his allies have alleged that Google and Meta Platforms Inc.’s Facebook engaged in election interference. There’s no evidence to support those claims.

--With assistance from Akayla Gardner.

(Updates with Trump’s “breaking point” comment in eighth paragraph.)

Bloomberg Businessweek



Trump takes off on TikTok

Anthony Ha
Sun, June 2, 2024



Presumptive Republican presidential nominee Donald Trump now has an account on the short-form video app that he once tried to ban.

Trump’s TikTok account, which launched on Saturday night, features just one post as of publication time on Sunday morning. In the video, UFC CEO Dana White declares, “The President is now on TikTok,” then Trump chimes in to say, “It’s my honor.” The rest of the video consists largely of footage showing Trump walking among the crowd at a UFC event in Newark, New Jersey.

The video has apparently been viewed more than 31 million times, while Trump has already amassed 1.7 million followers — more than 5x the followers of the Biden-Harris account.

“Political candidate creates social media account” would not normally be big news, but the Trump campaign’s move is a reminder that even as TikTok faces an uncertain future in the United States, politicians remain eager to reach its 170 million US users. The platform could be particularly valuable for Trump, who appears to have made inroads among younger, disengaged voters — the kind of voter who might be on TikTok.

Trump’s position on TikTok has seemingly reversed — after trying to ban TikTok while he was president, he posted on Truth Social in May, “Just so everyone knows, especially the young people, Crooked Joe Biden is responsible for banning TikTok.” (Biden recently signed a bill that will ban TikTok if its parent company ByteDance fails to sell the app within a year; TikTok is fighting the bill in court.)

While Trump’s old adviser Steve Bannon has accused the former president of flip-flopping due to the influence of billionaire Jeff Yass (who owns a major stake in TikTok), Trump has insisted that banning TikTok would only strengthen Facebook, which he describes as an “enemy of the people.”

Of course, joining TikTok and attracting over 1 million followers is still just a footnote in Trump’s big week — one where he became the first former US president to be convicted of felony crimes.

Donald Trump Does the Unexpected With First TikTok Video

Rebecca Schneid
Mon, June 3, 2024 


Former U.S. President Donald Trump has joined TikTok. His first video, posted on Saturday night, shows him arriving at a UFC 302 fight. The move to TikTok comes despite Trump's previous attempts to ban the app as President in 2020.

Trump’s first TikTok video sees him join forces with UFC CEO Dana White. Joe Rogan, podcaster and UFC color commentator, was also in attendance at the fight, and was seen shaking hands with Trump. In the opening of the TikTok clip, Trump says it’s his “honor” to be on the social media platform.

The video features a montage of crowd reactions to Trump's arrival, including a spectator taking a photo with the former President, who can be seen pointing and waving at fans. These videos are short slices, seemingly taken on a digital phone camera, with Kid Rock’s song “American Bad Ass,” playing in the background. This is the same song that Trump walked out to when he entered the arena.

Trump signs off the video clip by saying, “That was a good walk on, right?”

The former President and current Republican frontrunner for renomination’s attendance at the UFC fight between Islam Makhachev and Dustin Poirier in Newark, New Jersey, and his arrival on TikTok comes days after he was found guilty in the historic hush-money trial.

Read More: President Biden’s Campaign Is on TikTok

Trump was convicted of 34 charges related to activity around the 2016 election. He was accused of falsifying business records that showed hush-money payments to former porn actor Stormy Daniels. The guilty verdict results in the first-ever criminal conviction of a former U.S. President. Trump’s upcoming sentencing is set for July 11.

During his presidency, Trump tried to ban TikTok. He signed an executive order to ban the video platform unless it was acquired by an American company, alleging the Chinese government was using the video-sharing service to surveil millions of Americans. He said that apps owned by companies in China “threaten the national security, foreign policy, and economy of the United States,” in the executive order.

Though the executive order never went into effect since it was shot down in federal court, Trump changed his tune earlier this year in March.

President Biden signed into law in April a bill that would ban TikTok in the U.S. if the social media platform’s China-based owner doesn’t sell its stake within a year. However, Trump has said there could be some utility in keeping TikTok.

Read More:Why Trump Flipped on TikTok

“Frankly, there are a lot of people on TikTok that love it,” he told CNBC. “There are a lot of young kids on TikTok who will go crazy without it.”

Many young voters utilize TikTok to receive their news, according to a recent Pew Research study, which found that one-third of American adults under 30 regularly scroll the app for news. According to the study, this number has grown substantially since 2020.

In the 2020 elector, a major factor contributing to President Biden’s victory over Trump was the youth vote. According to another study by the Pew Research Center, Biden voters were generally younger than Trump voters, with nearly half of Biden voters younger than 50, compared to 39% of Trump voters.
Among all U.S. adults, the study shares that the number of those who regularly get news from TikTok has more than quadrupled, from 3% in 2020 to 14% in 2023.
UN experts urge all countries to recognise Palestinian statehood

Reuters
Mon, June 3, 2024 

Smoke rises following Israeli strikes during an Israeli military operation in Rafah


GENEVA (Reuters) - A group of United Nations experts called on Monday for all countries to recognise a Palestinian state to ensure peace in the Middle East.

The call came less than a week after Spain, Ireland and Norway officially recognised a Palestinian state, prompting anger from Israel, which has found itself increasingly isolated after nearly eight months of war in Gaza.

The experts, including the U.N. Special Rapporteur on the human rights situation in the Palestinian territories, said recognition of a Palestinian state was an important acknowledgement of the rights of the Palestinian people and their struggle towards freedom and independence.


"This is a pre-condition for lasting peace in Palestine and the entire Middle East – beginning with the immediate declaration of a ceasefire in Gaza and no further military incursions into Rafah," they said.

"A two-state solution remains the only internationally agreed path to peace and security for both Palestine and Israel and a way out of generational cycles of violence and resentment."

Israel's Foreign Ministry did not respond immediately to a request for comment.

With their recognition of a Palestinian state, Spain, Ireland and Norway said they sought to accelerate efforts to secure a ceasefire in Israel's war with Hamas in Gaza.

The three countries say they hope their decision will spur other European Union states to follow suit. Denmark's parliament later rejected a proposal to recognise a Palestinian state.

Israel has repeatedly condemned moves to recognise a Palestinian state, saying they bolster Hamas, the militant Islamist group that led the deadly Oct. 7 attack on Israel which sparked the Israeli offensive in the Gaza Strip.

The conflict has killed more than 36,000 Palestinians, according to Gaza's health ministry. Israel says the Oct. 7 attack, the worst in its 75-year history, killed 1,200 people, with more than 250 hostages taken.

(Reporting by Gabrielle Tétrault-Farber; Editing by Ed Osmond)



Photo of Palestinian flag flying at UN headquarters was taken in 2015, not 2024

Tommy WANG / AFP Hong Kong
Sun, June 2, 2024 

A photo of the Palestinian flag after it was raised at the United Nations headquarters in New York for the first time in September 2015 has resurfaced in social media posts that falsely claimed the flag was "finally flown" by the global body in May 2024. The old photo was shared against the background of the ongoing war in Gaza, which has revived a global push for Palestinians to be given a state of their own.

"Just today, the Palestinian flag was finally flown at UN Headquarters! History will always remember this as the momentous day when the flag of the State of Palestine was raised over UN Headquarters," read part of the simplified Chinese caption to a photo shared on Weibo on May 24, 2024.

The photo appears to show the Palestinian flag flying alongside the UN flag outside the headquarters of the international organisation in New York City.

Screenshot of the false Weibo post, captured on May 30, 2024

The same photo was shared alongside similar claims on X here and here.

The claim circulated seven months into the war in Gaza, which was sparked by Hamas' unprecedented October 7 attack on southern Israel that resulted in the deaths of 1,189 people, mostly civilians, according to an AFP tally based on Israeli official figures.

Israel's retaliatory offensive has killed at least 36,439 people in Gaza, mostly civilians, according to the Hamas-run territory's health ministry.

The Gaza bloodshed has revived calls for Palestinians to be given their own state.

Spain, Ireland and Norway formally recognised a Palestinian state on May 28 in a coordinated decision that infuriated Israel. The move brought the number of UN member states to have recognised a Palestinian state to 145 out of the 193.

However, the photo shared online is old -- it has circulated since September 2015.
2015 photo

Reverse image searches and subsequent keyword searches on Google found the picture was published by the German photo agency IMAGO on September 30, 2015 and credited to "IMAGO/Xinhua" (archived link).

Its caption read: "NEW YORK, Sept. 30, 2015 -- Palestinian flag (lower) flies together with the United Nations flag at the United Nations headquarters in New York, Sept. 30, 2015."

Below is a screenshot comparison of the falsely shared image (left) and the photo published on IMAGO's website (right):


Screenshot comparison of the falsely shared image (left) and the photo published on IMAGO's website (right)

The Palestinians raised their flag at the United Nations for the first time on September 30, 2015, after the General Assembly voted earlier that month to allow the flags of Palestine and the Vatican -- who have observer status -- to be raised alongside those of member states.

The flag of the Holy See was raised for the first time five days earlier, on September 25, 2015 (archived link).

Google Street View imagery from May 2016, June 2019 and August 2021 shows the Palestinian flag continued to fly outside the UN headquarters.

"As a Permanent Observer State, Palestine’s flag does fly outside the UN Secretariat building in New York, although it is slightly separated from the UN Member State flags and is not part of the alphabetic line-up," read an article posted on the UN's official website on April 18, 2024 (archived link).

AFP has fact-checked other misinformation around the Israel-Hamas war here.