Briefs for Tuesday
The Salvation Army Spokane is seeking local businesses to participate in its Annual Corporate Kettle Kick Off on November 16, 17 and 18.
The holiday event, which involves the ringing of bells and “Red Kettles,” helps provide for rent, utility payments and other expenses for vulnerable families at Christmas.
With the lingering impact of COVID-19, the Salvation Army has seen many new families seeking help, spokesman Brian Pickering said in a news release.
Full day, or four-hour shifts, are available during the three days of the event. Companies can also ring a bell virtually.
To register, or for more information, please contact Pickering at 509-329-2740 or brian.pickering@usw.salvationarmy.org
Oil prices rise after OPEC production decision
FRANKFURT, Germany– Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November.
The decision Monday by the Vienna-based oil cartel along with non-members including Russia tracks with its established schedule of adding back that amount of oil every month until deep cuts made in 2020 to support prices during the depth of the pandemic recession are restored next year.
The situation has changed since then as the global economy recovers.
The decision comes amid stronger demand for oil products such as gasoline and jet fuel, as driving and flying pick up around the globe due to the easing of restrictions aimed at containing the COVID-19 pandemic.
On top of that, unusually high prices for natural gas are pushing some electricity producers in Asia to switch from natural gas to oil-based products, helping support prices.
The price of a barrel of crude hit $78.38, the highest since 2014, then eased to trade 2% higher on the day at $77.87 on the New York Mercantile Exchange. The Brent international benchmark was at $81.57, up 2.9%.
“Producing nations, and namely OPEC+, have to be careful not to allow prices to inflate too much, otherwise we may see an adverse reaction that could negatively impact post-pandemic economic growth,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.
“Nevertheless, OPEC+ will surely keep on monitoring market developments and can amend policy going forward if needed,” Tonhaugen said. OPEC+ scheduled its next meeting for Nov. 4.
The price of regular unleaded gasoline in Spokane averaged $3.61 on Monday, which was down from 3.68 a month ago, according to AAA Washington.
Volvo to use IPO to raise funds for electric vehicles
LONDON – Swedish automaker Volvo said Monday it plans to raise at least $2.9 billion by selling shares to fund its electric vehicle transformation strategy.
Volvo Cars and its parent company, Chinese carmaker Geely, have applied to hold an initial public offering on the Nasdaq Stockholm, with shares expected to start trading before the end of the year.
The money raised from the IPO will help fund Volvo’s lofty ambitions.
The company aims to nearly double sales by 2025 to 1.2 million vehicles, half of which will be battery electric cars, and Volvo wants its entire lineup to be all electric by 2030.
“We’re going to be the fastest in the business to transform, to electrification – 2030 no more combustion cars. And that’s just one part,” CEO Hakan Samuelsson said.
Volvo’s plans also include selling more directly to customers, and it aims to have half of all sales come from online channels by mid-decade.
“All of that costs a lot of money. So that’s why we are now doing a primary issue of new shares to secure equity for that transformation next year.”
Most of Volvo’s current lineup is made up of plug-in hybrid and so-called mild hybrid models. Battery electric vehicles account for only a small fraction of the total sold.
From staff and wire reports