ETF Investors Can't Get Enough Cash These Days
For all the talk of risk-taking and euphoria in financial markets right now (see Nvidia and Bitcoin below), consider this: Investors are pouring money into an exchange-traded fund run by BlackRock that invests in the shortest-maturity US government debt.
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ICE Agents in Despair Under Stephen Miller's Impossible Orders
A new report from The Atlantic's Nick Miroff finds morale at Immigration and Customs Enforcement is suffering as the agency, under the direction of President Trump and Homeland Security adviser Stephen Miller, targets undocumented immigrants who haven't committed crimes. While the Trump administration may claim its deportation campaign prioritizes violent criminals and gang members, in reality, it has focused on arresting noncriminals, evidently to hit quotas passed down by Trump and Miller. And while the administration may claim ICE agents are happier than ever, Miroff's report—based on conversations with 12 current and former ICE personnel—shows that the change is frustrating many agents and officers. One ICE veteran finds the job so 'infuriating' that the agent is considering quitting. 'No drug cases, no human trafficking, no child exploitation,' said the agent, who complained about having to focus instead on 'arresting gardeners.' A former agent told Miroff that 'morale is in the crapper,' and 'even those that are gung ho about the mission aren't happy with how they are asking to execute it—the quotas and the shift to the low-hanging fruit to make the numbers.' Another former ICE official suggested that this shift is vindicating criticisms the agency has faced in the past, observing, 'What we're seeing now is what, for many years, we were accused of being, and could always safely say, 'We don't do that.'' One of Miroff's interviewees was Adam Boyd, a young attorney who resigned from the agency's legal department because it's no longer focused on 'protecting the homeland from threats.' Instead, he said, 'It became a contest of how many deportations could be reported to Stephen Miller by December.' Boyd told Miroff: 'We still need good attorneys at ICE. There are drug traffickers and national-security threats and human-rights violators in our country who need to be dealt with. But we are now focusing on numbers over all else.' One former ICE official said that there are now 'national-security and public-safety threats that are not being addressed,' as the agency moves staff from its Homeland Security Investigations division, focused largely on transnational crime, to its Enforcement and Removal Operations division—a move that many perceive as retaliation for HSI in recent years distancing itself from the agency's deportation arm. When Miller issued his demand for 3,000 arrests per day, he reportedly steamrolled any veteran officials who dared to speak up about its impracticality, which has led many to keep silent since then for fear of drawing his ire, Miroff writes. This means that 'no one is saying, 'This is not obtainable,'' an ICE official told him. 'The answer is just to keep banging the [ICE rank-and-file] and tell [them] they suck. It's just not a good atmosphere.'
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25 minutes ago
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U.S. Senators Warn Nvidia CEO Jensen Huang about His Trip to China
Two U.S. senators—Republican Jim Banks and Democrat Elizabeth Warren—sent a letter to Nvidia (NVDA) CEO Jensen Huang on Friday, urging him to be cautious during his trip to China. They asked him not to meet with any companies that are believed to be helping China get around U.S. export restrictions, especially those connected to the Chinese military or intelligence agencies and that are listed on the U.S. export blacklist. The senators warned that even appearing to support these companies could weaken U.S. efforts to control advanced chip exports. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. Huang's trip was scheduled for the same day the letter was sent. In response, an Nvidia spokesperson said that when American technology leads the global standard, 'America wins,' and noted that China has one of the world's largest groups of software developers. They added that AI systems should be designed to run best on U.S.-based hardware, which would encourage other countries to choose U.S. tech over alternatives. However, the concern from lawmakers is that Huang's meetings could expose weaknesses in current rules and send the wrong signal about America's stance on protecting its technology. This issue ties into recent tensions between Nvidia and U.S. regulators. At the Computex trade show in May, Huang praised President Donald Trump's decision to loosen some AI chip export rules and called the earlier restrictions ineffective. But newer limits put in place in April could still cost Nvidia up to $15 billion in lost revenue. Lawmakers are now considering laws that would require chipmakers to verify where their products end up. There are also growing fears that Chinese companies like DeepSeek are helping the military and using fake companies to dodge the rules. Despite all this, Nvidia is reportedly preparing a cheaper version of its Blackwell AI chips specifically for the Chinese market. What Is a Good Price for NVDA? Turning to Wall Street, analysts have a Strong Buy consensus rating on NVDA stock based on 37 Buys, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average NVDA price target of $176.29 per share implies 6.7% upside potential.
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Petro-Victory to Be Acquired by Brazil's Azevedo & Travassos Energia
This article was first published on Rigzone here Petro-Victory Energy Corp. said it has signed a binding memorandum of understanding (MoU) under which Brazilian energy firm Azevedo & Travassos Energia S.A. (ATE) will acquire all of its issued and outstanding common shares in an arm's length business combination. The transaction is intended to combine the businesses and assets of the two companies, resulting in Petro-Victory becoming a wholly owned subsidiary of ATE, with the current shareholders of Petro-Victory becoming shareholders of ATE. The combination is expected to 'increase shareholder value through the development of ATE's growth strategy with the supplementation of the company's diversified portfolio of production and exploration assets,' Petro-Victory said in a news release. Under the transaction, ATE will complete a private placement of around 205,5 million units at an issue price of $0.13 (BRL 0.73) per unit for gross proceeds of around $27.7 million (BRL 150 million). ATE will then purchase 100% of the issued and outstanding Petro-Victory shares and will issue 266 million shares at $0.13 (BRL 0.73) per share, provided proportionately to the shareholders of Petro-Victory, according to the release. Further, ATE will assume all outstanding debt of the company, with the estimated enterprise value of the transaction being approximately $39.5 million, including net debt and before considering any valuation for contingent payments. As part of the transaction, Petro-Victory shareholders of record at closing will be entitled to a gross overriding royalty (GORR) of 10 percent on the gross revenue from all new production arising from fields that already exist in the concessions owned by the company prior to the MoU or that will be created after the date of the MoU in the concessions owned by the company. The royalty exempts the production of the reservoirs of the São João Field that are the subject of a partnership between Petro-Victory and Eneva S.A. The GORR will apply for 15 years from the start of its commercial production or, for existing fields that are already in production, from the closing date, Petro-Victory said. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> The transaction is subject to a number of conditions precedent, including the completion of the private placement on or before July 12, subject to a 30-day extension at the sole discretion of ATE. The two parties will conduct customary due diligence and expect to negotiate and execute a definitive agreement on or before 120 days from the date of the completion of the private placement, according to the release. If the transaction is completed, Petro-Victory said it plans to delist from the TSX Venture Exchange as the acquisition will cause the company to no longer meet the exchange's listing requirements. Andorinha Field Drilling Successful Meanwhile, Petro-Victory said that it successfully concluded the drilling operations for the AND-5 well in the Andorinha Field, located in Brazil's Potiguar Basin, in partnership with ATE. Drilling reached a total depth of 3822 feet (1,165 meters) through sedimentary and basement rock layers. The operation utilized the Drake-2 onshore hydraulic rig, with wireline logging by Halliburton, Petro-Victory said in a separate statement. Based on conventional petrophysical evaluation, applying a salinity cut-off of 3,500 ppm, 42.7 feet (13 meters) of net pay were identified, distributed across four oil-bearing intervals. The technical team is continuing detailed analysis of the acquired logs and associated data, the company said. Petro-Victory said it plans to mobilize an onshore completion rig, aiming to acquire special saturation logs to more accurately characterize the productive intervals. Subsequently, well testing and completion operations will be carried out to prepare the well for production, followed by tie-in to the Andorinha Collection Station, the company said. To contact the author, email More From The Leading Energy Platform: Masdar Joins Iberdrola's East Anglia III Wind Project offshore UK ADNOC Bags 3-Year LNG Order from SEFE NATO Innovation Fund, Norway Invest in Robotic Offshore Assets Maintenance XCF Targets $1B Global SAF Production Portfolio >> Find the latest oil and gas jobs on << Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
