Mining is a motivator behind Marathon's port plan - Northern Ontario Business

Tech-heavy Nasdaq falls 2.6 percent as debate rages over whether AI is a bubble. US tech stocks have dropped sharply amid market jitters over the sustainability of companies’ enormous capital investments in AI. The Nasdaq Composite, which is dominated by tech firms linked to the AI boom, fell 2.6 percent on Thursday, its steepest fall since the index tumbled 4.2 percent on June 5. Recommended Stories list of 4 itemslist 1 of 4US-sanctioned ICC wins Sakharov Prize, EU’s top human rights awardlist 2 of 4Hundreds of Ethiopians cross into Kenya to flee regional fightinglist 3 of 4Almost all shallow-water coral reefs now face extinction risk, study warnslist 4 of 4UK Conservative Party leader responds to Al Jazeera investigationend of listThe broader S&P 500 slid 1.21 percent, the benchmark’s biggest drop since a 1.52 percent decline on July 29. Apart from Apple, each of the “Magnificent 7”, which make up more than one-third of the overall market, saw substantial losses. Meta dropped nearly 7 percent after it raised its projected capital spending for this year to $135bn to $145bn in its latest earnings report, even as the Facebook parent company’s net profit fell short of expectations.

Crude oil prices were on course to book a sharp weekly gain, with Brent crude on track for gains of about $6 per barrel and WTI registering a much more modest tick higher, from around $99 per barrel on Monday to over $100 earlier today. At the time of writing, Brent crude was trading at $114.00 per barrel, and West Texas Intermediate was changing hands for $100.40 per barrel, as hostilities in the Middle East remain front-page news for oil traders. The focus, however, seems to be on Houthi attacks on Saudi infrastructure, including Aramco facilities. The latest news from that front was Aramco’s order for personnel evacuation from its headquarters in Dhahran, which is in the Persian Gulf, suggesting the Yemeni Houthis have some longer-distance capabilities than what they used previously, when they focused on attacks in the Red Sea and Saudi Arabia’s Red Sea ports. Meanwhile, adding fuel to the oil price rally, Libya’s National Oil Corporation reported the shutdown of an oil pipeline that feeds oil from two fields to the Zawya export terminal. The shutdown prompted cuts in production at the two fields.

Canada holds a competitive advantage in Asian LNG markets, benefiting from shorter shipping routes, abundant natural gas, and lower-emission projects. Canada is set to reach 33 million tonnes of annual LNG export capacity by 2030, following LNG Canada's Phase 2 expansion and the addition of Cedar LNG and Woodfibre.

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