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Mark Zuckerberg and Priscilla Chan Pledge $3 Billion to Fighting Disease

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Mark Zuckerberg, Facebook’s chief executive, and his wife, Dr. Priscilla Chan, last year said they would give 99 percent of their Facebook shares to charitable causes. Now they are putting a large chunk of that money to work.

The Chan Zuckerberg Initiative, the limited liability company into which Mr. Zuckerberg and Dr. Chan put their Facebook shares, on Wednesday said it would invest at least $3 billion over the next decade toward preventing, curing or managing all diseases by the end of the century.

While the Chan Zuckerberg Initiative has already made investments in charter schools and education start-ups, the money toward curing diseases represents the group’s first major initiative in science. The announcement was also a coming out of sorts for Dr. Chan, who has a big interest in health and was trained in pediatrics.

In a speech to introduce the health initiative at an event in San Francisco on Wednesday, Dr. Chan said the work to cure disease was in keeping with her organization’s mission to advance human potential and promote equality. She gave an emotional preamble, describing how a high-quality education helped her succeed as the daughter of Chinese and Vietnamese immigrants.

“We want to dramatically improve every life in Max’s generation and make sure we don’t miss a single soul,” Dr. Chan said, referring to her and Mr. Zuckerberg’s infant daughter, Maxima. “We’ll be investing in basic science research with the goal of curing disease.”

The event was attended by Mayor Ed Lee of San Francisco; Janet Napolitano, the president of the University of California and former secretary of homeland security; and investors including Yuri Milner, who backed Facebook before it went public. About 63,000 people watched the event on Facebook Live and there were about 450 attending.

Several of Mr. Zuckerberg’s Facebook co-founders or early executives have also pledged money to charity or specifically toward health initiatives. Dustin Moskovitz, a Facebook co-founder, is part of the Giving Pledge, through which the world’s wealthiest individuals and families have dedicated a majority of their wealth to philanthropy. Sean Parker, who was president of Facebook when the company was still a start-up, earlier this year said he would give $250 million to six cancer centers nationwide.

Other tech billionaires have also given to public health, including Bill Gates, Microsoft’s co-founder. His Bill & Melinda Gates Foundation gave $10.2 billion through 2014 to global health initiatives like fighting AIDS, tuberculosis and malaria.

Mr. Zuckerberg and Dr. Chan, who are also part of the Giving Pledge and have looked up to Mr. Gates, announced the Chan Zuckerberg Initiative at the end of last year. At the time, their Facebook holdings were valued at around $45 billion.

The Chan Zuckerberg Initiative’s structure as a limited liability company gives it freedom to also spend on for-profit companies and political donations. Some traditional philanthropies, which have spending restrictions and targets they must meet, disapprove of the L.L.C. structure.

The Chan Zuckerberg Initiative’s science work will be led by Cori Bargmann, a neuroscientist at Rockefeller University in New York. The first project will be the Chan Zuckerberg Biohub, an independent research center in San Francisco that will bring together engineers, computer scientists, biologists, chemists and others. Formed in partnership with Stanford, the University of California, Berkeley, and the University of California, San Francisco, it will receive initial funding of $600 million over 10 years.

At the event Wednesday, Mr. Zuckerberg said that if his organization’s plan to cure or manage all disease worked, it should increase human life expectancy to 100 years.

“That doesn’t mean no one will ever get sick,” he said. “But they should be able to treat it and manage it.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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