A group of OPEC+ member countries on Sunday announced voluntary oil production cuts that will run from May through the end of this year. The surprise move entails cuts of about 1.15 million barrels per day (BPD) and was led by Saudi Arabia, Iraq, United Arab Emirates and Kuwait. Saudi Arabia’s Ministry of Energy said […]
President Biden’s clean-energy law will cost roughly $1.2 trillion, a figure three times more than what supporters initially claimed. The Inflation Reduction Act was passed last year in an effort to address climate change, security and energy. Lawmakers who voted for the legislation said it would spur trillions in private-sector investment. An analysis by Goldman […]
Economists are growing concerned about the $20 trillion commercial real estate (CRE) industry. After decades of thriving growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. Office and retail property valuations have been falling since the pandemic brought about lower occupancy rates and changes in where people work […]
TikTok CEO Shou Chew received a bruising on Thursday when he appeared before the House Energy and Commerce Committee in Congress, with both Republicans and Democrats fiercely critical of the Chinese-owned social media giant. Chew was interrogated for more than four hours over whether TikTok users’ data could be accessed by the Chinese state, along […]
On Thursday, TikTok’s CEO, Shou Zi Chew, will be opening a lion’s mouth and placing his own head into it. He’s giving testimony in the US Congress for the first time, a scary thing to do. And at stake is the future of the phenomenally popular video-sharing app in the US. “I think that there […]
Ford Motor Co.’s electric vehicle business has lost $3 billion before taxes during the past two years and will lose a similar amount this year as the company invests heavily in the new technology. The figures were released Thursday as Ford rolled out a new way of reporting financial results. The new business structure separates […]
The NCAA Division 1 Men’s Basketball Tournament, which just got underway, is the pinnacle of college sports, an annual all-American rah-rah celebration of athletic competition. The Big Dance. The Final Four. March Madness! It is also, increasingly, a chance for a lot of people to bet a lot of money. From the casual fun of […]
The compact disc gave us our first taste of digital music – and we liked it. Upon its arrival in the U.S. in March 1983, the sleek 4.7-inch plastic and aluminum disc – about the size of a drink coaster – promised crisp, clean digital music reproduction without the pops heard on vinyl LPs or […]
After a major, systemically significant bank crumbled over the weekend, the banking crisis left financial institutions and regulators scrambling Monday to prevent its spread. Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. Its stunning and rapid takeover by rival UBS, orchestrated by Swiss authorities […]
It has been nearly three years since auto plants around the world started to shut down because of the pandemic. Yet between the pandemic, an acute shortage of semiconductors and other supply chain snarls, vehicle production has never really returned to normal. And prices? Hoo boy. Both new and used prices have stopped skyrocketing. In […]
The lightning collapse of three banks and financial industry rescue of a fourth has put a spotlight on the Federal Reserve’s decision next week over whether to continue raising interest rates. Just two weeks after Fed Chair Jerome Powell suggested rates could rise even higher than previously projected in a bid to quash inflation, many […]
Can a “boneless chicken wing” truly be called a wing? That’s the question posed by a new class-action lawsuit filed last week in federal court by a Chicago man who purchased a round of boneless wings in January at a Buffalo Wild Wings in Mount Prospect, Ill. Based on the name and description of the […]
