Prices at the pump are primed to rise again, but don’t expect the eye-popping levels of last year, according to GasBuddy. “I do think that prices will start rising in March and that’s a trend that could last all the way through Memorial Day,” said Patrick De Haan, head of petroleum analysis at the firm.… Continue reading Gas prices are primed to rise in a few weeks, but American drivers won’t be hit with record costs again this summer, GasBuddy says
One of the world’s largest sovereign wealth funds has hit the brakes on investing in China amid fears about Beijing’s leadership, report says
Singapore’s sovereign wealth fund, GIC, has significantly reduced its private investing in China, sources told the Financial Times. Reasons include Xi Jinping’s “common prosperity” campaign and fears of other unexpected moves from China’s leadership. While GIC has cut private-equity and VC investments in China, it boosted investment worldwide by 17% last year. Loading Something is… Continue reading One of the world’s largest sovereign wealth funds has hit the brakes on investing in China amid fears about Beijing’s leadership, report says
ExxonMobil, Shell lead Big Oil’s eye-watering $221 billion profit binge that Biden has slammed as ‘outrageous’
Zinya Salfiti Oil refinery Andrey Rudakov/Bloomberg Oil majors posted record profits for 2022, benefiting from the energy-market turmoil triggered by Russia’s invasion of Ukraine. US President Joe Biden thinks it’s ‘outrageous’, saying the firms invested too little of such profits to boost output. Exxon Mobil, Shell and TotalEnergies raked in the most profits among Western… Continue reading ExxonMobil, Shell lead Big Oil’s eye-watering $221 billion profit binge that Biden has slammed as ‘outrageous’
IMF boss Georgieva says the US will narrowly avoid recession and the Fed should stay the course
The US is likely to narrowly avoid falling into a recession, IMF head Kristalina Georgieva told CBS. Investors are weighing the odds of a US “soft landing” after aggressive Federal Reserve interest-rate hikes. The Fed should stay the course until inflation cools and be careful not to ease up too soon, Georgieva said. Loading Something… Continue reading IMF boss Georgieva says the US will narrowly avoid recession and the Fed should stay the course
Silvergate shares tumble as the crypto bank’s ties to FTX come under a probe by the DOJ’s fraud squad
The DoJ’s fraud unit is probing Silvergate’s linkages with FTX and its trading arm Alameda, per Bloomberg. The crypto-friendly bank hasn’t been accused of any crime, but the Justice Department wants to know just how deep its ties with FTX ran. Silvergate’s shares fell more than 13% in premarket trading on Friday. Loading Something is… Continue reading Silvergate shares tumble as the crypto bank’s ties to FTX come under a probe by the DOJ’s fraud squad
Tesla’s bitcoin holdings fell nearly $1.8 billion in value last year, as Elon Musk called crypto a ‘sideshow’
The value of Tesla’s bitcoin holdings fell nearly $1.8 billion last year, a company filing showed. It took a $204 million impairment charge on bitcoin, but converted $64 million worth into dollars. CEO Elon Musk distanced himself from crypto last year, calling it a “sideshow to the sideshow.” Loading Something is loading. Thanks for signing… Continue reading Tesla’s bitcoin holdings fell nearly $1.8 billion in value last year, as Elon Musk called crypto a ‘sideshow’
Twitter just made its first interest payment on Elon Musk’s massive buyout debt – so it will avoid bankruptcy for now
Twitter paid off the first instalment of its debt this month, according to Bloomberg. Elon Musk borrowed $12.5 billion from banks including Morgan Stanley to take the social-media company private in October. Repaying the first instalment is a sign that Twitter won’t have to file for bankruptcy. Loading Something is loading. Thanks for signing up!… Continue reading Twitter just made its first interest payment on Elon Musk’s massive buyout debt – so it will avoid bankruptcy for now
US consumers may have to live with high prices for longer — and a falling dollar could be to blame
US inflation has steadily cooled since mid-2022, thanks to large interest-rate increases by the Federal Reserve. However, a four-month drop in the dollar is threatening to derail that trend by raising the cost of imported goods. The dollar index has fallen by more than 11% from a peak reached in late September. Loading Something is… Continue reading US consumers may have to live with high prices for longer — and a falling dollar could be to blame
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