U.S. gas prices have been climbing for the past 11 consecutive days in a row, amid the worse energy supply crisis in decades, according to the American Automobile Association (AAA). The drivers association said that the current stretch of record high prices is unprecedented. The national average for a gallon of gas hit $4.59 on May 20, a slight…
Consecutive High Gas Prices Are ‘Unprecedented’ With Summer Season Around The Corner, AAA Says
Big Cities’ Climate Lawsuits Against Big Oil Scrutinized
May 20, 2022
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A recent wave of government climate change lawsuits against oil and gas firms may prove deeply harmful, actually inhibiting the growth of new, greener technologies by diverting resources that would otherwise fuel innovation, according to a May 16 issue brief from the Pacific Research Institute (PRI). “There are many serious adverse consequences from state and…
Federal Judge Dismisses Fraud and Defamation Lawsuit Against Elon Musk Amid a Week of Controversy
May 20, 2022
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A federal judge in California dismissed a securities fraud and defamation lawsuit filed by a Tesla investor against Tesla Inc., the company’s CEO Elon Musk, and a Musk supporter on May 19. Judge James Donato threw out the lawsuit by the investor, Aaron Greenspan, a legal document website owner, after noting that the lawsuit had no…
S&P 500 Falls Into Bear Market as Recession Fears Deepen
For the first time since 2020, the S&P 500 Index has fallen into a bear market as investors’ recession fears continue to mount. The S&P 500, which market analysts consider is the best measurement of the overall U.S. stock market, tumbled about 2 percent on Friday, trading around 3,800. Year-to-date, the index is down 20…
China Cuts Borrowing Rate More Than Expected Amid Economic Slowdown
SHANGHAI—China cut its benchmark reference rate for mortgages by an unexpectedly wide margin on Friday, its second reduction this year. The country’s economy took a hit after the Chinese regime imposed extreme COVID-19 restrictions, causing huge disruptions to activity. China, in a monthly fixing, lowered the five-year loan prime rate (LPR) by 15 basis points…
Here’s What Apple Stock Needs to Do to Buck the Trend
Apple Inc. was trading slightly higher in the premarket on Friday in tandem with the S&P 500 E mini-futures, which were rising up over 1 percent. The tech giant has been trading in a heavy and consistent downtrend since March 30, plunging about 23 percent to reach a low of $136.60 on Thursday. A downtrend…
Netflix Shares Fall More Than 7 Percent After Data Shows Continued Losses of Long-Term Subscribers
Shares of Netflix fell more than 7 percent on May 18 after new data showed the streaming giant is losing long-term subscribers. The streaming giant, based in Los Gatos, California, said in April 2022 that it had lost 200,000 subscribers globally in the first three months of the year and warned investors that it expects to lose 2…
This US Ruling Could Force Google to Break Up Its Ad Business
A bipartisan group of senators led by Utah Republican Mike Lee introduced legislation targeting conflicts of interest in the advertising technology industry, the Wall Street Journal reports. The legislation could force Alphabet Inc. Google to break up its dominant online-ad business. The Competition and Transparency in Digital Advertising Act would prohibit companies processing over $20 billion in…
G7 Offers $9.5 Billion New Aid for Ukraine, Ready With More
KOENIGSWINTER, Germany—The Group of Seven’s financial leaders agreed on $9.5 billion in new aid to Ukraine on Friday and promised enough money to keep the country’s devastated economy afloat as long as it fights against Russia’s invasion. Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France, and Italy—the Group…
Goldman Sachs Releases Recession Manual to Prepare Clients for Downturn
Goldman Sachs economists believe the chances of the economy entering a recession in the next two years is still low but the bank’s equity team have just released a recession manual for its clients on how to prepare for a downturn. “A recession is not inevitable, but clients constantly ask what to expect from equities in…
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