Two-thirds of Canadian drivers are forgoing a summer road trip due to soaring gas prices, according to a recent survey. Conducted for the Tire and Rubber Association of Canada (TRAC), the survey found that 66 percent of drivers say high fuel prices will force them to cancel or limit road trips this summer. That number climbs…
Canadians Cancelling Their Summer Road Trips Due to Soaring Gas Prices: Survey
Chinese Takeover of Semiconductor Plant a National Security ‘Test Case’ for UK Government, Say Lawmakers
May 16, 2022
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Business & EconomyChinaChina Business & EconomyChineseChinese RegimeCompaniesEurope-China RelationsInternational RelationssemiconductortechnologyUKWorld
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Security fears are intensifying over the controversial takeover of Britain’s largest semiconductor plant by a state-backed Chinese company. Senior MPs in the ruling Conservative Party have called on the British government to deploy the new National Security and Investment Act and scrap the £63 million ($77 million) sale of Newport Wafer Lab to Wingtech Technology through…
Wheat Futures Rise on Exports Restrictions, Russia/Ukraine Crisis, Soaring Inflation: What’s Next?
The Teucrium Wheat Fund (WEAT) gapped up 3.34 percent on Monday. The fund, which tracks the price of wheat futures, shot up almost 9 percent between May 9 and Friday and has soared almost 70 percent higher since Feb. 3. The Teucrium Wheat Fund’s gap up open was a response to India’s decision to restrict wheat exports…
PAL Flight Carrying Nearly 90 People Forced to Return Mid-Flight After Smoke in Cabin
A Philippine Airlines (PAL) flight carrying 82 passengers and four crew members was forced to return shortly after takeoff due to a “technical problem,” according to officials. Flight PR2543 experienced a technical issue that resulted in smoke venting into the cabin, PAL spokeswoman Cielo Villaluna said in a statement that was posted on the Philippine News Agency,…
Saudi’s Aramco Sees Profits Soar to $39.5 Billion in Q1 as Global Gas and Oil Prices Surge
May 16, 2022
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AramcoBusiness & EconomyCompanieseconomyGasinflationInternationalInvestmentMarketsMiddle EastOilWorld
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Saudi oil giant Aramco on May 15 posted its highest profits since its initial public offering in 2019 as global gas and oil prices continue to surge in the wake of Russia’s invasion of Ukraine. The world’s largest oil exporter disclosed in its first-quarter 2022 results that it has made $39.5 billion in earnings in the first quarter…
Texas Pipeline Operators Prepare for Higher Volume as Permian Basin Oil Production Picks Up
May 16, 2022
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Business & EconomycommoditieseconomyLocal NewsMarketsoil pipelinesPermian BasinRegional-Local Newsshale productionTexasUS
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Texas oil pipeline operators are preparing to increase the volume of crude oil flowing through pipelines from domestic shale fields to its hubs on the Gulf Coast to pre-pandemic levels by October 2022, according to analysts. U.S. crude oil had been trading at about $100 a barrel, a boon for some Texas oil pipeline operators struggling…
McDonald’s to Sell Its Russian Business, Try to Keep Workers
McDonald’s said Monday that it has started the process of selling its Russian business, which includes 850 restaurants that employ 62,000 people, making it the latest major Western corporation to exit Russia since it invaded Ukraine in February. The fast food giant pointed to the humanitarian crisis caused by the war, saying holding on to…
Rep. Johnson Says Biden Must Stop ‘Reckless Spending,’ Foreign Energy Reliance to Reduce Inflation
May 16, 2022
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bidenBusiness & Economyeconomic policieseconomyExecutive BranchinflationPoliticsRepublicansUSUS News
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The Biden administration needs to reverse its course of “reckless spending” and reliance on foreign nations for energy if inflation is going to go down, according to Rep. Bill Johnson (R-Ohio). Johnson, who is running for reelection in Ohio’s 6th Congressional District, told NTD’s “Capitol Report” program that he doesn’t see an end in sight to sky-rocketing inflation unless…
Trump Says There’s ‘No Way’ Musk Will Buy Twitter Owing to Large Number of ‘Bots or Spam Accounts’
May 16, 2022
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Business & EconomyCompaniesDonald TrumpElon MuskMedia & Big TechSocial MediaTechTrumpTwitterUSUS News
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Former President Donald Trump on Saturday said there is “no way” that Elon Musk will buy Twitter at “such a ridiculous price” while pointing to the number of fake accounts and bots on the social media platform. Trump took to his own social media platform, Truth Social, to make the comments shortly after billionaire tech mogul Musk…
‘Rich Dad Poor Dad’ Author Warns of Economic Pain, Says Baby Boomers Will Be ‘Biggest Losers’
“Rich Dad, Poor Dad” and personal finance author Robert Kiyosaki says that the U.S. is facing a future of unprecedented economic pain. During a recent video interaction, Kiyosaki says rising inflation, shortfalls in social security, and healthcare funding are the key factors influencing the economy. This is going to hammer a massive number of baby…
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