U.S. gas prices are on the rise as demand from drivers surges heading into Memorial Day weekend. The national average price for a gallon of gas was $3.57 for the week ending May 26, up four cents from the previous week, according to the latest AAA gas prices report. AAA predicted that road travel on Memorial…
Stock Market Today: Tech Leads More Gains on Wall Street
NEW YORK — Technology stocks powered solid gains for Wall Street on Friday after another chipmaker reported strong demand related to artificial intelligence. The upbeat finish to the week for major indexes comes amid lingering anxiety over persistently high inflation, the risk of a U.S. debt default and broadly weak corporate earnings. The S&P 500…
ANALYSIS: Politics, Finance Merge as Banks Become Fewer in Number, More Aligned With Government
May 26, 2023
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Bank of AmericaBusiness & MarketsCompaniesDodd-Frank Acteconomic policiesFirst Republic BankJPMorgan Chasepersonal financePoliticsSVB CollapseUS
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The absorption of First Republic Bank by JPMorgan Chase on May 1 was just the latest step in a relentless march of consolidation among U.S. banks, as America’s banking industry becomes both more concentrated and more closely entwined with the federal government. Since the “Great Financial Crisis” of 2008, federal regulators have become comfortable with…
Timor Leste’s Xanama Gusmao Poised to Push Australia for Gas Pipeline to Country’s South Coast
Timor Leste’s independence fighter and first president Xanana Gusmao is set on pushing Australia for a gas pipeline to be built from the Greater Sunrise fields in the Timor Sea to his country’s south coast if his party wins the country’s parliamentary election. Currently, Gusmao’s party, the National Congress for Timorese Reconstruction (CNRT), has received…
Dollar Tree Faces Profit Decline as Theft Surges, Considers Defensive Measures
Dollar Tree is taking losses in some areas due to a spike in theft and a decline in profits. Like many retailers, the discount store chain is considering “defensive merchandising” or restricting access to certain products. Many major store chains have blamed a massive surge in theft as a growing challenge, as left-wing prosecutors restrict…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 26)
May 26, 2023
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Benchmark U.S. crude oil for July delivery rose 84 cents to $72.67 a barrel Friday. Brent crude for July delivery rose 69 cents to $76.95 a barrel. Wholesale gasoline for June delivery rose 3 cents to $2.70 a gallon. June heating oil rose 2 cents to $2.37 a gallon. June natural gas fell 13 cents…
How Major US Stock Indexes Fared May 26
Stocks rose on Wall Street, led by more gains in technology stocks as another chipmaker reported strong demand related to artificial intelligence. The S&P 500 rose 1.3 percent Friday, and the Nasdaq rose 2.2 percent. The Dow added 1 percent. Marvell Technology jumped 33 percent after saying it expects AI revenue to at least double…
IN-DEPTH: ‘No Remediation’: A Broken Turbine in Kansas Shows how Wind Companies Evade Responsibility
May 26, 2023
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Business & Marketseconomic policiesenergyKansasPolicies & ImpactsRegional & State NewsState NewsUSwind energywind turbine
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For Kansas state Rep. Carrie Barth, the broken turbine in Marshall County and its fiberglass debris scattered across farmland has confirmed one of the many loopholes industrial wind companies have to distance themselves from responsibilities to the residents who live in their shadow. “We have all of these bureaucracies to deal with health and environment,…
China’s Pay Back to the US With Micron Ban Could Signal Decoupling From Both Sides: Expert
May 26, 2023
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Asia & PacificBusiness & MarketsChina Business & EconomyChina NewsCompaniesmicronSamsungSpecial TopicsTechTech CompetitionTech NewsUSUS NewsUS-China relationsWorld
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China recently banned Micron chip sales to critical information infrastructure operators over cybersecurity issues. It came after the world economic power players showed their support for alternative and secure supply chains, and Micron announced its investment in Japan. China’s ban will only enhance the risk of foreign investors in China, and possibly force economic decoupling…
Bipartisan Senators Seek Pentagon Investigation Into Arms Makers Over Price Gouging Claims
May 26, 2023
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BoeingBusiness & MarketsCompaniescongressdefense contractorsDepartment of DefenseLockheed MartinPoliticsprice-gougingraytheonUSUS News
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Five U.S. senators, including two Democrats, two Republicans, and independent Sen. Bernie Sanders, are seeking a Department of Defense (DoD) investigation into allegations of price gouging by U.S. arms manufacturers. A CBS News “60 Minutes” report this week claimed systemic price gouging practices were used by major arms manufacturers such as Lockheed Martin, Boeing, and…
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