Top oil companies continue to see massive earnings, according to published earnings reports for the first quarter of 2023 this week. Energy prices have been soaring following Russia’s invasion of Ukraine in February 2022 and due to persistent global demand. TotalEnergies, ExxonMobil, Chevron, BP, and Shell reported a combined record profit of $153.5 billion in 2022…
IN-DEPTH: Oil Company Profits Soar
May 3, 2023
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ANALYSIS: Oil Company Profits Soar
May 3, 2023
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BPBusiness & MarketsChevronCompaniesearningseconomic policieseconomyenergyExxonInvestmentMarketsoil companiesprofitsUS
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Top oil companies continue to see massive earnings, according to published earnings reports for the first quarter of 2023 this week. Energy prices have been soaring following Russia’s invasion of Ukraine in February 2022 and due to persistent global demand. TotalEnergies, ExxonMobil, Chevron, BP, and Shell reported a combined record profit of $153.5 billion in 2022…
Regional Bank Crisis Is ‘More Serious’ Than We Understand: Ex-Fed President Kaplan
May 3, 2023
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bank crisisBusiness & Marketseconomic policieseconomyFederal Reserveinterest rateMarketsrecessionUSUS News
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Former Federal Reserve Bank of Dallas President Robert Kaplan said that the regional banking crisis may be more serious than commonly believed and called for the central bank to pause its rate hiking cycle to give policymakers more time to address the risks. Kaplan made the remarks in an interview on Bloomberg TV, in which…
Hundreds of Minors Discovered Working Illegally at McDonald’s Restaurants Across Kentucky
May 3, 2023
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Business & MarketsCompaniesDepartment of LaboreconomyKentuckyMcdonald'sRegional & State NewsState NewsUSUS News
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Hundreds of children, including two 10-year-olds, were found to be illegally working at multiple McDonald’s locations across Kentucky, according to the Department of Labor. In a May 2 news release, the department said investigators from its Wage and Hour Division found approximately 305 children were employed across Bauer Food LLC, Archways Richwood LLC, and Bell Restaurant Group I LLC—three separate franchisees that…
Europe’s Inflation Inches Up Ahead of Interest Rate Decision
FRANKFURT, Germany—Europe’s painful inflation has inched higher, extending the squeeze on households and keeping pressure on the European Central Bank to unleash what could be another large interest rate increase. Consumer prices in the 20 countries using the euro currency jumped 7 percent in April from a year earlier, just up from the annual rate…
Northern Territory Green Lights Beetaloo Basin Fracking
Onshore fracking in the Northern Territory’s Beetaloo Basin could be underway as early as 2024 after the government lifted a five-year moratorium. Chief Minister Natasha Fyles says the way has been cleared with all 135 recommendations from the 2018 Pepper inquiry implemented. “We have strengthened government agencies; we have strengthened legislation to rigorously assess environmental…
Investors Warn of More Economic Pain to Come After First Republic Failure
May 2, 2023
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Business & Marketscommercial real estateCompanieseconomic policieseconomyFirst Republic BankinflationInvestmentMarketsrecessionstocksU.S. financial systemUSUS News
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Top investors at the annual Milken conference have warned of more economic pain to come after the collapse of First Republic Bank. Attendees at the conference said that the third seizure of a U.S. regional bank by the Federal Deposit Insurance Corporation (FDIC) since March is threatening to constrain credit and accelerate the path toward…
Ford Cuts Prices of Mustang Mach-E After Tesla Moves
WASHINGTON—Ford Motor Co. is cutting prices on its Mustang Mach-E electric vehicle and reopening orders, the No. 2 U.S. automaker said on Tuesday, the second time has reduced prices this year after a series of price cuts by rival Tesla Inc. Ford said it is also increasing the range for standard-range battery models as it…
Tesla Raises Prices in US, China, Japan, and Canada
May 2, 2023
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Tesla Inc. has raised prices in a range of up to $290 in Canada, China, Japan, and the United States, its website showed on Monday, after the company slashed prices of its top-selling vehicles since the start of the year. The hike was the first on its two top-selling models at the same time in…
DeSantis Signs Bill Curbing Financial Use of ‘Woke’ Investment Principles
May 2, 2023
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Florida Gov. Ron DeSantis signed into law a bill curbing financial companies’ use of ESG principles to govern investment or lending decisions in the state. According to DeSantis ESG—environmental, social, and governmental—has become a backdoor way for companies to impose woke values on communities that would never approve such things at the ballot box. At…
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