WASHINGTON—The U.S. Department of Energy on Thursday said it sold 15 million barrels of oil from the Strategic Petroleum Reserve to six companies, completing the last batch of the largest-ever release from the stockpile announced by President Joe Biden in March. The contracts were awarded to Phillips 66, Marathon Petroleum Supply and Trading LLC, Shell…
US Sells Last Batch of Emergency Reserve Oil From Historic Release
November 4, 2022
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Wall Street Opens Higher After October Jobs Report
Wall Street’s main indexes opened higher on Friday after data showed U.S. jobs grew more than expected in October but an uptick in the unemployment rate supported hopes that the Federal Reserve could deliver smaller rate hikes in the future. The Dow Jones Industrial Average rose 263.76 points, or 0.82 percent, at the open to…
High Inflation ‘Not All on Biden,’ as Trillions in Fed Stimulus Partly to Blame: Rattner
November 4, 2022
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Business & Marketseconomic policieseconomyFederal ReserveinflationPolicies & ImpactsstimulusUSUS News
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A former Obama administration adviser said on Thursday that soaring inflation is in part due to continued public spending of large amounts of COVID-19 stimulus, stating that the Biden administration is not entirely to blame. Steven Rattner, who served as an adviser to the Secretary of the Treasury under the Obama administration made the comments…
Economists Foresee Worsening Recession as Federal Reserve Continues to Hike Rates
November 4, 2022
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesPolicies & ImpactsrecessionUS
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With the Federal Reserve indicating that it has no intention to stop hiking interest rates until inflation cools down, experts are worried that such actions would end up plunging the country further into recession. The 12-month Consumer Price Index (CPI), which measures annual inflation, has stubbornly remained at or above 7.5 percent for every single…
Biden Took a Strong Economic Recovery and ‘Bungled It All,’ Says Rep. Brady
November 4, 2022
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2022 Midterm Electionsbiden administrationBusiness & MarketscongressDemocratseconomic policieseconomyExecutive BranchHouse RepublicansPolicies & ImpactsPoliticsrecessionRepublicansUS
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The outgoing House Republican Ways and Means Republican leader, Rep. Kevin Brady (R-Texas), and his colleagues blamed President Joe Biden for ruining a strong American economy. The Republicans currently appear to be in a strong position to take back Congress, or at least the House, in the midterm elections on Nov. 8, posing a threat to…
Dollar Softens, Euro and Pound Regained Some Ground
SINGAPORE/LONDON—The euro and pound regained some ground on Friday but were still set for their biggest weekly losses since September. The euro was last up 0.52 percent at $0.9801, while sterling was up 0.4 percent at $1.1228, also having pared gains from the Asian session. Nonetheless, the European common currency was still set for a…
Oil Climbs 3 Percent as Dollar Slips and EU Ban Looms
November 4, 2022
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Business & Marketseconomic policieseconomyenergygolablGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDONO—Oil rose by more than 3 percent on Friday as the dollar eased, with an EU ban on Russian oil looming large. Though fears of global recession capped gains, Brent crude futures were up $3.29, or 3.48 percent, at $97.96 a barrel by 1203 GMT, set for a weekly gain of more than 2 percent….
Stocks and Oil Rally Ahead of Key US Jobs Data
November 4, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks rose on Friday for the first time in three days ahead of key U.S. jobs data. The MSCI index of global shares rose 0.3 percent on the day, breaking two straight days of losses, but still headed for a near-3 percent weekly loss, after more big rate hikes from the Federal Reserve and…
China’s TikTok Admits Its Staff Can Spy on User Data in Other Countries
November 3, 2022
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Business & MarketsChinaCompanieseconomic policieseconomyEuropeIrelandMedia & Big TechNational SecurityPoliticsprivacysecuritytechnologyTikTokUKUSWorld
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The Chinese media platform TikTok admitted that its staff in China has the ability to access the private accounts data in the United Kingdom and the European Union. This comes after years of criticism from around the world, particularly in Europe, the United Kingdom, and the United States over concerns that personal information could be…
Wall Street Opens Lower on Rate Hike Worries
Wall Street’s main indexes opened lower on Thursday as yields climbed against the backdrop of worries that the U.S. Federal Reserve’s rate-hike cycle is far from over, despite hints of smaller rate increases in the future. The Dow Jones Industrial Average fell 162.71 points, or 0.51 percent, at the open to 31,985.05. The S&P 500…
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