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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BPBusiness & MarketsChevronCompaniesearningseconomic policieseconomyenergyExxonInvestmentMarketsoil companiesprofitsUS
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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…
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…
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…
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…
Stock Market Today: Wall Street Drops as Banks Tumble Again
NEW YORK—Stocks slumped Tuesday after shares of beleaguered banks tumbled again and worries worsened about the economy. Rising fear sent yields sinking in the bond market, while Wall Street waited for the Federal Reserve’s latest move on interest rates and Washington edges closer to what would be a catastrophic default on U.S. government debt. The…
Closing Prices for Crude Oil, Gold and Other Commodities (May 2)
May 2, 2023
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Benchmark U.S. crude oil for June delivery fell $4 to $71.66 a barrel Tuesday. Brent crude for July delivery fell $3.99 to $75.32 a barrel. Wholesale gasoline for June delivery fell 11 cents $2.44 a gallon. June heating oil fell 9 cents $2.29 a gallon. June natural gas fell 11 cents to $2.21 per 1,000…
Regional Bank Stocks Plunge as Gloom from First Republic Failure Sinks Markets
May 2, 2023
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A day after U.S. financial regulators ordered First Republic Bank closed and JPMorgan Chase agreed to take it over in a rescue move, other regional bank stocks have plunged. In early trading on Tuesday, regional bank stock indexes fell sharply amid persistent jitters following Monday’s regulatory decision to seize First Republic and then facilitate its…
‘We Don’t Quite Know’ About the Consequences of Retail CBDCs: IMF Chief
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), is warning that the world is heading toward a widespread adoption of central bank digital currencies (CBDC) without properly considering the risk factors involved. “We are going in that direction,” Georgieva said about the adoption of CBDCs worldwide during a May 1 discussion Milken Institute…
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