GENEVA—The Swiss attorney general’s office says it has opened a probe into the events surrounding embattled bank Credit Suisse, which is to be taken over by rival UBS. Switzerland’s government and financial regulators helped engineer the hastily arranged, $3.25 billion agreement that was aimed in part to help calm worries about the global financial system…
Swiss Prosecutors Probe Credit Suisse Ahead of UBS Takeover
April 3, 2023
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Business & MarketsCompaniesCredit Suisseeconomic policieseconomyEuropeMarketsprobeSwitzerlandUBSWorld
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Who Owns the Most Gold Privately? Notable Gold Investors
Have you ever wondered who owns the most gold privately? The gold industry is thriving, as this yellow metal is highly coveted and a safe haven investment that usually appreciates over the long term. However, there’s only a finite supply of gold in the world. So, who are the individuals and families that own the…
Wall Street Opens Lower as Oil Output Cut Reignites Inflation Worries
Wall Street’s main indexes opened lower on Monday after a surge in oil prices brought back inflation worries, bolstering bets that the U.S. Federal Reserve will deliver another interest rate hike at its next meeting. The Dow Jones Industrial Average fell 28.37 points, or 0.09 percent, at the open to 33,245.78. The S&P 500 opened…
Dollar Gains as Surprise OPEC+ Cut Adds to Inflation Conundrum
April 3, 2023
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Business & Marketscryptocurrencyeconomic policieseconomyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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SINGAPORE/LONDON—The dollar rose against other major currencies on Monday as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production targets further, with traders wagering the Federal Reserve may need to increase interest rates again at its next meeting. The announcement on Sunday by the Organization of the Petroleum Exporting…
Oil Prices Surge, Fed Rate Path in Question Again
April 3, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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SYDNEY/LONDON—Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets and boosted the dollar due to reinvigorated fears about the stickiness of global inflation. Brent oil futures looked set for its biggest daily percentage gain in around a…
Oil Prices Soar After OPEC’s Shock Production Cut
Oil prices surged over 5 percent on Monday, notching their biggest daily jump in nearly a year after OPEC+ surprised markets on Sunday by announcing production cuts. In early trading Monday, the U.S. crude oil benchmark West Texas Intermediate (WTI) rose $4.38 to $80.03 per barrel, or 5.79 percent, according to TradingView data. Brent crude,…
Elon Musk Seeks to End $258 Billion Dogecoin Lawsuit
NEW YORK—Elon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin. In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc. called the lawsuit by Dogecoin investors a “fanciful…
Stocks Rally to Cap a Winning Month, Quarter for Wall Street
NEW YORK—Stocks rallied Friday to close out a winning March and first quarter of the year, feats that looked questionable just a couple weeks ago when Wall Street was tumbling in turmoil. The S&P 500 rose 1.4 percent to cap a 3.5 percent gain for the month. It also locked in a second winning quarter…
Closing Prices for Crude Oil, Gold and Other (Mar. 31)
March 31, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for May delivery rose $1.30 to $75.67 a barrel Friday. Brent crude for May delivery rose 50 cents to $79.77 a barrel. Wholesale gasoline for April delivery rose 4 cents to $2.70 a gallon. April heating oil rose 6 cents to $2.68 a gallon. May natural gas rose 12 cents to…
The Federal Reserve Has Only Limited Tools for Monetary Policy
March 31, 2023
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Business & MarketsBusiness Columnistseconomic policieseconomyFederal Reserve (Fed)inflationInvestmentMarketsmonetary policyMonetary Policy Committeestocks
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Commentary Recent turmoil in the banking sector has focused attention on the role of central banks, both in economies and in bank supervision and control. This will discuss central banks, like the U.S. Federal Reserve, and some of the tools they use to implement their policies, which can be opaque to the average person. First,…
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