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SummarySummary Companies WTI futures fall to lowest since May 4Goldman Sachs cuts price forecasts, sees Brent at $86 in Dec. Brent crude futures fell $2, or 2.7%, to $72.79 a barrel by 11:50 a.m. EDT (15:50 GMT), while West Texas Intermediate crude futures fell $2.16, or 3.1%, to $68.01 a barrel. Goldman Sachs cut its oil price forecasts on higher-than-expected supplies from Russia and Iran. Also weighing on investors' minds, demand growth is yet to materialize in China, the top importer of crude oil and refined products. There are definitely fears that these guys (OPEC and IEA) will cut their demand forecasts," Yawger said.

Persons: Goldman Sachs, Brent, Goldman capitulating, Matt Smith, Robert Yawger, Yawger, WTI, Shariq Khan, Noah Browning, Florence Tan, Mohi Narayan, Emelia Sithole, Jason Neely, Paul Simao, Sharon Singleton Organizations: Fed, U.S, Federal Reserve, Brent, West Texas, U.S . Federal Reserve, Organization of Petroleum, International Energy Agency, Thomson Locations: BENGALURU, Russia, Iran, U.S, China, Saudi Arabia

☆ Microsoft is facing another hurdle in closing a $70 billion deal to buy Activision Blizzard: a new FTC lawsuit
▼ + stars: | 2023-06-12 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

The FTC just filed a new lawsuit to seek to stop Microsoft's purchase of Activision Blizzard. Microsoft has been trying to win the OK from global regulators for the nearly $70 billion purchase. This suit, filed in federal court in San Francisco, seeks to stop the deal from closing. "We welcome the opportunity to present our case in federal court," Brad Smith, Microsoft's vice chair and president, said in a statement Monday. "By filing in federal court to enjoin the transaction, the FTC is showing that it won't back down in the face of Microsoft's escalatory tactics."

Persons: Brad Smith, Matt Kent Organizations: FTC, Activision Blizzard, Microsoft, Activision, Morning, Federal Trade Commission, Sony, PlayStation, Nintendo, UK's, Public Citizen, Public Locations: San Francisco, China, Japan, Brazil, South Korea

"The Saudi cut lifted prices slightly, and then the chatter of the potential return of Iranian barrels saw a large drop. Oil prices had risen early in the week, buoyed by Saudi Arabia's pledge over the weekend to cut more output on top of the cuts agreed earlier with the Organization of the Petroleum Exporting Countries and its allies. However, a rise in U.S. fuel stocks and weak Chinese export data have weighed on the markets. Some analysts expect oil prices to rise if the U.S. Federal Reserve pauses hiking interest rates at its next meeting over June 13-14. The Fed's decision may also influence Saudi Arabia's next move, analysts said.

Persons: Brent, Giovanni Staunovo, Saudi Arabia's, Rob Haworth, Craig Erlam, Shariq Khan, Shadia Nasralla, Yuka Obayashi, Marguerita Choy, Richard Chang Organizations: Saudi, Brent, U.S . West Texas, Organization of, Petroleum, Northern, U.S, Bank Asset Management, U.S . Federal, Thomson Locations: China, BENGALURU, U.S, Iran, Saudi, US

FBI agents flew with van der Sloot on a US Department of Justice plane to an airport in Birmingham, Alabama, where he landed Thursday afternoon. Van der Sloot was seen leaving the Ancón 1 prison in Lima early Thursday, as he was driven away in a black van while in the custody of law enforcement. Peru initially agreed to extradite van der Sloot to the US to face those charges only after he serves his murder sentence. “I want to go to the US,” van der Sloot told Altez in a letter. Holloway was last seen alive with van der Sloot and two other men leaving a nightclub in Aruba 18 years ago.

Persons: Joran van der Sloot, Natalee Holloway, van der Sloot, Holloway’s, Beth Holloway, John Kelly, van, Sloot, –, Van der Sloot, Daniel Maurate, ”, Joran Van Der Sloot, Elizabeth Ann Holloway, Maximo Altez, Altez, ” van der Sloot, Stephany Flores, Holloway, – van der Sloot, Deepak, Satish Kalpoe Organizations: CNN, Alabama, Dutch, FBI, US Department of Justice, Northern District of Alabama, Agents, Peru’s Air Force Base Grupo, ”, CNN en Espanol, Police Locations: United States, Aruba, Birmingham , Alabama, Northern District, Netherlands, Holloway’s, Alabama, Peru, Lima, Lima , Peru, America

☆ Treasury yields rise slightly as investors assess interest rate outlook
▼ + stars: | 2023-06-08 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was trading more than 2 basis point higher at 3.809%. The 2-year Treasury yield was up by around 2 basis points at 4.569%. U.S. Treasurys rose slightly Thursday as investors prepared for the Federal Reserve's next interest rate policy decision, which is expected on June 14. Investors assessed the outlook for the economy and focused their attention on the upcoming Fed meeting in a week that is light on the economic data front. May's consumer inflation report is due Tuesday, just a day before the Fed's rate decision.

Organizations: Federal

☆ Who wins in the PGA-LIV tie-up? Hint: It’s not the golfers
▼ + stars: | 2023-06-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

A bit of background for the uninitiated:Men’s pro golf in North America has been dominated by the PGA Tour for decades. Last year, the Saudi sovereign wealth fund spent an estimated $2 billion to form a rival league, LIV Golf, to challenge PGA’s dominance. LIV attracted many of the sport’s top players away from the PGA Tour and Europe’s DP World Tour by offering more prize money. A long legal battle followed, and LIV golfers were banned from established tours. It is pronounced like “live.” As in, “Please don’t kill me, I want to live.”Oh, yeah — that brings me to the whole “why you should care” bit, and why many pro golfers and fans are apoplectic over the tie-up.

Persons: CNN Business ’, LIV Golf, LIV, “ LIV ”, Jamal Khashoggi, sportswashing, Phil Mickelson, Greg Norman, soccer’s Cristiano Ronaldo —, Chris Isidore, Bloomberg, it’s, ”, Peter Coy, “, you’ll Organizations: CNN Business, New York CNN, PGA Tour, PGA, Bloomberg, US Justice Department, Tour, US Federal Trade Commission, New York Times Locations: New York, North America, Saudi, Saudi Arabia

☆ Vaping helps fuel huge rise in bad behavior on planes
▼ + stars: | 2023-06-05 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +3 min

CNN —There was the hope that when mask mandates on planes ended and people got used to traveling again, airplane passenger behavior might improve. Unruly passenger incidents were more than a third higher in 2022 than in 2021, a new global analysis by the International Air Transport Association (IATA) has revealed. Incidents of physical abuse remain thankfully rare but had a worryingly huge increase of 61% in 2022 over 2021. Zero tolerance“The increasing trend of unruly passenger incidents is worrying. IATA also wants to increase guidance, training and sharing of best practice when it comes to preventing and de-escalating incidents.

Persons: ”, Conrad Clifford, Said Clifford, “, Clifford Organizations: CNN, International Air Transport Association, US Federal Aviation Administration Locations: Paris, Canada, Montreal

CNN —A disruptive passenger on a Friday flight from Paris, France, to Detroit, Michigan, is facing criminal charges after his behavior caused the plane to be diverted to Canada, police said. The flight, operated by Delta Air Lines, left Charles de Gaulle airport in Paris Friday morning and was in the air for about six hours before landing in Canada, according to flight tracker FlightAware. After about 90 minutes at the Canadian airport, it took off and headed to Detroit. “Delta has zero tolerance for unruly behavior, especially when it potentially compromises the safety of our customers and flight crew,” a Delta spokesperson said in a statement regarding the incident. Last year there were more than 2,300 reports of unruly passenger behavior, according to US Federal Aviation Administration statistics.

Persons: Cpl, Jolene Garland, Garland, Charles de Organizations: CNN, Royal Canadian Mounted Police, Stephenville, Delta Air Lines, Delta, US Federal Aviation Administration, FAA Locations: Paris, France, Detroit , Michigan, Canada, Newfoundland, Stephenville Municipal, Charles de Gaulle, Detroit

☆ The new judge in the Disney-DeSantis lawsuit is a Trump-appointee who gave the governor a win in his 'Don't Say Gay' law
▼ + stars: | 2023-06-04 | by ( Rebecca Harrington | ) www.businessinsider.com time to read: +5 min

Allen Winsor, 46, has been a US District Judge in the Northern District of Florida since 2019. Before he became a US district judge, Winsor was a judge in Florida's First District Court of Appeal from 2016-2019. Winsor previously dismissed a lawsuit challenging the 'Don't Say Gay' billIn February 2023, Winsor issued a 21-page ruling dismissing a lawsuit challenging Florida's Parental Rights in Education Act, which opponents called the "Don't Say Gay" bill. In the hour-and-a-half-long conversation, four state solicitors general discussed various federal laws and lawsuits that they felt impeded states' rights. "He does not possess the neutrality and fair-mindedness necessary to serve in a lifetime position as a federal judge."

Persons: Allen Winsor, He's, Ron DeSantis, Winsor, —, Mark Walker, Insider's Kimberly Leonard, Donald Trump, Sen, Joe Manchin, — didn't, Trump, Mr, Pam Bondi's Organizations: Northern District of, Walt Disney Parks, Resorts, Gov, Service, Walt Disney Co, Disney, US Senate, Florida's, Auburn University, University of Florida, Plaintiffs, Federalist Society, Committee, Walt Disney World, Conference, Civil, Human Rights, Associated Press Locations: Northern District, Northern District of Florida, Florida, West Virginia, Orlando, Lake Buena Vista , Florida

The Hang Seng (HSNGY)closed 4% higher, notching its biggest one-day gain in three months. Brent crude, the benchmark for global oil prices, gained almost 1.6% to trade at $75.46 a barrel. Hang Seng reboundsIn Hong Kong, the two best-performing stocks were Chinese real estate developers Longfor Group (LNGPF) and Country Garden Services, soaring 17% and 12% respectively. Citing people familiar with the matter, Bloomberg reported Friday that China was working on such measures. Elsewhere in Asia, South Korea’s Kospi index ended the day 1.3% up, Japan’s Nikkei 225 was 1.2% higher, and the Shanghai Composite Index gained 0.8%.

Persons: Philip Jefferson, Joe Biden, “, ”, Richard Hunter, ” Dow, Germany’s DAX, DAX Organizations: London CNN — Global, US, Markets, Treasury, Interactive, Nasdaq, CAC, Brent, Longfor, Garden Services, Bloomberg, Nikkei Locations: Hong Kong, London, China, France, Qingdao, Asia, South, Shanghai

☆ Inflation in Europe drops to lowest level since Russia invaded Ukraine
▼ + stars: | 2023-06-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Inflation in Europe has fallen to its slowest pace since Russia invaded Ukraine, bolstering the case for the region’s central bank to bring interest rate hikes to an end soon. That’s the lowest rate of inflation since February 2022, when Moscow launched a full-scale invasion of its neighbor, sending global energy prices soaring. The pace of food price rises eased for the second month running in May, while energy prices actually fell. Inflation has fallen sharply in Germany, France, Italy and Spain, national data published Wednesday showed. Separate data published Tuesday showed lending by banks in the euro area stagnated further in April, with loans to households barely growing at all.

Persons: Price, Christine Lagarde, ” Lagarde, ” Franziska Palmas, ”, Bert Colijn Organizations: London CNN, Russia, European Central Bank, ECB, US Federal Reserve, Bank of, Capital Economics, ING Locations: Europe, Ukraine, Moscow, Germany, France, Italy, Spain, Bank of England, Palmas

☆ I dropped out of college to live out of my car. My lifestyle has taught me more than college ever could.
▼ + stars: | 2023-06-01 | by ( Robert French | ) www.businessinsider.com time to read: +5 min

Since then, I've built far more skills and become far more independent than I could've in college. So I dropped out and decided to live out of my car instead. It became clear to me that college was not preparing me to be an independent adultFor me, college was basically summer camp. There are national grasslands, national forests, and huge tracts of unused scrubland managed by various federal agencies. I've gained a lot from being voluntarily homelessDon't get me wrong; it's lousy to live out of your car for many reasons.

Persons: I've, —, irresponsibly, Mount Elbert —, Lady Hercules, It's Organizations: Service, AmeriCorps, Rockies Locations: Steamboat Springs , Colorado, Rocky, Vail, Mount, Midwest, buttes, Nebraska, Wyoming, Pennsylvania

☆ Bitcoin is on track for its first monthly drop of the year, stalling 2023's huge rally as macro uncertainty builds
▼ + stars: | 2023-05-31 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The European Central Bank is tightening as well to combat surging prices, with rates at levels not seen since the Great Financial Crisis in 2008. In addition, central bank tightening can also lead to a decline in bitcoin prices." "There's no doubt that bitcoin's price as well as wider crypto market movements are directly impacted by the US Federal Reserve and central bank policies. "We can therefore expect a continued disenfranchisement with the US dollar and uptake of bitcoin and other crypto assets. This will be reflected in price and we can surely expect upward price movements in bitcoin, even in 2023," Caselin told Insider.

Persons: Bitcoin, —, Tacking, Christine Lagarde, Birgham Santos, Santos, Ben Caselin, bitcoin, Caselin Organizations: Service, Traders, Federal, European Central Bank, Lama, US Federal Reserve Locations: solana, bitcoin

☆ 3 reasons why even China doesn't want the yuan to replace the dollar as the world's reserve currency
▼ + stars: | 2023-05-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

The Chinese yuan is one of the top contenders challenging the USD's dominance as a reserve currency. However, Beijing may not be fully supportive of making the yuan the reserve currency of choice. Here's why even China isn't that keen on de-dollarizing the world economy and making the yuan the top reserve currency. So, the US will need to contend with ever larger amounts of deficit, in order to maintain its pre-eminent reserve currency position. Given the issues standing in Beijing's way, it's unlikely for the yuan to take over the greenback's position as the world's reserve currency of choice, said Green.

☆ Virgin Galactic launches high-stakes flight carrying passengers to the edge of space
▼ + stars: | 2023-05-25 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

The space plane is designed to then detach from the mothership, fire its rocket engine and swoop straight up with its two pilots at the controls. Virgin Galactic confirmed just before 12:30 p.m. The space plane then coasted back to a landing back at New Mexico’s Spaceport America. The SpaceShipOne technology was parlayed into a larger space plane design, called SpaceShipTwo, which Virgin Galactic still flies today. Virgin Orbit, a sister company to Virgin Galactic that is focused on launching satellites to space on a small rocket, filed for bankruptcy in April.

☆ Quantitative tightening: What happens when $2 trillion is sucked out of the global economy
▼ + stars: | 2023-05-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

“Quantitative tightening,” or QT, by top central banks will suck $2 trillion in liquidity out of the financial system over the next two years, according to a recent analysis by Fitch Ratings. Investors and banks calibrate their strategies to the amount of money in the financial system, he noted. Then, central banks started withdrawing liquidity from the financial system. Even worse, many banks have large holes on their balance sheets because central banks have simultaneously jacked up interest rates. While government debt levels have skyrocketed in recent years, the cost of servicing that debt has been tamped down by the willingness of central banks to buy large chunks of it.

☆ Death of Ownership: Companies Use Software, Subscriptions to Grab Money From Customers
▼ + stars: | 2023-05-18 | by ( Nathan Proctor | ) www.businessinsider.com time to read: +11 min

As more devices in our lives run on software, manufacturers have started to exert more control over their products even after the customer has taken them home. In some cases, companies force customers to use their repair services, disabling the product if they try to fix it themselves. Companies are just beginning to monetize this control, with dystopian methods and the assistance of America's unbalanced copyright laws. For companies, the appeal of subscriptions is pretty straightforward: a steady stream of revenue and a lot more money raised from their customers over time. In other cases, companies have tried to block consumers from accessing certain features at all unless they pay up first.

☆ Here are 3 reasons to buy gold, according to UBS
▼ + stars: | 2023-05-18 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Gold stumbled this month after a strong start to the year. However, UBS Global Wealth Management sees more upside ahead. The precious metal is down about 2% in May, as optimism around a possible U.S. debt ceiling deal grows. "Based on the 1Q23 data from the World Gold Council, central banks are on track to buy around 700 metric tons of gold this year, much higher than the average since 2010 of below 500 metric tons," he wrote. Dollar weakness: The dollar index, which tracks the U.S. currency's performance against six others, is down 0.2% over the past year, which should be supportive for gold prices.

An investigative committee of the U.S. Federal Circuit Court of Appeals rejected a request by Judge Pauline Newman, 95, to transfer the probe to another circuit. The Washington-based Federal Circuit said it will not comment on the order or other related documents it released on Tuesday. "Though it is difficult to say this, I believe Judge Newman is simply losing it mentally," one staffer told judicial investigators. The Federal Circuit disclosed the probe last month, citing concerns about Newman's ability to handle cases and her refusal to cooperate with the investigation. Newman was appointed by President Ronald Reagan in 1984 to the patent law-focused Federal Circuit, which often hears major cases involving technology and pharmaceutical companies.

☆ Treasury yields fall as investors weigh Fed rate policy path
▼ + stars: | 2023-05-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Yields and prices move in opposite directions and one basis point is equivalent to 0.01%. U.S. Treasury yields declined on Tuesday as investors assessed what could be next for Federal Reserve interest rates following a slew of comments from central bank officials. Investors looked to comments from Fed officials and economic data as they weighed what could be next for interest rate policy and whether the U.S. economy is likely to contract. That comes after last week's inflation data, which was slightly below expectations, led many investors to hope for rate cuts in the second half of the year. Concerns about elevated rates dragging the U.S. economy into a recession have grown louder in recent weeks.

☆ Fed Governor Waller casts doubt on need to conduct climate change tests for banks
▼ + stars: | 2023-05-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022. Federal Reserve Governor Christopher Waller on Thursday cast doubt on the need for special focus on how banks are preparing for climate change risks. Thus, he said that conducting special tests for how banks are preparing for such events probably shouldn't fall under the Fed's purview. The stress tests focus on how banks would respond to financial and economic crises. A financial stability report in 2020 first addressed the topic.

Persons: Christopher Waller, Waller Organizations: US Federal Reserve, Washington , D.C, Federal Locations: Washington ,, U.S, Madrid, United States

☆ Debt ceiling: Denmark has one, too. It's never been a problem
▼ + stars: | 2023-05-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

President Joe Biden will host Republican House Speaker Kevin McCarthy and other congressional leaders at the White House on Tuesday for a critical meeting on raising the US debt ceiling. The closest analogue to the US debt ceiling is the set-up in Denmark. Lawmakers did not want the debt ceiling to become a proxy for difficult conversations about the government’s fiscal plans. That makes it less likely the debt ceiling could be turned into a political football. Even so, it’s clear that in Denmark, the debt limit has enabled the smooth functioning of government, Kirkegaard said.

☆ Premarket stocks: This is how the banking crisis ends
▼ + stars: | 2023-05-05 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

London CNN —US regional bank stocks look set to rebound Friday but are still down sharply this week, accentuating fears that federal regulators have not yet contained a crisis in the sector that could shake the financial system. Breaking it down: Wall Street is on the hunt for any signs of vulnerability in the banking system after the high-profile demise of Silicon Valley Bank, Signature Bank and First Republic Bank in a matter of weeks. While authorities stepped in to protect depositors at those banks, investors were left with stocks that were suddenly worthless. “I believe it really only ends after we get some type of government intervention,” Michaud told me. The value of short positions in regional bank stocks reached $15.1 billion in mid-April, up from about $13.7 billion one year ago, according to data from S3 Partners.

The US Federal Reserve Building is seen in Washington, DC, May 3, 2023. However, the Fed did hint at a possible pause to hikes. In Australia, the S&P/ASX 200 fell 0.24%, ahead of the country's March trade data due later Wednesday. Futures for Hong Kong's Hang Seng index were also lower standing at 19,656, compared to its last close of 19,699.16. Mainland Chinese markets are set to reopen after the Labor Day holiday, while Japanese markets are closed for a holiday Thursday.

☆ Premarket stocks: Why these bank stocks aren't getting crushed
▼ + stars: | 2023-05-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

First Horizon (FHN) and TD Bank (TD)also called off a $13 billion deal Thursday that would have formed America’s sixth-largest bank. The Stoxx Europe 600 Banks Index, which tracks big EU and UK banks, has shed 14% over the same period. Year-to-date, European banks are up more than 3%, while US lenders are down 26%. Broader market dynamics have also helped European bank stocks. The European Central Bank, which meets Thursday, has also been slower than the US Federal Reserve to hike interest rates.

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