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☆ CVS Plans to Overhaul How Much Drugs Cost
▼ + stars: | 2023-12-05 | by ( Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

Pharmacies currently are paid using complex measures that aren’t directly based on money spent to purchase specific drugs. Photo: Stephanie Keith/Bloomberg NewsCVS Health , the nation’s largest drugstore chain, will move away from the complex formulas used to set the prices of the prescription drugs it sells, shifting to a simpler model that could upend how American pharmacies are paid. Under the plan, CVS’s roughly 9,500 retail pharmacies will get reimbursed by pharmacy-benefit managers and other payers based on the amount that CVS paid for the drugs, in addition to a limited markup and a flat fee to cover the services involved in handling and dispensing the prescriptions. Today, pharmacies are generally paid using complex measures that aren’t directly based on what they spent to purchase specific drugs.

Persons: Stephanie Keith Organizations: Bloomberg, CVS Health

While over the years the pipeline's start date has been moved further back, supply has kept coming. Light synthetic crude from the oil sands, another key Canadian grade, is trading close to its deepest discount since 2020. With Canada exporting around 3.8 million bpd via pipelines, each additional dollar the discount widens amounts to millions in lost revenues for oil companies, analysts say. Conventional oil and gas producers will drill 8% more wells in 2024 to take advantage of greater access to pipelines including Trans Mountain. Rail exports hit 145,000 bpd in September, nearly doubling from May, according to latest data from the Canada Energy Regulator.

Persons: TMX, linefill, WCS, Martin King, It's, Heather Exner, Kevin Birn, Enbridge, James Davis ,, Jesse Jones, Jones, We're, John Zahary, Kent MacDougall, Nia Williams, Stephanie Kelly, Marguerita Choy, Denny Thomas, Simon Webb Organizations: Producers, Canadian, Canada, RBN Energy, Business Council of Canada, U.S ., P, ., Inc, Rail, Canada Energy Regulator, TMX, Altex Energy, Thomson Locations: Asia, British Columbia, Alberta, Canada, U.S . Canada

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. And they often work unpaid overtime because of chronic understaffing at Wells Fargo branches, according to the lawsuit. Wells Fargo did not immediately respond to a request for comment. Michael Scimone, a lawyer for Perez, said Wells Fargo has consistently classified workers as exempt from overtime pay even though they are not managers and lack any decision-making authority. “Companies like Wells Fargo should know better than to withhold overtime pay from workers like Ms. Perez," Scimone said in a statement.

Persons: Stephanie Keith, Wells, Wells Fargo, Sabrina Perez, Perez, Michael Scimone, Scimone, U.S . Bureau of Labor Statistics . Wells Fargo, Daniel Wiessner, Alexia Garamfalvi, Deepa Babington Organizations: REUTERS, Fargo & Co, Senior, U.S . Bureau of Labor Statistics ., Thomson Locations: New York City, U.S, San Francisco, Wells Fargo, Albuquerque , New Mexico, Wells, Albuquerque, Alaska, Albany , New York

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates

A gas pump selling E15, a gasoline with 15 percent of ethanol, is seen in Mason City, Iowa, United States, May 18, 2015. The decision underscores concerns within President Joe Biden's administration over fuel prices, as opinion polls show inflation and the economy as key vulnerabilities for his 2024 re-election bid. But the U.S. government restricts sales of E15 gasoline in summer months due to environmental concerns over smog. The ethanol industry for years has pushed to lift the restrictions on E15 sales nationwide, arguing the environmental impacts have been overstated. Oil industry-backed studies showed price increases, while ethanol industry-backed studies showed any price increases offset by utilizing lower-cost ethanol.

Persons: Jim, Joe Biden's, Phillips, Biden's, Ed Hirs, Hirs, Jarrett Renshaw, Stephanie Kelly, Will Dunham Organizations: Farm, NBC, Governors, Environmental, Agency, EPA, HF Sinclair Corp, White, University of Houston, Thomson Locations: Mason City , Iowa, United States, Illinois , Iowa , Kansas , Minnesota , Nebraska, North Dakota, South Dakota, Wisconsin, Ukraine, Nebraska, Iowa

☆ Russian Agricultural Bank files lawsuit against JP Morgan
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsMOSCOW, Nov 21 (Reuters) - State-owned Russian Agricultural Bank has filed a lawsuit against JP Morgan (JPM.N) in a Moscow court, court files showed on Tuesday. Russian Agricultural Bank, the main financial intermediary for Russian food and fertiliser exports, has been hit by Western sanctions and disconnected from the SWIFT international payment system. While trying to salvage a deal that allowed grains to be safely exported from Ukraine's Black Sea ports, the United Nations earlier this year arranged for JP Morgan to operate a special payments link with the Russian bank. Russian banks have also filed dozens of lawsuits against Western financial intermediaries over funds frozen due to sanctions.

Persons: Morgan, Stephanie Keith, JP Morgan, Elena Fabrichnaya, Olzhas Organizations: REUTERS, Rights, Russian Agricultural Bank, SWIFT, United Nations, Thomson Locations: New York City, U.S, Moscow, Russian

The startup's newly appointed interim head moved quickly to dismiss speculation that OpenAI's board ousted Altman due to a spat over the safety of powerful AI models. It was not clear why Murati had stepped down as interim CEO. [1/4]Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. Some of those joining Altman at Microsoft include senior researchers Szymon Sidor and Jakub Pachocki, according to Brockman. Microsoft had supported a return by Altman to the startup, according to sources, a move that seemed likely only hours prior to Monday's announcements.

Persons: OpenAI, Emmett Shear, Sam Altman, Greg Brockman, OpenAI's, Altman, Shear, Ilya Sutskever, we've, Sutskever, Mira Murati, reinstates Altman, Brockman, Bret Taylor, Will Hurd, Murati, Carlos Barria, Richard Windsor, Satya Nadella, Szymon Sidor, Jakub Pachocki, Russ Mould, AJ Bell, Nadella, Jeffry Dastin, Anna Tong, Krystal Hu, Akash Sriram, Aditya Soni, Urvi, Shubham, Stephanie Kelly, Nivedita Bhattacharjee, Miyoung Kim, Sam Holmes, Susan Fenton, Chizu Nomiyama, Anil D'Silva Organizations: Microsoft, FRANCISCO, Google, OpenAI, Reuters, Economic Cooperation, REUTERS, Radio Free Mobile, Thomson Locations: OpenAI, Texas, Asia, San Francisco , California, U.S, San Franciso, New York, Bengaluru

☆ Wells Fargo employees at two branches mount unionization campaign
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsNov 20 (Reuters) - Wells Fargo (WFC.N) employees at two of the bank's branches filed for union elections on Monday, laying the groundwork for potential unionization in an industry that has largely been immune to such labor campaigns. In a petition to the National Labor Relations Board (NLRB), bankers and tellers at Wells Fargo branches in Albuquerque, New Mexico and Bethel, Alaska declared their intent to join the Communications Workers of America's Wells Fargo Workers United (WFWU). "While we are the first Wells Fargo workers to file for union elections, we will not be the last," said Sabrina Perez, a senior premier banker at Wells Fargo's Albuquerque branch. "We have a deep commitment to invest in and support everyone who works at Wells Fargo ... have significantly improved compensation and benefits for our lower paid employees in recent years," he said.

Persons: Stephanie Keith, Wells, Sabrina Perez, Wells Fargo's Saul Van Beurden, Niket, Anil D'Silva, Shounak Organizations: REUTERS, National Labor Relations Board, Communications Workers, America's Wells Fargo Workers United, Labor, Detroit Three, Wells, Wall Street, Thomson Locations: New York City, U.S, Wells Fargo, Albuquerque , New Mexico, Bethel , Alaska, America's Wells, United States, Wells, Albuquerque, Bengaluru

In a statement on the social media platform X, Shear dismissed speculation that OpenAI's board ousted Altman because of a spat over the safety of powerful AI models. OpenAI dismissed Altman on Friday following a "breakdown of communications," according to an internal memo seen by Reuters. [1/4]Sam Altman, CEO of OpenAI, attends the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S. November 16, 2023. In a separate post on X, Altman shared Nadella's message with the words, "the mission continues". loadingThe decision not to reinstate Altman as OpenAI's chief confounded efforts by investors and employees to steady the startup's path.

Persons: OpenAI, Emmett Shear, Sam Altman, Shear, OpenAI's, Altman, Satya Nadella, Greg Brockman, Carlos Barria, Nadella, Szymon Sidor, Brockman, Richard Windsor, Ilya Sutskever, Jeffry Dastin, Anna Tong, Urvi, Stephanie Kelly, Nivedita Bhattacharjee, Miyoung Kim, Sam Holmes, Susan Fenton Organizations: Microsoft, OpenAI, Reuters, Economic Cooperation, REUTERS, The, Radio Free Mobile, Thomson Locations: Asia, San Francisco , California, U.S, San Francisco, OpenAI, San Franciso, Bengaluru, New York

Companies Microsoft Corp FollowOpenai LLC FollowNov 20 (Reuters) - Sam Altman will not return as the CEO of OpenAI and ex-Twitch boss Emmett Shear will become the new interim boss, The Information reported on Sunday, citing board director Ilya Sutskever's statement to the company's staff. The report said distraught employees "streamed out" of OpenAI headquarters in San Francisco shortly after the decision was announced internally. [1/2]Sam Altman, CEO of Microsoft-backed OpenAI and ChatGPT creator speaks during a talk at Tel Aviv University in Tel Aviv, Israel June 5, 2023. The appointment of Shear also means that Murati will not stay as the interim CEO, the report said. If Altman returns to OpenAI, Microsoft (MSFT.O), its biggest backer, is considering taking a role on the board, the Information reported on Sunday, citing two people familiar with the talks.

Persons: Sam Altman, Emmett Shear, Ilya Sutskever's, Altman, Sutskever, OpenAI, Amir Cohen, Rights Altman, Greg Brockman, Mira Murati, Shear, Brockman, Szymon Sidor, Sidor, Urvi Dugar, Stephanie Kelly, Nivedita Bhattacharjee, Miyoung Kim, Sam Holmes Organizations: Microsoft, Reuters, Tel Aviv University, REUTERS, Rights, Sunday, Amazon.com Inc, OpenAI, Thomson Locations: San Francisco, Tel Aviv, Israel, Bengaluru, New York

☆ OpenAI invites Altman, Brockman to HQ:, The Information reports
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +1 min

Sam Altman, CEO of Microsoft-backed OpenAI and ChatGPT creator speaks during a talk at Tel Aviv University in Tel Aviv, Israel June 5, 2023. REUTERS/Amir Cohen/File Photo Acquire Licensing RightsCompanies Microsoft Corp FollowOpenai LLC FollowNov 19 (Reuters) - Ousted OpenAI CEO Sam Altman and former President Greg Brockman joined executives at the company's San Francisco headquarters on Sunday after interim CEO Mira Murati told staff she invited Altman, The Information reported on Sunday. OpenAI declined to comment to Reuters on the details of the report from The Information. OpenAI’s former president and co-founder, Brockman also arrived at the office on Sunday, The Information reported. Brockman had stepped down from the board as chairman as part of the management shuffle, and announced on Friday he quit the company.

Persons: Sam Altman, Amir Cohen, Greg Brockman, Mira Murati, Altman, Altman's, Brockman, Urvi, Stephanie Kelly, Chris Reese Organizations: Microsoft, Tel Aviv University, REUTERS, San, Sunday, Reuters, Thomson Locations: Tel Aviv, Israel, San Francisco, Bengaluru, New York

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. The front month's discount to the second month traded at minus 15 cents on Wednesday, the widest discount since July. U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. crude production held steady at a record 13.2 million barrels per day (bpd). Meanwhile in Asia, China's oil refinery throughput eased in October from the previous month's highs as industrial fuel demand weakened and refining margins narrowed.

Persons: magnifier, Dado Ruvic, Brent, Stephanie Kelly, Jacqueline Wong Organizations: REUTERS, . West Texas, U.S . Energy Information Administration, Thomson Locations: China, United States, Asia, U.S

☆ US regulators push Wells Fargo to improve financial crime monitoring - WSJ
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsNov 16 (Reuters) - U.S. regulators are pushing Wells Fargo (WFC.N) to improve its monitoring system to detect criminal activity at the bank, the Wall Street Journal reported on Thursday, citing people with knowledge of the matter. Wells Fargo declined to respond to Reuters request for comment. Despite its efforts to repair the flaws identified by regulators, a public penalty has not been ruled out for the bank, the WSJ report said. Wells Fargo is also facing a lawsuit claiming it allowed Matthew Beasley, a Las Vegas attorney, to operate an alleged Ponzi scheme.

Persons: Stephanie Keith, Wells, Wells Fargo, Matthew Beasley, Beasley, Niket, Shinjini Organizations: REUTERS, Wall Street, Thomson Locations: New York City, U.S, Las Vegas, Bengaluru

☆ Wells Fargo to cut less than 50 investment banker jobs - source
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsNov 14 (Reuters) - Wells Fargo (WFC.N) has let go of less than 50 bankers from its corporate and investment banking unit as part of year-end pruning, a source familiar with the matter said on Tuesday. Top U.S. banks have flagged even more potential layoffs to save costs, especially if the economy remains under pressure from high interest rates and geopolitical tensions, threatening to derail a budding rebound in investment banking. "Like all well-managed organizations, we regularly review and evaluate the needs of our clients and the markets we serve in order to ensure we align our resources accordingly," Wells Fargo said in a statement to Reuters. "These departures represent a small number, and we remain fully committed to our Corporate & Investment Banking business."

Persons: Stephanie Keith, Wells, Wells Fargo, Pritam Biswas, Saeed Azhar, Devika Organizations: REUTERS, Reuters, Corporate & Investment Banking, Bloomberg, Thomson Locations: New York City, U.S, Bengaluru, New York

☆ Middle-class movers are heading to these three cities in search of affordability
▼ + stars: | 2023-11-13 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Middle-class movers are choosing Las Vegas, Phoenix, and San Antonio as top destinations. It was the second-most popular destination for middle-class movers coming from out of state, the report said. While cities like Austin saw a surge in home prices, San Antonio has been able to maintain some of its affordability. AdvertisementAdvertisement"If you were to ask me, I'd still tell you San Antonio's more affordable than most cities in Texas," San Antonio real-estate agent Ricardo "Rico" Riojas, Jr. told Insider. San Antonio, Texas.

Persons: —, Andrew Arevalo, Getty Images Arevalo, Redfin, Arevalo, there's, he's, We've, Stephanie K, Dow, I'd, Ricardo, Rico, Riojas, Jr, Allan Baxter, San Antonio — Organizations: Service, Denver, Pew Research, Getty Images, MLS, Las Vegas, San Antonio, Getty, Austin Locations: Vegas, Phoenix, San Antonio, The Nevada, Arizona , Nevada , Florida, Texas, Sin, Colorado, Nevada and Colorado, Clark County, Las Vegas, Denver, California, Arizona, Phoenix , Arizona, San, . Texas, Austin, Antonio, Antonio , Texas

Vu came into the tournament a mere three points behind another four-time winner, Celine Boutier, in the race for the points-based LPGA player of the year. Vu is now 27 points ahead going into the season-ending CME Group Tour Championship. All 60 players next week only have to win the CME Group Tour Championship to claim the $2 million prize. Vu is virtually a lock to win other awards as the LPGA's top player. Trying to win a tournament is stressful, but trying to keep your card is very, very stressful.”Patty Tavatanakit had some stress, too.

Persons: — Lilia Vu, Annika, Vu, Emily Kristine Pedersen, Celine Boutier, Boutier, Boutier's, Pedersen, Dane, Madelene Sagstrom, Stephanie Kyriacou, “, ” Kyriacou, Stacy Lewis, Alison Lee, Azahara Munoz, Munoz, “ I’ve, ” Munoz, Patty Tavatanakit, ___ Organizations: Pelican Golf, Globe, Chevron, UCLA, CME Globe Locations: Fla, Florida, Naples, Australia, American, Spain

☆ Key Witness at Sam Bankman-Fried Trial to Launch New Crypto Exchange
▼ + stars: | 2023-11-11 | by ( Angus Berwick | Peter Rudegeair | ) www.wsj.com time to read: 1 min

Can Sun, FTX former general counsel, cooperated with the investigation that led to Sam Bankman-Fried’s conviction. Photo: Stephanie Keith/Bloomberg NewsA group of former FTX executives, including one who served as a key witness against Sam Bankman-Fried, are teaming up to build a new cryptocurrency exchange that aims to solve the problems that doomed their previous employer. Trek Labs, a Dubai-based startup led by the former FTX general counsel Can Sun , received a license from the emirate’s crypto regulator last month.

Persons: Sam Bankman, Stephanie Keith, Sun Organizations: Bloomberg, Trek Labs Locations: Dubai

☆ US judge to weigh JPMorgan's $290 million settlement with Epstein accusers
▼ + stars: | 2023-11-09 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The settlement covered more than 100 women, led by a former ballet dancer known as Jane Doe 1, who said Epstein abused them. It followed embarrassing disclosures that JPMorgan ignored internal warnings and overlooked red flags about Epstein because he had been a valuable client. JPMorgan in September agreed to pay $75 million to settle related claims by the U.S. Virgin Islands, where Epstein owned two islands. Rakoff on Oct. 20 gave final approval to a similar $75 million settlement between Epstein's accusers and Deutsche Bank (DBKGn.DE), where Epstein banked after JPMorgan fired him. Epstein died in a Manhattan jail cell in 2019 at age 66 while awaiting trial on sex trafficking charges.

Persons: Morgan, Stephanie Keith, JPMorgan Chase's, Jeffrey Epstein, Jed Rakoff, Epstein, Rakoff, Jane Doe, Sarah Ransome, Ghislaine Maxwell, Epstein's, Luc Cohen, Daniel Wallis Organizations: REUTERS, JPMorgan, Washington D.C, U.S ., Deutsche Bank, US, Islands, Thomson Locations: New York City, U.S, Manhattan, Washington, U.S . Virgin Islands, Rakoff, New York

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Also weighing on prices, U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late on Tuesday, citing American Petroleum Institute figures. Data from China, the world's biggest crude oil importer, showed its total exports of goods and services contracted faster than expected, feeding worries about the energy demand outlook. Analysts from Goldman Sachs estimated seaborne net oil exports by six countries from oil producer group OPEC will remain only 600,000 bpd below April levels. The government eased restrictions on Oct. 6, allowing diesel exports by pipeline, but kept measures on gasoline exports.

Persons: Angus Mordant, Goldman Sachs, Warren Patterson, Ewa Manthey, Phil Flynn, Nikolai Shulginov, Brent, Stephanie Kelly, Paul Carsten, Muyu Xu, Marguerita Choy, David Gregorio Our Organizations: REUTERS, bbl, YORK, Brent, ING, American Petroleum Institute, U.S . Energy Information Administration, Price Futures, Goldman, OPEC, Barclays, Thomson Locations: Loving County , Texas, U.S, Russia, China, Israel, Gaza, Beijing, OPEC, Moscow

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late on Tuesday, citing American Petroleum Institute figures. Data from China, the world's biggest crude oil importer, showed its total exports of goods and services contracted faster than expected, feeding worries about the energy demand outlook. Tempering supply concerns, analysts from Goldman Sachs estimated seaborne net oil exports by six countries from oil producer group OPEC will remain only 0.6 million bpd below April levels. In more bullish news for crude prices, OPEC expects the global economy to grow and drive fuel demand despite economic challenges including high inflation and interest rates.

Persons: Angus Mordant, Goldman Sachs, Warren Patterson, Ewa Manthey, Phil Flynn, Stephanie Kelly, Paul Carsten, Muyu Xu, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, ING, U.S . Energy Information Administration, EIA, American Petroleum Institute, Price Futures, Goldman, OPEC, Thomson Locations: Loving County , Texas, U.S, United States, China, Israel, Gaza, Beijing

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. They were referring to an easing in tight oil supply conditions. U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late Tuesday, citing American Petroleum Institute figures. Crude oil production in the United States this year will rise by slightly less than previously expected while demand will fall, the EIA said on Tuesday. Data in China, the world's biggest crude oil importer, also raised doubts about the demand outlook.

Persons: Angus Mordant, Goldman Sachs, Warren Patterson, Ewa Manthey, Stephanie Kelly, Muyu Xu, Shri Navaratnam Organizations: REUTERS, Brent, ING, American Petroleum Institute, U.S . Energy Information Administration, EIA, Goldman, U.S ., OPEC, Thomson Locations: Loving County , Texas, U.S, United States, China

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Oil's rally comes along with gains across financial assets after the Fed maintained its benchmark interest rate unchanged at 5.25%-5.50% at its latest meeting on Wednesday. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), produced around 2.5 million barrels per day of crude in 2022, according to U.S. energy data. Data from U.S. Energy Information Administration (EIA) showed that the country's crude stocks increased as refiners undergoing seasonal maintenance restarted units more slowly than expected. But despite lower refining runs, U.S. gasoline stocks (USOILG=ECI) rose by 0.1 million barrels in the week to 223.5 million barrels, the EIA said.

Persons: Tatiana Meel, Jon Maier, Ayatollah Ali Khamenei, Stephanie Kelly, Muyu Xu, Lincoln Organizations: REUTERS, Oil, U.S . Federal Reserve, Brent, U.S, West Texas, Fed, Global, Iran's, Organization of, Petroleum, Bank of England, European Central Bank, U.S . Energy Information Administration, Thomson Locations: Nakhodka, Russia, Israel, Gaza, Iran, Europe, U.S

☆ Goldman Sachs just promoted 608 employees to the coveted role of managing directors. See the full list here.
▼ + stars: | 2023-11-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

Goldman Sachs announced its 2023 class of managing directors Thursday afternoon, giving 608 employees the coveted title. It's a smaller cohort than the bank's 2021 MD class, down 5% amid a dealmaking slowdown. Still, Goldman appears to have taken pains to promote employees in revenue-generating divisions like investment banking and trading. Goldman says the percentage of women it promoted as part of the 2023 MD class sets a record, up 1% from 2021. Two years ago, Goldman promoted the largest managing director class in its history, naming 643 employees to the designation in 2021.

Persons: Goldman Sachs, Goldman, David Solomon, John Waldron, we've, Solomon, Waldron, Goldman Sachs Fereshteh Abbasi Thomas Abe Devina Abreo Francesca Adamski Emmanuel Adenitire Gopal Agarwal Prasoon Agarwal Udit Agrawal Khamran Ali Omar Alzaim Dorothee Amar Akbar Amin Joe Amsler Wilfred Amuri Jack Anstey Paul Antonios Hidemi Aoki, Carolina Aragon Gonzalez Nelson Armbrust Georgina Aspden Laurene, Gisha, Sharon Babick Navin Babu Alexey Bachurin Alberto Bacis Patrick Badaro Rahul Bajaj Elise Bal Tanya Ballaram Brian Baltz Guillaume Banderet Nirav Bansal Nitin Bansal Swati, Chalapathi, Andrei Banu Camella Barnes James Barry Elisa Anna Bassu Aman Batra Eleanor Beasley Nicole Beavan Michael Becker Yukiko Beer Omar Benchekroune Richard Bennett Nigel Beslee Ashima Bhalla Nikhil Bhandari Nimita Bhargava Bodha Bhattacharya Rebecca Bibb Roseline, Rahul Bindu Mark Bird Leo Biselman Christian Blanc Patrick Bogues Michael Boratin Katherine Bordlemay Gabriela Borges Kate Boucher Erik Bouland Joanne Braidi Chris Brett Joseph Briggs Charles Brockett Emmeline Brothers Aaron Brown Adrienne Brown Kevin Bryck Archana Budida Oliver Bunn Rebecca Burgoyne Andrew Burpitt Todd Byers Patrick Byrne Michael Cahill Ashley Caldwell Jake Caldwell Serdar Caliskan Jon Calluzzo Stewart Campbell Samantha Cantor Yuri Cantor Dan Carabas Gemma Carlaw Laura Carroll Tim Carson Matt Carter Quentin Cezard Alex Cham Simon Chamama Heidi Chan Patrick Chan Suraj Chandran Kim Cheah Jon Cheh CP Chen Nelly Cheng Sarrah Cherhabil Jackson Cheung Michael Cheung Rama, Stan Chiu Anish, Kunal Choraria Ankit Chowdhari Dario Claus Cosimo Codacci, Michael Coleman David Collerd Shannon Collins Francesca Condini Lee Coppersmith John Couch Tim Creamer Maziar, Satish Damodaran Gareth Davies Serkan, Nick De Kock Ann de la, Nick De Kock Ann de la Montaigne Jan Debeuckelaer Molly Decker Gabrielle Decrion Laurent Dedieu Antoine Demongeot Yannick Derippe Deepalakshmi Desai Tim Desiano Joshua Dezube Randeep Dhillon Javier Diaz, Merry Matheus, Jared Dickow Alex Doell Mao Dong Praneil Doolabh Daniel Dooling Michelle Dorea Szymon Doroz Jacqueline Du Benjamin Duell Kelsey Dumont Julie Duval Todd Ebe Dayo, Jeremy Eisenstein Chris Elmore Ryan Erickson Joaquin Escribano Larry Estrada Pavel Fadeev Will Fairbourn Jeremy Falgiani Fabio Federici Wenlong Fei David Felman Sophia Ferguson Zach Fernandez David Fernandez Miguez Scott, William Fio Rito Duffy Fischer Lisa Florentine Akshay Fomra Janice Foo Nicholas Forbat Elie Franko Georgina Fraser Jason Freeman Nicole Freeman Oliver Friedberg Gavriel Friedland Ross Fuller Angela Fung Greg Furness Nikhil Gadodia Stefano Gamba Amit Singh Gambhir Javier Gandara Giorgio Gandola Amit Gangrade Sudha Garimella Mima Garland Mingmin Ge Graziano Gemma Shefali Gera Constance Germain Brad Gifford Benjamin Giles Abbas Ginwala Marlene Giorgio Thomas Giovachini Zachary Glasser Guillaume Gnech Harley Golding Yuriy Goldman Jesse Goldstein Roy Golender Sharon Gonnella Alejandro Gonzalez Steven Gooden Jessie Gould Varun, George Graf von Waldersee Florian Granier Jamie Greenberg Brian Grzelakowski Alessandro Guicciardi Michael Guiliano Samuel Guinness Bivash Gunpath Deepa Gupta Parikshit Gupta Lauren Gutierrez Johannes Hahn Chris Hallam Alex Halpern Christina Halpin Michael Hamilton Brooke Hammel Saki Hanioka John Hanson Mathew Harris Ally Hart Amy Harwood Tom, Emily Hashimoto Rob Haslam Michael Heino Brandon Herde Sarah Higgins Camilla Hill Spencer Hill Sho, Cecilia Ho Jonathan Ho Bryan Hoffman Kevin Hoffmeyer Eliza Hollyday Simon Holmes Mehdi, Lily, Derek Hu Jennifer Hui Tim Huiszoon Camille Humbert Kurt Humes Kelley Hutchison Masayuki Ichioka Andrew Imber Calvin Isaac Jackson Isaacs Sharif Ismail Yu, Doug Michael Jaffa Nitin Jagga Rahul Jain, Jataprolu Fiona Jervis Yinpeng Jin Sandeep Jindal Jennifer Jochinger Steven Johnson David Johnstone Megan Jordan Nicolas Joseph Bob Kadel Jean Kam Harneet Kaur Vinay Kaura Peter Kelman Stephanie Kenary Maggie Keohan Humayun 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☆ Wells Fargo's cash sweep feature faces SEC investigation
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsCompanies Wells Fargo & Co FollowNov 1 (Reuters) - Wells Fargo's (WFC.N) cash sweep options for investment advisory clients is being investigated by the Securities and Exchange Commission (SEC), the bank disclosed in a regulatory filing. The sweep feature allows such clients to earn a return on uninvested cash balances. The bank offers three sweep options, under which uninvested cash can be deposited into interest-bearing accounts or money market funds. In its filing dated Tuesday, Wells Fargo said the Justice Department had closed its investigation into its hiring practices related to diversity without taking any action.

Persons: Stephanie Keith, Wells, Wells Fargo, Niket Organizations: REUTERS, Companies Wells, Securities and Exchange Commission, SEC, The New York Times, Justice Department, Federal Reserve, Thomson Locations: New York City, U.S, San Francisco, Bengaluru

☆ Toyota Aims to Meet Hybrid Demand With New U.S. Plant Investment
▼ + stars: | 2023-10-31 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

Toyota executives say that demand for hybrids is outstripping the company’s production capacity. Photo: Stephanie Keith/Bloomberg NewsToyota Motor said it is more than doubling its investment in a battery plant under construction in North Carolina, a move aimed at increasing its ability to meet demand for hybrid models. With the latest $8 billion investment, Toyota is planning to spend nearly $14 billion to turn the facility in Liberty, N.C., into a massive hub for battery production. The 1,000-acre site is slated to contain 14 assembly lines producing batteries for hybrids, plug-in hybrids and fully electric vehicles. Battery production is scheduled to begin there in 2025.

Persons: Stephanie Keith Organizations: Toyota, Bloomberg News Toyota Locations: North Carolina, Liberty, N.C

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