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Last month, the iPhone maker launched its Apple Card savings account with a generous 4.15% APY in partnership with Wall Street giant Goldman Sachs . "It's really a trade-off for consumers, between safety or the appearance of safety, and yield," Laplanche told CNBC. Still, the emerging group of high-yield savings products are much more mainstream than what the crypto platforms were promoting. SoFi launched its high-yield savings account in February of last year. In its annual SEC filing, the company said that offering checking and high-yield savings accounts provided "more daily interactions with our members."
The U.S. Is Running Out of Research Monkeys
  + stars: | 2023-05-04 | by ( Nidhi Subbaraman | ) www.wsj.com   time to read: 1 min
Macaques used in scientific research played an important role in Covid vaccine testing. Photo: kathleen flynn/ReutersAmerica’s monkey shortage is getting worse. The pandemic has exacerbated a continuing supply crunch, throttling research and threatening the country’s ability to respond to public health disasters, including the next pandemic. That is according to a new report published Thursday by the National Academies of Sciences, Engineering and Medicine that noted that new ways of studying biology, using artificial-intelligence models or cells in culture, aren’t ready to replace testing in monkeys.
WTI's session low was $67.95 a barrel, lowest since March 24. On Wednesday afternoon, the Fed raised interest rates by a quarter of a percentage point, pressuring oil prices as traders worried that slower economic growth could hit energy demand. "The Fed going into a pause mode should be very supportive for the price of oil," said Phil Flynn, an analyst at Price Futures Group. Also pressuring oil prices, government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week. In China, data over the weekend showed April manufacturing activity fell unexpectedly in the world's largest energy consumer and top buyer of crude oil.
Lilly manufactures tirzepatide, which is sold under the brand name Mounjaro as a type 2 diabetes treatment. It's the chronic nature of obesity that will make these drugs so profitable, analysts have said. Huynh increased his target due to higher expectations for Mounjaro sales this year. Huynh boosted his prediction for the drug's sales this year to $3.7 billion from an prior estimate of $2.7 billion. "$48 billion is a monster number," Holz said, referring to an annual sales estimate that Bank of America has floated for future Mounjaro sales.
On its last day as the front-month, Brent futures for June delivery rose $1.13, or 1.4%, to $79.50 a barrel by 1:54 p.m. EDT (1754 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.92, or 2.6%, to $76.68. "But, today there were headlines showing there may be a solution to the First Republic problem, and there was data pointing to a rise in oil demand and a decline in output," Flynn said. Fuel demand rose to nearly 20 million bpd, its highest since November, according to the Energy Information Administration (EIA). Crude prices have been lower in recent weeks and months due to uncertainty over further interest rate hikes that could reduce demand for oil.
TOKYO, April 28 (Reuters) - Oil prices gained about 2% on Friday after U.S. data showed crude output was declining while fuel demand was growing. Brent crude futures rose $1.16, or 1.5%, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7%, to $76.75. "But, today there were headlines showing there may be a solution to First Republic's problems and data pointing to a rise in oil demand and a decline in output," Flynn said. In the same report, the EIA said U.S. product supplied of crude and petroleum products - a proxy for oil demand - rose to nearly 20 million bpd and finished motor gasoline rose to 8.7 million bpd in February, the highest for both since November 2022. Oil companies like Exxon Mobil Corp(XOM.N), meanwhile, are riding a wave of strong demand and have held the line on cost-cutting implemented when fuel demand collapsed during COVID-19 lockdowns.
Oil prices dropped almost 4% on Wednesday as jitters about a U.S. economic downturn overshadowed a larger-than-expected fall in U.S. crude inventories. The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said. Data on Thursday showed U.S. economic growth slowed by more than expected in the first quarter, although jobless claims fell in the week ending April 22. Oil prices were also pressured as weak risk sentiment spread from the banking sector after First Republic Bank's continued slump. Analysts see weak refinery margins as a major contributor to the recent oil price decline, with oil broker PVM's Tamas Varga pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".
Oil dips 2% on economic woes and stronger dollar
  + stars: | 2023-04-25 | by ( ) www.cnbc.com   time to read: +2 min
An oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas. Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies. Gold prices also were flat as the dollar strengthened, while U.S. stocks fell as weak earnings fanned economic fears.
CNN —A group of New York Democrats announced support for federal legislation aimed at regulating lithium-ion battery safety standards after a spate of fires caused by the batteries malfunctioning or overheating. Lithium-ion batteries, found in many popular consumer products like e-scooters and smartphones, have been under scrutiny amid increasing reports of explosive fires triggered by the batteries, which use flammable materials. The incident followed a Manhattan apartment building fire in November that injured at least 38 people and was blamed on a lithium-ion battery connected to a micromobility device. The new lithium-ion battery safety bill was announced last month by Rep. Ritchie Torres, D-NY, who said the legislation would save lives and protect property. Torres said the latest fire is another reminder “of the escalating threat lithium-ion batteries poses to the public’s safety,” according to a news release.
THE EDEN TEST, by Adam SternberghA woman surprises her husband with a weeklong couples’ retreat in “The Eden Test,” Adam Sternbergh’s new thriller. Threat shimmers around their isolated cabin, though one suspects that nothing would force them to endure anything more painful than a week of “working on the relationship.”On their first date, three years earlier, Daisy licked a smudge of crème brûlée off Craig’s chin, a mischievous gesture that bound them together. They spent weekends together eating croissants and reading the paper, “its sections unfurled all around them like blueprints for some brazen upcoming heist.” “The Eden Test” shows how a couple in love can seem like a two-person army, fugitives from the outside world. As the novel’s epigraph, from Adam Phillips, puts it, “A couple is a conspiracy in search of a crime.”Now, Daisy and Craig appear less like co-conspirators than adversaries. The denim overalls that Craig used to strip off Daisy have become “those [expletive] overalls she always wears.” And Daisy is cleareyed about Craig’s failings, from his infidelities to his pretension about restaurants, “as though he’d studied in the finest culinary schools of Europe, rather than being just another dude in Brooklyn with a credit card and a subscription to Bon Appétit.” Craig is preparing to leave her for his mistress, and Daisy hasn’t been entirely honest with him, either.
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2 oil consumer China offset concerns that possible increases in U.S. interest rates could dampen growth in the top consuming country. China's economy grew by a faster-than-expected 4.5% in the first quarter while oil refinery throughput rose to record levels in March, data showed. The dollar eased on Tuesday after the upbeat China data. Most traders, however, believe that the recent crude price rally is in need of a correction, said Dennis Kissler, senior vice president of trading at BOK Financial. Crude prices posted gains for the last four weeks, a streak not seen since June 2022.
[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoSummarySummary Companies U.S. dollar, interest rate concerns pressure oilG7 coalition to keep Russian oil price cap at $60/bbl -sourceBaghdad, KRG take step toward resuming Iraq oil exportsChina's Q1 GDP data expected to support oil pricesSINGAPORE, April 17 (Reuters) - Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. "The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here," Price Futures Group analyst Phil Flynn said. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.
New York City Mayor Eric Adams appointed a "rat czar" to help eliminate rodents in the city. One Boston city official says the Massachusetts city should follow suit and hire a rat slayer of their own. Days later, Boston City Council President Ed Flynn recommended the Massachusetts city hire someone in a similar position ""to hopefully one day eliminate rats in Boston," the Boston Herald reported. In 2022, Chicago was named the number one "rattiest" city in the US over both New York City and Boston. "You can hear them screaming — ee, ee, ee, ee!"
NBA roundup: Warriors hang 157 on Blazers, glide into playoffs
  + stars: | 2023-04-10 | by ( ) www.reuters.com   time to read: +12 min
Shaedon Sharpe added 18 points to go with a team-high seven rebounds, while Jeenathan Williams had 17 points for Portland. New Orleans' Brandon Ingram had 42 points and 12 rebounds, CJ McCollum scored 23 points and Trey Murphy III had 20. Lindell Wigginton scored 17 points and Bobby Portis had 16 for the Bucks. Jaden Hardy led all scorers with 25 points, with Theo Pinson forging a triple-double (23 points, 13 rebounds, 12 assists) for the Mavericks. De'Aaron Fox, who scored 13 points, played less than 18 minutes.
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Special Counsel Jack Smith is investigating a December 2020 meeting at the Trump White House, per CNN. At the meeting, participants, including Sidney Powell, discussed a plan to seize voting machines. Of particular interest to Smith is a December 18, 2020 meeting at the White House where Trump was joined by attorney Sidney Powell, who was falsely claiming that electronic voting machines were hacked by foreign adversaries, sources told CNN. Flynn, prior to the meeting, had for weeks been pushing the idea of seizing voting machines, arguing that Trump could unilaterally demand it be done. O'Brien told prosecutors that he "had made clear there was no evidence of foreign interference affecting voting machines," according to the outlet.
Johnson & Johnson shares on Wednesday climbed after the company proposed paying $8.9 billion to settle thousands of claims that its baby powder and other talc products caused cancer. The pharmaceutical giant also said its subsidiary LTL Management refiled for Chapter 11 bankruptcy protection after its first attempt faced legal challenges. JPMorgan analyst Chris Schott on Thursday called the proposed settlement a positive for the company in a note. The proposed $8.9 billion settlement is also in-line with JPMorgan's $8 billion to $10 billion estimate, Schott noted. It's also unclear whether the proposed settlement will win approval in bankruptcy court, Bank of America analyst Geoff Meacham noted Thursday.
It's an example of how some startups in Ukraine's dynamic tech sector are switching to pursue military projects. Pavlo Kartashov, director of the Ukrainian Startup Fund (USF), a government-backed organization that seeds technology startups, told Reuters his group resumed funding in October. Demand from the government has driven the shift to military technology, but most of the entrepreneurs who spoke to Reuters said that patriotic duty also played a role. "There are much more ideas in military technology," said Krasovsky, the founder and chief executive of Swedish-Ukrainian Sigma Software Group. Groups like the Polish-Ukrainian Start Up Bridge - a Polish-government backed venture - offer emerging Ukrainian tech companies small grants to fund basic business needs and a co-working space in Warsaw.
OPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher . The surprise cut in production could boost oil prices to $100 a barrel and beyond , analysts said. It comes after oil prices dipped last month, falling to $70 per barrel — the lowest in 15 months. Kathleen Flynn | ReutersOPEC+ oil producers announced output cuts of around 1.16 million barrels a day Sunday, sending oil prices higher. The surprise cut in production could boost oil prices to $100 a barrel and beyond, analysts said.
Also supporting prices was a Wednesday report from the U.S. Energy Information Administration that U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low. These factors offset bearish sentiment after a lower than expected cut to Russian crude oil production in the first three weeks of March. The 300,000 bpd production decline compared with targeted cuts of 500,000 bpd, or about 5% of Russian output, sources familiar with the data told Reuters. Meanwhile, OPEC+ is likely to stick to its existing deal on reduced oil output at a meeting on Monday, five delegates from the producer group told Reuters. "If all goes as expected, and we manage to avoid a recession, oil prices will dance around $75-$85/bbl in the coming months," FGE analysts said in a note.
"There is a brick wall in front of M&A activity," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). "We are in for choppiness," said Scott Barshay, chair of the corporate department at law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. And it's a giant struggle because there's a lot of dry powder for the equity part of private equity deals. Dealmakers, however, said they expect the impact from the banking crisis on broader M&A activity to be contained, as most of the worst affected regional banks are not major advisers or lenders on deals. The technology sector remains the best hunting ground for corporate acquirers or private equity financiers, deal advisors said.
Oil prices rebounded as Wall Street posted gains. Earlier, Brent and WTI fell about $3 a barrel to the lowest since December 2021, with WTI sinking below $65 a barrel at one point. After the deal was announced, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. Some executives are calling on the central bank to pause its monetary policy tightening but be ready to resume raising rates later.
The U.S. West Texas Intermediate crude contract for April was down 28 cents at $66.46 before its expiry on Tuesday. "There's a lot of fear-based movement (in oil prices)," Price Futures Group analyst Phil Flynn said. "We're not moving at all on supply and demand fundamentals, we're just moving on the banking concerns." On Monday, the S&P 500 and the Dow Jones gained, helping lift oil prices off the day's lows. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.
Indonesia is the world's biggest exporter of tin, and more than 90% of the country's supply comes from the islands of Bangka and Belitung. But the deposits on land are almost gone, so unlicensed miners risk their lives to search for the precious metal on the seafloor. Makeshift pontoons gather in the Indonesia Sea to form an illegal tin mine. Ibnu Hadi RachmatSource: The Guardian
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