Finance
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Oil, gas tankers cross Hormuz via Oman-side route after U-turns
Oil and gas shipping along a US-protected corridor in the Strait of Hormuz showed signs of recovering Sunday, a day after a batch of vessels performed unexplained U-turns and detours in the vital energy corridor. Six oil and gas freighters were observed navigating on a route that cleaves close to Oman’s coast. Those are only…
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SK Hynix seeks access to AI investors in $29 billion U.S. listing
This week’s $29 billion US stock-market listing for SK Hynix Inc. may be the biggest-ever first-time share sale by a foreign company, but it isn’t just about raising cash. It’s also about competing in the hottest corner of the global stock market — memory chips used in AI computing. For years, the South Korea-based semiconductor…
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As higher airfares and gas prices make vacations ‘crazy expensive,’ small business owners say Americans are staying closer to home this summer
Small business owners in U.S. tourist destinations say they’re seeing more Americans sticking closer to home this summer, trading overseas travel for road trips, choosing daylong sojourns over extended beach stays, and cooking instead of eating out while on vacation to save money. The reported boost to domestic tourism, though anecdotal, comes as higher airfares…
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America’s entrepreneurial boom begins long before venture capital
The United States has spent years worrying about slowing business creation. But one group of entrepreneurs has quietly prevented that decline. According to a new report out of Stanford, between 2017 and 2023, Latino-owned businesses added 180,000 new firms while white-owned businesses lost roughly 140,000. Put differently, without Latino entrepreneurs, America would have ended the…
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Russia’s fuel crisis is so bad that a mom and her baby waited in line for 18 hours to get gas — ‘Are we in the Soviet Union?’
The fuel shortage ravaging Russia has forced motorists around the country to wait in endless lines to fill up, evoking memories of communist-era privation. Ukraine’s months-long campaign of drone strikes on oil infrastructure deep inside Russian territory has forced oil refineries to shut down. Energy analysts have estimated that 25% or more of Russia’s refining…
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U.S. debt is a looming crisis today but was once its own revolutionary masterstroke that helped launch a global financial superpower
Believe it or not, U.S. debt was once a source of national strength, before it became a sword of Damocles hanging over the federal government and the bond market. While the nation celebrates the 250th anniversary of the Declaration of Independence, the origin of U.S. financial might can be traced back to a controversial decision…
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Trump Accounts are now available for kids. Here’s where the money will be invested in the stock market—in line with Warren Buffett’s advice
The Fourth of July marks the official launch of Trump Accounts, allowing parents to set up the new type of custodial individual retirement account for kids. Any child with a Social Security number who’s under 18 by the end of the year when the account is created is eligible. And for children born between Jan.…
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Iran’s envoy to China says Beijing to get Hormuz concessions
Iran’s ambassador to Beijing said China and other friendly nations will be granted “special considerations” when Tehran determines the level and nature of service fees charged to ships using the Strait of Hormuz. Abdolreza Rahmani Fazli said the critical waterway for energy supplies is now a matter of “national security” in the aftermath of the…
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Ukrainian drones target more Russian oil infrastructure as fuel crisis adds political pressure on Putin, who shrugs off attacks as ‘not critical’
A Ukrainian drone attack struck an oil terminal in St. Petersburg on Saturday, Russian officials said, as Kyiv presses on with bombardment of Russia’s oil infrastructure. Almost daily long-range attacks on Russian oil facilities have created a fuel crisis and heaped political pressure on the Kremlin as its all-out invasion of Ukraine stretches into its…
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A quarter of young baby boomers and Gen Xers who’ve been laid off in the last decade are still unemployed—and 11% have taken pay cuts to work
Americans want to work longer to support themselves as the cost of living climbs and 401(k) benefits are further delayed, but many older Gen X workers and young boomers are being forced into retirement after being laid off with no jobs to turn to. Among U.S. citizens between the ages of 50 and 65, 14%…