Finance
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It’s not a recession. But Goldman says your paycheck is acting like it
Americans aren’t losing their jobs. The stock market isn’t in freefall. And the official recession call is nowhere in sight. But Goldman Sachs is sounding an alarm about something quieter and more insidious: the purchasing power of the American paycheck is eroding at a pace the economy almost never sees unless it’s already in a…
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Why Amy Lee, the niece of Singapore’s first prime minister, helped launch a crypto-friendly bank
When Amy Lee retired from a four-decade-long career in law and finance in 2020, she felt it might be a chance to relax. Instead, she found herself getting antsy. “For my whole life, I thought I would enjoy retirement,” she tells Fortune at her home in central Singapore. “To my horror, I developed insomnia because…
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Buffett says Abel ‘has launched’ with his first big Berkshire deal: an $8.5 billion housing bet
Berkshire Hathaway was long teased as the conglomerate that couldn’t find anything worthwhile to buy. Now, as the cash pile has swelled to $400 billion—it’s highest ever—and with a new CEO in charge, the firm is finally pulling the trigger. Berkshire is buyingthe Taylor Morrison Home Corp., the country’s sixth-largest homebuilder, for $8.5 billion, or…
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Last year was a ‘quiet’ one for wildfires. Catastrophic blazes in Canada, South Korea and LA still made it the costliest fire year in history
The global 2025 wildfire season can be summed up with one of two extreme datapoints. It can be strange to think of the good news of wildfires, but for the optimists, last year’s blazes set aflame the second smallest number of square miles since 2002, behind only 2018, when around 330 million hectares burned. For…
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Gen Z is losing the most in the AI economy—and Goldman warns it’s about to get worse
The net number of jobs AI is eliminating each month is shrinking. That sounds like good news. It isn’t — at least not for Gen Z. Two months ago, Goldman Sachs economists estimated that artificial intelligence was wiping out roughly 16,000 net U.S. jobs per month, with entry-level and young white-collar workers bearing the brunt.…
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CEOs are losing confidence in the economy and expect conditions to worsen in the next six months, survey finds
If you’ve been feeling uncertain about the future of the economy, you’re not the only one. As the war in Iran pinches the global energy supply for the foreseeable future, and as AI companies threaten to reshape the entire labor force, business leaders are feeling uncertainty too. A recent survey of 141 CEOs found their…
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The Iran conflict has disrupted oil supply. Gulf states are now looking to multi-billion-dollar investments in renewables
With Iran’s blockade of the Strait of Hormuz forcing Gulf oil producers to dramatically curb output, governments across the region are intensifying investment in overseas renewable energy projects, underscoring their growing strategic importance amid the escalating energy crisis. Now in its third month, the U.S.-Israeli war with Iran has triggered the largest supply disruption in…
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The Strait of Hormuz is splitting into U.S. and Iranian lanes as ship traffic picks up even while fighting intensifies
Traffic through the Strait of Hormuz remains just a fraction of pre-war levels, but more ships are transiting lately, especially via a lane carved out by the U.S. military, even as fighting heats up. That alternate channel has become even more important after Iran vowed Monday to completely close the strait in response to ongoing…
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SpaceX’s $1.4 billion Bitcoin hoard is a strategic reserve—and an accounting headache
When SpaceX filed for its much-hyped IPO, investors learned that the size of its Bitcoin hoard exceeded previous estimates. When the company finally does go public, it’s an open question what the firm helmed by Elon Musk, who has recently cooled on his longtime crypto fervor, will do with that stash, which is currently worth…
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Current price of oil as of June 1, 2026
As of 8:30 a.m. Eastern Time today, oil sold for $96.42 per barrel (using Brent as the benchmark, which we’ll get into momentarily). That’s 14 cents higher than yesterday and approximately a $32 rise over the past year. Oil price per barrel % Change Price of oil yesterday $96.28 +0.14% Price of oil 1 month…