Finance
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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%…
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How a third-generation Texas oilman transformed an organic farming company into a leading advanced nuclear startup at a small Christian college
Nearly a decade ago, third-generation Texas oilman Doug Robison was plotting his retirement and the sale of his petroleum company when a trip to his children’s alma mater, Abilene Christian University, changed his career trajectory—at an atomic level. He heard a brief talk from Rusty Towell, the director of the school’s Nuclear Energy Experimental Testing…
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On Wall Street, analysts increasingly don’t believe the U.S. government’s ‘misleading’ job numbers
Jamie Cox, a managing partner at Harris Financial Group in Richmond, Virginia (with $1.3 billion in assets under management), had a visceral reaction to the June jobs number from the U.S. Bureau of Labor Statistics: “These data are misleading and should be disregarded,” he said in an email to Fortune. “There is zero chance leisure…
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Trump is already causing a headache for his new Fed chairman, saying the central bank’s board is ‘hostile’ and ‘doing the wrong thing’
There are a few things that could make life easier for Kevin Warsh in his first few months at the central bank, and President Trump keeping to his lane is likely top of the list. The Federal Reserve has weathered unprecedented attacks from the White House since President Trump returned to office last year. Trump…
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‘We are in a new era’: Trump’s bombshell $2.2 billion income haul, the ‘Big Player Theory’ and what happens when the president becomes the bubble
President Trump made big news this week by revealing how much income he’s personally made in his second term. The total number is $2.2 billion in 2025, according to White House disclosures, with roughly $1.4 billion of it coming from crypto assets. The unusual thing, several top economists, legal scholars and corporate governance experts told…
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Elon Musk can’t sell a single SpaceX share for a year—and then all the locks crack open at once
Unless you’ve been on the moon, you know that Elon Musk’s SpaceX just pulled off the biggest IPO of all time and raised about $86 billion in its public stock offering last month. The reusable rocket maker did it while selling only a tiny sliver—between 4% and 5%—of its stock. The other 95%—which consists of…
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Global stocks stage a rally as American markets take the day off
BANGKOK (AP) — Shares advanced Friday in Europe and Asia after the Dow Jones Industrial Average set another record, as some key AI related stocks rose while others extended losses. Futures for the S&P 500 gained 0.4% while that for the Dow was up 0.2%. U.S. markets will be closed Friday for the Independence Day…
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Russians live with fuel shortages and rationing as Putin insists the war against Ukraine will go on
Despite severe fuel shortages across Russia, President Vladimir Putin appears unbothered by Ukraine’s increasing attacks on his country’s oil refineries. He has shrugged off the setback for one of the world’s leading oil-producing nations as “not critical,” dismissed ceasefire proposals and insisted the war will continue until his goals are met. Putin has described the attacks on Russian energy as an…
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Inside the mind of Kevin Warsh: As told by his former boss Condoleezza Rice, his college friend, and his closest partner during the financial crisis
The first time former Secretary of State Condoleezza Rice encountered Kevin Warsh was in the 1980s when she was an associate professor of political science at Stanford University and he was an undergraduate. She knew he would go on to do something special. Admittedly, this isn’t an unusual phenomenon—it’s Stanford, after all. However, by the…