Finance
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Oil markets could be a month away from the moment of truth. Brace for a ‘non-linear’ price spike and panic buying, analysts warn
Dire warnings about oil supplies are coming from everywhere lately as the Strait of Hormuz remains largely closed while President Donald Trump’s trip to China failed to produce a breakthrough to reopen the critical waterway. While investors have been trading on hopes that the Iran ceasefire will remain intact, there is little sign that the…
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Spring Hamptons traffic nightmare as Long Island Rail Road workers go on strike
North America’s largest commuter rail system was shut down Saturday after unionized workers in the New York City area went on strike. The Long Island Rail Road that serves the city’s eastern suburbs ceased operations early Saturday morning after five unions representing about half its workforce walked off the job. The two sides have been…
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The prophet of the ‘Wired Belt’ says capitalism is finally eating itself
I told you this was coming. On May 20, about 8,000 Meta employees will be told their jobs no longer exist, while 6,000 job listings have vanished. The reason? Redirecting funds toward AI. While Meta hasn’t directly acknowledged AI’s role in displacing workers, as so many others have done, the writing is on the wall: capitalism…
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Mamdani’s New York is coming to tax your private jet. Here’s how to prepare
I’ve been navigating New York airspace for a long time. I’ve seen noise abatement battles, slot pressures, FBO politics, ramp shortages, and ground stop cascades out of Newark Liberty International. The regulatory environment around New York has never been simple. But what’s unfolding right now is different — and every aircraft owner, operator, and frequent private traveler…
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Berkshire triples Alphabet stake and buys Delta stock while dumping Amazon in Greg Abel’s first quarter as CEO
Berkshire Hathaway more than tripled the size of its investment in Google’s parent company and bought over $2.6 billion worth of Delta Airlines stock as Greg Abel settled into the CEO job after taking over from Warren Buffett at the start of the year. The conglomerate also dumped a number of other stocks, including Visa,…
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Demand for longer-term U.S. debt gets weaker as one shock after another stokes fear that high inflation is here to stay
Bonds sold off sharply around the world on Friday as investors brace for persistently elevated inflation amid the ongoing energy crisis. Oil jumped after the U.S.-China summit wrapped up without any signs that Beijing will lean on ally Iran to reopen the Strait of Hormuz. That followed a series of U.S. debt auctions this past…
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Dominoes are steadily falling in the path of the rate cuts Trump wants to see from Kevin Warsh
Incoming Fed Chairman Kevin Warsh has made it clear he has made the president no promises: Despite being more bullish on the outlook for the economy, the new boss of the central bank says he hasn’t committed to rate cuts. However, everyone from Washington, D.C. to Washington state knows that President Trump wants lower interest…
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Gavin Newsom blasts Trump and Bessent as ‘dumb and dumber’ while unveiling $350 billion state budget
California Gov. Gavin Newsom on Thursday proposed a revised budget without a deficit for his last year of office and the next, laying out a $350 billion spending plan that includes little new spending but also avoids major cuts. Newsom is eager to safeguard programs that have defined his tenure as the leader of the…
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Bill Ackman has been quietly buying Microsoft since February, when AI fears were dragging the stock
Bill Ackman is going against the grain to back Microsoft. Pershing Square Capital Management, the hedge fund run by the billionaire investor, has built a new position in the software giant. And in typical Ackman fashion, he disclosed the stake in his trademark style: a lengthy post on X on Friday ahead of his firm’s…
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Lebanon’s economy minister on the ‘existential nature’ of the Iran War shock: companies closing, people losing jobs, no tourism
Ayman al-Zain watched on a recent afternoon as a bulldozer cleared the rubble of what used to be his sports clothing store, which was one of dozens of buildings destroyed in Israeli strikes against the Hezbollah militant group. With a nominal truce in place that has reduced but not halted the fighting, Al-Zain tried to…