Reported 5 days ago
Phillips 66 (NYSE:PSX) has announced the sale of a 65% stake in its European retail marketing operations, covering 843 JET-branded stations in Germany and Austria, to a consortium involving Energy Equation Partners and Stonepeak. The transaction, worth approximately $1.6 billion, is expected to close in the latter half of 2025, with the company retaining a 35% non-operated interest. Phillips 66 aims to utilize the proceeds for debt reduction and to increase shareholder returns, while continuing to supply fuel from its MiRO refinery in Germany.
Source: YAHOO
Reported 5 days ago
The Bank of Japan (BOJ) is poised to continue raising interest rates if the economy shows signs of recovery after the impact of U.S. tariffs, according to Deputy Governor Shinichi Uchida. He noted that Japan's inflation could stabilize around the BOJ's 2% target if economic conditions improve, despite uncertainties surrounding global trade. The BOJ had already increased rates to 0.5% earlier this year and remains open to further hikes if economic indicators align with forecasts, although concerns about a possible slowdown from U.S. policies persist.
Source: YAHOO
Reported 5 days ago
Enbridge Inc. (ENB) has announced the sale of a 12.5% stake in its West Coast pipeline to the Stonlasec8 Indigenous Alliance for C$715 million. This pipeline, stretching 1,802 miles, is vital for transporting natural gas and has been operational for over 65 years. The agreement marks an important step in Enbridge's ongoing reconciliation efforts with Indigenous communities, as it will receive a loan guarantee under the Canadian Indigenous Loan Guarantee Program.
Source: YAHOO
Reported 5 days ago
General Motors Company (GM) is actively lobbying lawmakers to repeal California's stringent zero-emission vehicle mandate, marking a significant shift in the company's stance as U.S. electric vehicle demand begins to decline. In a communication to employees, GM expressed concerns that emissions standards misaligned with market realities threaten consumer choice and vehicle affordability. Previously a supporter of California's plans to ban gas-powered vehicle sales by 2035, GM is now urging a halt to stricter emissions rules, reflecting a broader trend among automakers, including Ford, to scale back electric vehicle initiatives due to disappointing sales figures and potential policy changes.
Source: YAHOO
Reported 5 days ago
Oil prices fell slightly as concerns over the U.S. credit rating downgrade and sluggish economic data from China weighed on the market. Brent crude dropped to $65.06 and West Texas Intermediate to $62.23. Despite a recent trade truce between the U.S. and China, uncertainties around Iran-U.S. nuclear talks and continued tariffs on Chinese goods contribute to a cautious outlook for oil demand. Analysts note that the economic situation in both countries may hinder recovery efforts.
Source: YAHOO
Reported 5 days ago
The FDA has fully approved Novavax, Inc.'s COVID-19 vaccine with significant restrictions, allowing its use only for adults aged 65 and older and certain individuals aged 12-64 with underlying health conditions. This follows uncertainty surrounding the vaccine's approval process and skepticism from US Health Secretary Robert F. Kennedy Jr. The Novavax vaccine is unique as the only protein-based option in the U.S., amidst fully approved mRNA vaccines from Pfizer and Moderna. Despite challenges, Novavax reported strong first-quarter earnings, showcasing substantial revenue growth.
Source: YAHOO
Reported 5 days ago
Wall Street futures and the dollar experienced a downturn following Moody's downgrade of the U.S. credit rating amidst concerns about the nation's substantial debt, which exceeds $36 trillion. Treasury yields increased as the government navigates economic policy uncertainties, particularly regarding proposed tax cuts that could significantly raise debt over the next decade. Treasury Secretary Scott Bessent dismissed the downgrade while emphasizing potential tariff measures in trade discussions. Market analysts await earnings reports and China's economic data for insight into consumer trends as tensions in trade policy persist.
Source: YAHOO
Reported 5 days ago
Source: WSJ
Reported 5 days ago
Source: WSJ
Reported 5 days ago
The U.S. dollar fell to a ten-day low against several currencies following a surprise downgrade of the U.S. government's credit rating by Moody's, which raised concerns about the country's growing debt. This decline comes as markets are also dealing with trade tensions and uncertainty surrounding U.S. economic stability. Meanwhile, Australia's dollar slightly rebounded ahead of the Reserve Bank of Australia's policy announcement, where a rate cut is widely anticipated.
Source: YAHOO
Reported 5 days ago
National Grid plc (NGG) announced its FY 2025 results, revealing an underlying EPS increase of 2% to 73.3p, alongside a capital investment of £9.8 billion leading to a 10.5% growth in regulated assets. Despite a 7% decrease in revenue to £18.38 billion, the company declared a 3.21% rise in dividends to 46.72p. With £18 billion in distributable reserves and significant plans for capital expenditure, CEO John Pettigrew emphasized the company’s stable growth amidst economic uncertainty.
Source: YAHOO
Reported 5 days ago
Purchasing a home is often the largest financial commitment individuals make, and understanding how credit scores influence mortgage rates is crucial for securing the best deal. As of early March, the average mortgage rates for 30-year loans were approximately 6.76%, significantly varying with credit scores. Higher scores generally attract lower rates due to perceived lower risk, while lower scores can lead to increased rates or even loan denial. However, certain government-backed loans may offer more flexibility in credit score requirements. Prospective buyers should manage their credit wisely or consider alternative loan options to improve their financial standing.
Source: YAHOO
Reported 5 days ago
Options traders are displaying caution despite a rebound in Chinese equities, as many investors hesitate to bet on significant gains in light of ongoing geopolitical uncertainties and the unpredictable behavior of Donald Trump. Although the Hang Seng China Enterprises Index has seen a notable recovery, traders are less enthusiastic compared to the previous year's rally. Concerns persist regarding tariff levels and the broader implications of US-China competition in technology. Market analysts note a shift in investor sentiment, with a subdued demand for upside in Chinese equities amid the current climate.
Source: YAHOO
Reported 5 days ago
EOG Resources, Inc. has been awarded a new onshore oil exploration concession in the United Arab Emirates by Abu Dhabi’s Supreme Council for Financial and Economic Affairs. The company will evaluate 900,000 acres in the Al Dhafra region, with the possibility of entering a production concession after a three-year appraisal if commercial hydrocarbons are discovered. The announcement was made during President Trump's visit to the UAE, marking a significant development in American investments in energy projects in the region.
Source: YAHOO
Reported 5 days ago
Occidental Petroleum Corporation has formed a partnership with Abu Dhabi's ADNOC to develop a direct air capture facility in South Texas, aimed at capturing 500,000 tons of CO2 annually. ADNOC is considering investing up to $500 million in the project, highlighting the companies' ongoing collaboration on carbon capture initiatives since their MoU in 2023. This partnership reflects a commitment to enhancing U.S. energy independence and addressing global carbon reduction goals.
Source: YAHOO
Reported 5 days ago
Exxon Mobil Corporation has teamed up with the Abu Dhabi National Oil Company (ADNOC) to enhance the UAE's Upper Zakum oil field production capacity, potentially leading to $60 billion in U.S. investments in UAE energy projects. Despite market fluctuations, Exxon aims for significant global output growth, having reported a 20% increase in production year-over-year. This partnership is part of a broader commitment to strengthen U.S.-UAE energy ties.
Source: YAHOO
Reported 5 days ago
Nvidia's CEO Jensen Huang is set to present the company's latest advancements in artificial intelligence, cloud computing, and robotics at the Computex trade show in Taiwan. His 90-minute keynote will take place on May 20 at the Taipei Music Hall, showcasing new AI chips and discussing the evolution of Nvidia from a video game graphics producer to a leader in AI technology.
Source: YAHOO
Reported 5 days ago
Kroger Co. has terminated its Ship service, which provided home delivery of third-party products, effective March 2025. Customers are now redirected to use Kroger's pick-up and delivery services instead. This service, launched in 2018 to expand product offerings, was similar to Walmart’s, but the reasoning behind its discontinuation remains unspecified.
Source: YAHOO
Reported 5 days ago
Rite Aid has sold the pharmacy operations of over 1,000 U.S. stores to competitors like CVS Health Corporation, Walgreens, Albertsons, and Kroger as part of its Chapter 11 bankruptcy process. CVS, as the largest buyer, will acquire prescription records from 600 locations and 64 physical stores in specific states. The sales are pending bankruptcy court approval, but Rite Aid assures customers that pharmacy services will remain operational without disruption. This acquisition allows CVS to expand its market presence in underserved areas.
Source: YAHOO
Reported 5 days ago
In a recent statement on social media, President Trump criticized Walmart for blaming tariffs for its price increases, suggesting that the retail giant should 'eat the tariffs' given its significant profits. Walmart's CEO Doug McMillon acknowledges the challenges posed by tariffs on narrow retail margins and emphasizes their commitment to keeping prices low. This exchange highlights the ongoing tensions between large retailers and political figures in the context of current trade policies.
Source: YAHOO
Reported 5 days ago
Florida fruit and vegetable vendors are experiencing significant price increases due to tariffs imposed by the Trump administration on imported produce, particularly from Mexico. As vendors like Luis Saldana face rising costs and reduced profit margins, prices on items such as mangoes, tomatoes, and avocados have skyrocketed. While local farms are helping maintain some affordability, the overall trend suggests groceries will continue to become pricier, posing challenges for both vendors and consumers alike.
Source: YAHOO
Reported 5 days ago
Warren Buffett, chairman of Berkshire Hathaway, will not take the stage at the 2026 shareholders' meeting and will instead sit with the board of directors. His successor, Greg Abel, will address questions during the event scheduled for May 2 in Omaha. Buffett will maintain his role as chairman even after stepping down as CEO.
Source: YAHOO
Reported 5 days ago
Former US President Joe Biden has been diagnosed with an aggressive form of prostate cancer, according to a report from the New York Times. Following the discovery of a small nodule requiring further examination, Biden's office stated that the cancer seems to be hormone-sensitive, offering a basis for effective treatment management. The president and his family are currently exploring various treatment options with medical professionals.
Source: YAHOO