Marc Benioff is reportedly in talks to sell Time for $150 million. The...
Marc Benioff is reportedly in talks to sell Time for $150 million. The billionaire Salesforce co-founder, who bought the ailing US magazine for $190 million in 2018, is discussing a sale to Greek media company Antenna Group, CNBC reported. Once one of the most iconic weekly magazines in the US, Time has been forced to drastically cut its print circulation as news consumption shifts to the internet. Benioff bought Time from the media conglomerate Meredith Corporation, which owned the magazine for less than a year. The talks to sell Time again come a day after Comcast said it was exploring a sale of its traditional cable networks.
Boeing factory workers, who have been on strike for seven weeks, will vote on a new contract offer from the plane manufacturer on Monday after rejecting the previous proposal.
Meta disclosed in a securities filing that it’s being investigated by the Consumer Financial Protection Bureau over its advertising practices, the Washington Post reported.
Elon Musk lost his bid to move the lawsuit challenging his $1 million voting giveaways to federal court after a US judge ruled the case should remain in state court.
Polymarket plans to push into sports betting following the 2024 election, Front Office Sports reported.
Wegovy can help improve patients’ liver disease, Novo Nordisk said, adding yet another potential benefit of the popular drug beyond weight loss.
U.S. Rig Count Holds Steady Amid Mixed Market Signals
For the second consecutive week, U.S. energy firms kept the total...
For the second consecutive week, U.S. energy firms kept the total rig count steady at 585 as of November 1, down 33 rigs, or 5%, from the same time last year, according to Baker Hughes.
Oil rigs dipped by one to 479, while gas rigs increased by one to 102. The rig count dropped about 20% in 2023 due to declining prices, inflation-driven costs, and a focus on debt reduction and shareholder returns over production growth.
While crude futures have declined by 2% in 2024 after last year’s 11% drop, gas futures have gained 6% following a 44% plunge in 2023. U.S. oil output rose to a record 13.4 million barrels per day in August, while gas production eased slightly to 115.9 billion cubic feet per day, according to the Energy Information Administration (EIA).
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Oil prices edged up on Friday on reports Iran was preparing a retaliatory...
Oil prices edged up on Friday on reports Iran was preparing a retaliatory strike on Israel from Iraq in coming days, but record U.S. output weighed on prices.
Brent futuresclosed up 29 cents, or 0.4%, to settle at $73.10 a barrel. U.S. West Texas Intermediate (WTI) crude gained 23 cents, or 0.3%, to settle at $69.49. At their session highs, both benchmarks were up over $2 a barrel.
Brent posted a weekly decline of about 4% with WTI down about 3%.
On Thursday, U.S. news website Axios reported that Israeli intelligence suggests that Iran is preparing to attack Israel from Iraq within days, citing two unidentified Israeli sources.
Iran and Israel have engaged in a series of tit-for-tat strikes within the broader Middle East warfare set off by fighting in Gaza. Previous Iranian air attacks on Israel on Oct. 1 and in April mainly were repelled, with only minor damage.
U.S. Energy Information Administration data showed that Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4 million barrels per day (bpd) of oil in 2023.
U.S. stocks end higher Friday but post weekly decline with election on deck
U.S. stocks closed higher on Friday but off the session's...
U.S. stocks closed higher on Friday but off the session's high, with the S&P 500 and Dow Jones Industrial Average logging back-to-back weekly losses ahead of the Nov. 5 presidential election.
Rising bond yields have been a concern in the run-up to the election, which remained too close to call on Friday and might take days or weeks to decide.
The Dow Jones Industrial Average gained 288.76 points, or 0.7%, ending at 42,052.19 on Friday
The S&P 500 advanced 23.55 points, or 0.4%, closing at 5,728.80
The Nasdaq Composite gained 144.77 points, or 0.8%, finishing at 18,239.92
For the week, the Dow shed 0.2%, while the S&P 500 fell 1.4%, its biggest weekly drop since Sept. 6, according to Dow Jones Industrial Average. Both indexes posted back-to-back weekly declines.
The Nasdaq fell 1.5% for the week, its biggest weekly loss since Sept. 6, while snapping seven straight weeks of gains.
ExxonMobil profits dip as it gives back almost $10 bn to investors
ExxonMobil's third-quarter...
ExxonMobil's third-quarter financial report showed mixed results. Net profits of $8.6 billion decreased 5.1% from the previous year, primarily due to weaker refining margins. However, the company maintained strong shareholder returns, distributing nearly $10 billion through dividends (increased by 4%) and share repurchases. The company's performance was bolstered by record oil and natural gas production in Guyana, strong Permian Basin output, and $11.3 billion in structural cost savings.
The broader energy market context showed some challenges, with crude oil prices falling about 15% since the end of the second quarter. CEO Darren Woods attributed this to a market imbalance, noting record demand for oil and petroleum products and abundant supply, particularly from U.S. unconventional developments. Similarly, competitor Chevron reported a more significant decline in profits, down 31% to $4.5 billion, though they too achieved record shareholder returns of $7.7 billion and strong production in the Permian Basin.
