Musk lowered expectations for DOGE cuts. The billionaire...
Musk lowered expectations for DOGE cuts. The billionaire co-head of the Department of Government Efficiency—a new advisory body meant to help President-elect Trump make cuts to the federal budget—has made his first cut: his own goals. In an interview, Musk admitted that cutting $2 trillion, as he originally planned, is unlikely, capitulating to the chorus of budget experts who have pointed out that the US government’s entire discretionary budget is only $1.7 trillion. Instead, Musk said he thinks there’s a “good shot” at cutting half of his initial $2 trillion goal. Per experts, DOGE would probably have to recommend cuts to popular programs like Medicaid to hit his target.
Ubisoft, the struggling video game company behind popular franchises like Assassin’s Creed, reportedly hired advisors to weigh strategic options, including a takeover.
Striking ski patrollers at Park City Mountain Resort in Utah returned to work after accepting a new labor contract that increases their pay.
Blackstone invested $300 million in DDN, valuing the AI data company at $5 billion.
Disney said its streaming platforms have a combined 157 million global users subscribing to ad-supported tiers—the first time the company has divulged that data.
Naomi Biden gave birth to a baby boy this week, making Joe Biden the first sitting president to become a great-grandfather.
Oil settles up 1% as cold weather in US, Europe drives winter fuel demand
Oil prices rose more than 1% on Thursday as cold weather...
Oil prices rose more than 1% on Thursday as cold weather gripped parts of the United States and Europe, boosting winter fuel demand.
Brent crude futures settled up 76 cents, or 1%, at $76.92 a barrel. U.S. West Texas Intermediate crude futures settled up 60 cents, or 0.82%, to $73.92.
On Wednesday, both benchmarks fell more than 1%.
Thursday's rise is "definitely winter fuel demand kicking in here in the U.S.," said John Kilduff, partner at Again Capital in New York.
Parts of east Texas up to west Virginia were under a winter storm warning on Thursday, according to the National Weather Service, covering large swathes of Arkansas, Tennessee and Kentucky.
Ultra-low sulfur diesel futures were trading at around $2.38 a gallon, their highest since Oct. 8, according to data from LSEG.
The stock market was closed all day but bonds still traded until 2 pm. 10-year yields remain elevated—and ...
The stock market was closed all day but bonds still traded until 2 pm. 10-year yields remain elevated—and that may be a problem for investors.
Stocks took a break, but crypto never sleeps. Bitcoin sank on news that the Department of Justice has received approval to sell a hoard of bitcoin taken from defunct online black market Silk Road.
Trump supports single bill for taxes, border, energy
President-elect Donald Trump has endorsed a single comprehensive bill...
President-elect Donald Trump has endorsed a single comprehensive bill to address border security, energy and taxes, urging Congress to quickly pass the legislation. House Speaker Mike Johnson aims to adopt a budget resolution in February and pass the bill by April, though some Republicans are skeptical about the timeline and the inclusion of tariffs as a funding mechanism.
At least five people are dead, and more than 1,000 buildings were destroyed as several wildfires burned in Los Angeles County yesterday amid record-strong winds. The coastal Pacific Palisades saw restaurants, a library, schools, and more go up in flames as tens of thousands evacuated, many of whom were forced to leave their cars on the highway. Over 300,000 customers were without power.
The largest of the blazes, the Palisades Fire, has burned over 15,000 acres with zero containment as of this writing (see map). Inland northerly breezes, known as Santa Ana winds, blew over the mountains to the coast at speeds as high as 100 mph, accelerating the flames through dry brush and forest. Farther north and east, the Hurst and Eaton Fires grew to over 2,500 and 500 acres, respectively, while two more blazes were sparked late Wednesday.
LA officials sought help from nearby counties and states amid the fires' rapid pace and intensity, with reports of million-gallon fire hydrant wells running dry repeatedly. See photos of the fires here.
