U.S. weekly initial jobless claims fall to lowest level since May
The numbers: Initial jobless claims fell by 17,000...
The numbers: Initial jobless claims fell by 17,000 to 222,000 in the week ending July 6, the Labor Department said Thursday. This is the lowest level since late May, when economists polled by the Wall Street Journal estimated that new claims would fall by 2,000 to 236,000.
The weekly decline in claims is the highest since last September. Last week, claims rose a revised 5,000 to 239,000. The initial estimate was for a rise of 4,000 to 238,000.
Key details: The four-week moving average of claims dipped to 233,500 from 238,750 in the prior week.
The number of people already collecting jobless benefits in the week that ended June 29 fell by 4,000 to 1.85 million.
U.S. Energy Information Administration reported that ...
U.S. Energy Information Administration reported that U.S. crude inventories fell by 3.4 million barrels to 445.1 million barrels in the week ended July 5, far exceeding analysts’ expectations in a Reuters poll for a 1.3 million-barrel draw.
A research firm found that Tesla’s share of the U.S. electric car market fell to less than 50% in the...
A research firm found that Tesla’s share of the U.S. electric car market fell to less than 50% in the second quarter as the popularity of General Motors, Ford, Hyundai, and Kia models grew, reported the New York Times.
Blackstone buys Engas' stake in Tallgrass for $1.1B
Spanish gas grid operator...
Spanish gas grid operator Enagas is offloading its 30.2% interest in US energy infrastructure company Tallgrass Energy to Blackstone for $1.1 billion. The proceeds will be used to finance Enagas' strategy to transition from natural gas to hydrogen infrastructure.
Microsoft gave up its seat on OpenAI’s board amid regulatory...
Microsoft gave up its seat on OpenAI’s board amid regulatory scrutiny. According to the Wall Street Journal, Microsoft abandoned its post as an observer on the board after realizing it was bothering antitrust officials who were looking into the relationship between the two companies. Apple, which was expected to take a similar seat on the OpenAI board, will reportedly no longer do so. Regulators in both the US and UK have been concerned with Big Tech’s investments in artificial intelligence. Microsoft has given $13 billion to OpenAI in exchange for about 49% of the startup’s for-profit operations.
The Israeli military told Palestinians to evacuate Gaza City and head south as it increases military operations in the area.
BMW recalled nearly 400,000 vehicles in the US over an airbag issue.
Chinese citizens are outraged by reports that state-owned food companies use the same tankers to transport fuel and edible cooking oil.
Rep. Nancy Pelosi, the former speaker of the House, declined to say President Biden should run for reelection in an interview with MSNBC, becoming the highest-profile Democrat to question if Biden should seek a second term seemingly.
Bill Hwang, the founder of Archegos Capital Management, was found guilty of fraud and other charges by a Manhattan jury after a two-month trial.
The FTC reportedly plans to sue three pharmacy-benefit managers for how they negotiate drug prices, a day after delivering a scathing report on the practice.
Target will stop accepting customer personal checks starting on July 15, citing “extremely low volumes” of the old-school payment method.
