Charlie Javice found guilty of defrauding JPMorgan. The...
Charlie Javice found guilty of defrauding JPMorgan. The startup founder—who once mused that Theranos’s Elizabeth Holmes should get a light sentence for defrauding “sophisticated ***holes”—was convicted yesterday of lying to JPMorgan when selling Frank to the bank for $175 million in 2021. Prosecutors convinced a New York jury that Javice, a Wharton grad who was featured in Forbes magazine's “30 Under 30” list in 2019, had not been frank, convincing the bank her financial aid tool had 4.25 million customers when it really only had 300,000. The jury also found her co-defendant, Frank's former chief growth officer, guilty. Javice is expected to appeal.
Elon Musk said he sold X to his similarly named company xAI in an all-stock deal that valued xAI at $80 billion and X at $33 billion.
The FCC is investigating DEI initiatives at Disney and ABC.
Columbia University’s interim president, Katrina A. Armstrong, is stepping down, as the school continues to try to get federal funding restored by the Trump administration.
BlackRock’s deal to buy two Panama Canal ports has reportedly been delayed while Chinese antitrust regulators probe it.
Big Law firms Jenner & Block and WilmerHale sued to challenge President Trump’s executive orders against them, while competitor Skadden promised to do $100 million in free legal work to avoid getting hit with one.
JD Vance criticized Denmark’s rule of Greenland during his controversial visit there.
A federal judge ordered the Consumer Financial Protection Bureau to rehire staff and get back to work.
Utah became the first state to ban fluoride in public drinking water.
Oil settles higher for the week as ‘whirlwind’ U.S. tariff policy creates uncertainty
Oil futures on Friday ended lower, but still higher for the week, with the possibility...
Oil futures on Friday ended lower, but still higher for the week, with the possibility that Venezuelan and, especially, Iranian exports will decline due to sanctions being the dominant factors — and bullish ones at that, said Michael Lynch, president at Strategic Energy & Economic Research.
Venezuelan oil exports are “minor enough that, even if the sanctions are effective, the market will be only minimally affected,” he said. President Donald Trump earlier this week threatened “secondary tariffs” of 25% on all imports from any country that buys oil from Venezuela.
Iranian oil exports, meanwhile, could decline by half a million barrels a day or more, but it's not clear how successful sanctions will be, said Lynch. The U.S. on March 20 sanctioned additional entities that have participated in Iran’s petroleum trade as part of its ongoing "maximum pressure" campaign on Iran.
May West Texas Intermediate crude settled down 56 cents, at $69.36 a barrel Friday, down 0.8% for the session but up 1.6% for the week. Brent crude, the international oil benchmark, closed down 40 cents, at $73.63 per barrel.
US Drillers Cut Oil, Gas Rigs for First Time in Three Weeks | Oklahoma Flat at 53 Rigs
U.S. energy firms this week cut the number of oil and natural gas rigs...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks energy, services firm Baker Hughes said in its closely followed report on March 28. Oklahoma had no change, still with 53 rigs drilling.
Thetotal number of oil and gas rigs, an early indicator of future output, fell by one to 592 in the week ending March 28.
Baker Hughes said this week's decline brings the total number of rigs down 29, or 5% from this time last year.
Baker Hughes said oil rigs fell by two to 484 this week, while gas rigs rose by one to 103.
Dow ends down over 700 points, S&P sheds nearly 2% as U.S. stocks deepen selloff
The U.S. stock market closed sharply down Friday, booking...
The U.S. stock market closed sharply down Friday, booking weekly losses as investors fretted over the potential for tariffs to weigh on consumer spending and weaken the economy.
According to preliminary FactSet data, the Dow Jones Industrial Average closed 1.7% lower, the S&P 500 dropped 2%, and the technology-heavy Nasdaq Composite lost 2.7%.
Stock-market volatility climbed Friday as traders parsed fresh economic reports showing core inflation rose in February more than forecast and that consumer sentiment slumped in March amid worries that tariffs will increase inflation. Investors expect that President Donald Trump will reveal his plan for reciprocal tariffs on April 2, an announcement he refers to as "Liberation Day.”
This week, the Dow lost 1%, the S&P 500 slid 1.5% and the Nasdaq fell 2.6%, the preliminary data show.
Permian Basin gas natural production has fallen by roughly 1 Bcf/d in...
Permian Basin gas natural production has fallen by roughly 1 Bcf/d in the waning days of March, as weak seasonal demand and ongoing pipeline maintenance drag Waha Hub gas prices into negative territory, according to S&P Global Commodity Insights data. Traders are bracing for more volatility, pricing April and May contracts below zero.
