U.S. stocks closed sharply lower Tuesday as investors monitored...
U.S. stocks closed sharply lower Tuesday as investors monitored signs of China’s darkening economic backdrop and gauged if a robust U.S. consumer could spell more Federal Reserve rate hikes.The Dow Jones Industrial Average DJIA fell about 360 points, or 1%, to about 34,946, according to preliminary FactSet data. The S&P 500 index SPX dropped 1.2% to about 4,437, its lowest close since mid-July. The Nasdaq Composite Index COMP ended 1.1% lower. Chinese retail sales and industrial production in the world’s second biggest economy grew less than expected in July. Its growing property woes also contributed to a series of surprise interest rate cuts by the central bank in Beijing. In U.S. economic news, retail sales increased 0.7% in July, above the 0.4% forecast, prompting concerns that the Fed might not yet be done hiking interest rates.
Trump indictment in Georgia: What does a RICO charge mean?
When did RICO go into effect? And why was it created in the first place? Originally, the RICO...
When did RICO go into effect? And why was it created in the first place?
Originally, the RICO law was established at the federal level in 1970. And, yes, it was very much created as a tool to combat organized crime — or as the Justia website says, it’s “the ‘ultimate hit man’ in mob prosecutions.” The key idea behind RICO is that it’s about charging an individual or individuals in operating a criminal enterprise — meaning more than one underlying crime (or “predicate act” in legal terms) is being committed, and the crimes are tied together into something much larger. A racket, in other words.
But Trump and others weren’t charged with a federal RICO violation, so what’s going on?
RICO doesn’t just exist at the federal level. States, including Georgia, now have their own RICO laws. And as Suskauer notes, the state laws can be much broader, meaning a greater variety of underlying crimes can be considered part of a RICO violation
Singapore Open to Importing Electricity From India
(Bloomberg) -- Singapore is open to importing electricity from regional countries including India, the...
(Bloomberg) -- Singapore is open to importing electricity from regional countries including India, the Straits Times reported, in a push to improve energy security in the city-state.
The Energy Market Authority welcomes proposals to import as much as four gigawatts of electricity into Singapore, according to the report. It is seeking bids till Dec. 29 and will select and appoint companies to import the electricity.
EMA’s comments were in response to media queries on a reported plan by India and Singapore to link their power grids, the newspaper said.
Oil production to fall in major oil plays in US and Oklahoma
Oil production from the nation’s major oil-producing areas,...
Oil production from the nation’s major oil-producing areas, including the Anadarko Basin and the Permian Basin, is expected to decline in the coming months according to a new federal government report.
The Anadarko’s daily production is forecast to fall from 436,000 barrels a day to 434,000 barrels daily by September. The production in the Permian Basin, based on the report by the U.S. Energy Information Administration, is forecast to drop from 5,812,000 barrels a day to 5,799,000 barrels a day.
Production in the Eagle Ford play of South Texas is also forecast to decline in September.
While predicting a drop in total oil production, the EIA forecast that new wells in the Anadarko and Permian Basins will see a slight increase in their daily oil output.
Report indicates oil patch workers aren’t likely to leave for green energy jobs
A new report shows the number of oilfield workers in Oklahoma,...
A new report shows the number of oilfield workers in Oklahoma, Texas, and Louisiana leaving the “dirty job” industry to work in so-called “green” jobs is less than 1% of all workers.
The likelihood of those workers leaving the oil patch isn’t great, according to a new working paper from the National Bureau of Economic Research. What defines a “dirty job”?Those who work in coal, mining, oil, and natural gas.
