Jeff Bezos, the world’s fourth richest man, told CNN that he will ...
Jeff Bezos, the world’s fourth richest man, told CNN that he will give away the majority of his $124 billion fortune in his lifetime. It’s the first time the former Amazon CEO has made this kind of commitment.
Bezos’s announcement comes after years of criticism that his ex-wife, MacKenzie Scott, has lapped him in charitable donations.
Scott is worth an estimated $24 billion and gave away over half of her net worth in less than three and a half years.
Bezos’s most notable charitable donations so far include his promise to distribute $10 billion over 10 years (~8% of his net worth) through the Bezos Earth Fund to fight climate change.
Bezos has also caught flak for not signing the Giving Pledge, a promise made by the world’s richest people to give away most of their wealth.
But now that Bezos has come around, how will he disburse the funds? Not sure yet. A “lifetime” for a megabillionaire could be pretty long, and he hasn’t revealed a plan.
Biden and Xi Jinping Agree to Resume Talks on Climate Change
World’s two biggest polluters to restart climate talks. The US and China agreed to ...
World’s two biggest polluters to restart climate talks. The US and China agreed to resume talks on climate change after Presidents Joe Biden and Xi Jinping met for three hours yesterday in Bali ahead of the G-20 summit (talks had been stalled since Nancy Pelosi visited Taiwan in August). The two also discussed other issues, including Taiwan, and Biden came away from the meeting saying “there need not be a new Cold War.”
Oil prices are about to hit $120 a barrel, and they're likely going to stay high for two years. That...
Oil prices are about to hit $120 a barrel, and they're likely going to stay high for two years. That was one of the more jarring predictions Livia Gallarati made from London during a call yesterday.
Once new sanctions ban seaborne Russian crude imports to Europe, she explained, EU nations will have to fully cut themselves off from a neighboring, long-standing source of oil, and instead rely on more distant suppliers like the US or Middle East.
Russian crude production could see as much as 2 million barrels a day go offline by early next year when an additional ban on refined fuels kicks in, according to Energy Aspects, which would deliver a huge blow to global supplies and push prices higher.
"Brent is going to be structurally higher and it will feed into pump prices for the consumers," Gallarati told me. "There's no doubt about that."
U.S. stocks start Tuesday at 2-month highs after latest sign of easing inflation
U.S. stocks opened higher Tuesday after a report on wholesale price inflation pointed to signs of pressures...
U.S. stocks opened higher Tuesday after a report on wholesale price inflation pointed to signs of pressures easing. The Dow Jones Industrial Average DJIA, 0.93% gained 0.9% soon after the opening bell, while the S&P 500 SPX, +1.43% rose 1.6% and the Nasdaq Composite COMP, 2.05% climbed 2.5%, according to FactSet data, at last check. The producer-price index, which measures wholesale prices in the U.S., rose just 0.2% in October. That was softer than anticipated, with economists polled by The Wall Street Journal having forecast a 0.4% gain.
U.S. stock futures, bonds rally as wholesale price growth slows
U.S. stock futures rallied Tuesday morning after the producer...
U.S. stock futures rallied Tuesday morning after the producer price index for October came in lower than expected.The PPI index slowed to 8% from 8.4% in the 12 months through October, while core price growth slowed to 5.4% from 5.6%. Futures for the S&P 500 rose 78 points, or 2%, to 4,045, while futures for the Nasdaq 100 rose 366 points, or 3.1% to 12,102 after stock futures traded modestly higher before the data. Futures for the Dow Jones Industrial Average rose 405 points, or 1.2% to 33,967. Treasurys also rallied, with Treasury yields falling 9.4 basis points to 3.778%. Treasury yields move inversely to prices. The PPI data, which gauge prices paid by wholesale producers of goods, appeared to mirror a slowdown in consumer-price inflation exhibited by the October CPI released on Thursday. The October CPI report helped to cement expectations that the Federal Reserve will opt for a smaller interest-rate hike in December after four consecutive 75 basis point hikes.
