Author: News Room

LONDON (Reuters) – OPEC and its allies, including Russia, agreed on Sunday to widen production cuts to 3.66 million barrels per day (bpd) or 3.7% of global demand. The surprise announcement helped push up prices by $5 per barrel to above $85 per barrel. Here are the main reasons why OPEC+ is cutting output: CONCERNS ABOUT WEAK GLOBAL DEMAND Saudi Arabia has said voluntary output cuts of 1.66 million bpd on top of the existing 2 million bpd cuts were made as a precautionary measure aimed at supporting market stability. Russian deputy prime minister Alexander Novak said the Western banking…

© Reuters. FILE PHOTO: A United Airlines Boeing 737-900ER plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake By David Shepardson WASHINGTON (Reuters) -United Airlines said Thursday it will reduce summer flights at three New York and Washington area airports after the Federal Aviation Administration allowed carriers to do so due to an air traffic controller shortage. Starting in May, United is reducing daily departures from Newark Liberty International Airport to 408 from 438 on peak summer travel days. Daily flights between Newark and Ronald Reagan Washington National Airport will…

“‘Home prices are very, very high by historical standards’” That was Yale economist Robert Shiller talking about the current state of the housing market during a March interview on on CNBC Overtime. Shiller, a researcher at the National Bureau of Economic Research, helped create the Case-Shiller Home Price Indices, which are leading trackers of the U.S. real-estate market. See also: How much do you need to earn to afford a $500,000 home? Here is the answer. “It’s easy to forecast the short-run in the housing market. If you’re a long-term buyer it’s not clear,” Shiller said. “Home prices are very, very…

By Chris Wack WeWork Inc. said Friday that its board of directors has adopted a plan that preserves the availability of the company’s net operating loss carryforwards and other tax attributes under the Internal Revenue Code and prevents a change of ownership. The office-sharing company said the plan would protect long-term stockholder value. The board’s move is related to transactions announced by WeWork on March 17 to deleverage its capital structure and bolster liquidity by restructuring its outstanding debt and raising additional capital, the company said. As of Dec. 31, WeWork had $6.9 billion of U.S. federal and $6.6 billion…

Stocks fell Monday as investors assessed the monthly U.S. jobs report that showed a slowdown in hiring, and looked ahead to inflation data and the beginning of corporate earnings season later this week. These stocks were making moves Monday:  Micron Technology (ticker: MU) jumped 7.2% to $62.78 after Samsung Electronics said it would make “meaningful” cuts to production of memory chips. Analysts at Citi said Samsung has roughly half the DRAM market. “We believe a cut by Samsung is a huge positive for the DRAM industry and when combined with Micron and Hynix’s production and capex cuts, should help ensure…

A Republican congresswoman who represents a swing district in South Carolina urged the Food and Drug Administration on Monday to ignore a recent ruling by a federal judge suspending the approval of a medication drug used for abortion. “This is an FDA-approved drug. I support the usage of FDA-approved drugs, even if we might disagree,” Rep. Nancy Mace told CNN’s Kaitlan Collins on “This Morning.” “It’s not up to us to decide as legislators or even, you know, as the court system that whether or not this is the right drug to use or not.” Mace considers herself “pro-life,” as…

US president Joe Biden is set to arrive in Belfast on Tuesday night to commemorate the 25th anniversary of the Good Friday Agreement as London urged the region’s biggest unionist party to end its boycott of Northern Ireland’s political institutions.Biden’s visit, which will be followed by a longer trip to the Republic of Ireland, comes on the heels of a new UK-EU deal covering post-Brexit trading rules for Northern Ireland, known as the Windsor framework.The president’s trip comes after almost a year of political limbo in Northern Ireland caused by the post-Brexit trade regime. It also comes after police last…

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A brand-new meme coin with a unique, novel use case is creating waves in the cryptocurrency market. And some observers think this latest dog-inspired meme coin could become a household name.Enter Love Hate Inu. The Web3 startup, which is currently conducting 2023’s hottest crypto token presale, is building a revolutionary new vote-to-earn (V2E) social media polling platform that many think will catch fire in 2023.Here’s what you need to know.What is Love Hate Inu?Web3 start-up’s crypto-powered vote-to-earn social polling platform will allow users to engage in discussions and vote on the world’s most contentious, debated issues.For example, the platform, which…