Energy
Saudi Arabia slashes growth forecasts, sees wider budget deficits
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic […]
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PayPal CEO’s first year was praised by Wall Street, but hard part starts now for struggling payments company
Alex Chriss, CEO of PayPal Inc. Courtesy: PayPal In January, about a hundred days into his job as PayPal CEO, Alex Chriss told CNBC’s David Faber that the payments company hadn’t had much to celebrate in recent years. But Chriss confidently said he was prepared to “shock the world.” “I love being an underdog,” Chriss […]
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States forge ahead with Inflation Reduction Act energy rebates — so far, South Dakota is the only one to opt out
Key Points The Inflation Reduction Act created two consumer rebate programs tied to energy efficiency. They’re respectively worth up to $8,000 and $14,000 for consumers, depending on criteria like income and specific efficiency-related upgrades or purchases. Arizona, Maine, New York, New Mexico, Rhode Island and Wisconsin started rolling out their rebate programs. Many others have […]
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The U.S. wants to triple nuclear power by 2050. America’s coal communities could provide a pathway
A bulldozer moves coal that will be burned to generate electricity at the American Electric Power coal-fired power plant in Winfield, West Virginia. Luke Sharrett | Bloomberg | Getty Images The planned restart of Three Mile Island is a step forward for nuclear power, but the U.S. needs to deploy new plants to keep up […]
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Van Goghs attacked again in London hours after Just Stop Oil activists sentenced
Supporters of Phoebe Plummer and Anna Holland protest in front of Southwark Crown Court on September 27, 2024 in London, England.] Peter Nicholls | Getty Images News | Getty Images Three Just Stop Oil activists threw soup at two of Vincent van Gogh’s “Sunflowers” paintings in London’s National Gallery on Friday, just hours after two […]
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Oil alliance OPEC+ zeroes in on group compliance after postponing output hike
Dilara Irem Sancar | Anadolu | Getty Images The OPEC+ alliance is once more cracking down on group compliance with oil output cuts, as it presses ahead with a three-pronged plan of formal and voluntary production trims. Two OPEC+ delegates, who could only comment anonymously because of the sensitivity of the talks, told CNBC that […]
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CNBC Daily Open: AI-adjacent companies may be the next big play
Inside one of Equinix’s internal operations at Equinix Data Center in Ashburn, Virginia, on May 9, 2024. Amanda Andrade-Rhoades | The Washington Post | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where […]
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FTX fraudster Caroline Ellison sentenced to 2 years in prison, ordered to forfeit $11 billion
Caroline Ellison, the star witness in the prosecution of her former boyfriend, FTX founder Sam Bankman-Fried, was sentenced Tuesday in New York federal court to two years in prison and ordered to forfeit $11 billion for her role in the massive fraud and conspiracy that doomed the cryptocurrency exchange once valued at $32 billion. The prison […]
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OPEC is highly bullish on long-term oil demand growth. Not everyone agrees
The sun sets beyond crude oil storage tanks at the Juaymah tank farm at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018. Bloomberg | Bloomberg | Getty Images Global benchmark Brent crude falling below $70 a barrel in early September — its lowest in […]
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Take a look inside a $1.1 million ‘zero emissions’ home
Key Points The White House in June issued guidelines that defined standards for a “zero emissions” building. Morgan Wojciechowski’s Williamsburg, Virginia, home is among the first to receive that label. Residential and commercial buildings account for almost a third of U.S. greenhouse gas emissions. Source
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