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Money & The Economy

News on Finance, Money, markets and the economy

Shell Announces Major Pivot To Green Energy

In what appears to be the next phase in the oil giant’s efforts to decarbonize, Royal Dutch Shell has revealed an ambitious plan to double its investments in green energy. Shell will boost its expenditures on low carbon energy to $4 billion a year — a staggering increase from its commitment to spend $1-$2 billion annually on green energy within ...

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Dow Has Its Worst Week In Nearly A Decade As Government Shutdown Looms

The stock market ground to halt Friday, sending the Dow Jones Industrial Average to its worst week in nearly 10 years as lawmakers scurry back to Washington, D.C. to prevent a potential government shutdown. The Dow Jones tumbled more than 400 points in a rough week as investors grew skittish following the Federal Reserve’s decision to enact a rate hike as lawmakers ...

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The US Economy Is Still On Track For Its Strongest Growth Since 2005

economy going up

The Department of Commerce revised the U.S. economy’s rate of growth in the third quarter of 2018 downward Friday after new data revealed lower consumer spending and exports. The growth rate of U.S. Gross Domestic Product (GDP), a measure of overall economic activity, was revised from 3.5 percent down to 3.4 percent. GDP is still on track to increase by ...

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Nine States Back Environmentalists Trying To Shut Down Search For Oil In Atlantic

Offshore oil rig

Nine states are intervening in a lawsuit against the Trump administration for approving oil and gas companies to search for oil and gas deposits in the Atlantic Ocean. Maryland attorney general Brian Frosh announced Thursday that the states would join environmental groups in a lawsuit to prevent the Trump administration from allowing seismic testing off the coast of South Carolina. ...

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Marlboro Owners Just Made A $12.8 Billion Cash Deal With Juul

The makers of the cigarette giant Marlboro, Altria Group Inc., just invested $12.8 billion in start-up Juul Labs, giving the tobacco mogul a 35 percent stake in the e-cigarette company. Now one of Silicon Valley’s most valuable private companies, the Altria deal values Juul at $38 billion and guarantees Juul will stay completely independent, according to The Wall Street Journal. ...

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Despite Years Of Effort From Activists, Chick-Fil-A Poised To Become Third Biggest Fast Food Joint

Despite heavy criticism from activists, fast food chain Chick-fil-A is projected to become the third largest restaurant chain in the U.S., according to research from Kalinowski Equity Research. The fast food chicken chain will rise from its number seven spot to rank as the third largest U.S restaurant chain by 2018’s close, according to the group‘s research, Business Insider reported Monday. ...

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One Of The World’s Biggest Pharmaceutical Companies Splits In Two

GlaxoSmithKline, of the world’s biggest pharmaceutical companies, announced that it will split in two Wednesday as part of a new joint venture with U.S.-based pharmaceutical giant Pfizer. GlaxoSmithKline will split into two entities, one that sells prescription drugs and vaccines and another that sells consumer products like Sensodyne toothpaste, reported Reuters. Its consumer products business will be a joint venture ...

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Elizabeth Warren Introduces Legislation To Create A Government-Run Pharmaceutical Manufacturer

Democratic Sen. Elizabeth Warren introduced legislation on Tuesday that would establish a government-run pharmaceutical manufacturer to effectively compete with the private market. The Affordable Drug Manufacturing Act seeks to address the increasing prices of prescription drugs by injecting competition into the marketplace, consequently lowering the cost of mass-produced generic drugs. Warren contended that by creating a government agency, called the ...

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Environmentalists Go To Court To Kill Arctic Oil Drilling Plans

Five environmental groups filed a lawsuit in federal court Monday attempting to prevent oil companies from drilling in Arctic waters near Alaska. The groups are challenging the plan in the 9th Circuit Court of Appeals for allegedly violating federal laws and disproportionately contributing to climate change and endangering wildlife. “We can’t let this reckless administration open the Arctic to offshore ...

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New Report Suggests Anti-Oil Activism Have Eliminated Nearly 800K Jobs Opportunities

Anti-fossil fuel activists have sucked tens of billions of dollars out of the U.S. economy and seriously crippled manufacturing jobs, according to a report Tuesday from the U.S. Chamber of Commerce. Activists have prevented at least more than $90 billion in domestic economic activity and eliminated roughly 730,000 job opportunities, the Chamber of Commerce Global Energy Institute (GEI) report notes. ...

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Report: Amazon.com Toy Sales Jump 30% in Third Quarter – and the deals aren’t over yet

A report out Monday finds that the Toys product group on Amazon.com sold an estimated $510M for Q3 2018, up 30% from last year. Amazon.co.uk Toy sales also witnessed a significant year-over-year growth of 15% with total estimated sales reaching £60M. Edge’s Market Share research reveals that Outdoor Play, Toys for Adults and Automotive toy trends will carry Amazon into the new year as one ...

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Survey: Half of Americans Plan Holiday Spending Around Their Anticipated Tax Refunds

Millennials and Gen Xers are most focused on upcoming tax refund A new study reveals that many Americans, especially Millennials and Gen Xers, anticipate how much their tax refund will be to help plan what’s under the tree. A recent online survey fielded by Toluna on behalf of TaxSlayer reported that 50 percent of Americans have used their anticipated IRS tax refund ...

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ConocoPhillips Putting Millions Behind Carbon Tax Push

In a major sign of how the industry is changing its response to the climate change debate, ConocoPhillips is joining other oil and gas giants lobbying Congress for carbon pricing legislation. ConocoPhillips — a multinational energy corporation based in Houston, Texas — revealed to Axios that it will be financially backingAmericans for Carbon Dividends, a self-proclaimed conservative group that is lobbying Congress to ...

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Millennial Home Buyers Most Likely to Put Less Than 20% Down

Home for sale

The largest generation of home buyers also gets the most money from friends or family to make it work and is most likely to tap multiple sources Putting 20 percent down is conventional wisdom, but fewer than half of buyers do it. First-time buyers are more likely to cash out investments or use retirement funds toward a down payment. Buyers ...

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IRS Will Stop Handing Out Subsidies Tesla Buyers In 2020

The Treasury Department announced it would phase out electric vehicle subsidies for Tesla buyers at the beginning of next year. By 2020, those tax subsidies would completely disappear. It’s an announcement that Treasury’s Internal Revenue Service (IRS) will be making more of in the coming years as automakers produce enough electric cars to trigger a phase out of tax subsidies. ...

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