A Few Things Owned by Prince Alwaleed, Testy Saudi Billionaire
Saudi Prince Alwaleed is suing Forbes magazine because it said he's only worth $20 billion. Whatever his true net worth, here are a few things he's spent his wealth on.
Saudi Arabia
In Sync with Buffett: Other Business Icons Betting on Women
Warren Buffett recently made a very public statement in praise of America's professional women. Here are a few other notables who have gone on the record in the same vein.
Top 10 Business Stories of 2012
This would be the year when the global economy finally regained its vigor. At least that's what many had hoped. It didn't happen. So what were the top ten business stories of 2012?
The Debate, Defense and the Fiscal Cliff: Why Tonight Is Really About the Budget (Again)
Tonight's presidential debate is ostensibly about foreign policy, but budget politics will underlie everything the two candidates say. That's because America's foreign policy is scripted by two factors: its pocketbook and its willingness to write checks for overseas military engagements.
Hate Paying $4 a Gallon for Gas? For Imported, You're Paying $8
When gas prices hit $4 at the pump earlier this summer, a lot of motorists were crying Uncle!" They'd be crying all the louder if they realized those first four bucks didn't cover half of it. It's just that the remainder is hidden in your tax bill.
Why Gas Could Hit $5 a Gallon This Summer
If you think you're paying a lot at the gas pump now, just wait until summer hits. Stronger demand could lead to record gas prices as an economic recovery takes hold and turmoil in the Middle East sends the price of oil upward. How high? $5 a gallon isn't out of the realm of the possible.
Why Gas Prices Haven't Fallen Yet
The smart money has been predicting lately that gas prices would fall. Oil has been below $90 a barrel since early August and the International Energy Agency has cut its estimates for crude oil use for the year. But the price of a gallon of unleaded is the virtually the same as it was a year ago.
France's Macaron King Sets Out to Conquer America
The macaron is a filled cookie about the diameter of a half dollar coin that has become a foodie currency in its own right in recent years. It's simple in concept, but near impossible to get right -- and for the first time, Laduree, the French bakery and tearoom that made them famous is opening a U.S. boutique. So, let them eat cake!
White House to Tap Strategic Petroleum Reserve
Describing the president as deeply concerned about the impact on global economic growth of oil supply disruptions in the Middle East and North Africa, the Obama administration announced it would release 30 million barrels of oil from the Strategic Petroleum Reserve over the next 30 days.
Bad News Sends Gas Prices Racing Downward
Just as fast as gas prices rose, they're now in retreat. Monday's AAA Fuel Report Gage puts the national average of regular at $3.703, down from $3.970 a month ago. Several factors could push gas below $3.50 over the next several weeks, and almost none of them were part of the economic landscape a quarter ago.
With Big Oil Stocks Riding High, It's Time to Take Profits
Exxon Mobil, Chevron and ConocoPhillips are all trading near multi-year highs, and even BP shares have done well recently. Still, while the high oil prices that have been pinching consumers have been great for the industry, there are good reasons not to count on those high stock values lasting.
Will Saudi Arabia's Gambit Drive Oil Prices Even Higher?
Saudi Arabian Oil Minister Ali al-Naimi said his country cut oil production in March because the market was oversupplied. Was this move an honest bid to a bid to expose the speculators and push prices back down, or an attempt to capitalize on the current instability to propel prices higher?
The Bulls Are Optimistic Despite Global Turmoil
Despite turbulent times, U.S. markets are rising again. But is this a temporary bump, or the return of a bull market? The sharp-eyed analysts of Morgan Stanley and Goldman Sachs say its the latter, and their money is on strong growth ahead.
Yes, Stocks Are Extremely Volatile. But Don't Panic!
Some investors have been running scared after the quake and tsunami that devastated parts of Japan and left it with an ongoing nuclear crisis. But when there's gloom in the air, there's also opportunity to buy on the dip and gain from the rebound.
Luxury Biz on Edge After Japan's Earthquake
The Japanese are the world's most voracious consumers of luxury goods, from Louis Vuitton handbags to Cartier jewelry to Hermes high fashion. So purveyors of those luxury goods are justifiably worried about the effect of the Japanese quake and tsunami on their bottom lines.
Ian Bremmer Talks Global Politics and Investing Pitfalls
Most Wall Street experts are far better equipped to analyze a corporate risk over a political threat. But today, it's political unrest in the Middle East and beyond that's driving world markets. So we asked Ian Bremmer, president of political risk consultancy The Eurasia Group, to break down the major developments and what investors should expect.
Five Ways the Government Could Make Oil Prices Fall
Sky-high oil and gas prices risk tipping the U.S. economy back into recession. But Washington isn't powerless when it comes to oil prices: Here are five things that the federal and state governments can do that would quickly reduce pain at the pump.
It May Be Time to Get Used to Costly Gas Prices
And that means it may be time for owners of gas-thirsty SUVs and cars to start considering the switch so many Americans are loath to make: to a far more fuel-efficient vehicle. Looking out over the next several years, it's hard to see oil -- and gasoline -- falling back to earlier lows.
Surprising Facts About the U.S. and Oil
You probably have heard that the U.S. is the world's largest consumer of oil. But did you know that we're also the third-largest producer of oil? And yes, the U.S. imports more than half its oil. But our two biggest suppliers are our nearest neighbors.
Calm Returns to Egypt, but Not American Tourists
Egypt's famed antiquities and tourism sites are reopening following the political unrest there. But heeding warnings from Washington, many American travelers are steering clear of the region for now -- disrupting the tourism industry in both the U.S. and Egypt.
What Do Rising Oil Prices Mean for U.S. Economic Growth?
What might happen to the price of oil and how will this affect U.S. economic growth? Here are three possible scenarios.
Higher Pump Prices? Yes.
But Not $5 a Gallon
Americans could see gasoline spiking 10% to 18% higher in coming weeks as a result of the unrest in the Middle East, but they're unlikely to rocket as high as some are predicting -- unless the uprisings spread to Saudi Arabia. In that case, all bets are off.
Is Oil Output Peaking or Not? Either Way, Cheap Oil Is Gone
Proponents of the peak-oil theory can muster studies and statistics backing their claim that declining global oil output is nigh. Critics point to new technologies and unconventional oil fields as saviors. Either way, a return to the days of $1.50-a-gallon gasoline isn't going to happen.
Natural Gas Can Be America's Fuel of the Future
Unless there's a breakthrough in battery technology, gasoline will remain the primary auto fuel in the U.S. for years. But our dependence on imported oil comes with a major risk of supply disruption. And the U.S. has a domestic alternative that's ready and reliable: natural gas.
U.S. Agrees to Sell Up to $60 Billion of Military Aircraft to Saudi Arabia
The U.S. State Department says it will sell as much as $60 billion worth of military aircraft to Saudi Arabia over the next two decades in an attempt to protect the Middle East against the threat of Iranian military expansion. Boeing and United Technologies could benefit from the deal.
OPEC to Leave Oil Output Unchanged
The Organization of the Petroleum Exporting Countries will leave oil output unchanged, a delegate at the group's current meeting told Reuters. Oil ministers apparently are not worried the weak dollar will drive up the price of crude far enough that it will crimp the global economic recovery.
GE and Saudi Arabia Sign a $700 Million Power Plant Deal
GE has signed agreements worth about $700 million to supply Saudi Arabia with equipment for a new gas-fired power plant. It will provide 15% of the power generation capacity in Saudi Arabia's central region.
Why the Financial Crisis Spells the End of Western Power
In a new article, political scientist Ian Bremmer and economist Nouriel Roubini assert that the free-market system of capitalism has been so damaged by the recent financial crisis that the West's era of political and economic dominance may be gone for good.