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Articles by Gregory Schmidt
Highest Mortgage Rates in 3 Years Chill the Housing Market (Copy)
Mortgage rates are surging while home prices are climbing, an unwelcome combination that is dashing hopes for many Americans hoping to buy a home. On Thursday, mortgage finance giant Freddie Mac reported that the average 30-year fixed-rate mortgage had risen to 7.4%, up from 7.28% the previous week and the highest since November 2023. Last year at this time, the rate was 6.3%.
Crucial Interest Rate Jumps to Highest Level of Trump's Second Term
President Donald Trump returned to office promising lower costs across the economy, but an important interest rate that his administration cites as a barometer of its success recently hit its highest level of Trump's second term. The yield on the 10-year Treasury bond, considered one of the most important interest rates in the world, jumped this week to 4.7%, up from less than 4% before the start of the war in Iran in late February.
Riding High After IPO, SpaceX Will Buy AI Startup for $60 Billion
Over the past year, Elon Musk has jumped further into the artificial intelligence boom and refocused his rocket company, SpaceX, on building orbital data centers and manufacturing AI computer chips. On Tuesday, just four days after holding the largest initial public offering ever, SpaceX said it was completing a $60 billion deal to buy Cursor, a startup that develops AI tools for writing computer code.
Riding High After IPO, SpaceX to Buy AI Startup for $60 Billion
SpaceX said Tuesday that it would acquire the parent company of Cursor, an artificial intelligence code-writing startup, for $60 billion, just days after its record-breaking debut on public markets for Elon Musk's rocket and AI company. SpaceX agreed to a deal with Cursor in April that gave it the option to acquire the company, an arrangement that would "allow us to build the world's most useful" AI models, SpaceX said at the time.
Riding High After IPO, SpaceX Will Buy AI Startup for $60 Billion
Over the past year, Elon Musk has jumped further into the artificial intelligence boom and refocused his rocket company, SpaceX, on building orbital data centers and manufacturing AI computer chips. On Tuesday, just four days after holding the largest initial public offering ever, SpaceX said it was completing a $60 billion deal to buy Cursor, a startup that develops AI tools for writing computer code.
Fired BP Chair Rejects 'Lies' About His Ouster
LONDON -- Albert Manifold, the former chair of British energy giant BP, issued a new series of denials Thursday about his abrupt dismissal, pushing back against what he said were "lies" about his tenure.
BP's Ousted Chair Says He Was Wronged, Vowing to Challenge Accusations
LONDON -- Albert Manifold, the ousted chair of British energy giant BP, defended his tenure at the company and vowed to challenge the accusations surrounding his dismissal, adding more uncertainty to a company that has been rocked by executive turmoil in the past few years.
BP's Ousted Chair Says He Was Wronged, Vowing to Challenge Accusations
LONDON -- Albert Manifold, the ousted chair of British energy giant BP, defended his tenure at the company and vowed to challenge the accusations surrounding his dismissal, adding more uncertainty to a company that has been rocked by executive turmoil in the past few years.
BP Ousts Chair, Citing 'Serious Concerns' Over Conduct
LONDON -- The British oil giant BP said Tuesday that it had removed its chair, Albert Manifold, saying the board had "serious concerns" about his leadership, less than a year after he was appointed. "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, the senior independent director at BP, said in a statement.
BP Ousts Chair, Citing 'Serious Concerns' Over Conduct
LONDON -- The British oil giant BP said Tuesday that it had removed its chair, Albert Manifold, saying the board had "serious concerns" about his governance and conduct, less than a year after he was appointed. "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, the senior independent director at BP, said in a statement.
BP Ousts Chair, Citing 'Serious Concerns' Over Conduct
LONDON -- The British oil giant BP said Tuesday that it had removed its chair, Albert Manifold, saying the board had "serious concerns" about his leadership, less than a year after he was appointed. "The board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action," Amanda Blanc, the senior independent director at BP, said in a statement.
Oil Hits Wartime High Above $120 a Barrel as Standoff Shows No End in Sight
LONDON -- Oil prices hit a fresh wartime high Thursday, surging above $120 a barrel before pulling back in volatile trading on concerns that the war in Iran could escalate, leading to a longer disruption of fuel supplies from the Middle East. President Donald Trump maintained his stance that the naval blockade of Iran's ports would persist until Iran gives up its nuclear program.
Volkswagen Shuts Down Historic Dresden Plant Amidst Economic Challenges, ETAuto
In an agreement with the works council that represents the company's employees in Germany, Volkswagen said, the 230 remaining workers at the Dresden plant will be offered severance, retirement packages or the option to transfer to another location. Volkswagen opened the Dresden plant in 2001, making the Phaeton sedan before switching to the e-Golf hatchback and, most recently, the ID.3 electric car.
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