Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Chevron on Thursday announced that the oil major's vice chairman, Michael Wirth, will take over as chief executive officer and chairman of the board in February.
Wirth, who also serves as executive vice president of midstream and development, has spent more than three decades at Chevron.
Current CEO John Watson will retire from the company and the board on Feb. 1, 2018.
"Mike is a proven leader who is ideally suited to lead Chevron into the next chapter of our history," Watson said in a press release. "He has the right values, knowledge and experience, and has established a strong record of accomplishment in his 35 years with the company."
Shares of Chevron rose nearly half a percent to about $118 following the announcement.
Wirth's promotion, widely expected since last month, puts a refining specialist at the helm of the San Ramon, California-headquartered integrated oil company.
The 56-year-old holds a bachelor's degree in chemical engineering and spent roughly 10 years as executive vice president of Chevron's downstream and chemicals business — a segment responsible for refining crude oil into gasoline and operating the massive facilities that produce petrochemicals like plastics.
Refining operations have been critical to protecting the balance sheets at giant oil and gas companies at a time of persistently low oil and gas prices.
"I appreciate the confidence that John and the board have placed in me. Chevron has a proud 138-year history of developing the energy that improves lives and powers the world forward. I am honored to have been selected to carry on that tradition," Wirth said in the release.
In his current role, Wirth is responsible for a broad portfolio that includes Chevron's business transporting fossil fuels and its unit that generates and manages power from gas-fired facilities and renewable sources. He is also in charge of Chevron's trading hubs, which buy and sell crude oil, natural gas and petroleum products.
According to Chevron's website, Wirth also plays a role in corporate strategy, business development, and policy, government and public affairs.
Wirth worked in the refining and chemicals business prior to his current role. Before that, he was president of global supply and trading from 2003 to 2006. He started his tenure at Chevron as a design engineer in 1982.
Watson, 61, will step down following 37 years at Chevron and having served as its top executive and chairman for the last eight years.
"I have been blessed to have had the extraordinary opportunity to lead Chevron, and I will miss my daily interactions with our dedicated employees around the world," Watson said.
Chevron also announced that its vice president for strategic planning, Mark Nelson, will become vice president of midstream, strategy and policy on Feb. 1. Nelson, 54, will oversee "supply and trading, shipping, pipeline and power operating units" as well as corporate strategy, policy and government and public affairs in his new role, Chevron said.