While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
Of the recessions the U.S. has seen dating back to the early 1980s, none has come without an oil spike of at least 90%.Economyread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
Shares of defense companies rose on Monday after the United States military was put on alert by President Donald Trump.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
New research by the Digital Citizens Alliance shows how easy it is to buy illegal steroids and other appearance- and performance-enhancing drugs.Cybersecurityread more
GM shares were down nearly 3% Monday as analysts estimated the strike could cost GM tens of millions of dollars per day. The two sides resumed talks at 10 a.m. Monday...Autosread more
Amazon changed the algorithms that power its product-search system to favor products with higher profit margins, The Wall Street Journal reports.Technologyread more
Between 180 and 200 underperforming GameStop stores are set to shutter before the end of the fiscal year, and more could be on the way.Entertainmentread more
Democratic presidential candidate Sen. Elizabeth Warren of Massachusetts on Wednesday took aim at big agriculture and called for a break up of some recent industry mergers, charging "consolidation is choking family farms."
Lax merger enforcement has threatened the livelihoods of farmers and allowed agribusiness companies to become too large, the Democrat claimed in a policy post on Medium. It comes ahead of the Iowa Farmers Union's Democratic presidential candidate forum set for Saturday.
"I will appoint trustbusters to review — and reverse — anti-competitive mergers, including the recent Bayer-Monsanto merger that should never have been approved," Warren wrote.
Warren also criticized the Dow-Dupont and Syngenta-ChemChina deals, which involve mergers of companies supplying seeds and other products to farmers. She said industry consolidation and expansions of agribusiness giants have resulted in companies having "immense market power."
Dow, Syngenta and Bayer didn't respond to a request for comment.
Warren added, "My team will be committed to breaking up big agribusiness that have become vertically integrated and that control more and more of the market. Consolidation in agriculture is just part of a broader trend of consolidation that has hurt family farmers."
She also called out meat processing companies, saying four companies have a combined market share of 53 percent. Warren singled out food giant Tyson, which she said "controls just about every aspect of bringing chicken to market" and has meant "chicken farmers have gotten locked into a 'contract farming' system in which they take on huge risks."
Tyson Foods responded to the Warren's comment by defending the company's relationship with poultry producers.
"We're an American company, and we've been working with poultry farmers on a contract basis since the late 1940s and it has been a relationship we believe works well for both the farmer and the company," Gary Mickelson, a spokesman for Tyson said via email. "As noted on our website, contract farming insulates the farmer from the risk of changing market prices for chicken and feed ingredients such as corn and soybean meal, which represents the majority of the cost of raising chicken."
Additionally, National Chicken Council spokesman Tom Super told remarked, "The vast majority of America's chicken farmers are thriving and profitable. Chicken companies have waiting lists of people wanting to sign up to partner and raise chickens."
According to Warren, "bad decisions in Washington have consistently favored the interests of multinational corporations and big business lobbyists over the interests of family farmers."
The Democrat said family farmers last year received "less than 15 cents" for every dollar Americans spent on food, making it the lowest amount since the government started tracking the data in 1993.
"Farmers are caught in a vise, but the squeeze on family farms isn't inevitable," she said. "We can make better policy choices — and we can begin by leveling the playing field for America's family farmers."
Rob Larew, a spokesman for the National Farmers Union — a group representing nearly 200,000 farmers and ranchers in 33 states — reacted to Warren's proposal Wednesday, saying: "It is really encouraging to see presidential candidates elevating this vital issue to family farmers and ranchers. For decades, we've allowed multinational corporations to gobble up competition in the markets that farmers and ranchers buy from and sell to."
The American Farm Bureau Federation, the nation's largest farm sector organization, however, brushed off Warren's criticism of big agriculture.
"Our membership hasn't shown much concern over current market structure," William Rodger, a spokesman for the national farm group said via email. "If they change their mind on the issue, you can be sure we will pay close attention."