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
Europe's most powerful political leaders have failed to agree on a suitable candidate to run the European Commission for the next five years. This after an intensive set of negotiations in Brussels over the future leader of the world's largest trading block ended in stalemate
The 28 presidents and prime ministers chaired by former Polish premier Donald Tusk and known as the EU Council, announced that they would gather again next weekend for a further set of talks beginning Sunday, June 30.
"We're not quite at the point where I'd wish us to be," acknowledged German Chancellor Angela Merkel, whose preferred candidate Manfred Weber had earlier failed to win public endorsement from key European figures, including her French counterpart Emmanuel Macron.
Weber is a German member of the EU's parliament and chair of a pan-continental center-right political group known as the European People's Party (EPP), which won the highest number of seats in last month's European parliamentary elections. The EPP includes Merkel's Christian Democrats among its membership, but despite such powerful support, his critics have frequently highlighted that Weber himself has no direct experience of executive government.
Traditionally the largest grouping in the European legislature would expect members of the EU Council of national leaders to formally propose that grouping's preferred candidate for president of the European Commission, the EU's executive branch, before the parliamentary body can formally sign off on their selection. A qualified majority of those leaders - or 21 out of 28 - must find agreement for that to happen.
But this so-called spitzenkandidat process is not codified in European law. After the inconclusive elections ending May 26 that saw the Strasbourg- and Brussels-based parliament further fragment into a complex set of competing political groups, the continent's top power brokers seemed to acknowledge Friday morning that their ability to choose a new Commission chief was hampered by uncertainty about the requisite parliamentary sign-off.
"That is the result of the fact that it's no longer sufficient that two political families come to an agreement. We have to have at least three," Chancellor Merkel told journalists as she exited talks in the early hours of Friday.
"We suggest the person, but we definitely don't want to see a crisis with parliament, to realize that what we suggest is not being accepted."
One apparent consequence of last night's failed talks is that the other top candidates favored and proposed by Europe's next two largest parliamentary groupings may also be dropped from the contest. They include Europe's current commissioner focused on competition, Danish politician and ex-minister Margarethe Vestager, and Dutch diplomat-turned-lawmaker Frans Timmermans, a current vice-president of the Commission.
President Macron said the selection process had been "blocked" by "initial agreements" among the various political blocs, but that any previous handshake deals that may have existed around candidates for Europe's top jobs were no longer valid.
European officials must in the coming months also decide on the next president of the European Central Bank, the bloc's next top diplomat, and the person best suited to chair future European Council meetings once Tusk steps down. A new parliamentary session begins on July 2, and the current Commission's term in office is currently scheduled to end on October 31st.
Macron told reporters as he left talks that over the coming weeks he and his counterparts "need to surface names of people who are qualified for these jobs."