The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread 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
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
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Walmart said Monday it's relaunching the once-beloved trendy New York fashion brand, Scoop NYC, on its website nationwide and in select stores.Retailread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
The subpoeana from Manhattan District Attorney's Cyrus Vance Jr.'s , for President Donald Trump's tax returns, was issued last month to Trump's accounting firm, Mazars.Politicsread more
While the UAW has rejected the offer and sent roughly 48,000 of its workers out on strike, the EV truck is widely expected to remain part of an eventual settlement.Autosread more
Facebook's record-breaking $5 billion fine for user privacy issues came in a settlement with the Federal Trade Commission, but the cash-strapped agency isn't expecting any windfall to its budget.
By law, the money goes to U.S. Treasury's general fund, according to the FTC.
"There's nothing else that can be done with the money," James Kohm, head of the FTC's enforcement unit, said during a press conference on Wednesday. "I just know that this amount of money pays back the Treasury for approximately the last 25 years of the agency's operations."
It's up to federal officials to determine how the general fund, often referred to as "America's checkbook," will be spent.
The fine is the largest ever imposed by the FTC against a tech company, topping the previous high set in 2012 by Google when it was hit with a $22.5 million fine for its privacy practices. It's also the biggest fine ever levied against a company for violating consumers' privacy.
In some FTC cases, the agency will earmark money to pay out to consumers seeking redress or use it to fund consumer education. But Facebook's FTC settlement will go straight to the U.S. Treasury, meaning Facebook users don't have the option to receive compensation and it won't help boost the FTC's resources, which are stretched thin under its $306 million budget.
The $5 billion is a fraction of Facebook's overall revenue, representing approximately 9% of the company's 2018 revenue.