#Biden bullies oil companies over ‘well above normal’ profits

#Biden bullies oil companies over ‘well above normal’ profits

“Biden bullies oil companies over ‘well above normal’ profits” President Biden stepped up his rhetoric against oil companies Wednesday, telling the seven major refiners their profit margins were “well above normal” and demanding that they explain themselves to the White House. “[A]t a time of war, refinery profit margins well above normal being passed directly…

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#Billionaire Leon Cooperman calls cryptocurrency ‘crap’

#Billionaire Leon Cooperman calls cryptocurrency ‘crap’

“Billionaire Leon Cooperman calls cryptocurrency ‘crap’” Stocks still have further to fall, billionaire investor Leon Cooperman warned on Tuesday — adding that speculative assets such as SPAC deals, cryptocurrencies and NFTs are “crap” and aren’t likely to recover anytime soon. Cooperman, the chairman and CEO of Omega Advisors, said he sees the US economy falling…

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#US producer prices soar 10.8% in May as cost of gas spikes

#US producer prices soar 10.8% in May as cost of gas spikes

“US producer prices soar 10.8% in May as cost of gas spikes” US producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing. Tuesday’s report from the Labor Department showed that the producer price index — which measures inflation before it reaches…

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#Bitcoin falls below K as Binance halts withdrawals

#Bitcoin falls below $24K as Binance halts withdrawals

“Bitcoin falls below $24K as Binance halts withdrawals” Bitcoin dipped below $24,000 for the first time since 2020 as Binance, the world’s biggest cryptocurrency exchange stopped users from withdrawing bitcoin early Monday. Binance founder and CEO Changpeng Zhao blamed the “temporary pause” on “a stuck transaction causing a backlog” in a tweet at 8 a.m….

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#Top economist Mohamed El-Erian says most inflation ‘could have been avoided’ if Federal Reserve acted earlier

#Top economist Mohamed El-Erian says most inflation ‘could have been avoided’ if Federal Reserve acted earlier

“Top economist Mohamed El-Erian says most inflation ‘could have been avoided’ if Federal Reserve acted earlier” Most of the current record high inflation could have been avoided had the Federal Reserve acted earlier and shown humility after it wrongly described inflation as “transitory,” economist Mohamed El-Erian said Sunday. El-Erian, chief economic advisor at Allianz, appeared…

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