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Category: Economics/Business

The Big Four accounting firms are selling AI governance while their own reports hallucinate

The Big Four accounting firms are selling AI governance while their own reports hallucinate

Janet Harrison writes: There is something clarifying about a consulting firm publishing a report on AI’s enterprise benefits that itself contains AI-generated hallucinations. That is what happened with KPMG, and it landed on top of a pattern. EY Canada pulled a cybersecurity report in May 2026 after researchers found fake footnotes, misattributed sources, and references to material that did not exist. Deloitte, meanwhile, agreed last year to refund part of an AU$440,000 Australian government contract after errors and fabricated references…

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The storage tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point

The storage tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point

CNN reports: Cushing, Oklahoma, dubs itself the pipeline crossroads of the world. The tagline is emblazoned on a giant roadside sign fashioned out of pipes on the corner of Main Street and South Stiles Road. It has a valve and everything. But it’s not just a slogan. In 1912, Tom Slick (his real name) was passing through what’s now Drumright, Oklahoma, when he smelled oil. He bought the land for $1 an acre and started digging, uncovering what was then…

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UAE to unlock billions of dollars for Iran, sources say

UAE to unlock billions of dollars for Iran, sources say

Reuters reports: The United Arab Emirates has agreed to unlock billions of dollars for Iran, four sources said, ​in a tactical shift after weeks of Iranian attacks on the wealthy Gulf Arab state during the U.S.-Israeli war with the Islamic Republic. Word of the move, which has not ‌been previously reported, coincides with the final stages of broader negotiations between Tehran and Washington on ending the war, talks that diplomats say could involve the release of tens of billions of…

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After SpaceX’s huge IPO, Americans’ financial future will be bound to AI

After SpaceX’s huge IPO, Americans’ financial future will be bound to AI

Eduardo Porter writes: Americans are growing worried about what artificial intelligence portends for their futures. Eight in 10 Americans report concern over AI, compared with a third who report being excited, according to a recent Quinnipiac poll. More than half think it will do more harm than good in their daily lives. Seven out of 10 think it will reduce the number of available jobs. Skeptical though they may be, they are about to get more AI rammed down their…

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Oil executives warn White House that gas prices will get worse

Oil executives warn White House that gas prices will get worse

The Washington Post reports: Oil and gas executives have warned the White House that gasoline prices could surge in coming months as fuel inventories fall to critical lows, complicating the Trump administration’s efforts to contain inflation that has already rattled American consumers. Industry officials say they are doing everything they can to sound an alarm that prices are about to soar as the commercial and government inventories that have mitigated price rises so far are rapidly depleting, according to multiple…

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China is propping up the global economy by importing a lot less oil

China is propping up the global economy by importing a lot less oil

The Wall Street Journal reports: A sharp fall in China’s crude oil imports during the Iran war has been instrumental in holding down oil prices and keeping the global economy humming. Clues are emerging in the mystery of the missing three million barrels—the oil that China would normally be importing but isn’t now. Chinese people are driving fewer gasoline-powered cars and taking trains instead of planes. The country is dialing back operations at the plants that turn crude oil into…

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Is the U.S. secretly sneaking oil through the Strait of Hormuz, as Trump claims?

Is the U.S. secretly sneaking oil through the Strait of Hormuz, as Trump claims?

ABC News reports: Soon after President Donald Trump said in the Oval Office on Wednesday that the United States has been secretly ferrying “millions of barrels” of oil through the Strait of Hormuz, Trump announced on social media that “more than 100 MILLION Barrels of Oil” and “more than 200 Commercial Ships” have successfully traveled through the strait. “Last month, I directed our Great U.S. Military to execute a secret mission to support Oil Tankers and other Commercial Ships through…

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Three days of clashes show Iran war entering dangerous new phase. Trump says: ‘I love the inflation’

Three days of clashes show Iran war entering dangerous new phase. Trump says: ‘I love the inflation’

The Wall Street Journal reports: The U.S. and Iran are entering a risky new phase of conflict in which both sides are attempting to maintain pressure and respond to provocations without returning to all-out war, but with an ever-present danger of stumbling across each other’s red lines and triggering a dangerous escalation. Recent days of hostilities showed how close the two foes have come to the edge even while trying to keep their military actions measured. Iran struck directly at…

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The billionaires’ billions are increasing faster than ever

The billionaires’ billions are increasing faster than ever

The New York Times reports: Fifteen years ago, the world’s billionaires collectively had $4.5 trillion. By 2024, their wealth had more than tripled to $14.2 trillion. Now, their combined wealth totals $20.1 trillion — an amount that is equivalent to nearly a fifth of the entire world’s total yearly output. The stunning figures — calculated by the French economist Gabriel Zucman, director of the International Tax Observatory, a research organization funded by the European Union — reveal more than a…

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Solar now provides more power than coal in the U.S., despite Trump’s efforts to boost dirty energy

Solar now provides more power than coal in the U.S., despite Trump’s efforts to boost dirty energy

The Associated Press reports: Even as President Donald Trump boosts coal over clean energy, solar power is hitting new milestones in the U.S. and remains the leading source of new power. Data released Wednesday by global energy think tank Ember, along with a report by the Solar Energy Industries Association and analytics firm Wood Mackenzie, show the continued growth of solar and decline of coal in the United States despite federal policy. In May, for the first time, solar supplied…

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Trump family got about $500M from crypto venture. Investors saw steep losses

Trump family got about $500M from crypto venture. Investors saw steep losses

CNBC reports: Back in August, Eric Trump and Donald Trump Jr. were all smiles. They showed up at the Nasdaq stock exchange in New York to celebrate a new business partnership with a little-known publicly traded company, then called Alt5 Sigma, to give investors easier access to a cryptocurrency backed by the Trump family. Less than 10 months later, the company has warned investors it may not be able to stay in business much longer. Its share price has fallen…

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Oil industry warns Trump administration of price spikes within weeks. White House in denial

Oil industry warns Trump administration of price spikes within weeks. White House in denial

Politico reports: The oil industry is warning the Trump administration that a Hormuz-sized hole in the world’s petroleum market is steadily draining inventories to levels that are likely to send global energy prices surging in the next several weeks, according to four executives. Industry executives have flagged the issue to senior White House officials and Cabinet members in recent weeks as part of the Trump administration’s ongoing dialogue with the U.S. energy industry, the people said. The warnings came as…

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Pulling customs from ‘sanctuary’ city airports would cause chaos nationally, business groups say

Pulling customs from ‘sanctuary’ city airports would cause chaos nationally, business groups say

The New York Times reports: Travel industry and business leaders are denouncing a proposal by Homeland Security Secretary Markwayne Mullin to remove customs officers from airports in liberal cities, saying it would create havoc for travelers and jeopardize the travel economy at some of the nation’s largest ports of entry. The idea, which Mr. Mullin has floated on cable television interviews, is designed to punish so-called sanctuary cities that limit their cooperation with federal immigration authorities. Customs officers monitor goods…

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Rock-bottom immigration rates may cause longterm harm to the U.S. economy

Rock-bottom immigration rates may cause longterm harm to the U.S. economy

Axios reports: President Trump’s immigration crackdown is causing one of the sharpest slowdowns in U.S. population growth in decades. Economists are beginning to tally the effects, with some warning that the damage will stick around. Why it matters: The policy-driven immigration reversal underway has few modern parallels. The immediate result is evident in monthly employment figures, with the economy cranking out fewer jobs. But over time, fewer immigrants could be a productivity drag lasting well into the second half of this…

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It’s not just high gas prices – inflation is now spreading through the economy

It’s not just high gas prices – inflation is now spreading through the economy

As the cost of gas stays high due to Middle East tensions, it’s spilling over into U.S. consumer spending more broadly and creating a conundrum for the Federal Reserve. AP Photo/David Zalubowski By D. Brian Blank, Mississippi State University and Brandy Hadley, Appalachian State University Americans don’t need a press release to know that inflation is rising. Gasoline is above $4 per gallon amid the ongoing conflict in the Middle East and closure of the Strait of Hormuz, and the…

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Trump clears way for companies to dodge taxes in havens like Malta, Bermuda, and Cyprus

Trump clears way for companies to dodge taxes in havens like Malta, Bermuda, and Cyprus

The New York Times reports: A year ago, the Trump administration withdrew from a global effort to curb offshore tax-dodging by multinational companies. That decision has been a huge gift to corporate America, enabling companies to avoid at least $40 billion in income taxes since the beginning of 2025. A New York Times review of securities filings from nearly 500 companies showed that they avoided taxes by attributing hundreds of billions of dollars in earnings to low- or no-tax foreign…

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