Business

Carlyle’s chief executive resigns after breakdown in contract talks

Private equity giant Carlyle Group is replacing its chief executive Kewsong Lee, who will leave the New York and Washington-based group just two years after he was appointed in July 2020. Lee’s exit, announced on Sunday evening, came after Carlyle’s board met and decided to end contract negotiations with Lee, according to a source with …

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Billionaires are funding a massive treasure hunt in Greenland as ice vanishes

A band of billionaires, including Jeff Bezos, Michael Bloomberg and Bill Gates, among others, is betting that below the surface of the hills and valleys on Greenland’s Disko Island and Nuussuaq Peninsula there are enough critical minerals to power hundreds of millions of electric vehicles. “We are looking for a deposit that will be the …

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Axios agrees to sell to Cox for $525 million in cash

“This is great for Axios, for our shareholders and American journalism,” Jim VandeHei, the media company’s co-founder and CEO, said of the sale to Cox Enterprises. Patrick T. Fallon/AFP via Getty Images hide caption toggle caption Patrick T. Fallon/AFP via Getty Images “This is great for Axios, for our shareholders and American journalism,” Jim VandeHei, …

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Electric Cars Too Costly for Many, Even With Aid in Climate Bill

Policymakers in Washington are promoting electric vehicles as a solution to climate change. But an uncomfortable truth remains: Battery-powered cars are much too expensive for a vast majority of Americans. Congress has begun trying to address that problem. The climate and energy package passed on Sunday by the Senate, the Inflation Reduction Act, would give …

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Fed officials signal sharp rate hikes to continue as inflation surges

A pair of top Federal Reserve officials is indicating that additional sharp interest rate hikes are on the way as the central bank scrambles to bring down decades-high inflation. San Francisco Fed President Mary Daly said Sunday that the Fed is “far from done” in its effort to lower prices. Daly is a member of …

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No electric vehicles on the market today qualify for the new EV tax credit

Congress is poised to approve newly expanded tax credits for electric vehicles, but the rules are written in such a way as to effectively disqualify every EV that’s currently on the market today. That’s because most EVs run on lithium-ion batteries that are mostly made in China. The nation has a lock on some 76 …

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Risk of significant reversal in gold price rally as inflation report looms, says TD Securities

(Kitco News) The strong employment report proved that the U.S. economy is still expanding despite two consecutive negative quarterly GDP releases. And for gold, this means that the price rally could be at risk, according to TD Securities. In reaction to the U.S. economy adding 528,000 jobs in July, gold lost 1% on Friday. The …

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Consumers’ expectations of future inflation decreased significantly in win for the Federal Reserve

Gas prices are displayed at an Exxon gas station on July 29, 2022 in Houston, Texas. Brandon Bell | Getty Images The consumer outlook for inflation decreased significantly in July amid a sharp drop in gas prices and a growing belief that the rapid surges in food and housing also would ebb in the future. …

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