Stocks finished the week lower on Friday. The Dow closed 160 points, or 0.6%, lower, while the S&P 500 dropped 0.5%. The Nasdaq Composite finished down 0.8%. All three indexes dropped week-on-week, falling for the first time in three weeks. The Dow fell 1.1% from last week, while the S&P came off 0.5%. The Nasdaq…… MORE
A rogue trader in Singapore cost Japan’s Mitsubishi at least $320 million when unauthorized bets on the oil market went wrong. Mitsubishi Corp. reported the loss on Friday. In a statement, the company said the employee had been hired by one of its subsidiaries, Petro-Diamond Singapore (PDS), to oversee oil trade with China. The employee…… MORE
Happy Friday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. Nearly 1,000 Amazon employees will walk out in protest Friday at what they say is their company’s inaction on climate change, despite CEO Jeff Bezos’ new plan to make Amazon…… MORE
Last weekend’s drone attack on Saudi Arabian oil facilities sent shockwaves through global energy markets and the price of crude spiking. While Saudi authorities have pledged that production will soon be back on track and oil prices have fallen, the attack underscored China’s particular vulnerability to disruption in oil supplies. As the world’s largest crude…… MORE
India is slashing taxes on companies and manufacturers to try and revive its struggling economy. Profits made by Indian companies will now be taxed at a rate of 22%, down from 30%, as long as they don’t apply for other incentives or exemptions, Finance Minister Nirmala Sitharaman announced on Friday. New manufacturing firms incorporated after…… MORE
Asian stocks were mostly higher on Friday after China and India took steps to shore up economic growth. India’s benchmark Sensex index surged 5.3%, after a cut to the country’s corporate tax rates sent its markets spiking. Indian companies will be taxed at a rate of 22% instead of 30%, the government announced Friday. The…… MORE
A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The Washington Post’s editorial board posed a question on September 5: “Is Trump strong-arming Volodymyr Zelensky for political gain?” That was the first time I heard about the Ukraine issue that’s now front and center…… MORE
Despite Jeff Bezos’ announcement for plans to make Amazon carbon neutral by 2040, nearly 1,000 employees are set to walk out in protest Friday of what they say is their company’s inaction on climate change. The collective, known as “Amazon Employees for Climate Justice,” said in a news release Thursday that while the “Climate Pledge”…… MORE
A handful of brands and retailers are backing the global climate strikes, as a message to government leaders that it’s time to do something about the climate crisis. The American Sustainable Business Council, along with nonprofit 350.org and leading businesses such as Ben & Jerry’s, Lush Cosmetics and Patagonia are supporting the student-organized climate strikes…… MORE
Mayhem in obscure markets, massive Federal Reserve rescues and a mystery over the cause. The cash crunch that emerged in overnight lending markets this week brings back bad memories of the 2008 crisis. The stress in the overnight lending market, a critical corner of finance that rarely makes headlines, forced the New York Federal Reserve…… MORE
