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Costco offers a very simple proposition to its members. Basically, Costco offers no frills -- its stores aren't just called warehouses, they actually are warehouses -- and items are basically just stacked on pallets. Costco also puts relentless pressure on its vendors to squeeze out every penny of cost from each item.
- Business Insider
Saudi Arabia lowers oil prices for Europe but raises them again for the US as White House says OPEC+ is siding with Russia
State-run oil giant Saudi Aramco hiked prices by $0.20 a barrel for all US grades, while northwest Europe and the Mediterranean saw declines.
(Bloomberg) -- Sign up for our Middle East newsletter and follow us @middleeast for news on the region.Most Read from BloombergTrump Says US Agency Packed Top-Secret Documents. These Emails Suggest Otherwise.Nord Stream Leaks Caused by Detonations in Sign of SabotageSecretive Chip Startup May Help Huawei Circumvent US SanctionsKremlin Lets State Media Tell Some Truths About Putin’s Stalling WarStocks Slide for Second Day Ahead of Jobs Report: Markets WrapSaudi Arabia kept oil prices for its main
- Business Insider
The White House is reportedly weighing a controversial measure to lower gas prices ahead of midterm elections
The Biden administration has asked the Energy Department to look into whether a ban on gas exports would lower pump prices for American drivers, CNN reported.
Taiwanese fruit growers are unable to sell their crop after Beijing banned their importation.
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- Road & Track
A federal jury concluded GM sold 5.3-liter V-8 engines with excessive oil consumption, leading to premature failure.
- The New Voice of Ukraine
Russian state-owned gas company Gazprom has revealed significant drops in production and sales since the start of the full-scale Russian war against Ukraine, the company revealed in a statement on Oct. 5.
The Biden administration plans to spare SK Hynix and Samsung from the brunt of new restrictions on memory chipmakers in China aimed at thwarting Beijing's technological ambitions and blocking its military advances, sources said. The Commerce Department, which plans to release new curbs on exports of technology to China this week, will likely deny requests by U.S. suppliers to send equipment to Chinese firms like Yangtze Memory Technologies Co Ltd (YMTC) and ChangXin Memory Technologies, Inc (CXMT) if they are making advanced DRAM or flash memory chips, the sources said. However, license requests to sell equipment to foreign companies making advanced memory chips in China will be reviewed on a case by case basis, sources said, potentially allowing for them to receive the equipment.
- The Wrap
The Tesla billionaire asked a Delaware court to halt the trial scheduled to begin Oct. 17
OPEC+ announced it’ll slash output by 2 million barrels per day (bpd) on Wednesday (Oct. 5), the biggest cut since the pandemic started in 2020. The White House’s reaction was swift, calling the decision “shortsighted” and accusing the oil cartel of “aligning with Russia.”
Gas prices are rising again, and this might be just the beginning.
President Biden has had to deal with a lot in the first two years of his presidency. Between the pandemic, inflation, and a war in Eastern Europe that has no signs of abating anytime soon, the President has had a lot on his plate. Arguably the biggest part of the meal he needs to get his hands on is gas prices, however, and this week he found out that the oil cartel OPEC+ won't be lending him a helping hand anytime soon.
The coalition of major producers have missed their output targets, making the headline number less impressive.
- Yahoo Finance
Twitter’s lawyers fired back at Tesla CEO Elon Musk in a court filing Thursday, accusing the company’s recalcitrant buyer of engaging in "mischief and delay" with his renewed bid for the company.
- Motley Fool
The chip industry is in the early stages of a cyclical downturn right now, and Micron itself announced a big hit to its revenue and profits is upcoming. New York state, where Micron plans on spending up to $100 billion over the next two decades on a new megafab. It's huge news for Micron, New York, and the whole semiconductor industry, which is still grappling with fallout from the pandemic and a shaky supply chain that is highly reliant on overseas fabs.
Elon Musk, in the midst of some amateur geopoliticking, made an interesting claim: The serial entrepreneur said his company lost more than $80 million helping connect Ukrainians to the internet in the midst of a Russian invasion.
Russia is considering building a plant to make alumina, used in aluminium production, to reduce its reliance on imports from China, which has risen since the start of the Russia-Ukraine conflict, a document seen by Reuters showed. One of the world's largest aluminium producers, Russia secures 65% of its need for the intermediate product alumina through imports, mostly from China, a draft of the plan for development of Russia's metals industry until 2030 said. Russia's increased dependence on China's alumina has driven up the production costs of aluminium and follows disruption of supplies from Ukraine and Australia since Feb. 24, when Moscow sent troops to Ukraine.
- Associated Press
A Southwest Airlines pilot is suing the company, her union and a former colleague who pleaded guilty last year to dead-bolting the cockpit door during a flight and stripping naked in front of her. Christine Janning alleges that Southwest retaliated by grounding her after she reported Michael Haak to the company and the FBI, that it kept him employed despite an alleged history of sexual misconduct and that managers disparaged her in memos. Haak's attorney, Michael Salnick, said Wednesday that his client disrobed only after Janning encouraged him to and never did anything else.
- Kansas City Star
“Sadly, tragedy has struck again for a worker trapped in a trench, and their family, friends and co-workers are left to grieve.”