A major change may be coming to Marylanders who rely on CareFirst for health insurance and Johns Hopkins Medicine for their care. More than 300,000 Marylanders who have seen a Johns Hopkins caregiver in the last two years and who have health insurance through CareFirst may soon be kicked out of network. Both nonprofits told 11 News it's the result of ongoing contract negotiations. Patients said they feel caught in the middle. Kathleen Weissner, a Baltimore City resident and retired state employee is is upset and stressed out. Weissner said she received word last week from Hopkins that they're dropping CareFirst as early as Dec. 5 if no agreement has been reached on a new contract.
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
Middle Eastern powers are pushing the price of oil higher right before crucial midterm elections - and the White House is not happy about it
The slashed production quota threatens to boost gasoline prices again and deliver more headwinds for Democrats as midterm elections loom.
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Taiwanese fruit growers are unable to sell their crop after Beijing banned their importation.
- 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.
- 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.
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.”
Saudi Arabia, Russia and other top oil producers agreed on a major cut in production on Wednesday to boost crude prices -- a move denounced by the United States as a concession to Moscow that will further hurt the global economy. The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two million barrels per day from November at a meeting in Vienna, the group said in a statement. It is the biggest cut since the height of the Covid pandemic in 2020, raising fears that it will turbocharge oil prices at a time when countries are already facing soaring energy-fuelled inflation. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, defended the move, saying the cartel's priority was "to maintain a sustainable oil market", at a press conference following OPEC+'s first in-person meeting since March 2020. But the decision drew a swift rebuke from US President Joe Biden, who had made a controversial trip to Saudi Arabia in July under pressure as Americans faced rising prices at fuel stations. The timing is also bad for Biden's political agenda as it comes ahead of US midterm elections next month. "It's clear that OPEC+ is aligning with Russia with today's announcement," White House Press Secretary Karine Jean-Pierre said aboard Air Force One. National Security Advisor Jake Sullivan and top economic advisor Brian Deese said in a statement that Biden was "disappointed by the shortsighted decision by OPEC+". Western allies led by the United States have tried to isolate Russia's economy, which relies heavily on energy exports, in retaliation for the invasion of Ukraine. - Oil prices rise - OPEC+ decided to slash its output as oil prices fell below $90 per barrel in recent months over concerns about the global economy, after soaring to $140 in the wake of Russia's invasion of Ukraine earlier this year. The international benchmark, Brent North Sea crude, was up at $93.43 following Wednesday's announcement. The oil production cut could give sanctions-hit Russia a boost ahead of a European Union ban on most of its crude exports later this year and as the Group of Seven wealthy democracies mull a cap on the country's oil prices. Russian deputy prime minister Alexander Novak, who is under US sanctions and attended the OPEC+ meeting, said a price cap would have a "detrimental effect" on the global oil sector. He warned that Russian companies would "not supply oil to those countries" that introduce such a cap. "There is a reason why Russia is ready to participate with an OPEC cut -- because they are not sure whether they will find somebody to buy this oil," Patrick Pouyanne, chairman of French oil giant TotalEnergies, said at a London oil industry conference. Collectively known as OPEC+, the alliance drastically slashed output by almost 10 million barrels per day (bpd) in April 2020 to reverse a massive drop in crude prices caused by Covid lockdowns. OPEC+ began to raise production last year after the market improved. Output returned to pre-pandemic levels this year, but only on paper as some members have struggled to meet their quotas. The group agreed last month on a small, symbolic cut of 100,000 bpd from October, the first in more than a year. Consumer countries had pushed for months for OPEC+ to open taps more widely to bring down prices, but the group ignored them again. Biden travelled to Saudi Arabia in July in part to convince the kingdom to loosen the production taps. The trip saw Biden meet Crown Prince Mohammed bin Salman despite his promise to make Riyadh a "pariah" following the 2018 killing of journalist Jamal Khashoggi. While the cut was not welcomed by the United States, several OPEC+ nations have struggled to meet their quotas in the first place. The next ministerial OPEC meeting will be on December 4. In recent months, the cartel and its partners met online each month. burs-jza/
It's been a tough time for the airline industry lately. It recently made a change where its Rapid Rewards Members can now achieve A-List or A-List Preferred tier status much quicker, which will make it easier to accumulate points that can be used for such perks as priority boarding and the ability to make a same day change with no difference in base fare. The company also introduced a feature that lets customers change their boarding group for an added fee starting at $30, either online or via the Southwest app, within 24 hours of departure.
The coalition of major producers have missed their output targets, making the headline number less impressive.
U.S. gasoline prices have been rising again, and many worry that costs at the pump will go up further after OPEC and its allies said Wednesday the group known as OPEC+ would cut its production target. U.S. gasoline prices skyrocketed early this year due to high demand and tight global refining supplies, but they began to fall after peaking in June. Now, the national average is up 20 cents from its mid-September lows of $3.67 a gallon, largely driven by gains in the Midwest and West Coast, according to the American Automobile Association.
- 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.”
- The Hill
The White House on Wednesday admonished what it called a “shortsighted decision” by OPEC and its allies to cut oil production by 2 million barrels per day, a move that could lead to a rise in gas prices domestically. National security adviser Jake Sullivan and top economic adviser Brian Deese issued a statement that took…
WASHINGTON (Reuters) -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.
Can India become the new manufacturing hub as global firms try to reduce their dependence on China?
OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted. OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy. The kingdom rebuffed criticism it was colluding with Russia, which is included in the OPEC+ group, to drive prices higher and said the West was often driven by "wealth arrogance" when criticising the group.
- 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.
- Business Insider
OPEC's members meet Wednesday and are widely expected to slash oil production by as much as 2 million barrels a day to push up crude prices.
- American City Business Journals
Wilde Automotive Group, one of the Milwaukee-area’s largest car dealers, sold its five Wisconsin dealerships to Oregon-based auto giant Lithia & Driveway. Find out the details.