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Joe Biden sworn in as 46th president of the United States

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Gulf leaders arrive for key Saudi Arabia summit

Gulf Arab leaders arrived in Saudi Arabia on Tuesday for a summit focused on ending a long-running dispute with Qatar, at a time of heightened regional tensions with Iran. Adam Reed reports.

Latest Stories

  • 3 Stocks That Could Win Big As The Biden Administration Takes The Wheel

    This year has already started with a bang, and with a “blue wave” looming over the United States, three industries could be ready to explode

  • Biden to Bar Keystone Pipeline, Reversing Early Trump Move

    (Bloomberg) -- Joe Biden will cancel the Keystone XL oil pipeline hours after becoming president on Wednesday, killing once again a cross-border project that had won a four-year reprieve under his Republican predecessor, Donald Trump.In one of his first major environmental actions, Biden will revoke TC Energy Corp.’s pipeline permit via an executive order because it doesn’t “serve the U.S. national interest,” according to fact sheet from his transition team.The move brings Keystone’s fate full circle, repeating a decision made in 2015 by President Barack Obama to keep the pipeline from crossing the border. Trump reversed that in 2017 on his fourth full day in office over the objections of environmental groups.TC Energy said it was “disappointed” and would suspend work on the project, leading to the layoff of thousands of workers. The decision overturns “an unprecedented, comprehensive regulatory process that lasted more than a decade and repeatedly concluded the pipeline would transport much-needed energy in an environmentally responsible way,” said the Calgary-based company.TC Energy shares pared losses after initially trading at $56, down 1%, on the news.Environmentalists are counting on the latest rejection -- coming more than a dozen years since the pipeline was first proposed -- to stick. They argue the project would provide an outlet for heavy Canadian oil sands crude extracted in Alberta through particularly energy-intensive processes that ratchet up its carbon footprint.“Putting a stop to the dirty and dangerous Keystone XL tar sands pipeline immediately and once and for all would be an important first step and testament to the leadership of the diverse grassroots movement that has long pushed to stop it and other harmful pipelines,” said Tiernan Sittenfeld, a senior vice president with the environmental group League of Conservation Voters.Biden promised the action on the campaign trail, yet his formal step still provoked outrage from oil industry leaders, some Canadian interests and labor unions that support the project.“The Biden administration has chosen to listen to the voices of fringe activists instead of union members and the American consumer on Day 1,” said the United Association of Union Plumbers and Pipefitters in an emailed statement based on news reports before the action.Construction of Keystone XL already began last year, jump started with a $1.1 billion investment by the province of Alberta. Whole segments of the line, including one that crosses to U.S.-Canadian border, have already been built.TC Energy has worked to make the project more palatable to a Democratic administration, inking labor agreements with four major pipeline unions last August, agreeing to sell an equity stake in the line to indigenous communities along the route and promising to power it entirely with renewable energy.Still, Keystone XL has been a lightning rod for controversy and a litmus test for environmentalism almost since it was first proposed in 2005. The 1,179 mile (1,897 kilometer) segment is designed to move oil from Alberta through Montana, South Dakota and Nebraska, then connect with an existing network feeding crude to the Gulf Coast. The line would carry as much as 830,000 barrels of oil a day.Opponents argue it will stimulate oil sands development, contributing to climate change.Years ago, proponents of the controversial crude pipeline argued that more of Canada’s cheaper, heavy crude would help fuel producers on the U.S. Gulf Coast wean off supplies from countries like Venezuela or the conflict-prone Middle East.But refiners in Texas and Louisiana have become increasingly flexible, using more of the abundant light oil from shale fields. Plus, Canadian crude’s price advantage has narrowed, and imports from the country have roughly doubled in a decade to a steady flow of more than 3.5 million barrels a day, without Keystone XL.“It’s not an issue for refiners,” said Robert Campbell, head of oil products research at Energy Aspects Ltd. “They can switch into domestic light. The hurt would be on oil sands producers.”Alberta Premier Jason Kenney on Tuesday urged Canadian Prime Minister Justin Trudeau to take steps to save the permit, saying its revocation “would damage the Canada-U.S. bilateral relationship.”Keystone XL was one of only a handful of energy and mining projects Biden took an explicit stand against while on the campaign trail. Environmentalists emboldened by his move on Keystone are already pressuring him to revoke a critical authorization allowing continued operation of Energy Transfer LP’s Dakota Access oil pipeline and take action against Enbridge Inc.’s plan to replace and expand its aging Line 3 pipeline from Alberta to Superior, Wisconsin.From the archive -- Why the Keystone Project Is Controversial: QuickTake“It’s exciting news,” said Dallas Goldtooth, an organizer with the Indigenous Environmental Network. “Now what are you going to do about Line 3 and the Dakota Access pipeline? We are happy, but we want to see what comes next.”(Updates with TC Energy reaction and shares from fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Your next stimulus check — for $1,400 — will move closer this week

    Congressional leaders plan to get "right to work" on it. How soon might you get the cash?

  • Ethereum surges near all-time highs, may rally 650% to $10,500: analysts

    Ethereum, the second largest cryptocurrency behind bitcoin, could see a 650% rally to hit $10,500, according to analysts at Fundstrat.

  • Americans are burying their savings in the bank — that could be a mistake

    You can be too safe with your money, even during a pandemic.

  • How the stock market and economy performed under Democratic presidents

    Historical data shows the stock market does well when Democrats are in charge.

  • Plug Power Drops After Kerrisdale Unveils Short Position

    Plug Power's nearly $40 billion valuation isn't justified, according to Kerrisdale Capital, which unveiled a short position.

  • 7 of IBM Watson's Top Stock Picks

    IBM Watson picked these stocks to outperform.Artificial intelligence will likely revolutionize the global economy in the next several decades, and Wall Street is not immune to the AI disruption.

  • Why Netflix stock is going haywire after its latest earnings report

    This is why Netflix shares are really going bonkers after the company's latest earnings report.

  • Is Nio Stock A Buy As China EV Leader Surges After Unveiling Luxury Sedan?

    Nio stock jumped after the Chinese EV maker unveiled its first long-battery-life electric car in January. But is the stock a buy now?

  • 2021's Dividend Aristocrats List: All 65 Stocks

    Rock-solid dividend aristocrats you can bank onFinding great dividend stocks is hard work. Any company can pay a dividend.

  • Social Security, Medicare and Retirement Plan Changes in 2021

    Here's everything you need to know about Social Security raises, cost for Medicare premiums and retirement plan limits for 2021.

  • Alibaba's Jack Ma makes first public appearance in three months

    Alibaba Group founder Jack Ma made his first public appearance since October on Wednesday when he spoke to a group of teachers by video, easing concern about his unusual absence from the limelight and sending shares in the e-commerce giant surging. Speculation over Ma's whereabouts has swirled in the wake of news this month that he was replaced in the final episode of a reality TV show he had been a judge on, and amid a regulatory clampdown by Beijing on his sprawling business empire. The billionaire, who commands a cult-like reverence in China, had not appeared in public since Oct. 24, when he blasted China's regulatory system in a speech at a Shanghai forum.

  • UPDATE: Bionano Genomics prices $200 million underwritten stock offering at a discount of $6 a share

    Bionano Genomics Inc. priced a $200 million underwritten stock offering announced late Tuesday at a discount of $6 a share, selling 33.3 million shares. The stock closed Tuesday at an alltime high of $9.14. The genome sequencing company's shares have gained 662% in the last 12 months on little news flow, and trading volumes have been active in recent sessions. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago. The stock fell 22% in premarket trade to reflect the dilutive effect of the offering. Oppenheimer was sole bookrunner on the deal with BITG acting as lead manager and Ladenburg Thalmann and Maxim Group acting as co-managers. Underwriters have a 30-day option to purchase another 5 million shares at the offering price. Bionano shares traded for less than $1 for much of 2020, before prices shot higher just before the end of the year despite no public announcements about changes at the genome-analysis company, which lost nearly $30 million on sales of $4.5 million in the first nine months of 2020.

  • Intel Reports Earnings Tomorrow. Here’s What to Expect.

    Intel is expected to report its largest annual sales in its history on Thursday. But the chip giant’s future will be the focus.

  • Ford Must Recall 3M Vehicles Due To Dangerous Airbags, Orders NHTSA

    Ford Motor Company (NYSE: F) will have to recall 3 million vehicles due to defective airbags, according to the National Highway Traffic Safety Administration, Reuters reported Tuesday.What Happened: The federal regulator rejected Ford and Mazda Motor Corporation's (OTC: MZDAY) petitions centered around avoiding the recall of the dangerous Takata airbags, according to Reuters.The agency said on its website that 2006 Ford Ranger and Mazda B-Series vehicles are at a far higher risk for exploding airbags, which could injure or kill vehicle occupants due to emanating fragments."These vehicles can and should be repaired immediately," the regulator said. Ford said Tuesday that the affected vehicles were subject to an earlier recall for the passenger-side airbag, according to Reuters.See Also: GM To Recall 5.9M Vehicles Over Faulty Airbags As NHTSA Turns Down PetitionWhy It Matters: Affected vehicles include Ford Ranger, Fusion, Edge, Lincoln, Zephyr/MKZ, Mercury Milan, and Lincoln MKX, noted Reuters.The defect has led to the largest automotive recall in U.S. history -- necessitating the refurbishing of 67 million airbags.The inflators have reportedly led to the death of at least 27 people around the world and 18 in the United States and have caused over 400 injuries. Ford must submit to NHTSA a "proposed schedule for the notification of vehicle owners and the launch of a remedy" within 30 days, as per Reuters.Last week, Tesla Inc (NASDAQ: TSLA) was asked by the regulator to recall 158,000 Model S, X vehicles due to defective touchscreens.Price Action: Ford shares closed nearly 1.9% higher on Tuesday at $10.02 and gained 1% in the after-hours session.See more from Benzinga * Click here for options trades from Benzinga * Self-Driving Vehicles Can Now Be Made Without Steering Wheels Under New NHTSA Rules * Tesla Model 3 Was UK's Best Selling Battery EV In 2020(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • VW CEO Talks a Little Trash With Tesla’s Musk in Twitter Debut

    (Bloomberg) -- In a year when Tesla Inc. is taking on German carmakers in their backyard, it’s only fitting that Volkswagen AG’s chief executive officer is returning fire on Elon Musk’s home turf: Twitter.Herbert Diess made his debut on the social media network Wednesday, writing in his first tweet that VW was coming after Tesla’s market share and already winning the battle for buyers in Europe.It’s likely Diess, 62, was merely having a little fun with Musk, 49. The two have been friendly with one another for years, with Tesla’s CEO tweeting in September 2019 that Diess was “doing more than any big carmaker to go electric.”In September of last year, Diess gave Musk a test drive of VW’s ID.3 electric car when Tesla’s boss visited the factory the company is constructing near Berlin.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • These Stocks Are More of a Gamble Than an Investment

    Academics say there’s more in common with stock-market investing and gambling than you might imagine. And they have a simple methodology for determining that stocks are gambles rather than investments.

  • P&G Notched Another Strong Quarter. Its Stock Is Falling.

    (PG) shares were on the decline early Wednesday following the household-products maker’s fiscal second-quarter earnings and upbeat outlook—evidence that shoppers are still flocking to its premium brands amid the Covid-19 pandemic. Procter & Gamble (PG) said it earned $3.85 billion, or $1.47 a share. Adjusted earnings per share, which exclude the impact of currency, were $1.64 on revenue that rose 8% to $19.75 billion.

  • If You Bought Tesla Stock Instead Of A Model S At Launch, Here's How Much You'd Have Now

    Tesla Motors began deliveries to customers of its Model S in June 2012.The car has changed the face of electric vehicles and helped turn Tesla into one of the most well-known brands and stocks.The Stock Or The Car? In June 2012, the 300-mile range version of the Tesla Model S retailed at $77,400.If a customer had chosen to invest in Tesla Inc (NASDAQ: TSLA) -- the company rather than the physical car -- at that time, they would likely be very happy with the outcome.Related Link: 5 Things You Might Not Know About Elon MuskOn June 22, 2012, Tesla's stock opened at a split-adjusted $6.796. A $77,400 investment would have been good for 11,389 shares of Tesla stock.Holding onto those shares over the next eight-plus years would give a customer the ability to buy many Tesla cars.The value of the 11,389 Tesla shares is $9,409,136 as of Jan. 15.Many Tesla car owners have also invested in the company. The investments in the company over the years have turned Tesla car owners into millionaires along the way. TSLA Price Action: Tesla shares ended Tuesday's session up 2.23% at $844.55. Photo courtesy of Tesla.See more from Benzinga * Click here for options trades from Benzinga * Investors Want A Chamath Palihapitiya ETF And They Might Get It Soon * Short Seller Andrew Left Goes Sour On Lemonade, Says Company Lies To Shareholders(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.