Must-Read Money Stories for Tuesday, March 21

by March 21, 2017
OPEC is considering extending its oil cut pact past its June expiration date. Picture from Flickr.

OPEC is considering extending its oil cut pact past its June expiration date. (Picture from Flickr)

Uber president is out

The Washington Post reported that the president of Uber, who joined the company just six months ago, is leaving, another sign of tumult as the ride-sharing company grapples with months of scandal. Jeff Jones was poached from Target last September, and his departure comes just weeks after chief executive Travis Kalanick said he would seek “leadership help” and announced plans to hire a chief operating officer. Jones joins a large exodus of executives since Uber’s troubles began in January.

David Rockefeller dies

David Rockefeller, the banker, philanthropist, presidential adviser and heir to America’s most fabled fortune, has died at age 101, Bloomberg reports. He was the world’s oldest billionaire. Rockefeller died Monday at his home in Pocantico Hills, New York, according to a family spokesman. Rockefeller was the youngest and last-surviving grandson of Standard Oil founder John D. Rockefeller, the country’s first billionaire. The former chief executive officer of Chase Manhattan Bank and served as a confidant of world leaders ranging from China’s Deng Xiaoping to South Africa’s Nelson Mandela to former U.S. Secretary of State Henry Kissinger.

OPEC leans towards longer oil cut

OPEC oil producers increasingly favor extending their reduction in crude supply beyond June, Reuters has reported that sources within the group said. However, nations such as Russia and other non-members need to remain part of the initiative as well. The oil producing group had already announced a six-month curb in output starting in January, the first reduction in eight years. Russia and other non-OPEC producers agreed to cut half as much. The deal has lifted oil prices from recent multi-year lows, but inventories in industrial nations are rising and higher returns have encouraged U.S. companies to pump more.

Official teases four 2017 rate rises

Chicago Federal Reserve President Charles Evans said that four rate rises from the central bank could be in the cards if the economy continues to pick up pace, Fox Business reported. As of today, the median expectation among Fed economists is for a total of three rate rises this year. Evans also stated that his biggest concern is slow-moving inflation, which has been hesitant to move towards the central bank’s 2 percent target. The Fed’s current preferred measure for calculating inflation currently sits at 1.7 percent.

 

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