Roundup of top economy stories
SAN FRANCISCO — A super app called X? A bot-free free speech haven? These are some of Elon Musk’s mysterious plans for Twitter, now that he may be moving toward buying the company after all. After months of squabbling over the fate of their bombshell $44 billion deal, the billionaire and the bird app are essentially back to square one — if a bit worse for wear as trust and goodwill has seemed to erode on both sides.
••• FRANKFURT, Germany — Oil cartel OPEC and its allies are cutting production. And that means oil prices are likely going up. The OPEC+ alliance says they’re trying to support prices against future sagging demand from an uncertain and slowing global economy. Saudi Arabia’s energy minister says the alliance is bringing stability to the oil market. Yet high oil prices are contributing to fears of a slowdown and have been criticized by Washington. Meanwhile, supply could take another hit as the U.S. and allies try to impose a price cap on Russian oil to reduce the money flowing into Moscow’s war chest after it invaded Ukraine.
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NEW YORK — For the first time, the major U.S. theater chains will play a Netflix release after exhibitors and the streaming service reached a deal for a nationwide sneak-peak run of Rian Johnson’s “Glass Onion: A Knives Out Mystery.” Netflix announced Thursday that AMC, Regal Cinemas and Cinemark will all carry the “Knives Out” sequel for an exclusive oneweek run beginning Nov. 23, one month before it begins streaming on Dec. 23. Up until now, those chains have largely refused to program Netflix releases. The deal stops short of a full theatrical release window for “Glass Onion.” The film will play in about 600 domestic theaters.
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BERLIN — Munich
Re, one of the world’s biggest insurance companies, says it will stop backing new oil and gas fields beginning next April. The company said it will also no longer invest in or insure new oil pipelines and power plants that weren’t already under construction by Dec. 31, 2022. The company said Thursday the moves were part of its effort to reduce the harmful impact its business has on the environment. The burning of oil and gas is one of the main sources of greenhouses gases fueling climate change. It also invests the insurance premiums it receives from customers and third-party assets, making it a major institutional investor.
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Elon Musk’s monthslong tussle with Twitter took another twist this week after the Tesla billionaire seemed to return to where he started in April — offering to buy the company for $44 billion. But it’s not over yet. Twitter says it intends to close the deal at the agreed-upon price, but the two sides are still booked for an Oct. 17 trial in Delaware over Musk’s earlier attempts to terminate the deal. On Wednesday, the judge presiding over the case said she will continue to press on toward the trial because neither side has formally moved to stop it.
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Peloton is cutting approximately 500 jobs, about 12% of its workforce, as the high-end exercise equipment maker continues its turnaround efforts. Peloton Interactive Inc. said Thursday that it has completed the vast majority of a restructuring plan that it started in February.