WEEK IN REVIEW
Monday Pump prices edge up
Gas Buddy said the price of gasoline in the Houston area and across the country rose slightly for the first time in a month as refiners underwent seasonal maintenance and transitioned to pricier fuel blends for the summer driving season. The average cost of a gallon of regular unleaded in the area increased by about a half-cent to $2.24.
Bonus plan on hold
United Airlines reversed its plans to begin awarding employee bonuses through a lottery system that angered workers. Scott Kirby, president of the Chicago-based airline that has a major Houston hub, said United was “pressing the pause button” on changes that would have handed out much larger bonuses, including vacations and luxury cars, but to only a fraction of its workers.
Tuesday Sharing the discounts
In response to growing consumer frustration over drug prices, United Healthcare said it would stop keeping millions of dollars in discounts it gets from drug companies and share them with its customers.
Ranking the billionaires
Forbes released its World Billionaires list, and 13 Houstonians earned spots for 2018. Amazon founder Jeff Bezos ascended to the top of the list for the first time.
‘Wasteful’ flaring
Interior Secretary Ryan Zinke, speaking in Houston at CERAWeek by IHS Markit, said oil and gas operations on federal lands could soon be offered a financial incentive to stop flaring natural gas from oil wells. Zinke described the practice as “wasteful.”
Obstacles to growth
Speaking at the CERAWeek by IHS Markit conference, Robert Kaplan, president of the Federal Reserve Bank of Dallas, said the United States, Europe, Japan and China will have to find solutions for slowing workforce growth, sluggish productivity and high levels of government debt, which could stifle economic growth.
Wednesday Prime at a discount
Amazon took another step to woo low-income shoppers to its site and away from rival Walmart by opening its discounted $5.99-a-month Prime membering ship to those on Medicaid, giving it an even bigger pool of potential shoppers who may otherwise have been unable to pay the standard fee.
Decision to sell shares
Billionaire activist-investor Carl Icahn said he knew nothing about President Donald Trump’s decision to impose tariffs on steel and aluminum imports before deciding to sell shares in a company that makes cranes for heavy construction.
Thursday Tariffs put in place
President Donald Trump imposed tariffs on imported steel and aluminum but offered relief to some U.S. allies, as he bucked his party allies to pursue his long-held goal of rewrit- what he views as rigged rules of international trade.
Brewers voice worries
From the stainless-steel tanks they use to make beer to the kegs and aluminum cans they sell it in, brewers said the new Trump tariffs pose a direct threat to their bottom lines and potentially to their customers’ wallets.
Steel-dependent sector
Tariffs on steel and aluminum will have a heavy impact on employment in Texas, where the number of jobs in the energy industry — which relies on foreign steel and aluminum for rigs, pipelines and other equipment — are nearly double the number of aluminum and steel jobs nationwide, economist Karr Ingham said.
Health consolidation
Health insurance giant Cigna said it had agreed to buy Express Scripts, the nation’s largest pharmacy benefit manager, in a $52 billion deal that could further reshape the roiling health care landscape.
Trade deal without U.S.
A group of 11 nations — including major U.S. allies such as Japan, Canada and Australia — signed a broad trade deal in Santiago, Chile, that challenges President Donald Trump’s view of trade as a zero-sum game filled with winners and losers.
Mute instead of block
A judge recommended that President Donald Trump mute rather than block some of his critics from following him on Twitter to resolve a First Amendment lawsuit. U.S. District Judge Naomi Reice Buchwald suggested a settlement as the preferred outcome after hearing lawyers argue whether it's constitutional for Trump to block some followers.
Friday Concerns over NAFTA
Texas Sen. John Cornyn said he was “concerned” about the future of the North American Free Trade Agreement as the Trump administration continues to press ahead with what he described as “populist impulses.”
313,000 jobs added
The U.S. economy added 313,000 jobs in February, according to the latest employment report from the Bureau of Labor Statistics, smashing analysts’ expectations. But the strong growth did not boost wages.