Trump pardons crypto firm Binance founder Changpeng Zhao
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President Donald Trump has pardoned Binance founder Changpeng Zhao, who created the world's largest cryptocurrency exchange. Zhao served prison time after failing to stop criminals from using the platform to move money connected to child sex abuse, drug trafficking and terrorism.
The pardon announced Thursday caps a monthslong effort by Zhao, a billionaire commonly known as CZ in the crypto world. He and Binance have been key supporters of some of the Trump family's crypto enterprises.
Plan finalized to open Alaska refuge to drilling
The Trump administration has finalized a plan to open the coastal plain of Alaska's Arctic National Wildlife Refuge to oil and gas drilling, renewing long-simmering debate over whether to drill in one of the nation's most sensitive wilderness areas.
The plan fulfills a promise by President Donald Trump and congressional Republicans to open this portion of the refuge to possible development. The massive GOP bill of tax breaks and spending cuts that was passed during the summer called for at least four lease sales within the refuge over a 10-year period.
Wall Street climbs to cusp of new records
U.S. stocks rose to the cusp of their records. The S&P 500 climbed 0.6% Thursday and is just 0.2% below its all-time high set earlier this month. The Dow Jones Industrial Average added 0.3% and was slightly below its own record.
The Nasdaq composite rose 0.9%. Oil and gas stocks led the way as oil prices jumped more than 5%. President Donald Trump announced new sanctions on Russia's crude industry. Strong earnings reports from several big U.S. companies also lifted the market, including from Dow and Las Vegas Sands.
Intel posts profit even amid struggles
Intel posted profits in the latest quarter as the one-time America technology icon struggles to regain market share.
The chipmaker reported net income of $4.1 billion, or 90 cents per share, in the three months through September, up from a loss of $17 billion, or $3.88 cents per share, a year earlier. Recently installed CEO Lip-Bu Tan has been cutting thousand of positions and mothballing projects to cut costs.
Pump prices could rise after Russian sanctions
Oil prices spiked Thursday after the U.S. announced massive new sanctions on Russia's oil industry in an attempt to get Russian President Vladimir Putin to the negotiating table and end Moscow's brutal war on Ukraine.
U.S. benchmark crude jumped 5.6% to $61.79 per barrel and analysts say if the situation remains static, consumers will soon be paying more at the pump. Consumers will likely see a bump in prices as early as next week, if not sooner.