“Jigsaw” was the biggest winner at last week’s box office. According to Box Office Mojo:
With an estimated $16.25 million, Lionsgate’s Jigsaw brought the Saw franchise back to the big screen after a seven year hiatus and delivered the seventh best opening of the franchise’s eight films. Only 2009’s Saw VI debuted lower, but that isn’t to say this is a terrible opening. Given the film’s reasonable, $10 million budget, this opening just shows this franchise isn’t delivering the same kind of numbers it did in the early aughts.
Puerto Rico is about to kill a large energy supply deal. According to Bloomberg:
Puerto Rico plans to cancel a $300 million contract to rebuild the hurricane-ravaged electrical grid that went to a tiny company based in Interior Secretary Ryan Zinke’s Montana hometown, the head of the island’s power utility said.
Ricardo Ramos, executive director of the Puerto Rico Electric Power Authority, or Prepa, said he will request permission from the utility’s board of directors to end the deal with Whitefish Energy Holdings LLC. The contract stipulates that 30 days of notice is required. Existing work, including on key transmission lines, will continue for now.
U.S. oil exporters have started to take market share from OPEC in Asia. CNBC editors report:
Mars and Poseidon are coming to Asia.
That is, those two varieties of U.S.-produced crude oil are spearheading American exporters’ direct challenge to OPEC for market share in Asia.
In a shakeup to the established order, U.S. crude oil exporters are moving more cargoes toward high-growth Asia as they capitalize on favorable price differentials and as supply curbs by the Organization of Petroleum Exporting Countries force Gulf producers to withdraw from their traditional demand heartland.
That’s good news for Asian buyers who benefit from a more diversified basket of crude oil on offer and as competition between suppliers drives down prices.
President Trump may have decided on a candidate to run the Federal Reserve. According to CNNMoney reporters:
Two sources told CNN on Saturday that Trump will likely name Jerome Powell to lead the central bank.
Powell, a Republican, has been a governor on the Fed’s board since 2012, and he was assigned to lead the bank’s Wall Street oversight committee back in April.
Republicans want to increase the amount people can put in a 401(k). According to The New York Post:
House Majority Leader Kevin McCarthy said Sunday the GOP tax plan out this week will “expand” the overall amount Americans can invest in 401 (k) retirement accounts.
He also suggests the tax plan out Wednesday will attempt to push more contributions into Roth-style plans.
Business Insider reports that the stock market faces a new hurdle. According to its editors:
The stock market has a cash problem.
As in, investors are running out of it, and the shortage could threaten the 8 1/2-year equity bull market that we’ve come to know and love.
It’s a new reality facing investors of all types. While money market assets make up a record-low 17% of long-term funds, the cash balance of equity mutual funds also sits at an all-time low of 3.3%, according to data compiled by INTL FCStone.