The International Energy Commission reported that disruptions in oil supply due to Hurricane Harvey will slowly end and the effects on the overall global market will be modest and short lived. Its experts wrote:
Before the storm hit Texas, commercial stocks in the US and in the Gulf Coast region were at comfortable levels. This was a good thing because the estimated loss of refinery output in September of about 1.6 mb/d has only partially been offset by lower demand. Loans to refiners from the US Strategic Petroleum Reserve as well as the availability of surplus European gasoline ensured that the Gulf Coast and areas of the US dependent on it were well covered, as was Mexico
According to The Wall Street Journal, Bain has signed an agreement to buy Toshiba’s chip business.
Median household income rose for the second year in a row, according to new Census data. At the same time, the U.S. poverty rate declined.
Apple Inc. (NASDAQ: AAPL) launched its first $1,000 iPhone. The iPhone X, bristling with new features, will be priced at $999 as a starting point.
JPMorgan Chase & Co. (NYSE: JPM) CEO Jamie Dimon became the most recent financial executive to attack Bitcoin. He called it a fraud.
According to Bloomberg, Amazon.com Inc. (NASDAQ: AMZN) may pick Boston as its second headquarters. The new agency’s editors reported:
Several senior Amazon.com Inc. executives advocate putting a second headquarters in Boston, according to a person briefed on the matter.
Last week, Amazon unveiled plans to open a new base and invited states and local governments to submit proposals. While other cities may ultimately win out, Boston is being considered for its proximity to Harvard University and Massachusetts Institute of Technology, an airport with nonstop flights to Seattle and Washington, D.C., and a lower cost of living than many other big cities, said the person, who requested anonymity to discuss an internal matter.