Morning Report: OPEC cuts oil production
Oil prices are surging after OPEC Plus surprised the market by cutting oil production. This despite recent statements from leaders of the group saying that they did not intend to change their policies. The cut in oil production could drive up gas prices, right as the busy summer driving season begins.
A new survey finds that pet owners are cutting back on groceries to keep their pets fed. According to the latest True Cost of Pet Parenthood Report from the pet-sitting service, Rover.com, four out of ten pet owners are already making sacrifices. Dog owners are dropping between $610 to $3,555 on their pups each year. Meanwhile, cat owners are coughing up between $325 and $1,600.
Stocks rose Friday as wall street wrapped up a volatile, but winning quarter that saw more Federal Reserve rate tightening and a mini-financial panic spurred on by the collapse of Silicon Valley Bank.
The indexes closed strong for this week and the quarter.
A new study from Duke University found that loyal employees tend to get taken advantage of. It says managers target loyal workers over less committed colleagues when doling out unpaid work and additional job tasks. The loyal workers were more likely to stay late or do tasks not in their job description.
The Wall Street Journal reports that McDonald’s is temporarily closing its U.S. offices this week. The franchise is preparing to inform corporate employees about upcoming layoffs. In an internal email, McDonald’s asked them to work from home this week so it can deliver staffing decisions virtually. It is unclear how many employees will be laid off.
