FOLLOW US Facebook ShareTwitter ShareSUBSCRIBE Share with a friend

The last time New York rents fell this much, a recession was to blame. The last time an American president went to Davos, we were all still relieved at the letdown that was Y2K. And the last time the U.S. was the world's top oil producer, Ronald Reagan was getting himself elected—governor of California, that is. —Sam Schulz

 

CRUDE AWAKENING

Daily U.S. crude output is about to hit the eight-digit mark again, nearly half a century after it last did. By the end of the year, the U.S. may well be the world’s biggest oil producer, and with that, it would take a big step toward energy independence. But the shift would scramble geopolitics. A new world energy order could emerge. That shuffling will be good for America—not so much for the planet.

 
Here are today's top stories...
 

Special Counsel Robert Mueller is almost done with the part of his probe focused on whether President Donald Trump obstructed justice, sources say. Mueller’s moving at a far faster pace than previously known and appears to be wrapping up at least that one key part of his investigation. Other elements, such as whether Trump or anyone close to him helped Russia interfere in the election, will likely continue for months. Meanwhile, Trump’s son-in-law Jared Kushner won’t agree to an interview in a parallel probe by a Senate panel, its chairman says.

 

Meet all the president’s friends in Davos. Trump’s decision to attend the World Economic Forum seems at first blush an odd move, given his penchant for populist protectionism. But he’ll find himself among friends and business associates from around the world—including at least two attendees who have Trump licensing deals that have paid him millions of dollars. Here’s our graphic showing some of the most important friends, frenemies and business associates he’ll encounter.

 

The trouble at General Electric Co. began decades ago when a hole started to form inside its sprawling financial unit. That hole became a $15 billion shortfall in insurance reserves, disclosed last week, that has prompted a Securities and Exchange Commission investigation, called into question the oversight of GE leadership, pushed down the share price, and shocked investors who wondered how the icon of American capitalism could let the situation get so bad.

 

New York City apartments are finally getting cheaper. After years of relentless rent hikes, New York City landlords across all price ranges are finding they must reverse course to woo tenants whose incomes haven’t climbed as fast. According to StreetEasy data, the discounts aren’t limited to Manhattan. In Brooklyn’s trendy Greenpoint neighborhood, 35 percent of apartments got cuts.

 

If Trump testifies under oath to Mueller, his “attorneys should should grab their worry beads,” writes Bloomberg View executive editor Timothy L. O’Brien, whom Trump sued for libel back in 2006 over a biography Trump said understated his wealth. (Trump lost.) “Trump ultimately had to admit 30 times that he had lied over the years about all sorts of stuff,” O’Brien writes. “Trump also has a well-known inability to stick to the facts and a tendency to dissemble and improvise.”

 
 
 

life is a cabernet

But don't fret. Star sommelier Robert Bohr has advice on how to avoid common pitfalls. For starters: Don’t be afraid to speak up about your budget. Don’t withhold crucial information—but also don’t show off. Don’t just ask the sommelier what she suggests. And don’t let her refill your glass before it’s empty.

 
 

Something new in your inbox

The Weekly Fix is an email with the latest fixed income news, charts, and insights. Sign up here to start getting it in your inbox on Fridays.

 

If you believe this has been sent to you in error, please safely unsubscribe.