Crude Oil Futures Settle Sharply Higher

Crude oil futures ended sharply higher on Tuesday, lifted by an announcement from Saudi Arabia that it will cut crude production by 1 million barrel per day from February through March.

The decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to hold output steady in February further helped push up oil prices.

West Texas Intermediate Crude oil futures for February ended up by $2.31 or about 4.9% at $49.93 a barrel.

Brent crude futures were up $2.51 or nearly 5% at $53.60 a barrel.

Tensions in the Middle East after Iran detained a South Korean vessel carrying ethanol in the Straits of Hormuz also contributed to the jump in oil prices.

While Iran says the ship violated pollution rules, the operators of the vessel have denied the allegations. The incident comes amid tensions over Iranian funds frozen in South Korean banks because of U.S. sanctions.

Meanwhile, traders were looking ahead to the weekly inventory data. The American Petroleum Institute will release its weekly report later today, while the Energy Information Administration’s data on U.S. crude inventory is due out Wednesday morning.

Tom Brady & Gisele Bündchen Just Sold This Sprawling $37M NYC Apartment Straight Out of 'The Undoing'

With so many big plays in the real estate market recently, it seems Brady and Bündchen can afford to build any kind of house they like — just don’t forget our invite.

Before you go, click here to see the biggest and most expensive celebrity homes.

‘Fortnite’ developer Epic Games chooses abandoned NC mall for new headquarters

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The developer behind the wildly popular “Fortnite” video game has acquired a nearly 1 million-square-foot abandoned shopping mall to serve as its new corporate headquarters.

Epic Games purchased the Cary Towne Center mall in its hometown of Cary, North Carolina, the Triangle Business Journal reports, and will turn the site into its new campus by 2024.

The 980,000-square-foot property sits about 2 miles from Epic’s current North Carolina headquarters, and cost the company just $95 million to acquire. The 87-acre campus will include both office buildings as well as recreational spaces.

Epic, which has 2,200 employees, said in a press release that the campus will allow it “the flexibility to create a campus customized from the ground up to accommodate its long-term growth.”

Epic, which has been the at the center of a high-profile battle with Apple over its App Store fees, also said that it will work with the town as it plans the new development, and will likely keep a $193 million Cary Community Recreation and Sports Center that had been planned for the site.

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Google Employees Form Union

More than 200 employees at Google’s parent Alphabet Inc. (GOOG) have formed a labor union.

The new union, which is called the Alphabet Workers Union, is affiliated with the Communications Workers of America (CWA), a union that represents workers in telecommunications and media in the United States and Canada.

The union said it will ensure that working conditions are inclusive and fair, perpetrators of harassment, abuse, discrimination, and retaliation are held accountable, and all workers, regardless of employment status, can enjoy the same benefits.

The newly formed union does not expect to bargain with Alphabet over pay and working conditions, however, plans to create a more formal structure to organize future protests.

“I stand in solidarity with @AlphabetWorkers who are organizing to form a union at Google. What these workers are fighting for is not radical. They want fair wages and a workplace free from abuse, retaliation, intimidation and discrimination. And that is exactly what they deserve.” tweeted Senator Bernie Sanders.

Fed's Evans says 3% inflation wouldn't be bad

Jan 5 (Reuters) – Chicago Federal Reserve President Charles Evans on Tuesday reiterated his view the U.S. central bank ought to aggressively woo higher inflation after years of under-running its 2% target.

“Frankly if we got 3% inflation that would not be so bad,” Evans told a virtual meeting of the American Economic Association, as long as it is not accelerating uncontrollably.

With structurally low interest rates pulling down on inflation, however, “it is very difficult to imagine out of control inflation, even with the large debt that fiscal authorities have been running up.”

Warner Bros. Extends Walter Hamada As President Of DC Films

Warner Bros. has reupped Walter Hamada as President of DC Films. He will continue to oversee the DC film slate, along with features produced for the HBO Max streaming platform. 

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SoftBank Group Plans to Sell First Bond in More Than a Year

SoftBank Group Corp. plans to sell its first bond in more than a year, joining a rush by issuers globally to tap credit markets while borrowing costs remain low.

The Japanese technology conglomerate is preparing to sell about 100 billion yen ($974 million) of hybrid bonds, according to a statement from co-lead underwriter Nomura Holdings Inc. It plans to price the deal this month, according to Nomura.

Borrowers from the Asia Pacific region have started the year with a flood of bond sales, with issuance in dollars and euros topping $20 billion in just two days.