6 Most Important Things in Business This Morning

By Douglas A. McIntyre Updated Mar 13, 3:20PM EDT · Published Jul 10, 5:01AM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

6 Most Important Things in Business This Morning — © Thinkstock

The head of Saudi Aramco said that oil prices eventually will rise as exploration drops and the number of new oil fields lessens. According to Reuters:

The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries, Saudi Aramco’s chief executive said on Monday.

Unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas, Amin Nasser told a conference in Istanbul.

Elon Musk unveiled Tesla Inc.’s (NASDAQ: TSLA) new Model 3. According to The Verge:

Elon Musk said that the first production unit of the ultra-anticipated Tesla Model 3 would be coming this week, and here it is. The Tesla CEO posted two photos of the vehicle to Twitter late on Saturday night.

Musk has said that the first 30 Model 3 customers will receive their cars at a party on the 28th. Production is expected to grow to 100 cars in August, more than 1,500 by September, and then 20,000 by December.

[nativounit]
The wealth fund of Qatar said it has a huge stockpile of assets that allows it to survive a standoff with its Gulf neighbors. According to Bloomberg:

[C]entral bank Governor Sheikh Abdullah bin Saoud Al Than told CNBC:

Qatar’s central bank had $40 billion in cash reserves plus gold and the Qatar Investment Authority has $300 billion, the governor said. The country’s oil and gas long-term contracts weren’t seeing any disruptions, he said.

The new Spider-Man movie was a huge hit and a much-needed success for Sony Corp. (NYSE: SNE). According to Box Office Mojo:

Sony’s Spider-Man: Homecoming fell just a bit shy of the $120 million mark it was looking like it would hit after Friday estimates, but nevertheless the webslinger still delivered a stellar opening, delivering the third largest opening weekend of the year so far

The Oculus division of Facebook Inc. (NASDAQ: FB) has chopped prices. According to The New York Times, the move was to match the price of Sony’s PlayStation VR, a major rival. Its new price is $399.

The deal for AT&T Inc. (NYSE: T) to buy Time Warner Inc. (NYSE: TWX) has advanced more slowly than the companies expected. Among the reasons are slow investigations by the Department of Justice, according to The New York Times.

[wallst_email_signup]

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.