Raphael Stevens

Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021.
David Paul Morris | Bloomberg | Getty Images

Oil prices jumped in afternoon trading Friday amid escalating tensions between Ukraine and Russia.
With about 2 hours left to the trading day, U.S. National Security Advisor Jake Sullivan said at a White House briefing that there were signs of Russian escalation at the Ukraine border and that it was possible that an invasion could take place during the Olympics, despite speculation to the contrary.

“We continue to see signs of Russian escalation, including new forces arriving at the Ukrainian border. As we’ve said before, we are in the window when an invasion could begin at any time,” Sullivan said Friday.

Sullivan noted that the U.S. is not certain that Russian President Vladimir Putin has made a final decision to invade Ukraine. But “it may well happen soon,” he said. Stocks came off their lows, and oil and bond prices retreated from their highs of the trading session following that comment from Sullivan, which slightly countered an earlier report that had sent markets reeling.
The U.S. and U.K. have urged citizens to leave Ukraine.
A Downing Street spokesperson said Prime Minister Boris Johnson feared for the “security of Europe in the current circumstances.”
The spokesperson added that Russian President Vladimir Putin “had to understand that there would be severe penalties that would be extremely damaging to Russia’s economy, and that Allies needed to continue with efforts to reinforce and support the Eastern frontiers of NATO.”

U.S. West Texas Intermediate crude futures, the U.S. oil benchmark, rose more than 5% to hit $94.66 per barrel, its highest level since Sept. 30, 2014. The contract eased a bit into the close, however, ending the day 3.58% higher at $93.10 per barrel.
International benchmark Brent crude advanced 3.3% to settle at $94.44 per barrel, after topping $95 at one point.
“The market has been concerned about this outcome for several weeks but most believed it would not occur or would at least be after the Olympics,” noted CIBC Private Wealth’s Rebecca Babin. “The key consideration for crude will be what kind of sanctions the US and allies move forward” should Russia invade.
“That is what will ultimately determine how crude supply is impacted,” she said. Babin added that the sharp move higher, based on speculation, speaks to how tight the oil market’s fundamentals are right now. Growing demand coupled with low inventory and constrained new supply is stoking fears in the market.
Oil prices had already been up more than 2% earlier in the session following the International Energy Agency’s latest oil report.
The firm now expects global demand to hit a record 100.6 million barrels per day this year as covid restrictions ease.
“Everyone’s worst fears may be in the process of being realized,” said Again Capital’s John Kilduff. “We shall see, but a lot of energy supplies hang in the balance.”
– CNBC’s Kevin Breuninger contributed reporting.

WATCH LIVEWATCH IN THE APP More

Jim McIngvale, better known as “Mattress Mack,” has made history with a $5 million wager on the Cincinnati Bengals, the single-largest legal sports bet ever.
The previous record was set with a $4.9 million bet on the Super Bowl in 2002.
Last week, McIngvale, the owner of Gallery Furniture in Houston, drove across the Texas border into Louisiana to make a $4.5 million bet on the Bengals. If the team wins, he will collect $16.2 million.

Jim McIngvale, better known as “Mattress Mack,” has made history with a $5 million wager on the Cincinnati Bengals, the single-largest legal sports bet ever. The previous record was set with a $4.9 million bet on the Super Bowl in 2002.
The single money-line bet was made on the Caesars Sportsbook app in Louisiana, which launched mobile sports gambling on Jan. 28.

Last week, McIngvale, the owner of Gallery Furniture in Houston, drove across the Texas border into Louisiana to make a $4.5 million bet on the Bengals. If the Cincinnati team wins, he will collect $16.2 million.
McIngvale is known for making multimillion-dollar bets on big games. He lost a $3.25 million bet on the Houston Astros in the World Series last year and a $6 million bet on Alabama to win the college football championship in January.
Mack told CNBC in an interview that he wagers on sports as an insurance hedge for the sales promotions he runs to draw customers into his Houston-based furniture stores. The current promotion promises a refund on purchases of more than $3,000 if the Bengals win the Super Bowl.

WATCH LIVEWATCH IN THE APP More

There’s a land rush happening — and it’s not in New York City or Beverly Hills.
Early speculators, professional real estate agents, and celebrities are buying up land that doesn’t even exist in the real world. They are investing in metaverse real estate, a concept mind-boggling to most people.

So, what exactly is the metaverse? Technologists say the metaverse is the next level of the internet. It’s a virtual reality platform where people can play games, connect with friends, attend meetings, and even go to virtual concerts. Ever since Facebook announced it would change its name to Meta and focus on building its own digital world, interest in metaverse real estate skyrocketed.
In fact, real estate sales in the metaverse surpassed $500 million in 2021 and could double in 2022, according to data from MetaMetrics Solutions.
How much does it cost virtual land buyers?
The average real estate parcel in The Sandbox metaverse platform was worth $2,620 in mid-October, according to nonfungible.com. A month later, after Facebook’s announcement, that price skyrocketed to $11,042.
Watch the video above to learn more about the risks and rewards of investing in metaverse real estate.

WATCH LIVEWATCH IN THE APP More

An estimated 31.4 million adults plan to bet on Sunday’s Super Bowl matchup between the Los Angeles Rams and Cincinnati Bengals, according to the American Gaming Association.
Since the Supreme Court’s 2018 decision to overturn a federal law that banned sports betting in most places, legal wagers are now available in 30 states and Washington, D.C. 
Here’s what you need to know about how sports bets are taxed.

Algerina Perna | Baltimore Sun | MCT | Getty Images

If you plan to drop money on a Super Bowl bet this weekend, remember the IRS will be looking for its cut of your winnings.
Americans are expected to wager $7.61 billion on Sunday night’s matchup between the Los Angeles Rams and Cincinnati Bengals in Los Angeles, according to the American Gaming Association. And no matter where you place your bet — whether at a casino, online, through a pool or fantasy league, or at your neighbor’s annual bash — the IRS expects you to come clean at tax time.

“In a nutshell, no matter how much you win, or where or how … it is taxable,” said Susan Allen, senior manager for tax practice and ethics at the American Institute of CPAs.

An estimated 31.4 million adults plan to bet on Super Bowl 56, a 35% increase from 2021, research from the gaming association shows.
The growth comes as legalized sports betting spreads across the nation. Since the Supreme Court overturned a federal law in May 2018 that had banned it in most places, legal sports wagers are now available in 30 states and Washington, D.C. 
While you might be less likely to tell the IRS about money you win outside of regulated channels, just be aware that sports betting proceeds are nevertheless considered taxable income.

For casual gamblers placing wagers through regulated sports betting in states that allow it, the IRS makes it a bit easier for you by placing reporting requirements on the payor (i.e., the casino), as well.

Generally speaking, if you win more than $600 for a sports wager and the amount is 300 times the original bet, the payor is required to withhold 24% of your winnings for federal taxes.
There’s also a Form W-2G that you might receive, depending on how much you win. Fantasy sports players who win more than $600 generally get a Form 1099-MISC, or 1099-K, depending on how the money is paid out.
More from Personal Finance:These scams may cost you this tax seasonHere are 4 ways to slash your grocery billInflation eroded pay by 1.7% over the past year
“The point is that you’d get some form of tax statement that’s reported to the government and to you,” Allen said.
However, she said, even if you don’t get a form, your gambling income is still taxable.
Also, be aware that your final tax bill could be higher or lower than the amount withheld by the casino or a separate payor, depending on your other income and a variety of other factors. And even if no tax is withheld, you’re not off the hook for claiming that income on your IRS return.

One way to reduce what you owe on your winnings is to write off your gambling losses. Be aware, though, that you’d need to be able to back up your claims with documentation if the IRS were to ask for proof.
Additionally, you can only take a deduction for gambling losses if you itemize them on your tax return. The majority of taxpayers are not itemizers because they’re financially better off with the standard deduction, which was nearly doubled under the new tax law, in effect from 2018 through 2025. For 2022, that amount is $12,950 for single taxpayers, $25,900 for joint returns and $19,400 for taxpayers who file as head of household.
And, even if you do itemize, you cannot claim losses in excess of your actual winnings, Allen said.

WATCH LIVEWATCH IN THE APP More

Primary co-founders and co-CEOs Cristina Carbonell and Galyn Bernard shifted the online children’s clothing retailer to a four-day workweek during the pandemic and have no plans to go back to the longer week.
Courtesy: Primary

Millions of Americans are quitting their jobs and rethinking what they want when it comes to work and work-life balance. Companies are responding, meeting their employees’ needs in areas like remote work, flexible hours, four-day workweeks, compensation and more. This story is part of a series looking at the “Great Reshuffle” and the shift in workplace culture that is taking place right now.
Online children’s clothing retailer Primary’s four-day workweek was born out of the harsh impact of the Covid-19 pandemic on its employees.

Endless weeks of juggling work and home life were taking their toll on workers.
“Everyone was just really burnt out by the end of the week,” said Christina Carbonell, Primary’s co-founder and co-CEO.
“When folks were coming back in on Monday, people were just not refreshed and it was affecting productivity,” she said.
More from Invest in You:Companies are reinventing rules as workers seek flexibilityWant a four-day-workweek job? Here’s how to land oneCompanies raise perks to repay employees’ student loans
In May 2020, the New York-based company shortened its workweek, and Carbonell noticed an instant change, with people showing up to work rejuvenated.

That perk has since become part of the culture — and will be carried over after the public health crisis passes, as long as it works the way it’s intended. That means focused employees and no drop in productivity.
“It does feel life-changing, knowing that you have that day to catch up on everything, whether it’s thinking about a hard work problem or grabbing a doctor’s appointment that you haven’t gotten around to,” said Galyn Bernard, co-founder and co-CEO at Primary.
An online-only retailer, Primary doesn’t have the hassle of staffing bricks-and-mortar shops. Its 60 employees work regular hours Monday through Thursday, except for the customer support team, which is staffed on a four-day schedule that includes Friday. The pay rate is not downsized to reflect the shortened week.

It does feel life-changing, knowing that you have that day to catch up on everything.

Galyn Bernard
Co-founder and co-CEO of Primary

Efficiency is seen as key. What’s more, meetings have been trimmed — and some hours are blocked off as meeting-free.
With the four-day workweek in place, deadlines for seasonal launches weren’t changed and products arrived in the warehouses on time.
“We didn’t have to back off of our ambition or our goals, or lighten up the workload for people,” Bernard said. “They really rose to the occasion.”

A leg up in the Great Reshuffle

Primary’s leadership team cites twin goals: employees’ wellness combined with the company’s overall success.
The changes at Primary are happening during the so-called Great Reshuffle era, with Americans walking away from their jobs in record numbers.
“As we’ve looked back over the last couple of years, what we’ve seen is our attrition rate staying pretty flat, which I consider a huge win,” said Cap Watkins, the company’s chief experience officer.
As for job seekers and new hires, many are at first skeptical of a four-day workweek policy.
“The response from new hires is that it seems too good to be true; they can’t believe that we actually do it,” Carbonell said. “[But] it certainly is appealing to everyone who is looking to find the right balance in their lives.”

A movement underway

U.S. companies that have four-day workweeks are few and far between, but interest in the concept is slowly building.
In addition to the handful of employers that currently offer the shortened week, 35 companies in North America are set to start a trial of the initiative in April. It’s part of the nonprofit 4 Day Week Global’s plan, which has one pilot program underway in Ireland and one starting in the United Kingdom in June. More

Expedia CEO Peter Kern told CNBC on Friday he’s not worried about customers abandoning actual travel for a metaverse alternative.
“We’re certainly, like everyone else in the world, sort of intrigued by it …  but we’re pretty much about the ‘real-verse,'” Kern said.
Kern added, “I think for the foreseeable future, we feel pretty good about people wanting to be out in the world.”

Expedia Group CEO Peter Kern told CNBC on Friday he’s not worried about customers abandoning actual travel for a virtual-reality alternative.
“I don’t see [the metaverse] as a competitive threat. We’re certainly, like everyone else in the world, sort of intrigued by it …  but we’re pretty much about the ‘real-verse,'” Kern said in a “Squawk on the Street” interview.

Big names like Facebook-parent Meta have heralded the metaverse as the future, while a bevy of other companies from McDonald’s to Playboy plan to cash in on virtual reality. Real estate sales in the metaverse reached $501 million in 2021, and that’s expected to double this year.
But any activity in the metaverse still doesn’t compare to real travel, Kern said. “I don’t think the metaverse in my lifetime will ever make up for being in Paris, being in Rome, being in a national park. There’s just no replacement for that. Those experiences are what change our lives, and I don’t think that’s the same with a headset on on your couch.”
Expedia shares — up 10% year to date — gained more than 1% on Friday, the day after the company said it earned an adjusted $1.06 per share in the fourth quarter. That beat estimates but revenue was shy of expectations. Expedia said Covid-related impact on travel bookings was significant, but less severe and for a shorter duration due to omicron than prior variant waves. 
Kern said that flight cancellations and lockdowns stunted travel demand in Q4, but that travel “will be fine,” especially as more people who stayed home throughout the pandemic plan trips and consumers start to accept the new normal of travel risks. 
He acquiesced that while he might be wrong about the metaverse long term, he’s firm in his belief that customers won’t be trading away their passports for headsets anytime soon.
“Maybe I’ll be wrong. Maybe in 100 years we’ll all be batteries and sitting around with headsets on,” he said. “But I think for the foreseeable future, we feel pretty good about people wanting to be out in the world.”

WATCH LIVEWATCH IN THE APP More