Chevron takes a $10 billion hit

Chevron (CVX) announced Wednesday it dimmed its long-term outlook for oil and gas prices because of that glut of fossil fuels. The nation’s No. 2 oil company plans to take a $10 billion to $11 billion charge to reflect that gloomier outlook.
More than half of that non-cash charge is related to natural gas properties in Appalachia, although Chevron is also writing down the value of a major Gulf of Mexico deepwater oil drilling project.
Chevron pledged to cut funding to multiple natural gas projects in the United States and Canada. The company is even weighing selling those projects, underlining the weak outlook for natural gas.
Taken together, the moves by Chevron reflect the consequences of America’s shale oil and gas boom that has reshaped the global energy landscape.
The shale revolution has made the United States the world’s largest producer of both oil and natural gas, reducing the nation’s dependence on foreign energy. But an oversupply of fossil fuels, especially gas, is keeping a lid on prices. That’s great news for most households and businesses, but it’s putting pressure on energy producers.
“The announcement continues a wave of writedowns related to price downgrades,” Tom Ellacott, senior vice president of corporate analysts at consulting firm Wood Mackenzie, wrote in a note on Wednesday. “US shale gas assets have been hardest hit, reflecting the weak outlook for US gas prices.”

Chevron’s $4.3 billion gas deal backfired

Wall Street is pressuring Big Oil to keep its spending in check to prevent another crash in crude prices caused by excess supply. Oil companies are also under pressure to repair their debt-laden balance sheets.
Chevron is heeding that advice by announcing plans to keep spending flat at $20 billion for the third straight year. And that’s despite Chevron continuing to pump more money into the Permian Basin, the booming West Texas oilfield. Chevron plans to spend $4 billion on the Permian alone next year.
“We are positioning Chevron to win in any environment,” Chevron CEO Michael Wirth said in a statement, by investing in “the highest return, lowest risk projects in our portfolio.”
America is now the world's top oil producer, but cracks are emerging

Chevron said it will reduce funding to its Appalachia shale properties as well as international projects, including the Kitimat liquefied natural gas project in British Columbia.
The Appalachia writedown shows how Chevron’s 2011 takeover of Atlas Energy hasn’t paid off. That deal, valued at $4.3 billion including debt, greatly expanded Chevron’s exposure to Appalachia gas, especially in the Marcellus Shale of southwestern Pennsylvania.
Yet Chevron achieved just $1 billion of free cash flow from Marcellus shale gas between 2012 and 2019, according to Rystad Energy. Chevron’s large Marcellus portfolio isn’t worth more than $600 million in the current price environment, Rystad said.
“Obviously it can be viewed as massive value destruction,” Artem Abramov, head of shale research at Rystad, said in an email to CNN Business. “Persistent gas price weakness did not allow Chevron to generate any value from the assets.”
Chevron also said its revised oil price outlook resulted in an impairment charge at Big Foot, a US Gulf of Mexico oil drilling project. Chevron has previously said that the deepwater oilfield is estimated to contain total recoverable resources north of 200 million barrels.
“With capital discipline and a conservative outlook comes the responsibility to make the tough choices necessary to deliver higher cash returns to our shareholders over the long term,” Wirth said.
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Trump’s meeting with Lavrov ‘important’ but not a sign of thaw in US-Russia relations, Kremlin says

“Of course this is an important moment — the very fact that the Russian minister was received by the US President is an important point, of course,” Peskov said when asked in a conference call to comment on the meeting.
“It’s another matter that thus far we can’t talk about any positive shifts in our bilateral relations, but such contacts are important.”
Peskov’s comments come after Trump met Lavrov in Washington on Tuesday — the same day Democrats in Congress unveiled articles of impeachment against the President.
The meeting — their second in the Oval Office — focused on an arms control deal that includes China, the denuclearization of North Korea, Iran’s nuclear program and trade.
Trump meets Moscow's top diplomat amid impeachment probe

During their first meeting, Trump boasted about firing his FBI director and revealed classified information. The session also came to illustrate Trump’s unusual affinity for Russia, which has been criticized by Democrats, given Moscow’s attempts to help him win the 2016 election.
Trump praised Tuesday’s meeting as “very good.” His tweet made no mention of Russia’s war with Ukraine, but it did say he and Lavrov had discussed “election meddling.”
However, later at a news conference at the Russian embassy, the diplomat wouldn’t answer directly when asked about the White House claim that Trump had warned him about Russia interfering in the 2020 elections.
When asked if impeachment had come up, Lavrov said that he had “already responded and I said which topics were covered and as I said we did not talk about anything else.”
Lavrov was also asked asked whether it was a coincidence that Trump met with him on the day the House unveiled the articles of impeachment, to which he replied: “I do not know.” ​
He added, “Honestly, I was not interested in that.”

CNN’s Nicole Gaouette, Kevin Liptak and Kylie Atwood contributed reporting.

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The FAA will not let the 737 Max fly in 2019

President Donald Trump wants the Federal Reserve to keep cutting interest rates. That looks unlikely — at least for now.

Investors agree that the Fed, which announces its latest interest rate decision on Wednesday, will choose to sit tight for the time being.

From strategists at Bank of America: “The Fed’s communication since the October meeting has been crystal clear: policy is appropriate and there would need to be a ‘material reassessment’ of the outlook to adjust rates.”

A solid jobs report for November all but ensured that policy will remain unchanged.

Things get much more interesting when looking ahead to 2020.

Wall Street’s view: Goldman Sachs expects rates to stay on hold next year, with Fed members signaling one hike in 2021 and one in 2022. But not everyone agrees. UBS, for example, thinks that the Fed will cut interest rates in March, April and June.

Read more here.

A version of this story first appeared in CNN Business’ Before the Bell newsletter. You can sign up right here.

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6 of New York City’s best winter rooftops

New York City (CNN) — Where there’s a city with a spectacular skyline, there’s a way to see it from up high.

Sure, NYC’s rooftops are renowned as popular hangouts when the weather’s warm and the living’s carefree (summer Fridays, anyone?), but many are just as — if not more — exciting in winter.

Fred Dixon, president and CEO of NYC & Company, understands the love for a New York City rooftop: “The pinnacle of NYC nightlife is our rooftops.”

“The recent increase in elevated winter offerings by hotels and entertainment venues proves that demand is strong, even as the weather grows colder,” says Dixon.

From ice rinks to cozy igloos to warm beverages, New York has something for every visitor — and every travel season:

Pier 17

Pier 17's WinterLand includes an outdoor ice-skating rink with incredible views.

Pier 17’s WinterLand includes an outdoor ice-skating rink with incredible views.

Courtesy of The Howard Hughes Corporation Pier17

The South Street Seaport in downtown Manhattan is hotter than ever, thanks in part to Pier 17.

The venue’s WinterLand, which debuted last year, reminds locals and visitors alike that Bryant Park doesn’t have a monopoly on outdoor ice-skating. This rink, often enhanced by live music, offers unparalleled views of the East River, the Brooklyn Bridge and the Manhattan skyline.

The rink is family friendly with lessons for all ages. Adult libations are available for purchase by the 21-and-over crowd and can be sipped indoors or outdoors.

Enjoy a drink in the unique comfort of a warming hut as you prepare to skate for the first time in a decade or elevate your experience with a visit to R17, the restaurant and bar on the premises.

Sit by a roaring fire (albeit behind glass) as you nosh on poutine and sip a signature cocktail, such as the Smoked Old Fashioned or the Ume Royale, made with Veuve Clicquot Champagne.

Similar food and drink options can be found in the warming huts, where guests can grab a table and watch snowflakes cover the ice rink and the city.

Pier 17, 89 South Street NY, New York 10038

Westlight at The William Vale

Westlight, the rooftop lounge at The William Vale, beckons with its luxe setting and jaw-dropping views.

Westlight, the rooftop lounge at The William Vale, beckons with its luxe setting and jaw-dropping views.

Courtesy The William Vale Hotel

Whether you make your way from the G or the L train, The William Vale rises in the distance.

Long hip, Brooklyn knows how to throw a party, and cocktails at Westlight, the rooftop lounge belonging to The William Vale, beckons with its luxe setting and jaw-dropping views of Manhattan.

It’s not easy to decide on a drink, especially while floor-to-ceiling glass windows and doors attempt to divert your attention to the bright lights, big city, but this is why you’re here.

“At the Crossroads,” is mezcal-based and on the sweeter side. Same goes for the “Lower Level” — but replace mezcal with Suze, Pierre Ferrand Cognac, Velvet Falernum and Martini Ambrato, a boozy yet sweet concoction.

While eating isn’t a requirement, it’d be a mistake not to order a few items from the list of “Bites.” Must-haves include the curried cauliflower dip made with miso and Gruyere and baby back ribs topped with crushed peanuts.

Soon, guests of Westlight and the hotel will even be able to work off some of the inevitable indulgence: A skating rink is set to open one floor above the lounge. If you thought the panoramic views were impressive before, just wait until you venture even higher.

The Mark Penthouse

A private rooftop ice-skating rink reserved for penthouse guests is a new feature of The Mark's penthouse suite.

A private rooftop ice-skating rink reserved for penthouse guests is a new feature of The Mark’s penthouse suite.

Matte Projects

Beloved by bold-faced names who supposedly prize privacy — Meghan Markle had her baby shower here — The Mark Hotel on the Upper East Side is one of the city’s most elegant stays.

Their 12,000 square foot Mark Penthouse (the largest hotel suite in the US) is the epitome of luxurious excess. The two-story space includes with five bedrooms, eight bathrooms, four fireplaces, exquisite custom furnishings and views of Central Park.

This winter, however, The Mark is offering an extra serving of extravagance: A private rooftop ice-skating rink reserved for penthouse guests. This extraordinary, once-in-a-lifetime experience has a price tag to match. (Pricing upon request.)

Ophelia

Ophelia Lounge NYC

Ophelia Lounge NYC

Courtesy Ophelia Snowglobe in the Sky

The art deco Beekman tower, built in the 1920s, is one of the New York City skyline’s architectural stunners. Nestled between Sutton Place and The United Nations on Manhattan’s east side, locals and visitors delight in the clubby feel of the iconic building’s 26th floor rooftop bar, Ophelia.

This winter, Ophelia has morphed into a living snow globe, alight with stars and sparklers all in white. Enjoy expertly crafted cocktails while taking in the sweeping views of the East River and Midtown, a singular spot to enjoy the delights of the winter season.

And if the holiday crowds are too intimidating, consider a post-holiday gathering at Ophelia. As Dixon notes: “Travelers who choose the months of January and February to explore New York City are rewarded with a more intimate, tranquil experience.” Dixon cites cheaper hotel rates too, sweetening the deal further.

Ophelia, 3 Mitchell Place, New York, NY 10017, +1 (212) 980-4796

230 Fifth

The views from 230 Fifth's rooftop, whether from your igloo perch or one of the open spaces, are worth any hassle.

The views from 230 Fifth’s rooftop, whether from your igloo perch or one of the open spaces, are worth any hassle.

Courtesy of 230 Fifth

Snaking lines, complicated reservation systems — or no reservations — and gruff bouncers mean spontaneity isn’t often rewarded when it comes to having your (rooftop) cocktail and drinking it too. This is mostly the case at 230 Fifth, one of the city’s most cherished rooftops.

Getting a spot in one of 17 igloos, all first-come, first-serve, requires advance planning, i.e., send one member of your party early before the line is around the block.

Each igloo, newly-designed this year, can accommodate up to 12 people. For everyone else, there are robes and heating lamps. There’s a pre-paid reservation option at a cost of $40 person on weekends and $60 from Monday through Thursday with the money going toward food and drink if you don’t want to take a chance on snagging a spot.

The views, whether from your igloo perch or one of the benches, are worth any hassle. You may not even mind drinking your Apple Pie Cider — a winter specialty of the house made with vodka, apple cider, whipped cream and cinnamon — out of a paper coffee cup.

While the city boasts myriad viewing platforms, few are set in the middle of the action. At 230 Fifth, you’re in the center of it all — in an igloo if you’re lucky.

Chalet de Ning at The Peninsula

The west terrace of the hotel's rooftop bar, Salon de Ning, has been transformed into a winter chalet, outfitted with faux fur blankets, a fake, Malm-esque fireplace, and soft white lights everywhere.

The west terrace of the hotel’s rooftop bar, Salon de Ning, has been transformed into a winter chalet, outfitted with faux fur blankets, a fake, Malm-esque fireplace, and soft white lights everywhere.

Courtesy of The Peninsula New York

Looking for a little apres-ski vibe in NYC?

The iconic Peninsula New York Hotel has you covered. The west terrace of the hotel’s rooftop bar, Salon de Ning, has been transformed into a winter chalet, outfitted with faux fur blankets and a fake, Malm-esque fireplace, inside what can only be described as a plastic igloo.

The domed “Chalet de Ning” offers guests a unique opportunity to snuggle down far above the frenzied pace and honking horns of bustling Fifth Avenue. Arrive by 5 p.m. or shortly after and you and your party can settle into one of a handful of intimate seating arrangements, complimented by stellar, attentive service.

Lean into the hygge by ordering the Gluhwein (a mix of Malbec, Grand Marnier, cinnamon and clove), or pen a painted postcard that the folks at The Peninsula will mail anywhere in the world.

Honorable mentions

In a city that never sleeps, there are many more honorable mentions.

Travelers passing through JFK International Airport may want to tack a night on to either side of their NYC trip with a stay at the recently opened TWA Hotel. Its 63-foot rooftop infinity pool overlooks one of the airport’s busiest runways, and this winter, it’ll be heated to a cozy 100 degrees Fahrenheit.
On New York City’s Lower East Side, Hotel Indigo, home to the perennially popular Mr. Purple nightclub, another rooftop igloo welcomes partygoers who wish to take a break from dancing.
At Refinery Hotel, a stone’s throw from the Empire State Building, a retractable, glass-covered rooftop provides epic views of the ever-impressive Manhattan skyline. And with 10 signature cocktails to choose from, the only real question is: What are we drinking?
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Saudi Aramco shares spike after historic market debut

Saudi Arabia’s giant state-owned oil monopoly last week pulled off the biggest IPO in history, raising $25.6 billion by selling 1.5% of the company. That exceeded even Alibaba’s 2014 market debut in New York.
The IPO on Saudi Arabia’s Tadawul stock exchange in Riyadh valued Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple (AAPL), which is worth nearly $1.2 trillion.
OPEC and its allies agree to deeper production cuts to prop up oil prices

Shares in Saudi Aramco shot up to 35.20 riyals ($9.39) following their debut on Wednesday, the maximum daily increase allowed by the exchange. That brought the company’s valuation to $1.88 trillion.
The vast majority of buyers for the stock are in Saudi Arabia. Samba Capital, which managed the IPO, said Tuesday that 97% of retail investors who received shares were from the country. More than 75% of shares sold to institutional investors went to Saudi companies, funds and government institutions.
First promoted in 2016, the company’s partial privatization was supposed to usher in a new era of economic liberalization in Saudi Arabia.
The Saudi government initially discussed floating 5% of the company in 2018 in a deal that would raise as much as $100 billion. It was looking at international markets such as New York or London, as well as Riyadh, signaling that the country was open to global investment.
Yet the project was shelved amid concerns about legal complications in the United States, doubts about the $2 trillion valuation, and international outrage triggered by the murder of journalist Jamal Khashoggi in a Saudi consulate in Turkey.
Saudi Aramco raises $25.6 billion in the world's biggest IPO

Saudi Aramco raises $25.6 billion in the world's biggest IPO

The deal was revived earlier this year, but received muted interest from international investors. Concerns included lower oil prices, the climate crisis and geopolitical risks associated with the company.
The price of shares will likely be supported in coming days by last week’s decision from OPEC, Russia and other oil producing nations to deepen production cuts in an attempt to shore up prices. Brent crude, the international benchmark, is up 1.8% in the past week.
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Time Person of the Year: Climate crisis activist Greta Thunberg

Each year, the magazine features the most influential person, group, movement or idea of the previous 12 months. Last year, it was “The Guardians,” a group of journalists who have been targeted or assaulted for their work. In 2017, it was “The Silence Breakers,” the group of people who came forward to report sexual misconduct. Past Persons of the Year include Adolf Hitler, Ayatollah Khomeini and Joseph Stalin.
Time editor Ed Felsenthal unveiled the Person of the Year on the “Today” show on Wednesday.
The shortlist this year included Donald Trump, Nancy Pelosi, The Whistleblower and the Hong Kong protestors.
Please check back for updates to this developing story.
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Nobel Peace Prize winner defends her government against genocide accusations

Addressing the International Court of Justice (ICJ) at the Peace Palace in the Netherlands, the Nobel Peace Prize winner said that “genocidal intent cannot be the only hypothesis” regarding the Myanmar military’s operations in Rakhine state in the summer of 2017.
More than 740,000 Rohingya to fled into neighboring Bangladesh in 2016 and 2017 during the ensuing violence. Survivors have recounted harrowing atrocities including gang-rape, mass killings, torture and widespread destruction of property at the hands of the Myanmar army.
The violence has been described as genocide by a UN fact-finding commission.
The ICJ case is the first international legal attempt to hold Myanmar accountable for the Rohingya crisis. Based in The Hague, the 15 judges of the ICJ are tasked in part with settling legal disputes between states.
Return to Rakhine: 'Genocide never happened in this country'

Suu Kyi is leading a delegation representing Myanmar at the ICJ responding to allegations brought by the tiny African nation of Gambia that Myanmar, also known as Burma, committed “genocidal acts” that “were intended to destroy the Rohingya as a group” through mass murder, rape, and destruction of communities.
Suu Kyi’s main argument rested on the premise that the country was dealing with an armed conflict in Rakhine state that was challenging the “sovereignty and security of Myanmar.”
Myanmar defense forces were responding to “coordinated and targeted” attacks on villages and police outposts from a Rohingya insurgent group called the Arakan Rohingya Salvation Army (ARSA), she said.
Suu Kyi characterized those “clearance operations” by the military as legitimate counter terror operations against the ARSA.
However, Suu Kyi did not address the alleged atrocities laid out by the Gambian delegation in the opening hearings on Tuesday, admitting only that “disproportionate force” could not be ruled out in some cases, or that the military “didn’t distinguish clearly enough between ARSA fighters and civilians.”
Suu Kyi also told the court that Myanmar’s own independent investigators had the capacity to investigate and if war crimes or human rights abuses were committed by the military or civilians, “they will be prosecuted.”
Protesters in support of Myanmar's State Counsellor Aung San Suu Kyi stand in front of the Peace Palace of The Hague.

Protesters in support of Myanmar's State Counsellor Aung San Suu Kyi stand in front of the Peace Palace of The Hague.

Only seven soldiers have ever been prosecuted on charges relating to the Rohingya crisis. They served less than one year of a ten-year sentence for the killing of 10 Rohingya men and boys in the village of Inn Din.
“Can there be genocidal intent on the part of the state that actively investigates?” she asked.
Following the presentation, the Global Justice Center said the picture Suu Kyi built up of an “internal military conflict with no genocidal intent” was “completely false.”
“Multiple independent agencies and experts, as well as Rohingya themselves, have documented mass killings, widespread rape, and wholesale destruction of land and property intentionally inflicted on innocent civilians. The government has discriminated against the Rohingya for decades. This is genocide and it’s precisely what the Genocide Convention set out to prevent,” Akila Radhakrishnan, Global Justice Center President, said in a statement.
Many in the international community have questioned how a Nobel laureate renowned for fighting for democracy and human rights is now justifying her government’s persecution of the Muslim minority.
Yanghee Lee, the UN Special Rapporteur on human rights in Myanmar, told CNN before the hearings on Wednesday that ever since Suu Kyi’s party the National League for Democracy came to power after winning landslide elections in 2015, she has been “singing from a different song sheet.”
“We have to be aware that there are two Aung San Suu Kyi’s in Myanmar. The Aung San Suu Kyi prior to the 2015 election and the one post 2015 elections. The one we are seeing in The Hague is post 2015,” Lee said.
The special rapporteur said that when she pushed Suu Kyi to visit Rakhine state, her access to the country was threatened.
“She repeated the phrase, ‘if you continue this narrative you may not get any access to the country’. That was when I was really appalled,” Lee said.
Domestically, Suu Kyi’s appearance at The Hague could help bolster political support at home ahead of elections in 2020 — she is still widely popular in Myanmar.
Outside the Peace Palace on Wednesday, crowds of her supporters waved banners and posters reading: “We stand with Aung San Suu Kyi”
But by defending the military’s actions in Rakhine state, Lee said, “This way she cannot erase the truth that she is complicit in genocide and responsible for genocide.”
On Tuesday, the United States tightened sanctions on Myanmar’s Commander-in-Chief of the armed forces Min Aung Hlaing, his deputy Soe Win and two other military leaders for “serious human rights abuse” in Rakhine.
The sanctions under the Magnitsky Act freeze any US assets held by those sanctioned and stops Americans from conducting financial transactions with them.
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Why the Fed is about to become a ‘sideshow’

President Donald Trump wants the Federal Reserve to keep cutting interest rates. That looks unlikely — at least for now.
Investors agree that the Fed, which announces its latest interest rate decision on Wednesday, will choose to sit tight for the time being.
From strategists at Bank of America: “The Fed’s communication since the October meeting has been crystal clear: policy is appropriate and there would need to be a ‘material reassessment’ of the outlook to adjust rates.” A solid jobs report for November all but ensured that policy will remain unchanged.
Things get much more interesting when looking ahead to 2020.
Wall Street’s view: Goldman Sachs expects rates to stay on hold next year, with Fed members signaling one hike in 2021 and one in 2022. But not everyone agrees. UBS, for example, thinks that the Fed will cut interest rates in March, April and June.
“We still expect three cuts in the first half of 2020, because we see the US economy slowing meaningfully early next year,” chief US economist Seth Carpenter said in a recent note to clients.
Much of this ambiguity is intentional. Fed Chair Jerome Powell is clearly keen to stay flexible, giving the central bank room to respond to new developments on trade or weaker-than-expected economic growth.
But that doesn’t give markets much to work with in the meantime.
“This will essentially make the Fed a sideshow for the next few months as attention turns to policy risks around the trade conflict and the upcoming presidential election,” said Joseph Brusuelas, chief economist at tax advisory and consulting firm RSM.

Saudi Aramco shares pop 10% after biggest IPO ever

Saudi Aramco shares increased 10% when they began trading on Wednesday — capping a stock market debut that shattered records but failed to achieve the $2 trillion valuation sought by Crown Prince Mohammed bin Salman.
Saudi Aramco shares increase 10% after world's biggest IPO

Remember: Saudi Arabia’s giant state-owned oil monopoly pulled off the biggest IPO in history last week. It raised $25.6 billion by selling 1.5% of the company. That exceeded even Alibaba’s 2014 market debut in New York.
Shares in Saudi Aramco shot up to 35.20 riyals ($9.39) on Wednesday, the maximum daily increase allowed by the exchange. That brought the company’s valuation to $1.88 trillion, up from $1.7 trillion. It’s by far the most valuable publicly traded company in the world.
But the real test for Aramco is where shares go in the weeks and months to come.
International interest in the company looks muted, with the Saudi government relying heavily on domestic support for shares.
See here: Samba Capital, which managed the IPO, said Tuesday that 97% of retail investors who received shares were from the country. More than 75% of shares sold to institutional investors went to Saudi companies, funds and government institutions.
Such limited global interest could hurt Saudi Arabia’s ability to list additional shares on a foreign exchange.

The UK election could send the pound crashing

Investors are betting that Prime Minister Boris Johnson will sweep to victory in Thursday’s election. If he doesn’t, the pound and UK stocks are poised to plunge.
The pound has strengthened about 2% since the general election was called in late October, and on Wednesday was trading near a seven-month high around $1.31, and way above a low of $1.20 hit in August. The FTSE 250 index of midsize British companies has gained roughly 3%.
Post-election predictions: Should Johnson’s Conservatives win, UK markets are expected to hold onto recent gains, though they may not rally much beyond that. But an unexpectedly strong showing from Labour could result in a shock.
The odds of the opposition party winning an outright majority look small. But recent polling suggests there’s still the chance of a hung parliament, which would open the door to Labour forming a minority government with the support of a smaller party.
Here’s more on the outlook for investors, as well as a rundown of where Johnson and Jeremy Corbyn stand on issues affecting business and the economy.
American Eagle Outfitters (AEO) reports earnings before US markets open. Lululemon (LULU) and Tailored Brands (TLRD) follow after the close.
Also today:
  • US inflation data arrives at 8:30 a.m. ET.
  • The Federal Reserve’s latest interest rate decision hits at 2 p.m. ET.
Coming tomorrow: The United Kingdom heads to the polls for its third general election in four years — with lots on the line for the pound.
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Apple’s new Mac Pro could cost you more than $52,000

It’s the computer’s first update in six years and it looks drastically different than its predecessor. Apple ditched the previous “trash can” cylinder design for a more traditional tower shape that has several holes for cooling and a handle on top. The computer is loaded with a 28-core Intel (INTC) and 1.5 TB of system memory.
It comes at a cost: $6,000 for the computer alone. Cusotmers can also have to buy the 32-inch 6K retina LCD display, called the Pro Display XDR, for an additional $4,999. There’s also a $999 monitor stand, but the computer can be used without it if you lean the monitor against the computer or purchase a mount adapter.
The computer could cost more than $52,000 if a shopper chooses all the high-end options and pre-installed software. For example, Apple is selling 1.5 TB of memory that costs an additional $25,000.
Apple's Mac Pro sits on display in the showroom during Apple's developer conference earlier this year.

Apple (AAPL) first showed off the Mac Pro at its World Wide Developers Conference in June. Although it preorders will be available Tuesday, when it will actually ship remains unclear.
The computer is built in the United States because of a federal tariff exclusion it received for several key parts of the device. Over the summer, reports indicated Apple might move assembly of the product from a Texas plant to China because of the US-China trade war.
President Donald Trump toured the plant in November, where he falsely claimed he “opened” it despite the fact that Apple has been making the Mac Pro at the Austin facility since 2013.
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GM unveils even bigger Tahoe and Suburban SUVs

GM’s new Chevrolet Corvette, unveiled last July, may be more exciting, but these two SUVs are far more important to the automaker’s profits. The Tahoe and Suburban account for more than 40% of America’s non-luxury full-size SUV market, according to data from Kelly Blue Book.
The 2021 Chevrolet Tahoe is much longer than the current version.

The Suburban is identical to the Tahoe except that it’s always been longer, allowing for more cargo space. That’s still true in these new versions, but they are now closer in size. The 2021 Tahoe is 6.7 inches longer than the current one. The new Suburban is 1.3 inches longer than the Suburban’s now on sale. Both also have longer wheelbases. That’s the distance from the front wheels to the back wheels. A longer wheelbase improves ride quality and handling.
Thanks, in part, to that extra length, these new SUVs have more cargo space and 10 inches more legroom for passengers in the third row seats, according to GM. The new Tahoe, for example, has 66% more cargo space behind the seats. (The space behind the third-row seats increases from 15.3 cubic feet to 25.5.)
The new SUVs also have independent rear suspension that should improve handling and ride quality. Until now, these large SUVs have had solid rear axles. That’s similar to the rear suspension of GM’s pickup trucks. Solid rear axles are considered to be better for hauling heavy loads and for rugged duty like off-road driving. But most cars and SUVs today have independent suspension which provides a smoother ride and better control while also allowing for more interior space.
The new GM full-size SUVs will have more sophisticated independent rear suspension for a better ride and handling.

The new GM full-size SUVs will have more sophisticated independent rear suspension for a better ride and handling.

The main competitor to the Tahoe and Suburban, the Ford Expedition, has had independent rear suspension for a long time. GM had held off on making the change because it required major alterations at the Arlington, Texas factory where these SUVs are made, said Tim Herrick, vice president of global product programs at GM (GM).
The new GM SUVs also have adjustable adaptive suspension. With this, the SUVs’ height off the ground can vary. For instance, it can lower 2 inches when parked to make it easier to get in and out and it can rise up when driving off-road. The suspension can also soften over rough roads and stiffen when more control is needed on a curvy road. The SUV also lowers down during highway driving for better aerodynamics and better fuel economy, Herrick said.
The Tahoe and Suburban will be available with either of two V8 gasoline engines, one producing up to 355 horsepower or a larger one producing up to 420. A six-cylinder diesel engine is also available, the first time a diesel has been offered in these models. To save fuel, the V8 engines can shut off anywhere from one to seven cylinders when full power isn’t needed. The engine can also shut off automatically when the vehicle stops, then restarts as soon as the brake pedal is released, as on many new cars and SUVs. GM has not released fuel economy ratings for these vehicles yet.
The new Tahoe and Suburban will go on sale in the middle of 2020, according to GM. Pricing hasn’t been announced yet but the Tahoes and Suburbans at dealerships now start at around $50,000.
The Tahoe and Suburban are available with a 10-inch touchscreen and a 15-inch head-up display which projects information in the SUV's windshield.

The Tahoe and Suburban are available with a 10-inch touchscreen and a 15-inch head-up display which projects information in the SUV's windshield.

GM also uses the engineering of the Tahoe and Suburban in its GMC Yukon and Cadillac Escalade models. New versions of those big SUVs haven’t been unveiled yet but are expected soon. All are built in GM’s Arlington, Texas assembly plant.
Including the GMC Yukon, GMs full-size SUVs account for almost two-thirds of all large non-luxury SUV sold in the US, according to data from Kelley Blue Book (That statistic does not include sales of the Escalade, which is considered a luxury SUV.)
People buy these sorts of SUVs because they need the size for cargo and people, while they may also want the towing capabilities and ruggedness, said Kelly Blue Book’s Allyson Harwood. Some buyers also just like their truck-like appearance and feel but need the passenger space of an SUV, she said.
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