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Winning bids adjusted: The first Gulf oil and gas lease sale of the second Trump administration generated close to $21 million more in winning bids than previously announced. The Interior’s Bureau of Ocean Energy Management tabulated the results last Wednesday after its lease sale but later updated them. The winning bids totaled over $300.4 million, higher than the originally announced $279.4 million. Read more from Bloomberg. A subscription may be required.
Slipping: After years of soaring gains, U.S. home equity is slipping. Borrower equity fell 2.1% year over year in the third quarter, a $373.8 billion drop, as price growth cools. Average homeowners lost $13,400, while negative equity rose, hitting recent, highly leveraged buyers hardest in select markets. Read more from CNBC.
Thousands of jobs: Consulting giant McKinsey is weighing plans to cut about 10% of nonclient-facing staff, potentially eliminating thousands of jobs over the next two years, as revenue growth stalls. The international firm still plans to hire frontline consultants, reflecting a broader industry slowdown and growing cost pressures. Read more from Bloomberg. A subscription may be required.
