OPEC Agrees to Cut Oil Production; Pump Prices Likely to Rise
OPEC agreed to cut production for the first time in eight years, according to a delegate briefed on the matter, sending oil prices more than 6% higher as Saudi Arabia and Iran wrong-footed traders who expected a continuation of the pump-at-will policy the group adopted in 2014.
September 28, 2016Hanjin Group to Provide $90 Million in Aid to Shipping Line
Hanjin Shipping Co.’s owner will provide $90 million (100 billion won) as part of efforts to contain disruptions to the global supply chain stemming from the container line’s court-receivership filing.
September 6, 2016NFI Will Pay $1 Million to Settle Overtime Probe
National Freight Inc. will pay about $1 million to settle a Labor Department investigation that concluded the New Jersey-based warehouse and distribution company didn't pay 357 driver dispatchers and yard spotters for overtime, the DOL announced.
August 26, 2016Revised Second-Quarter Figures Show 1.1% GDP Growth
The U.S. economy grew less than previously reported last quarter on lower government outlays and a bigger depletion of inventories, capping a sluggish first-half performance propped up mainly by consumer spending.
August 26, 2016Consumer Sentiment Increases by Less Than Forecast
Consumer confidence in the United States rose less than forecast in August, reflecting a pullback in views on personal finances among younger Americans.
August 12, 2016Retail Purchases Stall as Car Sales Improve
Sales at U.S. retailers were little changed in July as Americans flocked to auto dealers at the expense of other merchants.
August 12, 2016Wal-Mart to Acquire Jet.com for $3.3 Billion to Fight Amazon
Wal-Mart Stores Inc. agreed to buy e-commerce startup Jet.com Inc. for about $3.3 billion, giving the world’s largest retailer the resources for a stronger shopping website to compete with market leader Amazon.com Inc.
August 8, 2016SAF Offers $495 Million for Haldex in Truck-Parts Combination
SAF-Holland SA has offered $495 million (4.2 billion kronor) to buy Haldex AB, a combination of truckmaking suppliers that could help match mechanical parts with sensors and electronic components as big rigs increasingly link up to the internet.
July 14, 2016NHTSA Opens Investigation Into Fatal Crash of Tesla on Autopilot
U.S. regulators are investigating a fatal accident involving a Tesla Motors Inc. sedan that was driving on autopilot, drawing scrutiny to a key technology the electric-vehicle maker is betting on for the future of self-driving cars.
July 1, 2016OPEC Decides Not to Set Cap on Oil Output
OPEC will stick to its policy of unfettered oil production after members failed to agree on a new output ceiling.
June 2, 2016