Business News
Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat5/26/2017 1:01:25 AMSINGAPORE - Crude prices remained subdued early on Friday after an agreement by OPEC to extend existing supply curbs disappointed many who had hoped for larger cuts.OPEC, non-OPEC extend oil output cut by nine months to fight glut5/25/2017 7:27:29 PMVIENNA - OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.Big drop in U.S. oil stocks finally on the way, traders say5/25/2017 8:42:53 PMNEW YORK - Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years.U.S. inflation path since 2012 is worrisome, policymaker says5/26/2017 3:00:18 AMTOKYO - The current level of U.S. prices is noticeably lower than what it would be if the Federal Reserve had delivered on its 2-percent inflation target, St. Louis Federal Reserve President James Bullard said, calling the trend "worrisome."New Ford CEO relies on veterans to reboot profits5/25/2017 5:19:17 PMBENGALURU/DETROIT - Ford Motor Co on Thursday reshuffled senior management and brought back a former executive from Uber Technologies Inc, signaling its new chief executive officer will rely on tested company veterans to turn Ford around rather than outside talent.Exclusive: Bankrupt Westinghouse ends pensions for ex-CEOs, executives5/25/2017 4:36:54 PMWILMINGTON, Del - Bankrupt Westinghouse Electric Co LLC, the U.S. nuclear technology firm owned by Toshiba Corp , has stopped making pension payments to former executives, according to a letter seen by Reuters, removing a benefit that has helped the company retain top talent.U.S. court fines UPS $247 million over illegal cigarette shipments5/26/2017 3:20:06 AM - A federal judge ordered United Parcel Service Inc to pay nearly $247 millionĀ in damages and penalties for "illegally shipping" large volumes of untaxed cigarettes in New York state and City, a court filing showed on Thursday.Oil remains weak after OPEC-led output cut extension falls below expectations5/26/2017 1:30:28 AMSINGAPORE - Oil markets remained weak on Friday after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger supply curbs.Wilbur Ross seeks bigger budget for trade enforcement5/25/2017 4:10:01 PMWASHINGTON - U.S. Commerce Secretary Wilbur Ross said on Thursday that a $5.5 million increase requested for the agency's enforcement budget this year will have a "real impact" in cracking down on unfair trade practices and export security violations.GM is accused in lawsuit of cheating on diesel truck emissions5/25/2017 7:24:05 PM - General Motors Co was accused in a lawsuit on Thursday of rigging hundreds of thousands of diesel trucks with devices similar to those used by Volkswagen AG , to ensure they pass emissions tests.