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Volkswagen official urges US to consider fallout of fines

Volkswagen official urges US to consider fallout of fines

BERLIN (AP) — The head of Volkswagen’s employee council said Tuesday he hopes that American authorities will consider the potential fallout on jobs in the U.S. and beyond as they mull what fines to impose on the company over its emissions-rigging scandal. The cost to Volkswagen of the scandal that erupted in September remains unclear. In January, the Justice Department ...

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Halliburton to cut 5,000 more jobs

Halliburton to cut 5,000 more jobs

Oilfield services company Halliburton will eliminate 5,000 more jobs – about 8 percent of its global workforce. Ongoing market conditions led to the decision, according to a statement by Halliburton. As oil prices hover near $30 per barrel, producers struggle to remain viable. Benchmark U.S. crude sold for $33.07 on Thursday. “We regret having to make this decision but unfortunately ...

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Shell reports 44 percent drop in 4Q earnings

Shell reports 44 percent drop in 4th quarter earnings

LONDON — Royal Dutch Shell said fourth-quarter earnings tumbled 44 percent as the collapse in oil prices took its toll on another European oil company. Profit adjusted for changes in the value of inventories and one-time items dropped to $1.83 billion from $3.26 billion in the same period a year earlier, the Anglo-Dutch energy giant said Thursday. The results came ...

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BP posts 91 percent plunge in fourth quarter earnings

BP posts 91 percent plunge in fourth quarter earnings

LONDON — BP’s fourth-quarter earnings plunged 91 percent amid sharp declines in oil prices as the British energy company continued to make provision for the Deepwater Horizon disaster in the Gulf of Mexico and streamline operations. The company reported Tuesday that underlying replacement cost profit fell to $196 million from $2.2 billion in the same quarter a year earlier. The ...

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Proposed federal rule costly for Gulf oil operations

Proposed federal rule costly for Gulf oil operations

Exploratory drilling in the Gulf of Mexico could decline by 55 percent under a proposed federal rule, according to a new study. The proposed Well Control Rule addresses recommendations made after the Deepwater Horizon oil spill. It tightens standards on blowout preventers and puts more controls on how companies drill and monitor wells on the ocean floor. A study by ...

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Saudi races to attract investment, create jobs in overhaul

Saudi races to attract investment, create jobs in overhaul

RIYADH, Saudi Arabia — Saudi Arabia is racing to attract more investment and overhaul its economy as low oil prices expose it to urgent domestic challenges. For months, Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has been working with teams of international consultants, regulators, advisers and government agencies to launch a “National Transformation Program,” or NTP, to help the ...

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IEA: Oil prices may fall further this year

Oil prices may fall further this year, the IEA says

NEW YORK — The International Energy Agency says oil prices may fall further this year due to low demand, warm winter weather and an oversupply of crude. The organization, which advises countries on energy policy, said in its monthly report Tuesday that global excess supply may reach 1.5 million barrels per day during the first half of the year. “Unless ...

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US retail sales dipped in Dec.; low gas prices a key factor

US retail sales dipped in Dec.; low gas prices a key factor

WASHINGTON — Americans tapered off from shopping toward the end of the holiday season, while lower gasoline prices cut into overall retail sales in December. The Commerce Department said Friday that retail sales dipped a seasonally adjusted 0.1 percent last month to $448.1 billion after having climbed a solid 0.4 percent in November. The report shows consumer tastes shifting toward ...

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US added strong 292K jobs last month; jobless rate at 5 pct.

US added strong 292K jobs last month; jobless rate at 5 pct.

WASHINGTON — American employers added a robust 292,000 jobs in December, suggesting that the U.S. economy is so far defying global weakness and growing solidly. The strong figures underscore the resilience of the United States at a time of financial turmoil stemming from China’s slowing economy and plummeting stock market. Most economists expect U.S. consumer spending to continue to offset ...

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