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Container shipping giant Maersk names new CEO


COPENHAGEN, Denmark (AP) — The world’s largest shipping company, A.P. Moller-Maersk group, has appointed an insider as its new chief executive, sending its shares up more than 9 percent amid hopes he might help turn the company around. The Danish conglomerate, which is also an oil company, said Thursday that Soeren Skou, CEO of the container-shipping division Maersk Line, will ...

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Asian stocks rise amid hopes Britain will stay in EU

European Union, opening stocks

BEIJING (AP) — Asian stocks edged higher Tuesday on optimism Britain will vote to stay in the European Union but gains slowed as investors awaited an economic report by the head of the U.S. Federal Reserve. KEEPING SCORE: The Shanghai Composite Index gained 0.5 percent to 2,903.67 and Tokyo’s Nikkei 225 advanced 0.4 percent to 16,027.92. Hong Kong’s Hang Seng ...

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Puerto Rico oil company charged in $11M corruption case

SAN JUAN, Puerto Rico (AP) — The owner of Puerto Rico’s biggest oil supplier was accused Monday of misappropriating $11 million in public funds from the largest U.S. public power utility amid a dire economic crisis. Jose Gonzalez Amador and his company, PetroWest, face 46 criminal charges. They are alleged to have charged the heavily indebted Puerto Rico Electric Power ...

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Marathon Oil to pay $888 million for PayRock Energy

marathon oil

NEW YORK (AP) — Marathon Oil said Monday that it has agreed to pay $888 million for PayRock Energy Holdings, increasing the amount of oil producing land it owns in Oklahoma. PayRock has 61,000 net surface acres that produces 9,000 net barrels of oil equivalent per day, Marathon said. Houston-based Marathon is buying PayRock from oil and gas investment firm ...

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Obama announces new Los Angeles-based manufacturing hub

manufacturing hub, LA

WASHINGTON (AP) — The Obama administration selected a Los Angeles group Monday to lead an effort aimed at making manufacturing companies more competitive globally by helping them consume less energy and produce less waste. The Smart Manufacturing Leadership Coalition in Los Angeles will receive $70 million from the federal government to establish the ninth of 15 “manufacturing hubs” that President ...

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Public power transparency is at risk

Editorial from Lincoln Journal Star. June 15, 2016. Public utilities can make a case for keeping some information secret on their costs for generating electricity, but they should be very careful where they draw the line. They should withhold only absolutely essential information from the public. To withhold anything more would distance the governing boards and executives from their owners – ...

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US industrial output fell in May; auto production plummeted

industrial output

WASHINGTON (AP) — Falling auto production fueled a broader decline in U.S. industrial output in May, a potentially worrying sign that manufacturers face economic challenges. The Federal Reserve said Wednesday that industrial output — which includes factories, mines and utilities — dropped 0.4 percent from April. The decline reversed the 0.6 percent gain seen between April and March, an improvement ...

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