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Tag Archives: energy markets

New Mexico moves to cut spending to offset oil bust

An oil and gas drilling rig operating in the Permian Basin near Farmington, New Mexico. (Image courtesy of Encana Corp)

SANTA FE, N.M. (AP) — The state of New Mexico slashed revenue projections for this year and next by a quarter-billion dollars because of low oil and natural gas prices and took initial steps Saturday toward reducing general fund spending next year. A somber Senate Finance Committee unveiled budget amendments that would shave spending across state agencies this fiscal year, ...

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Oklahoma budget hole jumps to $1.3 billion amid downturn

"Foggy Bottom Pump Jack" in Duncan, Oklahoma. (Image: duggar11 via Flickr)

OKLAHOMA CITY (AP) — Oklahoma finance officials say the hole in next year’s budget has increased to $1.3 billion, or nearly 20 percent of last year’s spending, amid depressed oil prices. The Office of Management and Enterprise Services announced Thursday that plunging revenue collections have widened the shortfall from the original projection of $900 million in December. A state panel ...

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Hong Kong, Seoul stocks sharply lower after holidays

Currency traders look at the computer monitors near the screens showing the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Thursday, Feb. 11, 2016. Asian stocks shuddered again Thursday, led by sharp drops in Hong Kong and South Korea, which were catching up to global market turmoil after being shut for Lunar New Year holidays.(AP Photo/Lee Jin-man)

SEOUL, South Korea (AP) — Asian stocks shuddered again Thursday, led by sharp drops in Hong Kong and South Korea, which were catching up to global market turmoil after being shut for Lunar New Year holidays. KEEPING SCORE: Hong Kong’s Hang Seng fell 4 percent to 18,526.03 after opening as much as 5 percent lower. South Korea’s Kospi dropped 2.8 ...

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US markets dive amid global selloff

FILE - This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange. Global markets shuddered again Thursday, Feb. 11, 2016, with bank stocks in particular getting hammered, oil falling further and investors turning to perceived safe havens like gold. (AP Photo/Mark Lennihan, File)

U.S. stocks moved sharply lower early Thursday following steep market declines all around the world as concerns about global economic weakness intensified. Financials stocks were among the biggest decliners as investors worried that interest rates in the U.S. and elsewhere would remain low. KEEPING SCORE: The Dow Jones industrial average fell 173 points, or 1.1 percent, to 15,741 as of ...

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Companies lose billions buying back their own stock

NEW YORK (AP) — If you think your stocks are doing poorly, check out the performance of some of the most sophisticated investors, the ones with more knowledge about what’s going on inside businesses than anyone else: Companies that buy their own shares. The companies losing money on these bets are down a collective $126 billion over the past three ...

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Yellen: Slower rate hikes if economy disappoints

The Federal Reserve Bank of New York. (Image: Alex via Flickr)

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said the U.S. economy faces a number of global threats that could hamper growth and compel the Fed to slow the pace of future interest rate hikes. She highlighted in her semiannual report to Congress the widening fallout from concerns over China’s weaker currency and economic outlook, which is rattling financial markets ...

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