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• Exxon, Shell may pursue part of $1.8 billion Nigerian award-
  NEW YORK (Reuters) - A U.S. appeals court on Friday said Exxon Mobil Corp and Royal...
  NEW YORK (Reuters) - A U.S. appeals court on Friday said Exxon Mobil Corp and Royal Dutch Shell Plc affiliates may try to enforce part of a $1.8 billion arbitration award against Nigeria's state-run oil company, in a dispute concerning oil extraction near the African country's coastline.
  
  In a 3-0 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in rejecting the entire October 2011 award, which by 2018 had grown to $2.67 billion including interest, against Nigerian National Petroleum Corp.
  
  It said the judge should have determined which parts of the award had been deemed enforceable by a Nigerian appeals court.
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• Buffett’s Berkshire Hathaway Boosts Stake in Occidental Petroleum to 18.7%
  Warren Buffett’s Berkshire Hathaway Inc. said on July 7 that it bought another 12...
  Warren Buffett’s Berkshire Hathaway Inc. said on July 7 that it bought another 12 million shares of Occidental Petroleum Corp. this week, giving it an 18.7% stake in the oil company.
  
  The purchases were made on July 5 and 6 and cost about $698 million, Berkshire said in a U.S. Securities and Exchange Commission filing.
  
  Buffett’s company also purchased 9.9 million Occidental shares last week.
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• What Else is Brewing Friday Morning
  Mortgage rates posted their biggest weekly decline since 2008, from 5.7% to 5.3%.
  
  Former Theranos executive Sunny Balwani was convicted of defrauding investors and patients in his role as president and COO of the company.
  
  GameStop fired its CFO and is laying off staff across departments.
  
  Rafael Nadal withdrew from Wimbledon ahead of his semifinal match due to a torn abdominal muscle.
  
  James Caan, the actor best known for his Oscar-nominated performance as Sonny Corleone in The Godfather, died at 82.
  
  World Cup stadiums in Qatar won’t serve alcohol this fall, according to Reuters. Qatar is the first Muslim nation with strict alcohol rules to host a World Cup.
  
  
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• Commodity prices have plunged back to pre-Ukraine war levels
  And that has raised hopes that ...
  And that has raised hopes that inflation might be fading.
  
  This week, oil prices slipped to four-month lows, copper plunged 30% from recent highs, and wheat has cratered 40%.
  
  The S&P GSCI commodities index dropped to 664.15 on Wednesday — which is where it stood before Russia invaded Ukraine in February. However, it did rebound 5% Thursday to 694.34.
  
  And traders are reacting accordingly. They forecasted inflation to average just 2.5% over the next five years, down from the 3.7% expectation reported in March.
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• U.S. economy exceeds consensus forecast in adding 372,000 jobs in June
  The numbers: The U.S. created a robust 372,000 new jobs in June, confounding predictions...
  The numbers: The U.S. created a robust 372,000 new jobs in June, confounding predictions of a big slowdown in hiring and signaling the economy has some zip left despite growing talk of recession.  Economists polled by The Wall Street Journal had forecast 250,000 new jobs.
  
  The unemployment rate was unchanged at 3.6%, the government said Friday, just a a tick above the pre-pandemic low.
  
  The strong gain in employment in June is unlikely to last, however.  For one thing, the biggest shortage of labor in decades is unlikely to ease soon, making it hard for companies that still want to hire to do so.
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