With workers on strike, Boeing seeks to hoard its cash. While...
With workers on strike, Boeing seeks to hoard its cash. While dealing with a strike by 30,000 unionized factory workers that has shut down production of its 737 planes and could cost the company $500 million a week, Boeing has instituted a hiring freeze and other money-saving measures. The beleaguered aviation company said the strike could jeopardize its recovery following a safety scandal, and that it was also considering furloughing employees. Both Boeing and the union representing the workers have said they want to get back to the bargaining table quickly, though workers rejected their last contract deal.
Sean Combs, the music mogul also known as Diddy, was arrested after being indicted, the New York Times reports. The charges in the indictment weren’t immediately available, but Combs has been accused of sexual assault in several civil lawsuits.
Oracle Chairman Larry Ellison became the world’s second-richest person yesterday, pulling past Amazon founder Jeff Bezos as the software company’s stock surged. Elon Musk still sits at No. 1, per Forbes.
Floods caused by heavy rainfall have led to deaths and evacuations in Central and Eastern Europe. Meanwhile, Shanghai was hit by its biggest typhoon since 1949, and a storm dumped historic rain on North Carolina.
Stouffer’s is trying to take on Kraft’s blue box by getting outside the freezer and offering its own shelf-stable mac and cheese.
US gas pipeline projects stumble over regulatory hurdles
Ambitious plans for US natural gas pipeline expansion are hitting a wall...
Ambitious plans for US natural gas pipeline expansion are hitting a wall of regulatory red tape, slowing the industry's race to meet surging demand. Despite some recent legal victories, industry leaders warn that if these bureaucratic hurdles aren't cleared, the path to future growth will remain tangled and uncertain.
Oil prices climb on hurricane impact ahead of U.S. rate decision
Oil prices rose on Monday as the ongoing impact of Hurricane Francine on output in the...
Oil prices rose on Monday as the ongoing impact of Hurricane Francine on output in the U.S. Gulf of Mexico offset persistent Chinese demand concerns ahead of this week's U.S. Federal Reserve interest rate cut decision.
Brent crude futures for November settled at $72.75 a barrel, up $1.14, or 1.59%. U.S. crude futures for October settled at $70.09, up $1.44, or 2.1%.
"We've still got the remnants of the storm," said Matt Smith, lead oil analyst at Kpler. "The impact is more on the production side than on refining. Therefore, it leans a little bit bullish."
More than 12% of crude production and 16% of natural gas output in the U.S. Gulf of Mexico remained offline in the aftermath of Hurricane Francine, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said on Monday.
Apollo to Buy $1B Stake in BP’s Trans Adriatic Pipeline
BP agreed to sell its 20% stake in the Trans...
BP agreed to sell its 20% stake in the Trans Adriatic Pipeline AG (TAP) to Apollo-managed funds in a $1 billion transaction.
Apollo will purchase the non-controlling interest from BP subsidiary BP Pipelines TAP Ltd. Upon completion of the deal, BP will remain the controlling shareholder of BP Pipelines TAP.
TAP is a Swiss joint venture owned by BP (20%), SOCAR (20%), Snam (20%), Fluxys (20%) and Enagás (20%).
Dow closes at record high as expectations grow for jumbo Fed interest-rate cut
U.S. stocks ended mixed on Monday, as traders’ expectations...
U.S. stocks ended mixed on Monday, as traders’ expectations for the Federal Reserve to deliver a 50-basis-point rate cut on Wednesday continued to grow.
The Dow Jones Industrial Average ended roughly 0.6% higher to a new record close, according to preliminary closing data from FactSet.
