OPEC nations grapple with oversupply of oil
The world may be heading for an even greater oversupply of oil, and that possibility is hanging over members of the OPEC cartel as they head into negotiations Thursday. The oil-producing nations will decide whether to stick with production cuts they’ve endured for the past three years, relax them or deepen them in the hopes of propping up oil prices. But the group dynamics are complicated by Saudi Aramco’s upcoming stock market debut and the fact that some nations haven’t been complying with the existing cuts, leaving Saudi Arabia in a precarious position.
Deadly defect found in another version of Takata airbags
DETROIT (AP) — Investigators have found new and distinct problems with air bags made by Takata, the company that manufactured air bags that had led to the deaths of at least 24 people. One person has died from the recently discovered issue and BMW is telling owners of some older 3-series cars to stop driving them. The company is adding about 1.4 million front driver inflators to recalls in the U.S., according to government documents posted Wednesday. Included are more than 116,000 BMW 3-Series cars from the 1999 to 2001 model years. Certain Audi, Honda, Toyota and Mitsubishi vehicles made from 1995 to 2000 also are being recalled due to the issue.
EU climate leadership in doubt as bloc set to miss 2030 goal
MADRID (AP) — The European Union says it will likely miss its target for reducing greenhouse gases by 2030, dealing a blow to the bloc’s efforts to be a leader in the fight against climate change. The European Environment Agency said Wednesday that existing measures put the EU on course to cut its emissions of carbon dioxide and other planet-warming pollutants by 30% in the next decade compared with 1990 levels.
Local union leaders send Fiat Chrysler contract to members
DETROIT (AP) — Union leaders from Fiat Chrysler factories are sending a new four-year contract to a membership vote. The 47,000 members of the United Auto Workers union at the company will vote on the deal starting Friday. Local leaders assembled on Wednesday in Detroit to go over the pact. It includes a $9,000 bonus per worker upon ratification. The company also has promised $4.5 billion worth of new investments in U.S. factories.
Financial fraud more fraught when perpetrator is known
Perpetrators of identity theft and other financial fraud increasingly tend to be someone the victim knows, experts say. While people worry about having their identity or money stolen by strangers online, family, friends and acquaintances are increasingly the ones stealing and profiting from personal information, according to one survey. This creates a tricky and potentially expensive situation for victims to resolve. Experts say this type of fraud is underreported, with many victims ashamed to come forward. They also recommend a number of strategies for protecting your own personal information and that of loved ones.
Survey: Businesses added just 67,000 jobs in November
WASHINGTON (AP) — A private survey finds that U.S. companies added just 67,000 jobs in November, barely half the gain of the previous month. Payroll processor ADP said that manufacturers, construction firms and mining companies cut 18,000 jobs combined. November’s job gain is the fewest in six months and economists said that it suggests hiring could be weakening. Yet job gains frequently fluctuate from month-to-month, so last month’s
Bankruptcy judge considers $1.3M bonus for Purdue Pharma CEO
WHITE PLAINS, N.Y. (AP) — The judge overseeing the bankruptcy case of OxyContin maker Purdue Pharma will consider whether the company’s CEO should get a bonus equal to half his $2.6 million salary. Attorneys general representing about half the states say no. They argue in court filings that chief executive Craig Landau bears some responsibility for a national opioid epidemic that they claim the company’s signature painkiller helped fuel. Purdue says maintaining its bonus program is essential to keep employees on the job and performing while it goes through bankruptcy proceedings.
Huawei criticized at home over ex-employee’s incarceration
BEIJING (AP) — Chinese tech-giant Huawei’s reputation has been repeatedly attacked by the United States and others over allegations of Communist Party control. Now its vaunted status at home has taken a blow over an ex-employee’s report that he was thrown in jail for eight months on extortion charges after attempting to negotiate a severance package.
Stocks rise broadly; S&P 500 ends 3-day losing streak
NEW YORK (AP) — Stocks closed broadly higher amid renewed hopes on Wall Street that a U.S. trade deal with China may be nearing, despite tough recent talk from President Donald Trump. The gains Wednesday snapped a three-day losing streak for the S&P 500, though the benchmark index remains on track for a weekly decline. Health care and financial stocks drove much of the rally. Energy companies notched the biggest gain as crude oil prices rose. Materials stocks ended essentially flat. Bond yields rose.
The S&P 500 rose 19.56 points, or 0.6%, to 3,112.76. The Dow Jones Industrial Average climbed 146.97 points, or 0.5%, to 27,649.78. The Nasdaq composite gained 46.03 points, or 0.5%, to 8,566.67. The Russell 2000 index of smaller company stocks picked up 11.27 points, or 0.7%, to 1,613.90.
The Associated Press