Business

U.S. drillers add oil rigs for first week since June: Baker Hughes

U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year. Companies added six oil rigs in the week to Aug. 16, the biggest increase since April, bringing the total count to 770, General […]

Business

Deere to slash costs after trade war hits earnings

Deere & Co. (DE.N) on Friday announced a review of costs after a combination of the U.S.-China trade war and bad weather dented its quarterly profits, forcing the company to trim its full-year earnings forecast for a second time in the past three months. Investors cheered the decision to control costs, sending its shares up […]

Business

OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus

OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply. In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global […]

Business

U.S. surfboard makers not so stoked about China tariffs

President Donald Trump’s decision to slap 10% tariffs on imported surfboards convinced surf executive Sue Bowers to move factory jobs out of China – but not back to the United States, which was one goal of Trump’s tariffs. Strict environmental rules and steep labor costs have sent scores of Southern California surfboard manufacturers to China. […]

Business

BMW’s CEO urges staff to narrow sales gap with Mercedes

BMW’s (BMWG.DE) new chief executive urged employees to embrace change and to find innovative ways to help the Bavarian carmaker overtake rival Mercedes at a time when demand for luxury cars is waning. Oliver Zipse addressed staff in an internal email a day after his predecessor Harald Krueger stepped down. BMW has lost ground to […]

Business

U.S. judge urges VW, SEC to resolve civil Dieselgate suit

A federal judge in California on Friday urged the U.S. Securities and Exchange Commission and Volkswagen AG (VOWG_p.DE) to resolve a civil suit stemming from its Dieselgate emissions scandal. U.S. District Judge Charles Breyer in San Francisco, who earlier had questioned why the agency waited two years to sue the automaker, said he was putting […]

Business

Airbnb records 30% growth rate in first-quarter on booking strength: source

Airbnb Inc recorded $9.4 billion in total booking value in the first quarter, up 31% from the year-ago quarter, a source familiar with the matter said on Friday, a key number that could help pull in investors as the home-sharing company plans its foray into the public market. The San Francisco-based home rentals company booked […]