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Mon, 02.09.2019



Business:



OxyContin maker Purdue Pharma files for bankruptcy protection

OxyContin maker Purdue Pharma LP filed for bankruptcy protection in New York Sunday night, succumbing to pressure from more than 2,000 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.

Posted on 16 September 2019 | 12:05 am

Volkswagen agrees to Australian settlement over diesel cheating

Volkswagen said on Monday it had agreed to pay up to A$127 million ($87.3 million) to settle lawsuits brought on behalf of thousands of Australian customers caught up in its global diesel emissions cheating scandal.

Posted on 16 September 2019 | 12:02 am

Oil surges as Saudi attack focuses market on supply risks

Oil prices surged on Monday, with Brent crude posting its biggest intra-day percentage gain since the start of the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut in the equivalent of 5% of global supply.

Posted on 15 September 2019 | 11:52 pm

Oil surges, stock futures slip after attack on Saudi facility

Oil prices surged to four-month highs on Monday while Wall Street futures fell and safe-haven bets returned after weekend attacks on Saudi Arabia's crude facilities knocked out more than 5% of global oil supply.

Posted on 15 September 2019 | 11:35 pm

Dream Global REIT to be bought by Blackstone funds in $4.7 billion deal

Dream Global Real Estate Investment Trust said funds managed by Blackstone Group Inc would buy the Canadian firm in a C$6.2 billion ($4.69 billion) deal.

Posted on 15 September 2019 | 10:37 pm

Fed trades 'remarkably positive' for 'no precedents' after volatile year

A year ago, U.S. Federal Reserve Chair Jerome Powell held a "remarkably positive outlook" for an economy enjoying a "historically rare" combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue.

Posted on 15 September 2019 | 9:38 pm

Saudi attacks threaten U.S. gasoline price hikes, particularly in California

U.S. motorists most likely to feel the hit from rising gas prices following the attacks on Saudi Arabia's oil facilities are on the West Coast, which accounts for nearly half of all of U.S. crude imports from the kingdom.

Posted on 15 September 2019 | 9:01 pm

Exclusive: WeWork considers dramatic valuation cut in IPO

WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.

Posted on 15 September 2019 | 7:35 pm

As talks falter, UAW calls first national strike against GM since 2007

The United Auto Workers (UAW) said on Sunday that its roughly 48,000 hourly workers at General Motors Co facilities would go on strike as of midnight on Sunday after U.S. labor contract talks reached an impasse, the first nationwide strike at GM in 12 years.

Posted on 15 September 2019 | 7:19 pm

Trump urges GM, UAW to resolve contract dispute

U.S. President Donald Trump said Sunday that General Motors Co and the United Auto Workers union should "get together and make a deal." Trump tweeted about five hours before the union is set launch its first nationwide strike at GM in 12 years.

Posted on 15 September 2019 | 7:10 pm