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Business



Last Build Date: Tue, 06 Dec 2016 00:39:33 EST

Copyright: copyright © 2016 Dow Jones & Company, Inc.
 



BHP Billiton Wins Trion Oil Field Bid

Mon, 05 Dec 2016 23:46:12 EST

Australia’s BHP Billiton won the bidding to join with Mexican state oil company Petróleos Mexicanos in the Trion oil field in the Gulf of Mexico, in the first award of several auctions of deep-water oil blocks.



Origin to Sell Oil-and-Gas Operations Through IPO

Mon, 05 Dec 2016 22:17:03 EST

The Australian energy company said it would bundle its upstream operations into a new company and sell them next year in an effort to slash debt.



Bob Evans's Results Take Hit From Sluggish Sales, Note Impairment

Mon, 05 Dec 2016 18:46:28 EST

Bob Evans Farms lowered most financial projections for the year, as sales remain sluggish, and the company wrote down $16 million it had expected to collect from the sale of Mimi’s Café.



Brazil's JBS Plans U.S. IPO for Foods International Unit

Mon, 05 Dec 2016 18:21:54 EST

Brazilian meatpacking giant JBS SA said late Monday it is planning a U.S. initial public offering of its JBS Foods International BV unit in the first half of next year.



Hudson's Bay Reports Third-Straight Quarterly Loss

Mon, 05 Dec 2016 17:52:38 EST

Saks Fifth Avenue and Galeria Kaufhof owner Hudson’s Bay reported disappointing sales ahead of the holiday shopping season, with Saks and outlet stores accounting for the largest sales declines.



Kinder Morgan Sees $3.2 Billion Capital Budget

Mon, 05 Dec 2016 17:39:58 EST

Kinder Morgan unveiled a preliminary capital-spending budget of $3.2 billion for expansion programs next year and said it would raise its dividend in 2018.



Under Armour Sets MLB Deal

Mon, 05 Dec 2016 21:50:42 EST

Under Armour struck a sponsorship deal with Major League Baseball that will put the company’s logo on the front of a major professional sports uniform but will give most revenue from jersey sales to another company.



Aetna and Humana Defend Merger, as Antitrust Trial Begins

Mon, 05 Dec 2016 21:36:00 EST

The Justice Department and proposed merger partners Aetna Inc. and Humana Inc. presented a judge Monday with starkly different visions of how the transaction would affect the marketplace.



FCC Airwaves Auction Fails Again to Draw Enough Bids

Mon, 05 Dec 2016 15:20:10 EST

The U.S. government’s massive airwaves auction again failed to move forward Monday after a single two-hour round of bidding didn’t generate enough demand.



Middle-Market Woes Inspire Starbucks's Bet on Luxury Coffee

Mon, 05 Dec 2016 23:28:52 EST

Starbucks went public about 25 years ago with the then-bold idea that customers would pay more than $1 for a cup of coffee. Now, the coffee chain is betting people will pay as much as $1 an ounce.



Cheung Kong Bids $5.4 Billion for Australia's Duet Group

Mon, 05 Dec 2016 14:08:40 EST

Cheung Kong Infrastructure has bid about $5.4 billion for Australian pipeline operator and power distributor Duet Group, in another attempt by Hong Kong billionaire Li Ka-shing to strengthen his company’s position in the country.



Terraform Power Reports Net Loss for 2015

Mon, 05 Dec 2016 13:51:45 EST

Terraform Power reported a net loss of $208 million for 2015, the renewable power plant owner’s first financial report in more than a year as it seeks to disentangle itself from its bankrupt parent, SunEdison.



United Continental Mechanics Approve New Labor Deal

Mon, 05 Dec 2016 14:06:55 EST

A majority of the more than 9,000 mechanics at United Continental approved a six-year labor agreement that will lift wages.



Wal-Mart Reaches Settlement in Same-Sex Spouse Benefits Complaint

Mon, 05 Dec 2016 13:36:18 EST

Wal-Mart Stores Inc. reached a tentative agreement to settle a class-action complaint that accused the retailer of discriminating against gay employees and their spouses by denying them health benefits.



Pratt & Whitney Union Members Approve Five-Year Contract

Mon, 05 Dec 2016 13:24:49 EST

Workers at jet-engine maker Pratt & Whitney ratified a five-year contract Sunday, avoiding a potential labor dispute when the company is trying to increase production of new engines for commercial airliners.



Limited Stores Begins Layoffs Ahead of Possible Sale

Mon, 05 Dec 2016 12:55:14 EST

Limited Stores has begun laying off employees at its Ohio headquarters as the troubled women’s apparel chain hopes to snag a buyer.



Hotel-Search Firm Plans IPO of Up to $428 Million

Mon, 05 Dec 2016 12:46:10 EST

Travel B.V., which plans to change its name to Trivago, provided details of its planned initial public offering of as much as $428 million in American depositary shares.



Iran Shipping Lines Close to $650 Million Korean Order

Mon, 05 Dec 2016 13:18:07 EST

Iran’s state-owned shipping company is in advanced talks with Korean shipyard Hyundai Heavy Industries for a $650 million order of container ships and tankers.



General Mills to Cut Up to 600 Jobs Amid Restructuring

Mon, 05 Dec 2016 11:21:03 EST

General Mills said between 400 and 600 jobs would be eliminated in a restructuring as the struggling food giant works to adapt to changing food trends and prepare for an eventual new leader.



Trump Targets Second Indiana Plant Over Plans to Shift to Mexico

Mon, 05 Dec 2016 10:42:39 EST

Donald Trump took aim Friday at a second U.S. manufacturer that plans to move jobs from Indiana to Mexico, a day after he threatened consequences for business that shifted American jobs abroad.



Who Owns Key Gene Technology? Question Heads to Court

Mon, 05 Dec 2016 13:05:13 EST

A gene-editing tool called Crispr-Cas9 has sparked millions of dollars of investments. Rival research teams that claim patents are going to court to determine who owns the commercial rights.



Mexico's Cemex Seeks Control of Trinidad Cement Ltd

Mon, 05 Dec 2016 10:11:21 EST

Mexican cement maker Cemex SAB said Monday it will make a takeover bid for Trinidad Cement Ltd., aming to raise its stake in the Caribbean concern to 74.9% from the current 39.5% for about $89 million.



Liberty Mutual to Buy Ironshore

Mon, 05 Dec 2016 09:50:28 EST

Liberty Mutual Insurance said Monday it reached a deal to buy property and casualty insurer Ironshore Inc. in a deal valued at about $3 billion, as Liberty seeks to grow its specialty lines operations.



Trump Warns Another U.S. Company

Mon, 05 Dec 2016 09:40:51 EST

Donald Trump criticized Rexnord for its plans to move a factory from Indianapolis to Mexico, the second time the president-elect has pressed an attack against a U.S. company set to shift production abroad.



Big Food Tests Consumer Appetite for Meal Kits

Mon, 05 Dec 2016 23:48:34 EST

Tyson Foods, Hershey and other established food companies are following startups into the meal-kit market, hunting for new ways to profit from ingredients that they already make.



Tyson Launches Venture-Capital Fund

Mon, 05 Dec 2016 21:41:09 EST

Tyson Foods is starting a $150 million venture-capital fund to invest in high-tech products and services that could help refresh its stable of products, which include chicken, hot dogs and hamburgers.



IBM CEO Joins Trump Business-Policy Advisers

Mon, 05 Dec 2016 00:17:02 EST

Ginni Rometty, CEO of IBM, a company criticized by President-elect Donald Trump for moving jobs overseas, was named as one of 16 business leaders who will advise Mr. Trump as he implements his plan to stem the outflow of U.S. jobs.



Bloomberg Expands Effort to Curb Tobacco Use World-wide

Mon, 05 Dec 2016 12:35:35 EST

Former New York City mayor and billionaire philanthropist Michael Bloomberg has spent hundreds of millions of dollars of his fortune over the past decade fighting tobacco use in the developing world. Now, with cigarette use declining globally, he is deepening his campaign.



Smithfield Takes Aim at Carbon Emissions

Sun, 04 Dec 2016 22:31:35 EST

Smithfield Foods plans to cut a quarter of its carbon emissions over eight years, working with onetime environmental critics on a move the pork producer hopes will trim costs and burnish its brand.



Norwegian Air Shuttle Secures U.S. License

Sat, 03 Dec 2016 00:26:04 EST

Washington approved a Norwegian airline’s longstanding application to fly new routes, potentially sparing the incoming Trump administration from a trade spat with the European Union.



FCC Raises New Concerns Over 'Zero-Rating' by AT&T, Verizon

Fri, 02 Dec 2016 16:38:48 EST

The Federal Communications Commission warned AT&T and Verizon that the practice of excluding certain video services from data charges could harm competition.



Gawker Changes Tune on Decision to Publish Hogan Tape

Fri, 02 Dec 2016 16:15:39 EST

Gawker Media, which has long defended its right to publish a video that showed wrestler Hulk Hogan having sex, is now blaming the ensuing legal battle on a former editor.



Asics Reaches Sponsorship Deal With Global Track Federation

Fri, 02 Dec 2016 15:41:31 EST

The International Association of Athletics Federations has agreed to a long-term partnership with Asics Corp., according to people familiar with the matter, giving the global governing body of track and field a new outfitting sponsor after Adidas AG terminated its agreement early.



United Continental to Pay $2.4 Million SEC Fine In Relation to S.C. Flight

Fri, 02 Dec 2016 15:16:17 EST

United Continental Holdings Inc., bedeviled for more than a year by corruption allegations, brought the episode to what it hopes is a close after it was assessed $2.4 million in penalties by the Securities and Exchange Commission.



Mexico to Test Foreign Oil Firms' Deep-Water Mettle

Fri, 02 Dec 2016 19:35:22 EST

Mexico is opening what’s considered the crown jewel of its energy industry—deep-water fields in the Gulf of Mexico—to foreign bidders in a move to reverse the nation’s declining crude oil production.



Tax Rules on Corporate Inversions Face Uncertain Future

Fri, 02 Dec 2016 11:41:24 EST

The Treasury Department spent nearly three years reshaping international corporate transactions and deterring inversions. Now, all that work, capped with a crucial set of final rules in October, could come undone.



Too Many Railcars, Too Little Freight

Fri, 02 Dec 2016 13:25:00 EST

Railcar manufacturers and equipment-leasing companies feasted on high demand to move coal, oil and other commodities from 2012 until last year. Then commodity prices crashed and output slumped.



United Tech CEO's Pilgrimage to Trump Tower Ends in Deal

Fri, 02 Dec 2016 11:54:09 EST

Greg Hayes’ pilgrimage to Trump Tower ended roughly two weeks of intensive talks between representatives of Vice President-elect Pence and United Technologies. Under the deal, the company will get $7 million over 10 years to keep jobs in Indiana.



China Warns U.S. Against Blocking Aixtron Takeover

Fri, 02 Dec 2016 10:10:46 EST

China cautioned U.S. President Barack Obama against blocking the takeover of Germany’s Aixtron by a Chinese investor, insisting it was a “normal commercial” acquisition despite national-security concerns about the deal.



Xerox Names Time Warner Cable Veteran New CFO After Spinoff

Fri, 02 Dec 2016 09:23:08 EST

Xerox named Time Warner Cable veteran William Osbourn Jr. finance chief following the company’s split into two publicly traded companies at the end of the year.



Red Sox 'Big Papi' Takes a Swing at Private-Equity

Thu, 01 Dec 2016 21:56:52 EST

Former Red Sox slugger David Ortiz said he and a star-studded group of former players are launching Dugout Ventures, a private-equity fund that will focus on companies manufacturing the next generation of baseball equipment.