Wednesday, July 24, 2024

Morning business headlines: Dec. 11, 2021

by BIZ Magazine

Occidental buying CrownRock in cash-and-stock deal valued at about $12 billion

Occidental is buying oil and gas company CrownRock in a cash-and-stock deal valued at about $12 billion. “We found CrownRock to be a strategic fit, giving us the opportunity to build scale in the Midland Basin,” Occidental President and CEO Vicki Hollub said in a statement. The acquisition comes at a time when there’s increasing consolidation in the energy sector. Some companies are spending heavily to increase their positions in various oil-rich areas. This includes the Permian Basin, a massive oilfield that straddles the border between Texas and New Mexico.

Stock market today: Wall Street drifts ahead of the final Federal Reserve meeting of the year

NEW YORK (AP) — Stocks drifted on Wall Street ahead of the Federal Reserve’s last meeting of the year. The S&P 500 was flitting between small gains and losses early Monday. The Nasdaq composite was off 0.3% and the Dow Jones Industrial Average was up 31 points, or about 0.1%. Macy’s soared 16% following reports that an investor group is launching a bid to take the storied retailer private for $5.8 billion. Markets will get updates this week on inflation at the consumer and wholesale level before the Fed’s meeting wraps up on Wednesday. Crude oil prices were stable and Treasury yields rose.

Some nations want to remove more pollution than they produce. That will take giving nature a boost

DUBAI, United Arab Emirates (AP) — As countries at the COP28 climate talks are wrangling over deadlines for lowering their carbon dioxide emissions, a Danish-led group of countries has decided to set the ultimate goal: to remove more CO2 from the atmosphere than they emit. The Group of Negative Emitters (GONE) was launched in Dubai by Denmark, Finland and Panama. It aims to reach its goal by slashing emissions, protecting and expanding forests, and investing in new technologies. Panama has already reached that goal with its vast forests that act as a huge carbon sink. Finland and Denmark hope to achieve it by 2035 and 2045 respectively.

Forget the surprise if you’re thinking of giving a pet as a holiday present

NEW YORK (AP) — Giving a pet as a surprise gift at the holidays isn’t generally recommended. But offering one after a little planning can enrich the lives of animals and humans alike. Animal shelters and rescue groups around the country say they’re experiencing crisis-level numbers of animals. But they recommend having the gift recipient be part of the process of adopting a pet. More shelters have turned to giving Santa-adorned gift certificates worthy of Christmas Day. They also suggest wrapping up all the supplies a pet will need and then let recipients choose their own animals at a later date. If a particular animal is already involved, some shelters will dispatch staff or trained volunteers to deliver, answer questions and facilitate the settling-in process.

Biden administration says New Hampshire computer chip plant the first to get funding from CHIPS law

WASHINGTON (AP) — The Biden administration is announcing the first allocation of incentives from last year’s bipartisan CHIPS and Science Act. It will provide $35 million to BAE Systems to increase production at a New Hampshire factory making computer chips for military aircrafts. The aircrafts include F-15 and F-35 jets. The 2022 CHIPS and Science Act provides more than $52 billion to boost the development and manufacturing of semiconductors in the United States. The Commerce Department’s choice of a military contractor instead of a conventional chip manufacturer reveals the national security focus of the law. More and more weapons systems depend on advanced chips that could be decisive in preventing and fighting wars.

Thousands of demonstrators from Europe expected in Brussels to protest austerity measures in the EU

BRUSSELS (AP) — Thousands of protesters are expected to gather in Brussels on Tuesday to protest what they perceive as new austerity measures as the 27 European Union countries discuss ways to overhaul rules on government spending. Finance ministers from the bloc have been negotiating for months a reform of the EU’s rules limiting debt and deficits for member states, known as the Stability and Growth Pact, which would curtail the options of nations seeking to spend their way out of a crisis and potentially force them into austerity. The rulebook, which has often proved difficult to enforce and has served as a source of tension, was suspended during the COVID-19 pandemic but should be reactivated next year.

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