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  • LONDON— Royal Dutch Shell announced deep cuts to jobs and investment on Thursday as the global energy giant prepares for a prolonged period of low oil prices. Brent crude, a benchmark for North Sea oil, averaged about $62 a barrel during the period, down from $110 in the second quarter of 2014.. Shell plans to bolster earnings through the $70 billion acquisition of...

  • LONDON, July 30- Royal Dutch Shell on Thursday reported a 37 percent drop in second quarter profits and said it would cut 6,500 jobs this year and reduce spending further to deal with an extended period of lower oil prices. The Anglo-Dutch oil and gas company also said it was planning more asset disposals alongside its proposed $70 billion acquisition of BG Group,...

  • July 29- Kinross Gold Corp is again considering cutting jobs at its Tasiast gold mine in Mauritania, Chief Executive Officer Paul Rollinson said on Wednesday, as the Canadian miner looks for ways to reduce costs at its higher-cost mines amid sliding metals prices. High costs have dogged Tasiast since its purchase as part of Kinross' $7.1 billion takeover of...

  • Greek debt restructuring is inevitable, says IMF chief Wednesday, 29 Jul 2015 | 11:08 AM ET

    WASHINGTON, July 29- Greece's international creditors will have no choice but to accept an easing of the terms of Athens' debts, the head of the International Monetary Fund said on Wednesday. The IMF has teamed up with the European Union and the European Central Bank in recent years to lend Greece money repeatedly to save it from a debt crisis.

  • Drugmaker GSK sees earnings growth returning in 2016 Wednesday, 29 Jul 2015 | 8:16 AM ET

    LONDON— Britain- based drugmaker GlaxoSmithKline has reported a drop in earnings in the first full quarter since its deal to swap some assets with Swiss rival Novartis. CEO Andrew Witty described the performance as encouraging, with plans on track to integrate and restructuring operations it took over from Novartis in April. In the deal, GSK agreed to sell its...

  • SAO PAULO, July 28- GPA SA posted a quarterly loss on Tuesday as weak sales, stubborn cost inflation and rising interest rates hammered Brazil's biggest retailer. Earlier in the day GPA's appliance unit, Via Varejo SA, said it was closing stores and eyeing acquisitions in response to a 21.8 percent plunge in sales. The group reported that its workforce had dropped...

  • July 28- Chevron Corp, the second-largest U.S. oil company, said on Tuesday it would lay off 1,500 employees, about 2 percent of its global work force, as it trims costs to offset declining crude prices. Nearly all of the layoffs will be in Texas, where the company has expanded in recent years to develop land in the Permian shale formation, and California, where Chevron...

  • "By granting Puerto Rico access to an orderly bankruptcy regime as soon as possible, Congress can help put Puerto Rico- and the millions of U.S. citizens who live there- on the best path to a sustained recovery," Treasury Secretary Jack Lew said in a letter to Orrin Hatch, a Republican who chairs the Senate Finance Committee. Lew said Puerto Rico had made "less than...

  • NEW YORK, July 28- New York City Mayor Bill de Blasio on Tuesday joined calls urging the U.S government to allow Puerto Rico's public entities to file for bankruptcy protection. A bill was introduced last year by Puerto Rico's representative in Congress Pedro Pierluisi to allow the U.S. territory to use federal bankruptcy laws to restructure the debt of its...

  • Merck& Co.' s second-quarter profit plunged by two-thirds, hammered by the sale of its consumer business, unfavorable currency exchange rates, lower sales of some key drugs and hefty one-time charges. The world's fifth-biggest drugmaker by revenue beat modest Wall Street expectations and raised its full-year profit forecast by a dime per share, but shares...

  • NEW YORK, July 27- Puerto Rico's Governor Alejandro Garcia Padilla left for Washington, D.C. on Monday for meetings on the island's fiscal situation and to promote access to U.S. bankruptcy laws, according to a statement from his office. Garcia Padilla shocked creditors in June by saying the island needed to restructure debts- totaling $72 billion- to solve its...

  • NEW YORK, July 27- Allergan plc CEO Brent Saunders is ready to put the $36 billion his company will net from the sale of its generics business to Teva Pharmaceutical Industries Ltd to work, possibly with another large, "transformational" merger. As head of Actavis, he then sealed a $66 billion purchase of Botox-maker Allergan, beating out rival suitor Valeant...

  • NEW YORK, July 27- Allergan CEO Brent Saunders said on Monday the company will use the $36 billion it nets from the sale of its generics business to Teva for more deals, including large, "transformational" merger opportunities. Saunders, who led the $66 billion combination of Actavis and Allergan that closed only a few months ago, told investors that it would use the...

  • UPON REACHING AGREEMENT, DEVELOPER SAYS WILL WORK WITH CHINESE TO RESOLVE CHAPTER 11 BANKRUPTCY CASE PENDING IN U.S.

  • *Ukraine seeking savings of $15.3 billion. KIEV, July 27- Heavily indebted Ukraine has made new proposals to its creditors for restructuring $23 billion of foreign debt and is now awaiting their response, Finance Minister Natalia Yaresko said on Monday. Ukraine, whose economic plight is exacerbated by a draining conflict with Russian-backed separatists in...

  • KIEV, July 27- Ukraine has made new proposals to its creditors for restructuring $23 billion of foreign debt and is now awaiting response, Finance Minister Natalia Yaresko said on Monday. Negotiations to restructure Ukraine's foreign debt have dragged on for over four months because of disagreement over the need for a writedown on the principal of the bonds as...

  • BANGKOK, July 26- Thai Airways International Pcl plans to cut 1,401 jobs through voluntary retirement this year and suspend its loss-making flights to Los Angeles and Rome as it pushes ahead with a restructuring plan, its president said on Sunday. Thai Airways aims to cut operating costs by up to 9 billion baht this year, Charumporn said. From Oct. 25, the carrier...

  • *Athens pushes for quick cash injection but talks could drag on. FRANKFURT/ ATHENS, July 26- Greek banks are set to keep broad cash controls in place for months, until fresh money arrives from Europe and with it a sweeping restructuring, officials believe. Answering this could hold up agreement on a third bailout deal for Greece that negotiators want to conclude...

  • NEW YORK, July 24- The trustee liquidating the bankrupt brokerage unit of Jon Corzine's MF Global Holdings Ltd on Friday announced an agreement that would enable unsecured creditors to recoup nearly everything they are owed, and largely conclude the unit's nearly four-year liquidation. James Giddens, the trustee, said he would sell various claims held by the...

  • July 24- Oilfield giants Schlumberger Ltd and Halliburton Co and many others in the oil and gas industry have announced plans to lay off thousands of people in the past few months as global oil prices have fallen more than 40 percent since June last year. Houston- based Schlumberger also said in April that it plans to cut another 11,000 jobs, bringing the total job...