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  • ZURICH, Sept 3- A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices. Christened the Hughes Glomar Explorer, after billionaire Howard Hughes was brought in on the CIA's deception, the 619- foot vessel eventually became part of the fleet of ships used by Swiss company...

  • NCI Building beats 3Q profit forecasts Wednesday, 2 Sep 2015 | 4:21 PM ET

    HOUSTON TEXAS, Texas _ NCI Building Systems Inc. on Wednesday reported fiscal third-quarter net income of $7.2 million. The Houston Texas, Texas- based company said it had net income of 10 cents per share. NCI Building shares have dropped 46 percent since the beginning of the year.

  • NEW YORK— Energy company ConocoPhillips, which has already cut 1,000 jobs this year, says it will eliminate around 1,810 more positions following a plunge that took oil prices to their lowest levels in years. ConocoPhillips plans to eliminate more than 500 jobs in Houston, where it is based. ConocoPhillips had 18,100 employees on June 30.

  • Blue Bell Creameries resumed selling its products at some locations Monday, four months after the Texas- based retailer halted sales due to listeria contamination at some plants prompted health concerns that drew the regulatory scrutiny of federal and state officials. Blue Bell ice cream is available again at stores in the Houston and Austin areas,...

  • Trump's mass deportation idea was tried in the 1930s Sunday, 30 Aug 2015 | 8:24 AM ET

    ALBUQUERQUE, N.M.— Republican presidential candidate Donald Trump's call for mass deportation of millions of immigrants living in the U.S. illegally, as well as their American-born children, bears similarities to a large-scale removal that many Mexican-American families faced 85 years ago. During that time, immigrants were rounded up and sent to Mexico,...

  • Berkshire Hathaway builds stake in refiner Phillips 66 Saturday, 29 Aug 2015 | 3:07 PM ET

    Billionaire investor Warren Buffett's company has amassed a stake worth nearly $4.5 billion in Phillips 66 more than a year after trading a chunk of its holding in the oil refiner for a chemical business investment. A regulatory filing says Berkshire Hathaway Inc. has accumulated about 58 million shares, which amounts to more than 10 percent of the Houston...

  • Growing US economy causing traffic woes Wednesday, 26 Aug 2015 | 12:01 PM ET

    Los Angeles, San Francisco and New York come next on the list of urban areas with the longest delays. Overall, American motorists are stuck in traffic about 5 percent more than they were in 2007, the pre-recession peak, says the report from the Texas A&M Transportation Institute and INRIX Inc., which analyzes traffic data. Rounding out the Top 10 worst commuting...

  • Schlumberger buying Cameron International in $12.71B deal Wednesday, 26 Aug 2015 | 6:45 AM ET

    HOUSTON— Schlumberger is buying Cameron in a cash-and-stock deal valued at about $12.71 billion that would create an oilfield equipment and service powerhouse. Schlumberger and Cameron put the acquisition's total value at $14.8 billion. "We believe that the next industry technical breakthrough will be achieved through integration of Schlumberger's...

  • Urban areas where commuters endure the most extra hours Wednesday, 26 Aug 2015 | 12:01 AM ET

    Traffic congestion nationally reached a new peak last year and is greater than ever before, according to a report by the Texas A&M Transportation Institute and INRIX Inc. Their analysis is based on federal data on the number of cars on the road and on traffic speed data collected by INRIX on 1.3 million miles of urban streets and highways. 1. Washington, D.C.-...

  • WELLINGTON, New Zealand— New Zealand's national airline on Wednesday posted a 24 percent jump in annual profit after benefiting from lower fuel costs and continuing its expansion in Asia and North America. Air New Zealand announced after-tax profits of 327 million New Zealand dollars for the year to the end of June. The company said it plans to add routes to...

  • *China cuts interest rates, helping global stock market rebound. NEW YORK, Aug 25- Oil rose as much as 3 percent on Tuesday as oversold conditions brought some buyers back to the market, but a lingering supply glut and worries about the slowing economy in top commodities consumer China kept crude prices near 6-1/ 2- year lows. "Forty dollars a barrel is not sustainable...

  • Cobalt Int'l selling some oil assets for $1.75 billion Monday, 24 Aug 2015 | 12:20 PM ET

    NEW YORK— Cobalt International Energy Inc. is selling some oil assets for $1.75 billion. The sale to the Angolan National Concessionaire Sociedade Nacional de Combustíveis de Angola- Empresa Pública includes Cobalt's 40 percent stake in Blocks 21/ 09 and 20/ 11 off the shores of Angola. Shares of Houston- based Cobalt added 26 cents, or 3.6 percent, to $7.50 in...

  • HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. this week increased by one to 885.. Among major oil- and gas-producing states, North Dakota and Oklahoma each gained three rigs and Alaska, California, Kansas and Wyoming each gained one. Texas lost six rigs, Pennsylvania declined by two and...

  • HOUSTON, Aug 21- Top shale oil producer Pioneer Natural Resources Co has found an unusual way to both save water and cut costs for its wells: tapping the treated runoff from toilets, sinks and showers in west Texas. Producers are also trying to mitigate long-term risks of water scarcity in the arid Permian Basin of West Texas, where the top U.S. oilfield is situated.

  • NEW YORK, Aug 19- A U.S. government sale of oil and gas drilling leases in the western Gulf of Mexico attracted the lowest number of bids on record on Wednesday as slumping oil prices kept producers from plowing money into expensive offshore prospects. "The continuing drop in oil prices and low natural gas prices obviously affect industry's short-term...

  • UPDATE 5-Oil prices steady ahead of U.S. stockpiles data Wednesday, 19 Aug 2015 | 8:06 AM ET

    LONDON, Aug 19- Oil prices steadied on Wednesday ahead of U.S. oil data expected to show falling crude and gasoline stockpiles, raising hopes of increased demand for crude. The American Petroleum Institute reported on Tuesday that U.S. crude stocks had fallen by an even greater margin- by 2.3 million barrels in the week ended Aug. 14. U.S. crude oil futures, also known...

  • ANALYSIS-Get used to cheap oil, derivatives markets say Wednesday, 19 Aug 2015 | 7:18 AM ET

    *Five-year spreads below $20; near $30 in 2008/ 9. Contracts for delivery of crude oil in the future on the big commodities markets such as the New York Mercantile Exchange and the InterContinental Exchange show the price of oil in five years' time has collapsed in recent months. U.S. crude now costs around $42 a barrel for delivery next month, and only about $20 more...

  • UPDATE 3-Oil prices steady but oversupply a concern Wednesday, 19 Aug 2015 | 5:29 AM ET

    *Lower September U.S. demand, Asia slowdown weigh on prices. LONDON, Aug 19- Oil prices steadied on Wednesday, consolidating after a six-week rout driven by global oversupply and concerns about falling demand in Asian economies and the United States. "I think the market has pushed too low and too fast," ABN Amro energy economist Hans van Cleef said.

  • *Lower September U.S. demand, Asia slowdown weigh on prices. SINGAPORE, Aug 19- Oil prices fell on Tuesday after eking out gains in the previous session, with the United States set to enter the lower demand autumn season and Asia's leading economies continuing to show signs of slowing down. U.S. crude futures were trading at $42.46 per barrel at 0339 GMT, down 16 cents...

  • *Lower September U.S. demand, Asia slowdown weigh on prices. SINGAPORE, Aug 19- Oil prices fell again after a brief rise in the previous session, as the United States enters the lower demand autumn season and Asia's leading economies slow down. Oil prices edged up Tuesday, briefly ending a rout that dominated the last 6 weeks and pulled down prices by almost a third,...