Stocks broadly lower…Anadarko ending deal with Chevron… GM’s Cruise gets more money
NEW YORK (AP) – Stocks are broadly lower on Wall Street with the biggest losses going to technology companies and banks. Traders are keeping a close eye on trade talks between the U.S. and China ahead of a Friday deadline for sharply raising tariffs on Chinese goods. Safe-play sectors like utilities and real estate companies held up better than the rest of the market.
HOUSTON (AP) – Anadarko Petroleum says it plans to end its takeover deal with Chevron, in favor of a revised bid by Occidental. Occidental’s offer is worth about $57 billion compared to Chevron’s offer of about $50 billion using same metrics. Anadarko will have to pay Chevron a $1 billion fee to end that deal.
DETROIT (AP) – GM has announced that a group of institutional investors led by T. Rowe Price is sinking over $1 billion into GM’s autonomous vehicle unit GM Cruise LLC. The move follows previous large investments by Honda Motor Co and Japanese investment firm SoftBank. GM says the investment brings Cruise’s valuation to $19 billion, providing deep resources to draw on as GM develops and deploys self-driving vehicles.
BAGHDAD (AP) – Iraq hopes to finalize an agreement with global energy giants ExxonMobil and PetroChina to lead a $53 billion megaproject to boost oil production. Iraq’s Prime Minister said the partnership will pump desalinated seawater from the Persian Gulf into subterranean oil formations to help raise well pressures and boost production. Details of the deal still need to be finalized.
FRANKFURT (AP) – The European Union has trimmed its forecast for eurozone growth for this year and next as uncertainty continues over trade conflicts and continued weakness in the auto industry. For this year, the outlook in growth for the 19 countries that use the euro was lowered to 1.2 percent, down from 1.3 percent.