Oil rises as 2 said to reach deal on cuts
Oil advanced to a fresh two-year high as OPEC and Russia were said to have crafted the outline of a deal to extend their oil production cuts to the end of next year.
Futures gained as much as 1.6 percent in New York. After days of talks, Moscow and Riyadh now agree on the need to announce an additional period of cuts at the Thursday meeting, although both sides are still hammering out crucial details, according to people involved in the conversations. Moscow had been hesitating over the need for an extension because the current deal doesn't expire until the end of March.
"Russia has been scared of higher prices and has been sort of unwilling to commit to a nine month" extension of cuts, said Sam Alderson, analyst at Energy Aspects Ltd.
The U.S. benchmark settled above $58 a barrel for the first time since mid-2015 this week on heightened optimism that the Organization of the Petroleum Exporting Countries and its allies will agree to prolong cuts at a meeting Thursday in Vienna. Prices are up more than 8 percent in this month.
-- Bloomberg News
Prices, market halt conversion plant
NEW ORLEANS -- Low oil prices and a volatile market are prompting a South African energy and chemical company to drop plans for an $11 billion to $14 billion U.S. plant to convert natural gas to liquid fuels and to pull out of Canadian shale.
Sasol had announced in January that it was delaying final investment plans for the plant near Lake Charles because of a collapse in world oil prices.
It's a minor setback in $100 billion in development across southwest Louisiana, said Calcasieu Parish Police Juror Hal McMillin. He said that includes an $11.1 billion ethane cracker being built by Sasol, which is expected to create 500 permanent jobs, with construction jobs peaking at 5,000.
Sasol says it will sell its shale assets in Canada's Montney Basin because a review of more than half its global assets found Canadian shale gas to be "noncore."
-- The Associated Press
CBS, Dish OK new distribution deal
CBS Corp. and Dish Network resolved their carriage-fee dispute by agreeing to a new distribution deal, restoring CBS station signals to millions of Dish customers across the country.
The agreement, struck Thursday night, ended the three-day blackout that began late Monday when CBS walked away from the bargaining table feeling that the two sides were not making sufficient progress in the talks.
The blackout affected nearly 4 million Dish Network subscriber homes in 18 cities nationwide. Those customers went without their local CBS stations on Thanksgiving, annoying sports fans who missed seeing NFL football on the network. Deal terms were not disclosed.
CBS had demanded a sizable increase in the retransmission fees it charges Dish for the rights to retransmit its TV station signals. The Englewood, Colo., satellite television provider, which is grappling with customer attrition, was reluctant to pay a huge premium for a broadcast network that also has faced viewership declines. The new deal includes retransmission consent for CBS-owned TV stations.
-- Los Angeles Times
Uber plans appeal in loss of U.K. case
LONDON -- The ride-hailing firm Uber plans to appeal to Britain's Supreme Court after losing an important case on the rights of its drivers.
Britain's Employment Appeal Tribunal ruled earlier this month that Uber drivers are "workers" rather than being self-employed, entitling them to benefits such as holiday pay. Uber said in a statement Friday that it is requesting permission to appeal directly to the Supreme Court so the case can be resolved quickly.
The case started last year after two Uber drivers argued they were entitled to benefits like holiday pay and paid rest breaks.
The rapidly expanding U.S.-based company has tens of thousands of drivers in Britain.
-- The Associated Press
Amazon workers strike in Europe
BERLIN -- Workers at a half dozen Amazon distribution centers in Germany and one in Italy walked off the job Friday, in a protest timed to coincide with "Black Friday" to demand better wages from the American online giant.
In Germany, Ver.di union spokesman Thomas Voss said some 2,500 workers were on strike at Amazon facilities in Bad Hersfeld, Leipzig, Rheinberg, Werne, Graben and Koblenz. In a warehouse near Piacenza, in northern Italy, some workers walked off the job to demand "dignified salaries."
The German union has been leading a push since 2013 for higher pay for some 12,000 workers in Germany, arguing Amazon employees receive lower wages than others in retail and mail-order jobs. Amazon says its distribution warehouses in Germany are logistics centers and employees earn relatively high wages for that industry.
The strikes in Germany are expected to end today.
-- The Associated Press
Business on 11/25/2017