BRUSSELS (AP) — The European Union's anti-trust watchdog has opened an investigation into U.S. oilfield service provider Halliburton's planned merger with rival Baker Hughes.
The European Commission, which oversees competition issues in Europe, said in a statement on Tuesday that its probe would assess whether the move "would impede effective competition in breach of the EU merger regulation."
The merger has also drawn the attention of U.S. federal regulators, and the companies had been divesting assets to win approval for the deal.
The U.S. stock market mounted a last-minute comeback to close slightly higher on Monday, snapping a three-day losing streak.
The Standard & Poor's 500 index and the Dow Jones industrial average each eked out a tiny gain, while the Nasdaq composite ended slightly lower.
Consumer staples stocks were among the biggest gainers. Oil and gas companies were hit by another plunge the price of crude oil, which tumbled 5.3 percent to a 12-year low. Chevron lost 1.7 percent and Exxon Mobil fell 1 percent.
CAIRO (AP) — Egypt's petroleum minister said Monday the country is "suffering" due to fuel subsidies, saying these funds are better diverted to other areas such as health care and education.
Tarek el-Molla, speaking at a conference in Cairo, showed in a presentation that between July and September 2015, the government paid 42 percent of the cost of 92-octane gasoline, which is used to fuel private vehicles owned by more affluent Egyptians.
While a liter of 92-octane gasoline cost 4.5 Egyptian pounds (57 cents), it sold at 2.6 pounds (33 cents) at the pump, a graph in his presentation showed. El-Molla also highlighted similar disparities in the true cost and selling price of other fuel products.
NEW YORK (AP) — The U.S. stock market closed out its worst week since 2011, rattled by concerns over a slowdown in China's economy and plunging oil prices.
Energy stocks were among the biggest decliners again on Friday as the price of oil sank. Crude is trading just below $34 a barrel, its lowest price since early 2004.
A big reason for the plunge in the oil price is concern that China's economy is stumbling. This week the country allowed its currency to weaken against the dollar, an ominous sign that growth there is petering out.
NEW YORK (AP) — Saudi Arabia may launch an initial public offering for the world's largest oil producer, Saudi Arabian Oil Co., according to a report.
Deputy Crown Prince Mohammed bin Salman told The Economist that a decision will be made in the next few months. The crown prince is widely thought to hold considerable power in the monarchy and also heads the defense ministry.
"I believe it is in the interest of the Saudi market, and it is in the interest of Aramco," he said.
STOCKHOLM (AP) — Norway's $820 billion oil fund has blacklisted Chinese telecommunications company ZTE Corp. due to concerns about corruption.
The Norwegian central bank announced the decision Thursday, acting on a recommendation of its Council of Ethics, which said ZTE faces corruption allegations in 18 countries and has been convicted of corruption in one case.
At the end of 2014 the fund held ZTE shares worth about 85 million kroner ($9.5 million).
Pioneer Natural Resources is the second U.S. firm, after Enterprise Products, to begin exploring how to take advantage of the end of the U.S. oil export ban and could begin shipments by the middle of next year, The Hill reports.
Two competing initiatives designed to give Florida residents a constitutional right to rooftop solar energy are running out of time without enough signatures yet to make next November's ballot, the Naples Daily News reports.
SolarCity CEO Lyndon Rive joined Sen. Charles E. Schumer in Buffalo this week to call the five-year extension of a federal tax subsidy "super important" to the continued growth of the solar power industry, The Buffalo News reports.
Continued concerns about oversupply forced oil prices downward early Wednesday, nearing an 11-year low already reached once this week. London Brent fell 31 cents to $37.05 a barrel while U.S. crude remained unchanged at $37.50, Reuters reports.
A group of researchers at MIT, the University of California-Berkeley, and the University of Colorado have developed a new computer microchip that uses optical technology and creates the potential to make future computer data centers more energy efficient, the journal Science reports.
A Japanese court on Thursday rejected safety concerns and approved letting Kansai Electric Power, the country's second biggest utility, restart four nuclear reactors shuttered since the 2011 Fukushima disaster, Reuters reports.