WEEK IN REVIEW
Monday Local plant to close
A company that makes filtration products for polymer and plastic manufacturers cited “sustained market challenges” for closing its Houston facility and laying off74 people, according to documents released by the Texas Workforce Commission. Purolator Engineered Filtration Products is expected to close its Houston plant in December, and its manufacturing operations will be consolidated with a facility in Shelby, N.C.
Tuesday Marshes may not recover
The 2010 Deepwater Horizon oil spill has been called one of the worst environmental disasters in American history— and more than six years later, scientists are still investigating howmuch damage it actually caused. Now, a study suggests the spill may have permanently marred one of the Gulf shore’s most important ecosystems. The study, published Tuesday in the journal Scientific Reports, finds the oil spill caused widespread erosion in the salt marshes along the coasts of Louisiana, Alabama and Mississippi. Andthe researchers say there’s a chance these marshes might never completely grow back.
Millions forfeited
Wells Fargo & Co.CEO John Stumpf will forfeit compensation worth about $45 million, part of the company’s response to the scandal over millions of fake accounts created by bank employees.
Sky-highs pace hopes
Space XCEO Elon Musk unveiled his plans for colonizing Mars, which could eventually involve a fleet of upto 1,000 spaceships to transport as manyas 1 million people to the Red Planet.
Wednesday OPEC cut coming?
OPEC members agreed to a preliminary deal that would cut the cartel’s oil production for the first time in eight years, boosting hopes in Houston that crude prices will quickly climb and accelerate the industry’s nascent recovery. Crude prices jumped.
A home coming
“It means a lot coming home to Texas,” Dr. Carrie Byington, nationally renowned for her work in pediatrics and infectious diseases, said of her appointment to lead health and medical education at Texas A&M University.
Oil budgets to increase
The oil and gas business has emerged from its cloud of doom as business activity rises and companies plan to increase budgets again in 2017, according to a survey by the Federal Reserve Bank of Dallas.
Irritation in the air
Incidents of unruly passengers on planes are increasing, and more effective deterrents are needed to tackle the problem, a global airline trade group said.
Thursday Big decision looms
Saudi Arabia’s top petrochemical company said it would soon decide whether to build a multibillion-dollar plant in the area that would create thousands of construction and hundreds of manufacturing jobs.
Deal with mechanics
United Airlines and the International Brotherhood of Teamsters said they had reached a tentative agreement on a six-year joint contract for the airline’s mechanics, the two organizations announced Thursday. It will go to union members for a vote.
No, different explosions
According to a federal class action lawsuit, Samsung has another exploding product problem on its hands: not smartphones, but washing machines.
Chip consolidation
Qualcomm is in discussions to buy NXP Semiconductors in what would be another act of consolidation in the chipmaking industry, a person briefed on the matter said.
Friday Stocks come back
U.S. stocks rallied, with the Dow Jones industrial average rising more than 160 points, as worries over the health of European banks diminished after a report said Deutsche Bank is nearing a less-costly settlement with the U.S. Justice Department. The S&P 500 index climbed back above its average price during the past 50 days.
Inquiry ends without recall
The National Highway Traffic Safety Administration closed a yearlong investigation into the Jeep Grand Cherokee’s automatic braking system without seeking a recall. Investigators found in testing that there was no single cause for an unintended braking issue, which caused no crashes. From staff and wire reports