WEEK IN REVIEW
Monday Transformative deal
GE Oil & Gas and Baker Hughes announced they would combine in a $32 billion deal that would reshape the energy services industry. The merger aims to create a new company that would keep the Baker Hughes name and add the backing of one the world’s biggest industrial companies.
500,000 miles of fiber
CenturyLink on Monday agreed to merge with Level 3 Communications in a $25 billion deal that would create one of the largest communications providers for businesses.
Tuesday Air bag shrapnel lawsuit
Serena Martinez, who suffered an injury in a collision in September, has joined the national legal fight over exploding air bags. The 42-year-old Cinco Ranch resident announced she was suing Honda and its supplier Takata, alleging in a $1 million lawsuit that an ammonium nitrate-fired air bag sent redhot shrapnel into her chest and arm.
Occidental Petroleum Corp. and Anadarko Petroleum Corp. appeared ready to plow cash they’ve saved back into the U.S. oil patch next year, a striking shift after two dismal years of industry cutbacks.
‘Asymbolof unity’
Starbucks unveiled a cup featuring a mosaic of more than 100 people that it says is meant to be “a symbol of unity.” Starbucks CEO Howard Schultz said in a statement that the coffee giant wanted to come up with a symbol to serve “as a reminder of our shared values” during “a divisive time in our country.” Wednesday
Long legal dispute ends
Gawker Media, which filed for bankruptcy after losing a lawsuit brought by the ex-wrestler Hulk Hogan, settled the case for $31 million. That brought to a close a multiyear dispute that led to the demise of Gawker as an independent news organization. Thursday
ABInBevtobuyKarbach
Karbach Brewing Co.’s founders and its German-trained brewmaster announced they were ready to take a big step — one that infuriated many of the brewery’s fans. Karbach agreed to be acquired by AnheuserBuschInBev, the “evil empire” to craft brewing purists.
Waterwarning
Environmental advocacy group Earthworks released a report that concluded that Apache Corp.’s plan to develop oil and gas fields threatens the San Solomon Springs that supply water to the Balmorhea community, Balmorhea State Park’s famous swimming pool and local farmers.
Atax increase’s result
President Barack Obama’s 2013 tax increases for wealthy Americans neither slowed their income growth nor hurt the economy, according to a study by an economics professor at the University of California, Berkeley.
Friday 161,000 more jobs
The U.S. jobless rate edged down to 4.9 percent in October, the government reported. Employers added 161,000 jobs, consistent with the pattern over the last year. Job creation estimates for September were revised upward, and average hourly earnings rose 2.8 percent year over year, a level not reached since 2008.
The $40-a-barrel problem
Oil companies will not produce enough crude at $40 a barrel to meet global demand, the chief executive of EOGResources said.