WEEK IN REVIEW
Monday
Momentous day for GE
On the day that Jeffrey Immelt said he would step down as chairman and CEO of General Electric, the U.S. Department of Justice cleared the way for the $23 billion merger between GE’s oil and gas division and Houston’s Baker Hughes to create the world’s second largest energy services company.
Aldi in expansion mode
Discount grocer Aldi said it would invest $3.4 billion to expand its U.S. presence by 900 stores in the next five years, as the German chain looks to expand beyond its traditional U.S. territory in the Midwest.
Oil reserves decline
The oil industry has fallen behind on finding new crude reserves and will invest more heavily in renewable energy in coming years, separate reports said. Last year, 68 publicly traded oil companies that produce a quarter of the world’s crude have depleted a collective 8.2 billion barrels in proved reserves.
Jaguar, Lyft team up
Jaguar Land Rover announced that it was investing $25 million into Lyft to help the ride-hailing business expand and develop technologies. As part of the investment, Jaguar Land Rover agreed to supply a fleet of its vehicles.
Tuesday Record home sales for area
Houston-area homebuyers bought a record number of houses in May and drove the region’s median sales price to unprece- dented levels as sales surged 11.5 percent from the same period a year earlier, the Houston Association of Realtors reported. That’s despite employment not being fully recovered from the extended oil price slump.
Drone unit gets off ground
General Electric announced that it had launched a subsidiary to develop and sell the use of flying, crawling and swimming drones for inspections in the oil and gas industry, among others. The startup, Boston-based Avitas Systems, is already working with customers to test the drones on pipelines, gas flares and holding tanks.
Boat dealers are cruising
The Houston Summer Boat Show opened amid a wave of strong 2017 sales in Houston and across the country. The number of new boats sold is expected to rise 6 to 7 percent this year nationally, according to a boat show official, and the dollar value of new boat sales is expected to increase 10 to 11 percent.
A ‘good’ shutdown
Treasury Secretary Steven Mnuchin said he agreed with President Donald Trump that there could be such a thing as a “good” government shutdown. He did tell the Senate Budget Committee, however, that it’s not the administration’s “primary objective.”
Verizon absorbs Yahoo
Verizon took over Yahoo, completing a $4.5 billion deal that ushered in a new management team to attempt to wring more advertising revenue from one of the internet’s best-known brands. The closure of the sale ends Yahoo’s 21-year history as a publicly traded company and closes out the nearly five-year reign of Yahoo CEO Marissa Mayer, who isn’t joining Verizon. She will walk away from Yahoo with a compensation package worth about $125 million.
Wednesday ‘Fair and balanced’ gone
In the latest sign of change at Fox News, the “Fair and Balanced” motto that has long been a rallying cry for Fox News fans — and a finger in the eye of critics — is gone. The channel confirmed that slogan and network have parted ways.
Thursday Fighting for NAFTA
Texas’ largest business associations joined forces to make sure that proposed changes to U.S. trading relations with Mexico and Canada don’t hurt what has become a critical part of the state’s economy. The Texas-Mexico Trade Coalition aims to “ensure that the administration and our leaders in Congress understand the importance and positive impact of NAFTA on our economy,” according to the group’s new website.
All clear for Dow, DuPont
Dow Chemical Co. and DuPont Co. won U.S. antitrust approval for their $73 billion merger, overcoming one of the last remaining hurdles to a deal that would create a global chemicals giant.
Surprise pipeline ruling
A judge’s ruling that might open the door for at least a temporary shutdown of the disputed Dakota Access pipeline surprised the industry that hailed the project as a “game changer” for North Dakota oil.
Friday Takata bankruptcy ahead?
Troubled Japanese air bag maker Takata was moving to file for bankruptcy protection within days in preparation for the company to sell itself to a rival, a person briefed on the matter said.