OIL EX­ECS AC­CUSED OF LY­ING TO IN­VESTORS

The Denver Post - - BUSINESS - The As­so­ci­ated Press

Hedge fund ex­ec­u­tives were charged Mon­day in a $1 bil­lion fraud case linked to an oil rig ex­plo­sion in the Gulf of Mex­ico that killed three work­ers and in­jured sev­eral oth­ers.

A founder and chief in­vest­ment of­fi­cer of Plat­inum Part­ners, and six other de­fen­dants, were ac­cused of ly­ing to in­vestors about the per­for­mance of a fund that ran into trou­ble when one of its largest as­sets, the Black Elk oil ex­plo­ration com­pany, had a rig ex­plode in 2012 off Louisiana.

Au­thor­i­ties ac­cused Plat­inum of falsely re­port­ing re­turns while col­lect­ing more than $100 mil­lion in fees dur­ing a con­spir­acy that cheated in­vestors out of $1 bil­lion.

GM fac­to­ries to idle as car in­ven­tory builds. Gen­eral Mo­tors

will tem­po­rar­ily close five fac­to­ries next month as it tries to re­duce a grow­ing in­ven­tory of cars on dealer lots.

The fac­to­ries will close any­where from one to three weeks be­cause of the on­go­ing U.S. mar­ket shift to­ward trucks and SUVs. Just over 10,000 work­ers will be idled.

The com­pany’s Detroit-Ham­tramck fac­tory and Fairfax Assem­bly plant in Kansas City, Kan., each will be shut down for three weeks, while a plant in Lans­ing, Mich., will be down for two weeks. Fac­to­ries in Lord­stown, Ohio, and Bowl­ing Green, Ky., each will be idled for one week.

Bri­tish Air­ways to run hol­i­day flights de­spite strike. Bri­tish Air­ways

says it can run its full hol­i­day sched­ule on Christ­mas and Dec. 26 even if a planned cabin crew strike goes ahead.

Chief ex­ec­u­tive Alex Cruz said Mon­day that de­tailed con­tin­gency plans are in place so that flights can op­er­ate as nor­mal.

He urged the Unite union to call off the planned strike. The dis­pute in­volves pay for staff mem­bers who have joined the air­line in the last six years, and ne­go­ti­a­tions con­tinue.

Great Bri­tain also faces a postal strike and a rail­road strike over the hol­i­day pe­riod.

Strong dol­lar could hurt Trump’s eco­nomic plans. Pres­i­den­t­elect

Don­ald Trump’s am­bi­tious plans to re­vive ex­ports, re­turn jobs to the United States and in­crease oil drilling are run­ning up against a home­grown threat: the surg­ing U.S. dol­lar.

Since the Nov. 8 elec­tion, the dol­lar has shot up 5 per­cent.

The gain re­flects the U.S. econ­omy’s strength and in­vestor con­fi­dence that Trump will ac­cel­er­ate growth.

It could rise even more now that the Fed­eral Re­serve has raised in­ter­est rates. But an ex­pen­sive dol­lar makes U.S. goods costlier over­seas, and im­ports cheaper in the U.S. That cre­ates pain for Amer­i­can man­u­fac­tur­ers.

A high dol­lar can also lead some U.S. multi­na­tional com­pa­nies to move op­er­a­tions over­seas where their dol­lars go fur­ther. And it tends to shrink oil prices.

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