WEEK IN REVIEW
Monday $23 billion merger closes
The $23 billion merger of Houston energy services provider Baker Hughes with the oil and gas division of industrial giant General Electric closed, changing the trajectory of one of Houston’s biggest employers.
Methane rules stand
A federal appeals court dealt a blow to the Trump administration’s bid to cast aside environmental regulations that restrict the energy industry, ruling that the Environmental Protection Agency cannot delay an Obamaera rule limiting methane emissions from oil and gas drilling.
Another auto sales decline
U.S. auto sales fell 3 percent last month, in the sixth straight monthly decline. For the first six months, car and truck sales fell 2.1 percent, the first such decrease since the financial crisis in 2009.
‘Great jobs numbers’
President Donald Trump touted the “great jobs numbers” since he took office — numbers that his own administration’s official statistics show aren’t all that great. Trump said in a tweet that “at some point the Fake News will be forced to discuss our great jobs numbers, strong economy” and other successes of his administration.
Tuesday More Qatari natural gas
Locked in a confrontation with its neighbors, Qatar said it would dramatically increase its production of natural gas, the fuel that made the tiny emirate rich and gave it regional influence.
Taxi rules apply to Uber
Uber suffered a blow to its expansion plans in Europe after a senior adviser to the region’s highest court said the ride-hailing service should have to abide by tough rules governing taxi services.
Wednesday Group 1 grows in London
Houston-based Group 1 Automotive acquired the United Kingdom-based Beadles Group for an undisclosed sum, strengthening its presence abroad after months of sputtering sales in key U.S. markets.
Hobby Lobby fined
Federal prosecutors said Hobby Lobby Stores had agreed to pay a $3 million federal fine and to forfeit thousands of ancient Iraqi artifacts smuggled from the Middle East that the government alleges were intentionally mislabeled.
Volvo is going electric
Volvo, a Swedish-based company owned by Chinese automaker Geely, said that starting in 2019 every car it makes will be equipped with an electric motor, signaling an auto industry shift toward electrified cars and China’s intention to become a major global player in that market.
Thursday EU, Japan make trade deal
Major economies are showing no inclination to accept U.S. designs on trade, and that was on display as the European Union and Japan agreed to the broad outlines of a free trade deal before a summit meeting of world leaders. If completed, the deal would further the exchange of goods and services between their two markets while, in relative terms, diminishing opportunities for U.S. companies.
QVC and rival to merge
With the retail landscape undergoing drastic changes, homeshopping television networks are not immune from the online competition, prompting Liberty Interactive, which owns QVC, to reach a $2.1 billion deal to merge with longtime rival Home Shopping Network.
Friday Rough ride for oil
Oil posted a weekly loss of 3.9 percent as a decline in U.S. crude stockpiles was offset by drillers resuming a yearlong expansion that is raising production.