WEEK IN REVIEW
Monday Oil production jumps
The Energy Department projected that U.S. shale drillers will produce an additional 131,000 barrels a day to push output from the nation’s seven major shale plays to nearly 7 million barrels a day by April. The forecast comes a week after the International Energy Agency told energy executives in Houston that the United States will produce enough crude to satisfy 60 percent of global demand growth over the next five years.
Qualcomm deal halted
President Donald Trump blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of U.S. rival Qualcomm on national security grounds. The decision abruptly ended Broadcom's four-month $121 billion bid to buy Qualcomm, a deal that would have been the largest ever completed in the technology industry.
Tackling ethanol issue
EPA chief Scott Pruitt suggested that the government might limit Wall Street’s ability to trade ethanol-blending tax credits as a way to lower costs for refineries. Federal law requires refiners to blend gasoline with up to 10 percent ethanol but allows companies that don’t to meet their obligation by buying government-issued credits. But refiners say the market for credits is opaque, thinly traded and subject to manipulation by speculators.
Tuesday Why U.S. spends more
A sweeping new study of health care expenditures found that the United States spends almost twice as much on health care as 10 other wealthy countries, a difference driven by high prices — including doctors’ and nurses’ salaries, hospital charges, pharmaceuticals and administrative overhead.
Wednesday Home supply shrinks
According to a Houston Association of Realtors report, the number of single-family home sales in the Houston area rose 5.3 percent year-over-year to a February record of 5,260. That means Houston-area homebuyers face a tightening supply of houses just as the busy spring homebuying season is about to hit.
Filing by radio titan
San Antonio-based IHeartMedia filed for bankruptcy, after two years of litigation, speculation and financial gamesmanship as the nation’s largest owner of radio stations tried to keep its crushing debt under control and creditors at bay. The bankruptcy will likely rank among the largest in recent corporate history.
New top economic aide
Larry Kudlow said he accepted President Donald Trump’s offer to be his top economic aide. That elevates the influence of a fixture on the CNBC business news network who previously served in the Reagan administration and has emerged as a leading evangelist for tax cuts and a smaller government. Kudlow said the economy is poised to take off after Trump signed $1.5 trillion worth of tax cuts into law.
Theranos settlement
Under an agreement with the Securities and Exchange Commission, Elizabeth Holmes, a Stanford University dropout once billed as the “next Steve Jobs,” forfeited control of Theranos, the blood-testing startup she founded, and will pay $500,000 to settle charges that she oversaw a “massive fraud.”
Thursday Statoil to change name
Statoil said it plans to change its name to Equinor to reflect an evolving business that increasingly includes wind and other renewable energy sources. Statoil, which has a large presence in Houston, is a pioneer in the development of offshore wind farms and says it wants its name to reflect the growing diversity of its energy holdings.
Climate risks and costs
The economic costs of climate change have heightened risks for insurance companies as weather catastrophes such as Hurricane Harvey become more frequent, severe and damaging, Moody’s Investors Service said.
Friday Wider bank inquiry
A federal investigation into Wells Fargo has broadened to include its wealth management division, according to a Wall Street Journal report.