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OPEC extends oil output cut by nine months to fight glut

VIENNA OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.

Recent Business News

Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017

WASHINGTON Federal Reserve policymakers agreed they should hold off on raising interest rates until it was clear a recent U.S. economic slowdown was temporary, though most said a hike was coming soon, minutes from their last policy meeting showed on Wednesday.

May 24 2017

Best Buy quarterly comparable sales rise unexpectedly

CHICAGO Best Buy Co Inc, the No. 1 U.S. electronics retailer, reported on Thursday an unexpected rise in quarterly comparable sales, helped by demand for gaming and mobile products.

7:33am EDT

Sears posts first quarterly profit in nearly two years on cost cuts

Sears Holdings Corp reported its first quarterly profit in nearly two years, helped by the retailer's $1.25 billion cost-cutting plan, amid doubts about its ability to continue as a going concern.

7:21am EDT

Exclusive: Facebook signs BuzzFeed, Vox, others for original video shows - sources

NEW YORK Facebook Inc has signed deals with millennial-focused news and entertainment creators Vox Media, BuzzFeed, ATTN, Group Nine Media and others to make shows for its upcoming video service, which will feature long and short-form content with ad breaks, according to several sources familiar with the situation. | Video

Some Uber and Lyft riders are giving up their own cars: Reuters/Ipsos poll

SAN FRANCISCO Wally Nowinski got his first car when he turned 16 in Michigan, the home of the U.S. auto industry. But after two years of living in New York City, he sold his wheels, using ride services, carsharing and bike sharing to get around.

U.S., Tech 7:30am EDT

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