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BP Plc

BP to spend $1 billion on hundreds of job cuts, restructuring

BP will cut hundreds of jobs across its global oil and gas business by the end of next year in a $1 billion restructuring program announced on Wednesday following steep falls in oil prices.

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Mario Draghi

Bank on 'Super Mario' to give Europe a monetary jolt

From his office on the 41st floor of the gleaming new European Central Bank headquarters, Mario Draghi's view stretches far beyond Frankfurt's high-rise financial center and he doesn't like what he sees.

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New York Stock Exchange

Assessing the fallout from the fall in oil prices

With crude oil prices hitting five-year lows, investors are scrambling to gauge the impact of the sharp drop in petroleum costs on companies beyond the energy sector.

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Drilling wells

Focus on top spots to boost U.S. oil output even as well permits fall

U.S. energy firms are swiftly shifting drilling rigs away from less productive areas and hunkering down in sweet spots of North Dakota and Texas shale oil fields as they try to lift output and cut costs in response to the toughest crude market in years.

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Traders work on the floor of the New York Stock Exchange

Cyclicals lead Wall St. higher; Dow, S&P end at records

U.S. stocks rose on Wednesday, with both the Dow and S&P 500 ending at records, as data pointed to improving conditions in the U.S. services sector, boosting cyclical stocks.

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Gold bars and Swiss Franc banknotes

Gold tumbles after Swiss referendum, oil hits five-year low

Gold prices tumbled on Monday after Swiss voters overwhelmingly rejected proposals to boost gold reserves in a referendum, joining the broad rout in commodities that sent oil prices to five-year lows and copper to four-year lows.

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Abdullah al-Badri

Inside OPEC room, Naimi declares price war on U.S. shale oil

Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.

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Shale Operations

As energy shares tumble, opportunity lurks

Shale stocks have been hard-hit as investors see margins all but evaporating following the slide in crude oil prices, but the U.S. shale energy boom is not over.

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Fruit and vegetables

Low food inflation tightens squeeze on Europe's grocers

Subdued food price inflation in Europe is unlikely to pick up any time soon, adding to the pressure on mainstream grocers as they struggle with changing shopping habits and competition from discounters.

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London Stock Exchange

Oil hits four-year low as expectations fade for OPEC cuts

Fading hopes OPEC will cut production when it meets Thursday sent oil prices tumbling to a four-year low and the world stock-market rally paused for Thanksgiving in the United States.

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Igor Sechin

Saudi, Russia pre-OPEC talks yield no oil output cut

Impromptu talks between Saudi Arabia, fellow OPEC member Venezuela and oil powers Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut, ending without any plan to cut output despite a collapse in prices.

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Crude Oil

U.S. government working to renew oil agreement with Israel

The United States is in the midst of renewing its 35-year-old commitment to supply Israel with oil in emergency situations after the pact expired on Tuesday, a U.S. State Department official said.

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Dow Chemical Co.

Dow Chemical CEO does not mind low oil, company makes money in other businesses

Dow Chemical Co (DOW.N) Chief Executive Andrew Liveris, speaking at a conference in Dubai, said on Monday he did not mind low oil prices because his company makes money in other businesses.

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Shopping mall

U.S. data points to strong spending ahead of holiday shopping frenzy

Most U.S. retailers reported strong sales in October, a sign American consumers were spending with more gusto and could help keep the economy growing at a brisk pace.

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The headquarters of the European Central Bank

ECB warned euro zone inflation, growth to be lower than expected

A large group of professional forecasters cut their outlook for euro zone inflation and growth, underlining a trend that could prompt the European Central Bank to take more policy action to kick-start the region's flagging economy.

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