Oil Leaders Meet in Abu Dhabi, Hoping Market Now at Bottom
ABU DHABI, United Arab Emirates (AP) – The international oil market has hit its bottom, though how long it will be there remains in question, leaders in the industry said at an Abu Dhabi conference on Monday.
As they walked among stands offering a variety of new equipment, those who attended the annual Abu Dhabi International Petroleum Exhibition & Conference no doubt kept the price per barrel in mind, which now sits under $50, down from over $100 in mid-2014.
Oil producers would love to see higher prices, but OPEC so far has been unable to cut output.
U.S. Consumer Borrowing Rose in September
WASHINGTON (AP) – American consumers boosted their borrowing in September, a potential sign that recent job growth and wage gains have left them slightly more comfortable with holding debt.
The Federal Reserve said Monday that total consumer borrowing in September rose to $3.7 trillion outstanding. Consumer debt has climbed at an annual pace of 6.3 percent.
Revolving credit, which covers credit cards, posted an annual gain of 5.2 percent to $978.8 billion. The non-revolving category, which includes auto and student loans and makes up the bulk of consumer debt, has risen 6.7 percent over the past year to $2.7 trillion.
Report of Different Samsung Phone Model Exploding
PARIS (AP) – A Samsung phone user in France says her Galaxy J5 smartphone caught fire and exploded on Sunday. The model is different from the Galaxy Note 7 that has been recalled worldwide.
Lamya Bouyirdane told The Associated Press on Monday that she noticed the phone was very hot after she asked her four-year-old son to pass it over during a family gathering at her home. She said she threw the phone away when she realized it had “swollen up” and smoke was coming out. The phone then caught fire and the back blew off.
Windstream to Buy EarthLink For About $673 Million
NEW YORK (AP) – Windstream is buying rival EarthLink for about $673 million in stock as internet service providers try to bulk up and cut costs with revenue under pressure.
Revenue at EarthLink, which reported earnings as well Monday, fell 13 percent in the third quarter.
Both companies provide internet service, cloud computing and other services. The combined entity will keep the Windstream name and be based at its headquarters in Little Rock, Arkansas. EarthLink Holdings Corp. is based in Atlanta.
The companies value the deal, expected to close in the first half of next year, at $1.1 billion when debt is included.