Crude-oil futures plummet by 6.7%
Crude fell to the lowest level in a year and a half as concerns over the global economy and turbulence in Washington overshadowed signals from OPEC that it may deepen output cuts.
Futures slid 6.7 percent Monday in a shortened Christmas Eve session in New York, joining a rout in U.S. stocks. The latest tumble left crude prices down 44 percent since reaching a four-year high in October. Prices have fallen 19 percent since OPEC and Russia announced major output cuts earlier this month.
The Organization of the Petroleum Exporting Countries and its allies agreed Dec. 7 to cut production, but they've had little success so far in propping up prices. The United Arab Emirates' energy minister signaled that additional curbs could be discussed next year. Investors are skeptical the reductions will be sufficient to dent supplies, with U.S. crude output still above 11 million barrels a day.
West Texas Intermediate for February delivery fell $3.06 to $42.53 a barrel at settlement on the New York Mercantile Exchange. Total volume traded Monday was about 30 percent below the 100-day average. West Texas Intermediate peaked near $77 a barrel in early October.
Brent crude for February settlement dipped $3.35 to $50.47 a barrel on London's ICE Futures Europe exchange. The global benchmark crude traded at a $7.94 premium to West Texas Intermediate.
-- Bloomberg News
Huawei touts phone-shipment record
The world's largest supplier of telecommunications gear announced Sunday that its 2018 smartphone shipments exceeded 200 million devices, setting a record despite a U.S. crackdown and increasing scrutiny from other nations' governments.
Huawei, China's largest privately held company and the world's second-biggest smartphone-maker, said its phone shipments increased more than 30 percent from last year.
"In the global smartphone market, Huawei has gone from being dismissed as a statistical 'other' to ranking among the Top 3 players in the world," the company said in a statement, according to CNET. Earlier this year, Huawei topped Apple in the number of smartphone units shipped, and it ranks behind only South Korea-based Samsung.
The announcement of record-setting phone sales comes amid increasing tensions between the company and the U.S. government and its allies. Huawei's chief financial officer, Meng Wanzhou, was arrested in Canada this month at the request of the U.S. government and is accused of committing fraud to evade sanctions on Iran. Beijing has pushed for her release and suggested that her arrest was part of a U.S. effort to gain an advantage in its ongoing trade battles with China.
Several U.S. allies have followed President Donald Trump's administration in largely barring the use of Huawei devices. They cite a risk that the company's technology could be used to inform Chinese intelligence officers aiming to spy on or disrupt foreign governments, military agencies and corporations.
Huawei has posted significant growth even as several governments have moved against it. The company said its record-breaking shipments were largely fueled by the demand for its P20, Honor 10 and Mate 20 smartphones.
-- The Washington Post
Mattel shares fall after loss of DC deal
Mattel Inc.'s stock fell again Monday after Goldman Sachs analysts cut estimates because of the toy maker's loss of licensing for certain DC Comics products, including action toys.
Spin Master Corp. will be the new licensee for DC in the boys action category, remote control and robotic vehicles, water toys, and games and puzzles, displacing Mattel. The three-year global agreement with Warner Bros. begins in spring 2020. Mattel will be keeping some of its licensing rights, including for preschool and girls toys, Goldman analyst Michael Ng said in a note to clients.
Mattel shares, which are already trading at an 18-year low, dropped another 3 percent on Monday in New York, closing at $9.26. The stock's year-to-day loss currently stands at 40 percent versus the S&P 500 index's drop of 11 percent.
-- Bloomberg News
Sold 3 Texas wind farms, BP announces
HOUSTON -- Oil and gas producer BP has sold three of its Texas wind farms to funds managed by affiliates of Los Angeles-based private equity firm Ares Management Corp.
London-based BP said the deal involves its Silver Star, Sherbino Mesa 2 and Trinity Hills turbine farms. Terms of the sale, announced Friday in Houston, weren't released.
Silver Star is about 100 miles southwest of Fort Worth. Sherbino Mesa 2 is located 40 miles west of Fort Stockton. Trinity Hills operates 50 miles southwest of Wichita Falls.
BP said it wants to optimize and upgrade its other American turbine farms. It still will have an interest in 11 wind farms in eight U.S. states.
-- The Associated Press
Nike stock posts worst loss in 2 months
Nike Inc. shares closed Monday with their biggest loss in more than two months, erasing much of the gain that followed strong earnings results last week.
The world's biggest sports apparel and footwear company tumbled 5.9 percent Monday to $68.10 in New York, the biggest loss since Oct. 10. The drop was likely a product of the current market, in which investors appear to be making emotional decisions in the wake of losses, and less about Nike specifically, according to Simeon Siegel, an analyst at Instinet who recommends buying the stock.
Nike on Friday announced second-quarter earnings that beat estimates, including strong sales growth in the company's two most important markets: North America and China.
-- Bloomberg News
Madoff ex-aide seeks prison release
NEW YORK -- A lawyer for the former secretary for imprisoned financier Bernard Madoff is asking that she be released from prison in March.
Attorney Roland Riopelle said 70-year-old Annette Bongiorno will have served two-thirds of her six-year prison term by March 19 and should be released then.
He cited legislation signed by President Donald Trump last week that permits judges to order some prisoners released to home confinement after serving two-thirds of a sentence.
Riopelle said Bongiorno's advanced age makes her eligible.
Bongiorno was among five Madoff employees convicted for their roles in a scheme that cost thousands of investors about $20 billion. She was sentenced in 2014.
Bongiorno maintained she was unaware of the Ponzi scheme.
Madoff is serving a 150-year prison sentence.
-- The Associated Press
Business on 12/25/2018
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