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ConocoPhillips, Venezuela’s PDVSA reach $2 billion settlement

Venezuela’s crude production, a major source of revenue, has fallen to a six-decade low this year as lack of investment, recession and hyperinflation pushed the OPEC-member country’s economy to near collapse. The settlement could restore a portion of lost exports by resuming shipping from the Caribbean. Conoco will suspend legal enforcement of the arbitration award as long as payments continue, spokesman Daren Beaudo said. …read more […]

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Drugmakers Extend Summer Rally as Markets Regain Footing

Major pharmaceutical companies are partying like it’s 2001. U.S. drugmakers including Pfizer Inc., Eli Lilly & Co., and Merck & Co. are seeing their share prices balloon to the highest levels in more than 16 years as investors rotate in after second-quarter results proved stronger than expected. Impressive earnings paired with waning concerns about potential Trump administration actions on drug pricing could be helping to draw generalist investors in a bit of a “catch up trade,” according to Credit Suisse analyst Vamil Divan. …read more […]