व्यापार

By Jonathan Stempel (Reuters) -Elon Musk failed to persuade a Washington, D.C. federal judge to move a Securities and Exchange Commission lawsuit over his late disclosure of his growing Twitter stake to Texas, after saying he was too busy to defend himself in the nation's capital. U.S. District Judge Sparkle Sooknanan said on Thursday she "takes Mr. Musk's convenience seriously," but the world's richest person has "considerable means" and spends at least 40% of his time outside Texas. "Indeed," she wrote, "Mr. Musk's brief itself indicates that he has spent substantial time here this year," when he ran the Department of Government Efficiency. Sooknanan also said Texas judges have bigger caseloads than in her court, and she could proceed with "reasonable alacrity." In seeking to move the case, Musk said he was an "incredibly busy individual" who works 80-plus hour weeks and often sleeps in the office or factory, and that litigating in Washington would impose "substantial burdens." Lawyers for Musk did not immediately respond to requests for comment. A spokesperson for the SEC had no comment, citing the government shutdown. Musk's fortune surpassed $500 billion for the first time on Wednesday. The SEC sued Musk in January, saying his 11-day delay in revealing his initial 5% Twitter stake in early 2022 let him buy more than $500 million of shares at artificially low prices. It wants Musk to pay a civil fine and give up $150 million he allegedly saved at the expense of unsuspecting investors. Musk is seeking to dismiss the case. He bought all of Twitter for $44 billion in October 2022 and renamed it X. Musk lives in Austin, and his companies Tesla, SpaceX and Boring tunnel business are based in Texas. Sooknanan rejected Musk's alternative proposal to move the SEC case to Manhattan, where former Twitter shareholders are suing him. The case is SEC v Musk, U.S. District Court, District of Columbia, No. 25-00105. (Reporting by Jonathan Stempel in New YorkEditing by Marguerita Choy)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By David Lawder WASHINGTON (Reuters) -The International Monetary Fund sees a mixed inflation picture globally as companies in the U.S. and other tariff-raising countries have so far absorbed much of the higher duties, while demand remains suppressed in major exporting countries like China, IMF spokesperson Julie Kozack said on Thursday. Kozack told a regular press briefing that the global economy has shown resilience in the face of uncertainty over tariffs as the IMF and World Bank Group prepare for their annual meetings in Washington later this month.  "We see global growth in the first half of the year having held steady, but we are starting to see signs of a slowdown globally now," Kozack said. "With respect to inflation, what we see globally is a bit of a mixed picture." She said that while pass-through of some tariffs to price hikes is helping to push up core inflation in the U.S., headline inflation was rising faster in Britain, Australia and India. But inflation pressures are "very muted" in China and some other Asian countries, reflecting tariffs' impact on demand for their exports. "We do see firms absorbing some of the tariff impact, so that seems to be part of the contributing factor to the fact that we've seen relatively limited impact so far on inflation in the U.S.," Kozack said. "How long that will last, I think, is a question." She said the IMF's next World Economic Outlook due on October 14 will seek to address the question of tariff impacts on the U.S. economy and inflation, as will the IMF's annual "Article IV" review of U.S. economic policies due in November. Kozack said that a softening U.S. labor market made it appropriate for the Federal Reserve to reduce its policy interest rate at its September meeting, as inflation is on a path toward the Fed target. But she added that inflation was subject to upside risks, so the Fed must keep a close watch on incoming data for inflationary pressures as it considers its next rate decision. Asked about the economic impact of the partial U.S. government shutdown that started on Wednesday, Kozack said that the IMF was monitoring these developments and still formulating its assessment. "That impact will depend very much on the duration of the shutdown and the modalities of the shutdown, and we certainly hope that a compromise can be found to ensure that the federal government remains fully funded," Kozack added. (Reporting by David Lawder in Washington, Editing by Franklin Paul and Matthew Lewis)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Rodrigo Campos and Libby George NEW YORK/LONDON (Reuters) -Argentina's international dollar bonds zigzagged on Thursday after U.S. Treasury Secretary Scott Bessent said upcoming in-person discussions in Washington would "meaningfully advance" the country's pledge of financial support for President Javier Milei's government, but later said in an interview that the U.S. is "not putting money into Argentina". An initial rally fizzled and bonds, which rose roughly two cents after Bessent's initial comments, traded negative shortly after his "no money" statement.  Milei, whose aggressive reforms have made him a darling of the Trump administration, had said Wednesday night that part of the negotiations with the U.S. included purchases of bonds in the secondary market and "profit-sharing." Bessent said last week the U.S. is in negotiations over a $20 billion swap line with Argentina's central bank and stands ready to do what is needed to support the South American country. The 2030 maturity was trading largely flat by 1400 GMT, after rising more than 2 cents earlier.        Argentina's financial markets, which rallied strongly after Bessent's initial support pledge last month, have fallen in recent days amid uncertainty over U.S. backing and concerns over the fate of Milei's reformist agenda after mid-term legislative elections later this month. The local peso, which last week strengthened close to 11% against the U.S. dollar, is down 6.7% so far this week. "The market is testing the U.S.'s resolve to help Argentina," said Aaron Gifford, senior emerging market sovereign analyst at T. Rowe Price, adding that the lack of details – and uncertainty caused by the U.S. government shutdown – were weighing on bond prices. The U.S. government shutdown, in its second day, added to worries over the country's plans for Argentina, while pushback from some U.S. Republicans also raised red flags. Last month, in an effort to secure foreign currency, Argentina's government temporarily suspended export taxes on grains, enabling $7 billion in sales in just a few days. The sales calmed markets temporarily, but also rankled some U.S. Republicans, such as powerful Iowa Senator Chuck Grassley, who in a post on X questioned why the U.S. would "bail out" Argentina "while they take American soybean producers' biggest market." "Washington is highly polarized, and the last thing anybody wants to hear in the White House is someone saying that you're using U.S. taxpayer money to bail out that hedge funds the bought the Argentine debt," said Joydeep Mukherji, managing director of sovereign ratings for S&P Global. And while many thought the U.S. support would buy Milei time to make it to the election, markets have proven more fickle. "The short tax break on commodity exports – it worked for a few days, but not anymore," said Viktor Szabo, portfolio manager with Aberdeen. "Now the expectation is that they will have to devalue after the midterms, so everyone is frontrunning it." (Reporting by Libby George and Rodrigo Campos, additional reporting by Marc Jones in London; Editing by Amanda Cooper, Chizu Nomiyama and Marguerita Choy)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent said on Thursday that the federal government would support American farmers in light of China's refusal to buy soybeans and that an announcement would be made on Tuesday. American farmers overwhelmingly voted for President Donald Trump in the 2024 presidential election, Bessent said.  "We've got their backs," he added in an interview with CNBC. Chinese importers have not yet bought soybeans from the autumn U.S. harvest during the trade war between Washington and Beijing, costing U.S. farmers billions of dollars in lost sales. "It's unfortunate that Chinese leadership has decided to use the American farmers, soybean farmers in particular, as a hostage or pawn in the trade negotiations," Bessent said.  Trump said on Wednesday that soybeans would be a major topic of discussion when he meets with Chinese President Xi Jinping in four weeks.  Almost every recent U.S. trade deal included buying of American farm products, Bessent said, "so we're going to see other countries substitute for China."         But despite efforts by the Trump administration and the soybean industry, no other countries have emerged as anywhere near able to replace the volumes that China usually buys. He said a record harvest was also affecting prices. Bessent said he met with Trump and Agriculture Secretary Brooke Rollins in the Oval Office on Wednesday and to expect some news on Tuesday on support for U.S. farmers, especially soybean farmers. "On Tuesday, you're going to see substantial support for the farmers, and we're also going to be working with the Farm Credit Bureau to make sure that the farmers have what they need for next planting season," Bessent said. It will be very helpful for Trump and China's Xi to meet in person and set the framework for trade going forward, Bessent said. "I think with President Trump's leadership and his relationship – the respect party chair Xi has for him – that this round, which would be our fifth round of talks, should show a pretty big breakthrough," Bessent said. (Reporting by Doina Chiacu; Editing by Katharine Jackson, Chizu Nomiyama and Mark Porter)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Niket Nishant and Sukriti Gupta (Reuters) -The benchmark S&P 500 and the tech-heavy Nasdaq indexes retreated after hitting intraday record highs earlier on Thursday, as investors locked in gains during a data-light stretch with the U.S. government shutdown entering a second day. The swift pullback underscores how fragile market momentum remains, with stretched valuations and uncertainty about the Federal Reserve's lack of visibility into economic data keeping traders on edge. "If the shutdown is going to last longer than a few days, then you could see a little bit more volatility around equities," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Tesla slipped nearly 2% after initial gains on a strong quarterly deliveries report, as some analysts flagged risks to sales in the upcoming quarters due to the withdrawal of the $7,500 federal tax credit. The S&P 500 healthcare sector also fell 0.4%, on track to break its four-day streak of gains. Additionally, a report from global outplacement firm Challenger, Gray & Christmas said U.S. employers announced fewer layoffs in September but hiring plans so far this year were the lowest since 2009. It came a day after a weaker-than-expected ADP National Employment Report on Wednesday. "Both are showing the job market is really drying up," said Joe Mazzola, head trading and derivatives strategist at Charles Schwab. At 11:52 a.m. ET, the Dow Jones Industrial Average fell 71.44 points, or 0.15%, to 46,369.66, the S&P 500 lost 9.54 points, or 0.14%, to 6,701.35 and the Nasdaq Composite gained 25.95 points, or 0.11%, to 22,781.11. Earlier in the session, the S&P and the Nasdaq indexes hit their intraday record highs of 6,731.94 and 22,900.60, respectively. The S&P 500's forward price-to-earnings ratio has climbed to 23.1, its highest since September 2020. The tech sector, up 0.3%, was the biggest boost to the S&P 500. Nvidia rose 1%, while Broadcom and Advanced Micro Devices were up 2% and 3.2%, respectively. The stocks catapulted the broader semiconductor index to a record high, and helped boost the Nasdaq. Consumer discretionary stocks fell 0.7% and were the biggest drag on the S&P 500. In stocks, credit bureaus Equifax and TransUnion fell 9.2% and 12%, respectively, after FICO launched a program that could allow mortgage lenders get access to credit scores without relying on the bureaus. FICO surged 18.9% to top the benchmark index. Occidental Petroleum said it would sell its petrochemical division to Warren Buffett's Berkshire Hathaway for $9.7 billion. Shares of the oil and gas producer fell 5.9%. Declining issues outnumbered advancers by a 1.78-to-1 ratio on the NYSE and by a 1.25-to-1 ratio on the Nasdaq. The S&P 500 posted 31 new 52-week highs and 10 new lows while the Nasdaq Composite recorded 108 new highs and 61 new lows. (Reporting by Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Krishna Chandra Eluri)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Shariq Khan NEW YORK (Reuters) -Oil prices fell over 1% to their lowest in four months on Thursday, extending a run of declines into a fourth day, due to concerns about oversupply in the market ahead of a meeting of the OPEC+ group over the weekend. Brent crude futures fell 80 cents, or 1.2%, to $64.55 a barrel at 11:27 a.m. ET (1527 GMT). U.S. West Texas Intermediate crude dropped by 75 cents, also 1.2%, to $61.03 a barrel. OPEC+ could agree to raise oil production by up to 500,000 barrels per day in November, triple the increase made for October, as Saudi Arabia seeks to reclaim market share, three sources familiar with the talks said.  Jorge Montepeque, managing director at Onyx Capital Group, said some banks, such as Macquarie, have put out predictions of a super glut in oil markets, which have weighed on sentiment. "The writing is on the wall," investment research firm HFI Research wrote in a blogpost. "US oil inventories will build into year-end, and more global visible inventory builds will take place. Couple that with higher OPEC+ crude exports, and the end result is a persistently weaker oil market environment," they wrote. The Energy Information Administration said on Wednesday that U.S. crude oil, gasoline and distillate inventories rose last week as refining activity and demand softened.  Oversupply concerns have been compounded by signs of weak demand, PVM Energy analysts wrote. "Oil demand forecasts diverge considerably, but on average, they show this year's figure revised down by 150,000 bpd between January and September," they noted. The Group of Seven nations' finance ministers said on Wednesday they will take steps to increase pressure on Russia by targeting those who are continuing to boost purchases of Russian oil. Limiting oil's losses, the U.S. will provide Ukraine with intelligence for long-range missile strikes on Russian energy infrastructure, two officials told Reuters on Wednesday, confirming an earlier Wall Street Journal report. This will make it easier for Ukraine to hit refineries, pipelines and other infrastructure with the aim of depriving the Kremlin of revenue and oil, the WSJ said. "There is some concern in the market again that Russian oil could get disrupted," said Giovanni Staunovo, commodity analyst at UBS. But as long as there are no disruptions yet, the impact on prices will likely be minor, he said.   Stockpiling demand from China, the world's largest crude oil importer, also underpinned oil prices, limiting the downside, traders said. Meanwhile, the largest U.S. fuel conduit, the Colonial Pipeline, was shut on Thursday due to unplanned system maintenance, a company spokesperson said. The company expects to restart operations before noon ET, the spokesperson noted. (Reporting by Shariq Khan, Anna Hirtenstein, Shadia Nasralla, Yuka Obayashi and Siyi Liu; Editing by Chizu Nomiyama and Nick Zieminski)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Lucia Mutikani and Ann Saphir (Reuters) -Alternate data from public and private sources showed the U.S. job market likely remained stalled in September, with sluggish hiring but no change in an unemployment rate economists see as heavily influenced by a decline in the number of foreign-born workers. With the release of numerous official economic indicators delayed by a government shutdown, alternative data, such as a new "real-time" estimate of the unemployment rate issued on Thursday by the Federal Reserve Bank of Chicago, is likely to attract more than the usual scrutiny. The Chicago Fed report, which combines private and available public data, estimated the September jobless rate was 4.3%, the same as in August and evidence that a feared rapid rise in unemployment had not yet begun. But details of the report, along with other data, pointed to ongoing sluggishness in the labor market that is likely to keep Fed officials on track to cut the benchmark interest rate by a quarter of a percentage point at the October 28-29 meeting.  Official reports on the U.S. labor market, including September monthly jobs data that had been scheduled for release by the Labor Department's Bureau of Labor Statistics on Friday, are for now suspended by the government shutdown that has put around 750,000 workers on furlough and halted many but the most critical federal government functions. Also delayed so far are the weekly jobless claims report, August factory orders and construction spending data. Depending on the length of the shutdown, the 15th since 1981, those and other delayed reports could still be available by the time the Fed meets in a little under four weeks. But policymakers were already discussing at-hand, if imperfect, substitutes for the September jobs report, among the main sources of additional data policymakers would receive before their next meeting. The Fed's rate cut discussion now leans heavily on policymakers' views of whether the labor market is holding up reasonably well, with the 4.3% jobless rate considered around full employment, or is at risk of a sharp rupture. The Fed last month cut its policy rate by a quarter of a percentage point to a range of 4% to 4.25% after job gains slowed sharply and the unemployment rate ticked up in August.  "The data dogs are howling because we are not getting our usual supply of information," Chicago Fed President Austan Goolsbee told Marketplace Radio on Wednesday. "The best number is the BLS number, but if we don't have that, we're going to use the Chicago Fed number and other numbers."  The Chicago Fed's new data series, updated twice monthly, showed the hiring rate for unemployed workers dipping slightly and the rate of layoffs and other job separations up a bit.  That put "limited upward pressure" on the unemployment rate, the bank said.  LABOR MARKET IS STAGNATING New data from technology firm Intuit, using a sample of roughly 400,000 small businesses from its QuickBooks platform, showed firms with from one to nine employees shed more than 48,000 jobs in September, a decline of around 0.37%. Firms of that size have seen a steady drop in employment since early 2024, with average monthly employment for the latest quarter down about 400,000 from a peak of 13.1 million. U.S. employers meanwhile announced fewer layoffs in September, but hiring plans so far this year were the lowest since 2009, according to the latest report from global outplacement firm Challenger, Gray & Christmas that provided further signs of a labor market at a standstill as the demand and supply of workers fall because of tougher immigration policy and technological advances. The firm said planned job cuts dropped 37% month-on-month to 54,064 in September. Employers have so far this year announced 946,426 job cuts, the highest year-to-date total since 2020.  Hiring plans so far this year have totaled 204,939, the lowest year-to-date since 2009 when the economy was just emerging from the Great Recession.  "Right now, we're dealing with a stagnating labor market, cost increases and a transformative new technology," said Andrew Challenger, senior vice president at Challenger, Gray & Christmas. "With rate cuts on the way, we may see some stabilizing in the fourth quarter, but other factors could keep employers planning layoffs or holding off hiring." Economists say lingering uncertainty from President Donald Trump's trade policy, immigration raids and the rise of artificial intelligence, have combined to reduce demand and labor supply. Nonfarm payroll gains averaged only 29,000 jobs per month in the three months to August compared to 82,000 during the same period last year. Challenger said the government accounted for the bulk of planned layoffs, with 299,755 job cuts announced so far this year, part of an unprecedented campaign by the White House to reduce the federal workforce. Trump threatened to fire more federal workers if there was a shutdown. The surge in AI is costing jobs in the technology sector, with companies in the industry announcing 107,878 layoffs so far this year. Challenger said AI was also making it difficult to land positions, particularly for entry-level engineers. Should the shutdown persist into next week, reports due later this month, including consumer price, retail sales, housing starts and producer inflation data for September, will probably not be published, impacting decision making by households, investors and policymakers.   (Reporting by Ann Saphir; Additional reporting by Howard Schneider and Lucia Mutikani; Editing by Jamie Freed and Andrea Ricci)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By David Morgan, Bo Erickson, Nolan D. McCaskill and Richard Cowan WASHINGTON (Reuters) -U.S. President Donald Trump's administration on Wednesday froze $26 billion for Democratic-leaning states, following through on a threat to use the government shutdown to target Democratic priorities. The targeted programs included $18 billion for transit projects in New York, home to Congress's top two Democrats, and $8 billion for green-energy projects in 16 Democratic-run states, including California and Illinois. Vice President JD Vance, meanwhile, warned that the administration might extend its purge of federal workers if the shutdown lasts more than a few days.  The moves made clear that Trump would carry out his threat to take advantage of the shutdown to punish his political opponents and extend his control over the $7 trillion federal budget, established by the U.S. Constitution as the domain of Congress.  "Billions of dollars can be saved," he wrote on Truth Social late on Wednesday. The government shutdown, the 15th since 1981, suspended scientific research, financial oversight, environmental cleanup efforts and a wide range of other activities. Some 750,000 federal workers were ordered not to work, while others, such as troops and Border Patrol agents, began to work without pay. The Department of Veterans Affairs said it would provide burials at national cemeteries, but would not erect headstones or mow the grass. Vance said at a White House briefing that the administration would be forced to resort to layoffs if the shutdown lasts more than a few days, adding to the 300,000 who will be pushed out by December. Previous shutdowns have not resulted in permanent layoffs. The U.S. Patent and Trademark Office said it would lay off 1% of its 14,000 employees, according to an internal letter seen by Reuters. SCHUMER ALLEGES SHUTDOWN 'BLACKMAIL' Hakeem Jeffries, the top Democrat in the House of Representatives, said the funding freeze for subway and harbor projects in his home of New York would throw thousands out of work. Top Senate Democrat Chuck Schumer, also from New York, said Trump was targeting regular Americans for partisan aims. "He is using the American people as pawns, threatening pain on the country as blackmail," Schumer said. Republican Senator Thom Tillis said he was concerned that the freezing of infrastructure funds for New York could make it harder for Congress to exit the shutdown. "They need to be really careful with that, because they can create a toxic environment here," Tillis said. "So hopefully they're working with the leader, and the leader with them, on not creating more work to get us out of this posture." Republican Senate Leader John Thune dismissed concerns that the spending freeze amounted to hostage-taking. "Well, vote to open up the government and that issue goes away, right? I mean, it's pretty straightforward," he said at a press conference. Jeffries said he had not had any contact with the White House since a meeting with Trump earlier in the week. "We haven't heard from the White House since the White House meeting on Monday," he said in an CNN interview. "Clearly, they wanted to shut the government down." DIFFERENT DAY, DIFFERENT VOTE, SAME RESULTS Meanwhile, the Senate again rejected efforts to keep the government functioning as both a Republican proposal that would fund the government through November 21 and a Democratic vote that would pair funding with additional health benefits failed in floor votes. Trump's Republicans hold a 53-47 Senate majority, but they need the support of at least seven of Schumer's Democrats to meet the chamber's 60-vote threshold for spending bills. At issue on the government funding front is $1.7 trillion for agency operations, which amounts to roughly one-quarter of annual spending. Much of the remainder goes to health and retirement programs and interest payments on the growing $37.5 trillion debt. A bipartisan group of senators huddled on the floor during the vote, trying to find a path forward. "I want to see that a deal is a deal, and I would like to see the Republicans make a commitment to work with us on health care," said Senator Tim Kaine, a Virginia Democrat who represents many federal workers near the nation's capital. "But I've never said that has to be all I's dotted and T's crossed because that could be complicated." Democrats are also seeking guarantees that Trump will not be able to ignore spending bills he signs into law, as he has repeatedly done since returning to office. Both sides sought to pin the blame on the other, looking for advantage ahead of the 2026 midterm elections that will determine control of Congress. Democrats said Republicans were responsible for the disruption, as they control the levers of power in Washington. Republicans said Democrats were surrendering to partisan pressures to oppose Trump, even though they have routinely backed spending bills in the past. They also repeated a false claim that the Democratic proposal would extend health coverage to people who are in the country illegally. According to the nonpartisan Congressional Budget Office, the Democratic plan would only restore coverage to certain categories of immigrants who are in the country legally, such as asylum seekers and people on work visas. Several government agencies posted notices on their websites blaming the "radical left" for the shutdown – a possible violation of a law known as the Hatch Act meant to insulate nuts-and-bolts government services from partisan politics.  The longest U.S. government shutdown, which stretched over 35 days in 2018-2019 during Trump's first term, ended in part after flight delays caused by air traffic controllers calling in sick. (Reporting by Courtney Rozen, Richard Cowan, Nolan D. McCaskill, Bo Erickson and David Morgan; Additional reporting by Mike Stone, Doina Chacu, Jasper Ward, Costas Pitas, Katharine Jackson and Bhargav Acharya; Writing by Andy Sullivan and James Oliphant; Editing by Scott Malone, Lincoln Feast, Alistair Bell, Daniel Wallis and Richard Chang)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Pooja Menon and Sheila Dang (Reuters) -Occidental Petroleum will sell its chemicals arm OxyChem to Warren Buffett's Berkshire Hathaway for $9.7 billion, the company said on Thursday, marking its biggest divestment yet to slash debt after years of costly acquisitions. Shares of the U.S. oil and gas producer, however, fell more than 6% in morning trading. Roth MKM analysts said in a note the sale of OxyChem could weigh on free cash flow growth in coming years, as the unit was expected to contribute significantly to expansion. Scotiabank analyst Paul Cheng noted that the transaction price seemed low as he had previously estimated the division's value at $12 billion. OxyChem, which produces chemicals used for treating swimming pools and vinyl products used for water supply piping and medical supplies, generated combined revenue of $2.42 billion in the first two quarters of this year. If the deal closes, it would be the biggest purchase for Berkshire since its $11.6 billion buyout of insurance firm Alleghany Corporation in 2022, and expand its chemical portfolio beyond Lubrizol. Berkshire is Occidental's largest shareholder and it began acquiring a stake in the company in February 2022, around the time when Russia invaded Ukraine. The divestment highlights the close ties between the two. In a 2019 meeting with Buffett, Occidental CEO Vicki Hollub secured a $10 billion investment that allowed her to make an offer for oil producer Anadarko Petroleum, outbidding rival Chevron to secure some of the richest shale oilfields in Texas. But the $55 billion purchase of Anadarko left Occidental saddled with debt. The burden was exacerbated after the company closed its $12 billion acquisition of privately held U.S. shale oil producer CrownRock last year. To reduce its massive debt load, which stood at $23.34 billion by the end of June, Occidental has been steadily divesting assets in recent years. The company had disclosed in August $950 million of additional divestitures since the start of the second quarter, of which $370 million had already closed and it repaid $3 billion of debt year-to-date. Occidental said on Thursday it would use $6.5 billion of the proceeds to reduce debt, bringing the total principal debt below the $15 billion target set after the CrownRock deal. The latest deal, expected to close in the fourth quarter, also indicates that Occidental is refocusing on its oil and gas business, which formed 75% of its total earnings last year. CEO Hollub said OxyChem's sale would allow Occidental to "unlock 20-plus years of low-cost resource runway" in oil and gas. (Reporting by Pooja Menon in Bengaluru and Sheila Dang in Houston; Editing by Nathan Crooks, Nia Williams, Shilpi Majumdar and Franklin Paul)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Federal Reserve Bank of Dallas President Lorie Logan on Thursday said the U.S. central bank appropriately took out some insurance against any sharp deterioration in the labor market with its interest-rate cut last month, but needs to be "cautious" with any further rate cuts because inflation is running above target and is heading upward.  "We need to be very cautious about rate cuts from here and make sure that we appropriately calibrate policy so that you don't ease conditions too much and only to have to reverse course, which would be very painful in terms of restoring price stability," Logan told a classroom of economics students at the University of Texas at Austin's graduate school of business.  (Reporting by Ann Saphir)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)