Global oil supply may surpass demand this year. According to Reuters:
The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Tuesday.
The Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next.
Walgreens Boots Alliance Inc. (NASDAQ: WBA) may make among the biggest buyouts so far this year. According to The Wall Street Journal:
Walgreens Boots Alliance Inc. has made a takeover approach to drug distributor AmerisourceBergen Corp., a move that could help boost profitability at the drugstore giant and insulate it against external threats in an increasingly competitive health-care landscape.
Representatives of Walgreens Chief Executive Stefano Pessina reached out several weeks ago to representatives of Amerisource CEO Steven Collis, according to people familiar with the matter. They discussed the possibility of Walgreens buying the portion of Amerisource it doesn’t already own, though there isn’t an offer on the table, the people said.
Barnes & Noble Inc. (NYSE: BKS) cut staff after a difficult holiday season. According to CNBC:
Barnes & Noble is trimming its staff, laying off lead cashiers, digital leads and other experienced workers in a company-wide clearing, CNBC has learned from sources familiar with the matter.
The news came abruptly for many workers who showed up Monday morning at various Barnes & Noble locations to be notified that they no longer had a job, the people said. The number of affected workers couldn’t immediately be determined. As of April 29 of last year, Barnes & Noble employed about 26,000 people
Amazon.com Inc. (NASDAQ: AMZN) is slashing jobs. According to The Seattle Times:
Amazon is cutting several hundred jobs in Seattle, and hundreds elsewhere, a rare layoff that appears to fall predominantly on its established consumer retail business. The company continues to hire aggressively in other areas.
Remington has filed for Chapter 11. According to CNNMoney:
Remington, one of the oldest and most well-known gun companies in the world, plans to file for Chapter 11 bankruptcy protection.
The plan would allow Remington Outdoor Company to stay in business while restructuring its debt. The plan allows for Remington to reduce its debt by $700 million and contributes $145 million of new capital into its subsidiaries, according to the company.
Remington said in a statement that its operations “will not be disrupted by the restructuring process.”
Uber will cap the amount of time its drivers can be on the road. According to Fortune:
Uber will shut its most active drivers out of the app for a required six-hour break after they have driven for 12 hours straight, the ride-hailing company announced Monday.
These restrictions, meant to prevent accidents caused by drowsy driving, are already in place in some U.S. cities, per local regulations. Uber is now broadening the rule to all U.S. drivers that use its app.