Business briefing: Halliburton will eliminate 5,000 more jobs

Halliburton Co., which provides well-drilling services for oil companies, is cutting 5,000 more jobs as the industry continues to struggle with slumping oil prices. A company spokeswoman said Thursday that the latest cuts will amount to about 8 percent of the Houston-based company's global workforce. Oil prices have tumbled about 70 percent since peaking above $100 a barrel in mid-2014. That has led to less drilling activity and to widespread layoffs in the oil fields. Halliburton rival Schlumberger cut 10,000 jobs in the fourth quarter. Halliburton grew from 58,000 employees in 2010 to more than 80,000 during 2014. It slashed that number to 65,000 by the end of 2015, according to regulatory filings.

More people sought U.S. unemployment benefits last week, though the figure remained at a low level that suggests layoffs aren't widespread. The Labor Department said weekly applications rose 10,000 to a seasonally adjusted 272,000. The four-week average, a less volatile figure, declined 1,250 to 272,000. The number of people collecting benefits has declined 4.9 percent in the past year to 2.25 million. The figures indicate that weak overseas economies and wild swings in the stock market haven't caused employers to cut jobs. Applications are a proxy for layoffs, and have been at historically low levels for nearly a year. Employers appear confident enough in future growth to hold onto their staffs. Job gains have been solid for the past three years, pushing the unemployment rate down to an eight-year low of 4.9 percent. Wage gains are accelerating, but still remain below levels consistent with a healthy economy.

SHINE Medical Technologies has received regulatory approval to begin building a plant in Janesville, Wis., that will make medical isotopes for use in millions of diagnostic tests each year. The Nuclear Regulatory Commission announced that it authorized the construction permit Thursday. The plant will produce molybdenum-99, known as Mo-99, and other radioisotopes. Mo-99 quickly decays into a form of an isotope called technetium-99m, which is used in scans that can detect cancer and assess blood supply to the heart. The United States has not commercially produced Mo-99 since 1989. Monona-based SHINE applied for the construction permit in 2013. The $100 million plant is projected to open in about three years and employ 150 workers. It's expected to fulfill more than one-fourth of the global need for Mo-99.

Hoping to spur economic development in financially ailing Puerto Rice, the White House said Thursday it will speed access to almost $400 million for roads and other public works projects on the island. Transportation Secretary Anthony Foxx, during a visit to the U.S. territory Thursday, was to sign agreement leading to more technical assistance from Washington and more immediate access to money to keep road projects on schedule, said Jason Miller, deputy director of the National Economic Council, which advises the president on economic policy. Other Cabinet secretaries are expected to follow in the months ahead as the administration tries to help Puerto Rico weather its crisis. Interior Secretary Sally Jewell will visit in April to examine ways to strengthen tourism. Agriculture Secretary Tom Vilsack will visit in May.

Republic Airways Holdings Inc. is filing for Chapter 11 bankruptcy protection, as it struggles with a plunge in profits and a pilot shortage. The Indianapolis-based carrier said Thursday the move allows it continue normal flight schedules while it restructures its finances and contracts. It says it will retain its collective bargaining agreements with its unions.

The airline's pilots fly regional jets for American, United and Delta. The bigger airlines have been hiring pilots away from regional operators like Republic. Republic had been unable to hire enough replacements due in part to a labor dispute which was eventually resolved.