OPEC cuts oil forecast for nonmembers
OPEC has cut its oil production forecasts for states like the U.S. that are not members of the cartel. The group said it had lowered its forecast for daily oil supply growth this year from nonmember states by 72,000 barrels a day to 880,000 due to lower than expected output in the U.S. For next year, it trimmed its forecast by 110,000 barrels to 160,000. The cartel also increased its forecast for global demand growth this year by around 84,000 barrels a day to 1.46 million, and by 50,000 barrels to 1.29 million for next year. The price of oil has fallen this year amid strong supply and weaker demand from energy-hungry economies like China.
Google hires CEO for self-driving car unit
Google has hired auto industry veteran and former Hyundai U.S. CEO John Krafcik to run its self-driving car program. Krafcik, 53, is credited with turning around Hyundai's U.S. operations, leading the company to huge sales increases after the Great Recession. Early in his career as a mechanical engineer he worked at a joint venture between Toyota and General Motors where he became a proponent of lean manufacturing. For Google, Krafcik's hiring shows the tech giant is serious about turning autonomous cars into a sustainable business. Google has promised to have a self-driving car in the public's hands by 2020. Krafcik takes over as the autonomous car CEO later this month.
Firm, CEO to pay $30M to settle with SEC
A Ukrainian firm and its CEO are paying $30 million to settle U.S. regulators' charges they were part of an international web of hackers and traders that made $100 million by getting advance peeks at sensitive corporate news releases. The Securities and Exchange Commission announced the settlement with Jaspen Capital Partners and CEO Andriy Supranonok, who agreed to make restitution for their allegedly ill-gotten gains. They neither acknowledged nor denied wrongdoing but did agree to refrain from future violations of the securities laws. The SEC last month brought civil charges against Jaspen, Supranonok and 32 other people and companies in the U.S. and Europe.
Groups seek to overturn Exxon Mobil deal
Four environmental groups want an appeals court to let them intervene in New Jersey Gov. Chris Christie's $225 million settlement with Exxon Mobil over contaminated sites across the state. New Jersey Sierra Club Director Jeff Tittel said the groups are seeking additional natural resources damages. A state Superior Court judge approved the deal last month despite damage estimates of $8.9 billion. Under law, about $50 million will go toward cleanup. Another $50 million will go toward the state's private legal costs, with the rest slated for the general fund.
MillerCoors to close North Carolina brewery
Chicago-based MillerCoors LLC, facing a long-term sales decline, is closing one of its eight breweries, the company said. MillerCoors, which has a brewery and offices in Milwaukee, plans to close its Eden, N.C., brewery, which has 520 employees, effective September 2016. The decision to close the Eden brewery was due to "significant overlap in distribution" between it and the company's Shenandoah, Va., brewery, which is around 200 miles away, according to a company statement. The Shenandoah brewery is closer to Northeast markets and also is the newest MillerCoors brewery.
Toshiba posts loss as TV, PC sales slump
Toshiba Corp. posted a net loss for the first quarter as sales of televisions and personal computers slumped and profit fell at its division that makes chips. The net loss was 12.3 billion yen ($102 million) for the three months ended June, the Tokyo-based industrial group reported. Sales were 1.35 trillion yen, the lowest since the quarter ended December 2012. President Masashi Muromachi this month pledged a "bold restructuring" of its chipmaking and lifestyle divisions after reporting an annual loss and restating six years' worth of earnings. Toshiba is releasing its second earnings report in as many weeks after delaying results amid an accounting scandal.