The Presidential Daily Brief


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    Shell Plans to Cut 6,500 Jobs, Capital Spending

    Exploration and production profits are sliding, and Royal Dutch Shell is looking to plug the leak. Plummeting oil prices and a second-quarter profit drop of 37 percent are forcing the firm to cut 6,500 jobs and reduce capital spending by 20 percent, with annual investment to be lowered by $7 billion. Trimming back next year’s operating costs is also on the agenda. Execs say they’re taking a “prudent approach” amid the downturn, while assuring investors that the proposed $86 billion takeover of GB Group was still “on track.”

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