Afternoon Coffee: US Industrial Production Rises, Mining Companies Make Further Spending Cuts

Tomasz Zajda/Adobe Stock

U.S. industrial production increased 0.9% in January, the largest monthly jump since November 2014. The rise also comes after a 0.7% drop in December.

Anglo American reported it lost $5.5 billion in 2015, before taxes, due the tumbling oil prices. Last year’s losses are also more than double the mining company’s losses in 2014.

Low oil prices have also led Devon Energy Corp. to cut its 2016 capital spending program 75%. The oil company said it would lay off 20% of its staff as well. 

Canadian Pacific wants federal regulators to provide preliminary approval of the voting trust structure of its proposed takeover plan for Norfolk Southern. Canadian Pacific said it does not see this action as necessary, but its shareholders and Norfolk Southern representatives see it as important.



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