Headlines 

GE Kicked Out of Dow, the Last 19th Century Member Removed

General Electric Co. suffered a crowning mentioned as a Dow candidate. Tuesday’s switch de-emphasizes industrial companies in the Dow, currently the biggest industry group in the index at 23 percent of its value, according to data compiled by Bloomberg. Walgreens is categorized as a consumer-staples company, a group that now only makes up 5.7 percent of the Dow. Health-care companies are 13 percent. According to the index manager’s website, the Dow favors a company that “has an excellent reputation, demonstrates sustained growth and is of interest to a large number…

Read More
Headlines 

Worlds Biggest Wealth Fund Wants Out of Oil and Gas

The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.   Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks. “Our perspective here is to spread the risks for the…

Read More
Headlines 

Norway Idea to Exit Oil Stocks Is Shot Heard Around the World

Norway’s unloading its shares of Exxon Mobil Corp., Royal Dutch Shell Plc and other oil giants to diversify its holdings and guard against drops in crude prices. European oil stocks fell. Big Oil is under pressure, read more here Norway’s Finance Ministry, which oversees the fund, said it will study the proposal and will take at least a year to decide what to do. The fund has already sold off most of its coal stocks. “People are starting to recognize the risks of oil and gas,” said Jason Disterhoft of…

Read More
Headlines 

Singapore-Listed Noble Group Will Sell Its Oil Trading Business

Embattled commodity trader total net loss of $1.1 billion and $1.25 billion for the three months to September, and that lenders had agreed to a two-month extension of a waiver related to a revolving-credit facility. Noble Group, once Asia’s largest commodity trader, has been rushing to sell its oil business to pay back lenders in a struggle to survive. The shares have sunk 78 percent this year amid concerns that the company will default. Trading was halted on Friday at 38 Singapore cents, 2.6 percent down from the previous close, pending the…

Read More