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Shell, BP


Shell denied a report it’s in talks to acquire BP. According to the Wall Street Journal, Shell is “holding early-stage talks” to buy its rival in what would be the biggest oil deal since the merger of Exxon and Mobil in 1999. CNBC, however, reported that it’s unlikely Shell would purchase all of BP in any potential deal, and Shell denied that talks were happening at all, calling the WSJ report “market speculation.” If a deal eventually goes through, it would combine Shell and its $210 billion market cap with some or all of BP’s $82 billion, creating another energy juggernaut to compete with Saudi Aramco, ExxonMobil, and Chevron. Shell’s stock dropped on the news, while BP’s ticked up.

NATO allies agree to increase defense spending. Under the new agreement, each nation in the Western military alliance will more than double their defense spending from 2% of GDP to 5% by 2035, the group announced at its summit in the Netherlands yesterday. The move is seen as a bulwark against the threat from Russia, as well as a response to growing tensions in the Middle East. It’s also considered a win for President Trump, who has long pressured NATO allies to spend more on defense. Trump has repeatedly threatened to pull the US out of NATO, but this week appeared to affirm the country’s continued involvement. He also said the US will meet with Iran next week amid its fragile ceasefire with Israel.

Monster and CareerBuilder filed for bankruptcy. The sites that people used to find jobs in the late 1990s filed for chapter 11 bankruptcy yesterday, saying they will sell off parts of their businesses to different buyers. Monster was once one of the most popular sites for job seekers, going as far as airing a highly memorable Super Bowl commercial in which kids sarcastically dreamed of “climbing up to middle management” and “being replaced on a whim.” But the company struggled to stay relevant amid the growth of platforms like LinkedIn and Indeed, eventually merging with CareerBuilder last year.—AE

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