OPEC will need to “step in” amid further declines in oil prices, which are fair at about $70 to $80 a barrel, according to the group’s second-biggest producer. The Organization of Petroleum Exporting Countries could still hold back from intervening in the market for one or two years, Iraq’s Oil Minister Adel Abdul Mahdi said in an interview. Brent oil dropped about 20 percent since OPEC decided to maintain output at its November meeting in Vienna. Global oil supply is growing as the highest U.S.

ABU DHABI (AFP) ― The determination of powerful Gulf OPEC members to stifle competition from new oil producers has left the global energy market reeling and sparked unprecedented uncertainty, officials and experts say.Gathered in Abu Dhabi for a key conference, senior energy officials from Arab Gulf nations insisted they will not cut production despite the freefall in oil prices.A supply glut, lower demand and the stronger U.S. dollar have all contributed to pushing down oil prices, which have d

Last month, Alibaba Group Holding Ltd.’s Jack Ma invited 1,600 former employees to its home turf in Hangzhou, China. The company’s $25 billion initial public offering had made many of them wealthy and he urged them to start businesses that would be meaningful in the long term. “He knew a lot of us got rich and wanted to tell us not to waste our money,” said Sun Shuihua, who worked at Alibaba for a decade. “He told us to treat our wealth responsibly.” Sun, 36, has already started: She’s spending

A tank truck driver pumps out gasoline into reserve tanks at an Idemitsu Kosan gas station in Tokyo. (Bloomberg)Japan’s refiners surged after two of the largest said they were discussing a tie-up, as falling demand for fuels spurs the industry to consider consolidation. Idemitsu Kosan Co., Japan’s third-biggest refiner by capacity, and Showa Shell Sekiyu KK, the fifth-ranked, are holding talks, the companies said in separate statements Dec. 20. The announcements followed a Nikkei newspaper repor

WASHINGTON (AP) ― Cargill aims to sell more corn and soybeans. MasterCard covets another site for Americans to swipe credit cards. Marriott sees beachfront property that needs hotels.And outside Orlando, Florida, Danny Howell just knows there would be demand for his classic Chevrolet parts.American businesses have begun imagining ways to capitalize on last week’s announcement that the United States will restore diplomatic ties with Cuba and ease curbs on trade with one of the last surviving Comm

Japanese Prime Minister Shinzo Abe’s victory in elections this month, an endorsement of his economic policies, may help the nation’s biggest companies get richer while extending a surge in bankruptcies among smaller ones. Toyota Motor Corp. and Honda Motor Co. are expected to post record profit this year after the policies known as “Abenomics” weakened the yen, boosting their earnings from overseas. Aggregate net income at 196 of the largest listed companies will rise to a record 18 trillion yen

LOS ANGELES (AP) ― Uber promises to focus on rider safety amid increasing concerns that its drivers are not adequately screened for past criminal convictions. In a blog post Wednesday, Uber’s head of global safety defended the company’s safety record but also wrote that “as we look to 2015, we will build new safety programs and intensify others.”The taxi alternative, valued at $40 billion, lets passengers summon cars through an app in more than 250 cities around the world. It faces multiples leg

Company unveils new phone in last-ditch bid to compete with rivals

Falling ruble raises fears of bank run

WASHINGTON ― Russia’s suddenly escalating financial crisis risks spilling beyond its borders and endangering parts of the global economy. With economies in Europe, Japan, China and Latin America already ailing, fresh threats have emerged from Russia’s shriveled currency, its move to dramatically boost interest rates, the damage from plummeting oil prices and Western sanctions over Russia’s action in Ukraine.The alarming 10 percent drop in the ruble over the past two days has amplified the econom