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BUSINESS Saturday 3 June 2017
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Investors bet Trump climate withdrawal to boost US drilling

LONDON (AP) — The price renegotiate the existing U.S. oil production has al- duction is neutralizing the the effect from the OPEC
of oil has fallen sharply as agreement or try to create ready been increasing in efforts of the OPEC cartel and Russian production
investors bet that President a new one that is more fa- recent months since the and other major oil-pro- cuts.
Donald Trump’s decision to vorable to the U.S. price of crude came off ducing nations, like Russia, Speaking at an economic
pull the United States out The deal would have re- lows last year, making ex- to support prices by limiting forum in St.Petersburg, Ros-
of the Paris climate agree- quired the U.S. to reduce pensive shale oil extraction their output. OPEC and 10 neft CEO Igor Sechin said
ment will increase the polluting emissions by more more economically viable. other countries led by Rus- that the OPEC and Russian
country’s oil and gas pro- than a quarter below 2005 “Now that U.S. President sia agreed last week to cuts fall short of “systemic
duction. levels by 2025, potentially Trump has announced that extend for nine months, to measures that would lead
The cost of a barrel of limiting the growth of high- the U.S. will be withdraw- March, a production cut of to long term stabilization.”
crude slumped 2.4 percent, emissions industries like oil ing from the Paris Climate 1.8 million barrels a day ini- He said that thanks to in-
or $1.18, to $47.18 in elec- and gas production. Econ- Agreement, it is expected tially agreed on in Novem- creasing efficiency, U.S.
tronic trading in New York omists, however, say that that the U.S. will expand its ber. shale oil producers would
on Friday, hours after Trump the climate deal would oil production even more On Friday, the head of Rus-
said the U.S. would imme- likely help create about as sharply,” said analysts at sia’s state-controlled Ros- likely deliver an additional
diately stop implementing many jobs in renewable German bank Commerz- neft oil giant said that that 1.5 million barrels of crude
the Paris deal. He said his energy as it might cost in bank. a rise in shale oil output in a day to the market in
administration could try to polluting industries. The increase in U.S. pro- the U.S. would likely offset 2018.q

Walmart touts investment in people, technology as advantages

By CHRIS S. RUGABER available to about half of
ANNE D’INNOCENZIO U.S. households. That ser-
Associated Press vice is a result of the com-
FAYETTEVILLE, Ark. (AP) — pany’s acquisition last year
Walmart CEO Doug McMil- of online retailer Jet.com.
lon touted the company’s “The historic trade-off be-
investments in people and tween price and service
technology, but also said doesn’t really exist any-
the company may have more,” McMillon said.
reached an employment With faster shipping a
peak and urged employ- key area of competition,
ees not to be afraid of au- Walmart had announced
tomation. on Thursday a delivery ser-
Speaking Friday at the an- vice using its own store em-
nual shareholders’ meet- ployees, who will deliver
ing, McMillon highlighted packages ordered online
ideas Walmart has intro- while driving home from
duced or tested in the past their regular work shifts.
year, like grocery pickup Walmart has invested $2.7
and technology that tracks billion in higher wages and
food through the global training for workers to low-
supply chain. The compa- er turnover and make the
ny has also put money into shopping experience more
its online operations, buy- Walmart CEO Doug McMillon speaks during the Walmart shareholders meeting Friday, June 2, appealing.
ing up several smaller retail 2017, at Bud Walton Arena in Fayetteville, Ark. “I’m really excited about
sites as it seeks to compete (Jason Ivester/The Northwest Arkansas Democrat-Gazette via AP) the environment that
better with Amazon. do,” he continued. “Some “We may end up over time eleventh straight quarter, we’re creating for people
The gathering — part pep people are afraid of what with fewer people, paying and customer traffic has to learn,” McMillon told re-
rally, part music concert, these changes will bring. I them more and have them risen for the tenth quarter in porters.
and only briefly a business don’t think we should be. use more technology,” he a row. The company spent more
meeting — comes as the Instead, I think we should said. But when or if that The mood at the meeting than $3 billion for Jet.com
retail industry has been recognize that we’ll be would happen is “to be de- was upbeat, despite the last year in its bid to lure
challenged by shoppers able to learn, grow and termined.” overall struggles of the re-
moving online. change together.” Walmart’s moves to meld tail industry. About 14,000 younger and more affluent
McMillon and other execu- A report conducted by the its online services with its people packed the arena customers. With Jet.com
tives also noted the com- Cornerstone Capital Group battalion of 4,700 stores are including Wal-Mart work- founder Marc Lore installed
pany’s investments in high- commissioned by the Inves- gaining momentum. But ers from around the world. as head of Walmart’s
er wages and training for its tor Responsibility Research executives told sharehold- Performers included Gwen U.S. e-commerce opera-
employees. “We will com- Center Institute, says that ers they shouldn’t remain Stefani and Mary J. Blige, tions, it bought ShoeBuy.
pete with technology, but 6 million to 7.5 million U.S. comfortable in a fiercely while Blake Shelton served com, outdoor gear seller
win with people,” McMillon retail jobs could be wiped competitive world. as host. and MooseJaw and trend
told a cheering audience. out in the coming years be- The company’s online sales McMillon cited the com- clothing seller ModCloth.
He added that workers cause of the use of tech- surged as it tinkered with its pany’s efforts to offer more It’s also implemented op-
shouldn’t fear increasing nology. shipping offers and other shopping options, including tions like letting online
automation in the industry. In a briefing with reporters, services, and drew more automated pickup stations shoppers pick up items at
“No doubt our work will McMillon did suggest that shoppers to its stores as in some store parking lots, a store for a lower price,
be different in the future the company may have well in its fiscal first quarter. in-store pickup for online or- and revamped its shipping
—robots, drones and algo- reached an employment The world’s largest retailer ders, and “Jet Fresh” deliv- program to make it more
rithms will do some work peak, with 1.6 million work- has posted sales gains at ery, which provides grocery competitive with Amazon’s
that we used to have to popular Prime plan.q
ers. established stores for the delivery in 1-2 days and is