Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Friday.
Oil Price Rises After OPEC Leaves Output Target Unchanged: The price of oil has risen on Asian markets after the Organization of the Petroleum Exporting Countries (OPEC) decided to leave current output levels unchanged.
OPEC earlier formally rejected a proposal from Iran and Venezuela for the cartel to cut some 1.6 million barrels per day in a bid to drive the price higher.
Fiat CEO Marchionne Cuts European Investments On Slump
Fiat SpA (F) is cutting investments in Europe by 500 million euros ($632 million) on expectations that the region’s auto market won’t recover in the second half.
PSA Peugeot Citroen plans to sell at least 50 percent of its profitable Gefco trucking unit, more than previously discussed, as it seeks to raise cash amid slumping sales.
US Airways Sees Progress Toward American Airlines Merger
US Airways Group Inc. (LCC) is making “great progress” toward a merger with American Airlines that would cure network failings at the AMR Corp. (AAMRQ) unit, Chief Executive Officer Doug Parker said.