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Stocks tumble again...Oil prices spike...Huawei CFO appears in court

December 7, 2018

NEW YORK (AP) — Major indexes are sinking again in afternoon trading on Wall Street, extending a dismal streak for the stock market. Today’s sell-off has erased more than 500 points from the Dow Jones Industrial Average, bringing its weekly drop to more than 1,000. Traders have been dumping stocks this week as doubts emerged about how much progress had been made on defusing trade tensions between the U.S. and China.

VIENNA (AP) — Oil prices have spiked sharply after major oil producers, including the OPEC cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Following two days of meetings, the Organization of the Petroleum Exporting Countries said it would cut 800,000 barrels per day for six months from January. The balance will come from Russia and other non-OPEC countries.

WASHINGTON (AP) — The chief financial officer of Chinese telecom giant Huawei (wah-way) is appearing in a Canadian court as she seeks bail while awaiting possible extradition to the United States. A prosecutor for the Canadian government says Meng Wanzhou is accused of fraud. He says the charges have to do with Huawei using an unofficial subsidiary to access the Iran market in dealings that would contravene U.S. sanctions.

LAWRENCE, Mass. (AP) — The utility company that caused the September natural gas pipeline explosions in Massachusetts says work to fully restore gas service is mostly complete. Columbia Gas says that 96 percent of affected customers in Lawrence, North Andover and Andover have had service restored. The company says most of the homes and businesses still needing service restored are ones that chose to complete the work themselves rather than use the company’s contractors.

PORTLAND, Maine (AP) — Fishermen who seek one of the most important bait fish on the East Coast are likely to see a dramatic reduction in the amount they are allowed to harvest next year. Commercial fisheries for herring are a major industry in the Atlantic states, where the little fish is important as lobster bait and also eaten by people. The National Oceanic and Atmospheric Administration says it wants to cut the annual catch limit from nearly 110 million pounds this year to less than half that in 2019 to prevent overfishing.

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