December 8, 2016 / 2:25 PM / in a year

Reuters Select: Drilling for bankruptcy

Reuters photo of the day

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The dead bodies of migrants that washed ashore at Tajoura, east of Tripoli, Libya. REUTERS/Hani Amara

Drilling for bankruptcy

After two years of hunkering down, U.S. oilfield service providers are preparing for an expected oil-price recovery in an unexpected way: filing for bankruptcy. Their plan: file for Chapter 11 creditor protection to shed debt and raise cash so they can spend and invest again. Reuters’ Tom Hals and Tracy Rucinski report.


No way out of Aleppo

As the Syrian army close in on the ruined streets of the Old City, people living in rebel-held areas face some unbearable choices. “I feel this is the end,” Reem, a mother of two children, said via patchy internet connection. Cold and a lack of water had made her children ill and the family was surviving on one meal a day. “We’ve long accepted that if we die we die, from barrel bombs and so on, but now we’re scared that the army will come in and take my husband.”


Exclusive: U.S. regulator set to fail Wells Fargo on community lending test

A U.S. bank regulator is ready to fail Wells Fargo on a national scorecard for community lending, sources told Reuters. Wells Fargo has struggled since September to overcome its admission that employees created as many as 2 million accounts without customer authorization. A downgrade on the bank’s community service score could further tarnish its reputation.


Exclusive: Risking Beijing’s ire, Vietnam begins dredging on South China Sea reef

Vietnam’s dredging work on Ladd Reef in the Spratly Islands could anger Hanoi’s main South China Sea rival, Beijing, which claims sovereignty over the islands and most of the resource-rich sea. The reef is completely submerged at high tide, but has a lighthouse and an outpost housing a small contingent of Vietnamese soldiers. The reef is also claimed by Taiwan.


House of Commons likely would back triggering EU divorce talks

The House of Commons lower chamber could in theory block Brexit because a majority of lawmakers supported staying in the EU. But recent public comments made by remain-supporting lawmakers from the ruling Conservative Party and main opposition Labour Party indicate that Prime Minister Theresa May would have more than the number of votes the government would need to pass a Brexit bill.


Japan Inc warns of global trade contraction under Trump presidency: Reuters poll

Fully three-quarters of Japanese companies expect no expansion in world trade, highlighting anxiety that Trump’s protectionist rhetoric during campaigning might turn into growth-sapping policies.


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