- Oil major Chevron (CVX) has announced deep cuts in its exploration and production as part of a plan to cut capital expenditure by 24% by 2016. The company's CEO said its main priority was to pay the dividend.
- French hospitality giant Accor (ACRFF) will buy the Toronto-based owner of the Raffles, Fairmont and Swissotel hotel brands in a cash-and-stock deal that values the whole company at around $3 billion.
- Commodities giant Glencore (GLNCY) raised its debt reduction target, saying it was now targeting debt of $18-$19 billion by the end of next year compared with a previous target of "low $20 billions".
- The independent General Motors (GM) fund set up to compensate victims of accidents in the wake of the faulty ignition switches approved $594.5 million for victims and 399 death and injury claims.
- Fiat Chrysler (FCAU) agreed to pay $70 million in fines to resolve an inquiry accusing it that it failed to disclose vehicle crash death and injuries reports, Reuters reports. The National Highway Traffic Safety Administration could announce the settlement on Thursday.
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