Pushing forward: American companies continued to attract eye-watering sums of money from venture capitalists in the last quarter, according to a report released today. As The Washington Post reports, U.S. firms picked up more than $17 billion in 1,189 deals through the second quarter of 2015, the highest amount since 2000, according to the report by PricewaterhouseCoopers and the National Venture Capital Association, which is based on data from Thomson Reuters. “We’re seeing real substance behind the companies being funded,” says Brad Phillips, director at PwC. “These are not no-revenue startup companies.” Read the full story.
Pulling back: ConocoPhillips says it plans to cut spending on its Gulf of Mexico and deep-water exploration programs, as the driller continues to tighten its belt amid lower oil prices. As FuelFix.com reports, the Houston-based firm has already trimmed its 2015-2017 capital spending program from an initial $16 billion to about $11.5 billion per year after crude oil prices began to fall last year. Of that $11.5 billion, less than $1.8 billion was dedicated to exploration. ConocoPhillips spokesman Daren Beaudo says the company is not detailing the magnitude of the cut to its deep-water spending at this time, or the number of layoffs that may accompany it. Read the full story.
By the numbers: U.S. consumer prices rose for a fifth straight month in June, by 0.3%, as the cost of gasoline and a range of other goods increased, further signs of firming inflation that strengthen the case for an interest rate hike this year. Reuters reports other data released this morning suggests the economy could support a tightening of monetary policy. Housing starts surged in June by 9.8%, and building permits soared to a near eight-year high. Federal Reserve Chair Janet Yellen this week affirmed the U.S. central bank was keen to start raising interest rates later this year. Read the full story.
