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(FORTUNE Magazine) RIGHT OR WRONG, John K. McKinley makes the decisions at Texaco Inc. No touchy feely management by consensus for this hardheaded chief executive, and no buck passing either. Now 65 and scheduled for retirement in December, McKinley faces a poignant possibility: that with a single act he has destroyed the $47.5 billion a year international oil giant to which he has devoted the whole of his 40 year career. At issue is McKinley's by now notorious acquisition of Getty Oil Co. in 1984. Pennzoil Co. of Houston, claiming it already had a contract to buy cheap Christian Louboutin uk
Getty, sued in Texas and won a $10.5 billion judgment against Texaco late last year. If upheld, the decision could force Texaco into bankruptcy, an almost unthinkably humbling prospect for a company accustomed to wielding more power than the average sovereign state. McKinley says he is open to a ''reasonable economic settlement'' but refuses to define his terms publicly.
The Nikkei closes 0.6% to round off its worst month since May 2012, with the index dropping 8.5% in January. Stock markets seem to be still highly troubled by the concept of positive economic news. But it means that the Fed is tapering and the BOJ is less likely to add to its already massive stimulus. Much of Asia is closed today, due to the start of the Lunar New Year, which will keep Chinese markets shut until February 6. Core core CPI, which excludes food and energy, rose to a new 16 year peak of 0.7% vs +0.6% a month earlier. Overall inflation increased to 1.6% from christian louboutin at nordstrom 1.5%. While CPI is heading towards the Bank of Japan's target of 2%, the government wants businesses to increase wages in order to solidify the rise in inflation, the test of which will come in Spring wage negotiations. There are also concerns about the impact of an increase in sales tax in April "Consumers will be hit in the pocket from rising prices and the upcoming sales tax hike," says JPMorgan's Masamichi Adachi.