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Business Latest News: Schlumberger Soars on Global Drilling Boom, Baker Hit at Home

Wochit 0:59 mins

A three-decade high for drilling activity outside North America lifted Schlumberger Limited to its seventh straight estimate-topping quarterly profit, while U.S.-focused Baker Hughes Incorporated came up short in a tough quarter at home. Panasonic Corp , its affiliate Sanyo Electric Co Ltd and LG Chem Ltd agreed to plead guilty to separate price-fixing allegations involving automotive parts and battery cells, the U.S. Justice Department says. British regulators investigating the fire on a Boeing 787 Dreamliner identified the plane's emergency locator beacon as a likely source of the blaze and say it should be switched off, spurring a rally in shares from relieved investors.

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