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By Rania El Gamal and Alex Lawler ALGIERS (Reuters) - OPEC agreed on Wednesday to cut its oil output for the first time since 2008, with the group's leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices. "OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," Iranian Oil Minister Bijan Zanganeh was quoted by Iran's SHANA news agency as saying, without giving details. OPEC's informal meeting in Algeria was still continuing after five hours.

By Barani Krishnan NEW YORK (Reuters) - Oil prices settled up nearly 6 percent on Wednesday after OPEC sources said the group has struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since the market crashed two years ago on oversupply. The Organization of the Petroleum Exporting Countries reached agreement to limit its production by nearly a million barrels per day to 32.5 million bpd in talks held on the sidelines of the Sept. 26-28 International Energy Forum in Algiers, the sources told Reuters. OPEC will agree to concrete levels of production for country at its Nov. 30 meeting in Vienna, the sources said.

The energy index jumped 4 percent and was set to have its best day since January after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November. "The energy sector has been the biggest drag on earnings for the past year and a half or two years, and if you can get some stability there, all of a sudden earnings start to look a lot better," said Mark Kepner, managing director at Themis Trading in Chatham, New Jersey. Shares of Caterpillar Inc, which sells heavy equipment to energy companies, jumped 3.79 percent.

Federal Reserve Chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest. At a House of Representatives Financial Services Committee hearing, Yellen also provided details on the changes the central bank is considering making to the annual stress tests it gives U.S. banks.

On Tuesday, Wells Fargo said CEO John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary while the company's board investigates the bank's sales practices. Stumpf will appear before the House Financial Services Committee on Thursday.

More than 5,000 Deloitte advisers will be included in the Apple initiative, the companies said. The consulting firm also launched EnterpriseNext, a program aimed at helping clients make better use of Apple products and services.

Volkswagen AG Chief Executive Matthias Mueller said Wednesday he is hopeful that the German automaker can reach agreement by the end of the year with the U.S. government on the size of a fine to settle an investigation of the company's alleged violations of U.S. clean air laws. Mueller, speaking on the sidelines of the Paris auto show, said he also sees “good progress” toward an agreement with U.S. regulators that could allow Volkswagen to repair certain 3.0 liter diesel engines that emit more pollutants than U.S. law allows.

Och-Ziff Capital Management Group LLC will pay $400 million and a subsidiary will plead guilty to resolve U.S. probes into its involvement in bribes paid to African officials, two people familiar with the matter said on Wednesday.In a deal expected to be announced on Thursday, the largest publicly traded U.S. hedge fund firm will enter a deferred-prosecution agreement with the U.S. Department of Justice while a subsidiary will plead guilty, the sources said. The payment will also resolve a related probe by the U.S. Securities and Exchange Commission, the sources said. A spokesman for Och-Ziff declined to comment.

The U.S. government has approved $7 billion in sales of Boeing Co fighter jets to Kuwait and Qatar, and has begun an informal notification process with U.S. lawmakers, two sources familiar with the decision said on Wednesday. The sales had been pending for more than two years, amid concerns raised by Israel, Washington's closest Middle East ally, that arms sold to Gulf Arab states could be used against it and concerns about human rights issues in Qatar. U.S. officials began notifying lawmakers informally about the sale of 36 Boeing F-15 fighter jets to Qatar valued at around $4 billion, and 28 F/A- 18E/F Super Hornets, plus options for 12 more, to Kuwait in a deal valued at around $3 billion, the sources said.

Sumner Redstone's National Amusements Inc is preparing to call on CBS Corp and Viacom Inc to explore a merger, two people familiar with the matter said on Wednesday. National Amusements is the controlling shareholder of both media companies, which separated from each other 10 years ago. A merger would give Viacom, whose networks include Comedy Central, Nickelodeon and MTV, a seasoned media executive at the helm with CBS CEO Leslie Moonves at a time when its TV ratings and ad revenue have been in decline, many investors believe.

Get out your wand. The new "Fantastic Beasts" trailer dives deeper into the Harry Potter spin-off with more monsters, more magic and fresh plot details.

New America think tank fellow Jamie Holmes explains how our human drive for certainty and closure impacts hiring decisions and creativity. She offers tips for effectively dealing with uncertainty.

One player of the action-adventure survival video game reports feeling misled "after seeing just how vastly different the trailers for No Man's Sky were from the actual released game."

At IdeaFestival 2016, journalist Sonia Shah explained the history of pandemics, how and why they spread, and what we can use data to intervene before a major outbreak.

MIT's Alan Lightman explained how technology and the humanities must play powerful complementary roles in society, echoing ideas from Steve Jobs and Edwin Land.

The upcoming BBC series about teens attending Clara Oswald's Coal Hill School promises to be full of mystery and adventure.

The next iPhone is being developed at offices in Israel and will feature a "radical redesign," reports Business Insider.

Data comes in all shapes, sizes, and file formats. One of the biggest challenges for businesses is integrating the myriad types of data: IBM wants to solve that problem.

At the 2016 Structure Security conference, GE's Tom Le explained how a combination of IT and OT are core to securing industrial IoT.

Data intelligence platform Affino mapped how ideas, like pardoning Edward Snowden, are discussed and shared between different demographic, psychographic, and geographic groups of web users.

In the short film "Psychogenic Fugue," actor Malkovich manages to make Lynch's characters even weirder than they already are.

The struggling company will cease in-house work on hardware, handing that job over to partners. It now will focus on security and software.

The smartwatch is packed with more sensors than the Apple Watch and Fitbit trackers.

What happens when you mix a Myst, Mouse Trap and a Rubik's Cube? An escape room!

Also: We talk about the pseudo-death of BlackBerry phones and discuss Facebook taking on Slack.

The SpaceX founder wants to build a Martian metropolis in our lifetime. Is the plan historic or just hubris? We discuss.

With a range around 300 miles and the looks of a sci-fi Golf, it exemplifies the company's vision for the future of cars.

Firefox 49 has been released. Can the one-time ruler of the browser space return to its glory days? Jack Wallen offers up his take on Mozilla's latest.

Social Cues: Plus on social media, a rare lunar event you can't take a picture of.

Dave McClure's campaign, Nerdz4Hillary, aims to raise $100,000 in support of Clinton.

Hey, it's a slow news day, cut me some slack.

Drake's year of domination continues as his once Apple-exclusive album hits another milestone.

The person behind the upcoming camera-sunglasses is reportedly Steve Horowitz, a hardware veteran who has worked at Apple, Google and Motorola.

The Obama administration joins tech companies and internet security advocates in urging Americans to think beyond the password.

Let's see how your racist uncle formulates a counterpoint for THAT.

It takes a lot of chutzpah to chop up an electric car like this.

Samsung has spent untold millions recalling the Galaxy Note 7, but one of the "safe" units has reportedly exploded in China.

A Michigan teen is told she's sanctioned for inappropriate use of an electronic device. She posted a picture of bathroom water that was urine-colored to Twitter.

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