October 26, 2011
Indiana Town’s Economy Benefits from Canadian Oil Boom
The town of Whiting, Indiana, is home to the largest inland oil refinery in the United States. The energy company BP operates the Whiting Refinery, which originally was built by the Standard Oil Company in 1889. Now with heavier crude oil piped…
October 26, 2011
US Stocks Decline
U.S. stocks declined in Tuesday's midday trading. The Dow Jones Industrial Average dropped nine-tenths of one percent, the S&P 500 fell 1.1 percent, while the NASDAQ slid 1.2 percent. European stock markets were down by the close of Tuesday's…
October 26, 2011
Europe Scrambling to Complete Debt-Relief Plan
European leaders are scrambling to finalize a plan aimed at resolving the continent's government debt contagion, ahead of a Wednesday summit in Brussels. The outline of a package of reforms is emerging, but details have yet to be set, and a…
October 23, 2011
EU leaders urge action from Italy to reduce debts
European leaders have demanded that Italy make a major effort to reduce its 1.9tn euro (£1.6tn)…
October 23, 2011
BP wins approval to resume drilling in Gulf of Mexico
BP has won approval to resume drilling in the Gulf of Mexico, 18 months after a well blowout killed 11 workers and caused an environmental disaster. Regulators approved plans for drilling to depths of up to 6,000ft about 200 miles off the coast of…
October 23, 2011
Private Banks May Have to Forgive Half of Greek Debt
International lenders say private banks lending money to Greece may have to forgive the debt-ridden country more than a half of what it owes them. The latest review by European Union and International Monetary Fund experts shows that a Greek bond…
October 23, 2011
Obama Signs Korea, Colombia, Panama Trade Deals
U.S. President Barack Obama has signed into law trade agreements with South Korea, Colombia and Panama. Supporters say the deals will boost U.S. exports by billions of dollars and preserve or create hundreds of thousand of jobs in the United…
October 20, 2011
Sony postpones product launches due to Thailand floods
Japanese electronics maker Sony has postponed launches of various products after…
October 20, 2011
Market nerves over euro strategy
World stock markets have fallen on fears that eurozone leaders are divided over how to tackle the debt crisis. After a meeting with German Chancellor Angela Merkel in Frankfurt, French President Nicolas Sarkozy was reported to have said that the…
October 20, 2011
Morgan Stanley reports $2.2bn third quarter profit
Morgan Stanley has reported a $2.2bn (£1.4bn) profit for the third quarter of the year. The investment bank, the second-largest in the US, made the profit on revenues of $9.9bn. But the profit was boosted by a $3.4bn gain on a revision to some of…