Crude oil inventories declined by 2.8 million barrels on the week ending July 10. The United States and China agreed to develop a joint Clean Energy Research Center. The world's largest coal producer by market value said its commercial coal production rose to 105.8 million tonnes.
Stocks rose sharply on Wednesday as Intel Corp's solid quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.
In spite of the economic recession, an Aspen home owner became the first to sell the most expensive home in the U.S. for the year.
The biggest U.S. pension fund has sued the top three ratings agencies in a complaint linked to big losses linked to complex investments.
Oil rose above $60 a barrel on Wednesday, supported by data showing a fall in U.S. crude oil inventories and after strong company earnings lifted expectations for economic recovery.
General Motors unveiled plans on Wednesday to spend about $1 billion in Brazil through 2012 to develop a new family of vehicles for South America, a priority market for the U.S. automaker as it looks to rebound from bankruptcy protection.
Former General Motors Corp Chairman and Chief Executive Rick Wagoner, ousted in March by the Obama administration, will retire in August with a package worth $8.6 million in the first five years, the company said on Tuesday.
General Motors unveiled plans on Wednesday to spend 2 billion reais ($1.02 billion) in Brazil through 2012 to develop a new family of vehicles for the South American market.
Stocks rose sharply on Wednesday as Intel Corp's solid quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.
Some of the biggest U.S. investors and two former top securities regulators warned that a tarnished Federal Reserve should not be put in charge of preventing systemic risk in the financial system, a central plank of the administration's response to the credit crisis.
U.S. mortgage applications rose for a second straight week, driven by a jump in demand for home refinancing loans as interest rates tumbled, data from an industry group showed on Wednesday.
Capital One Financial Corp's U.S. credit card defaults rose in June as unemployment increased and Americans struggled to pay their debts, the company said on Wednesday.
The world's richest economies will grow again before year-end as the choke-hold of the worst recession in generations gradually eases, but Reuters polls of economists show widespread doubt about the recovery's strength.
U.S. investment fund Lone Star's planned takeover of failed Japanese real estate investment trust (REIT) New City Residence Investment Corp was blocked by creditors on Wednesday.
U.S. government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration's thinking said on Tuesday.
China is on course to hit its 8.0 percent growth target this year and become the first major economy to pull decisively out of the global slump, according to a Reuters poll.
President Dmitry Medvedev will defend a Russia-backed deal to buy German car maker Opel and seek more support for the Nord Stream gas pipeline project when he visits Munich on Thursday, a top Kremlin aide said.
Production of biodiesel in the European Union rose by more than 35 percent in 2008 and capacity will grow again this year although half the plants are idle due to poor demand, the EU producers group said on Wednesday.
U.S. crude futures rose on Wednesday on industry inventory data showing crude supplies fell last week along with gasoline stocks and as positive earnings results fueled a global equities rally.
China and the United States, the world's two largest emitters of greenhouse gases blamed for global warming, launched a joint research effort Wednesday to produce more fuel-efficient vehicles and buildings.
A U.S. judge refused on Tuesday to dismiss an insider-trading charge against former Bear Stearns hedge fund manager Ralph Cioffi, court documents showed.
Stocks rose more than 1 percent at the open on Wednesday as Intel Corp's solid quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.
