Proved Reserves of Crude Oil Fall in 2008, Reflecting Low End-of-Year Prices
The Energy Information Administration's (EIA) U.S. Crude Oil, Natural Gas, and Natural Gas Liquids Proved Reserves, 2008 reports that proved reserves of crude oil fell by more than 10 percent in 2008, primarily because of low end-of-year prices used to estimate proved reserves, even though discoveries of crude oil rose for the third year in a row. In contrast, proved reserves of natural gas rose by 3 percent in 2008, despite low end-of-year prices.
Frank seeks changes in derivatives bill
The chairman of the U.S. House Financial Services Committee is seeking changes to draft legislation for the $450 trillion privately-traded derivatives markets, with the intent of making it harder for banks to avoid trading the contracts on exchanges.
Chrysler pitches turnaround plan
The mood in the global automotive industry has shifted to cautious optimism, marked by the unveiling on Wednesday of Chrysler's turnaround plan and General Motors' plan to keep its Opel unit.
Mercenary Mann returns to UK, relieved plot failed
Freed British mercenary Simon Mann said his homecoming was the most wonderful he could have imagined, after earlier expressing relief that his West African coup attempt had failed.
Stocks climb after Fed statement
Stocks resumed their climb back toward session highs on Wednesday after the Federal Reserve held its stance to keep borrowing costs near zero for an extended period even though it expressed confidence the U.S. economic recovery was gaining steam.
Democrats get warning shot for 2010 elections
The Obama White House on Wednesday attempted to play down election losses in Virginia and New Jersey in contests that analysts said served as a warning shot to Democrats looking ahead to 2010 voting.
How to boost fuel efficiency? Raise taxes, executives say
There's a simple way to get Americans to drive fuel-efficient cars, according to auto executives, but they are not going to like it -- sharply hike the gas tax.
Cuomo hits Intel with antitrust lawsuit
Intel Corp was sued on Wednesday by New York Attorney General Andrew Cuomo, who accused the world's largest chipmaker of scheming to maintain monopoly power in the market for microprocessors.
CORRECTED: Molson Coors profit tops view, volume slips
(Corrects Molson's ranking to fifth-largest brewer, not third-largest, paragraph 5)
UK energy park gets all clear
Peterborough Renewable Energy Limited (PREL) has been granted approval to build a waste recycling and green power plant that could eliminate the need for landfill sites in the area, the government said on Wednesday.
Fed notes rising economic activity, keeps rates steady
The Fed's monetary policy arm on Wednesday said it saw economic activity continuing to rise, noting a better housing sector, household spending.
EU lawmakers approve helping industry with CO2 cost
European Union lawmakers approved a list on Wednesday of EU industries that stand to receive help with meeting the cost of permits to emit carbon dioxide.
Nicholas Stern sees good chance for deal in Copenhagen
World powers have a very good chance of reaching a political deal to target global curbs in carbon emissions at a U.N. conference in Copenhagen next month, British climate change expert Nicholas Stern said on Wednesday.
CO2 to be future driver of energy prices: Mercuria
Carbon emissions prices could become the driver for other energy commodities within the next 5-10 years, said Jean-Francois Steels, head of Mercuria Energy Group's newly expanded emissions trading team.
Mid-Day Minute - Nov 4
Service Sector Grows; Cuomo Hits Intel; Time Warner Beats Street
Microsoft cuts 800 jobs, completes layoff plan
Microsoft Corp said on Wednesday it is cutting a further 800 jobs across its operations, on top of 5,000 jobs already eliminated under a plan to reduce costs that was announced in January.
Stocks rise on solid data; investors eye Fed
U.S. stocks climbed on Wednesday on positive data about the services sector and employment, while investors awaited the Fed's assessment of the economic recovery.
For Americans, deficit pain is felt close to home
Christopher O'Neill is worried about the deficit. The deficit, that is, in his personal income after the 26-year-old Miami finance analyst was forced to find a temporary job paying $20,000 a year less than he earned until January when he was laid off from his auditor's post in Miami.
GM Opel U-turn awkward for Merkel but no disaster
General Motors' decision to keep its European unit Opel is embarrassing for German Chancellor Angela Merkel, who had lobbied for a sale, but the U.S. group's U-turn deals no lasting blow to her new government.
The most unemployed town in America — or is it?
If you're looking for ground zero in America's longest and deepest recession, El Centro in southern California appears on first glance to fit the bill.
Intel hit with antitrust lawsuit
Intel Corp was sued on Wednesday by New York Attorney General Andrew Cuomo, who accused the world's largest chipmaker of scheming to maintain worldwide monopoly power in the market for microprocessors.
Short sale battles weigh on U.S. housing recovery
Home equity lenders faced with losses from the U.S. property slump are holding out for more money in distressed sales, slowing transactions needed to support a recovery, real estate agents and analysts say.
ADP profit beats estimates as costs decline
Automatic Data Processing Inc posted higher-than-expected quarterly earnings on Wednesday as the world's largest payroll processing company cut costs to offset lower sales.
Intel hit with antitrust lawsuit by Cuomo
Intel Corp was sued on Wednesday by New York Attorney General Andrew Cuomo, who accused the world's largest chipmaker of scheming to maintain worldwide monopoly power in the market for microprocessors.
Time Warner profit beats estimates
Time Warner Inc posted a higher-than-expected quarterly profit and raised its full-year earnings forecast, in a sign that advertising sales at cable networks such as TNT are recovering and that cost-cutting at the Warner Bros film studio is paying off.
Opel sale is latest deal undone by recovery
The abruptly scrapped sale of GM's Opel is not the first example of a deal born of the financial crisis being undone by the economic recovery, and probably won't be the last.
G20 to look at how to unwind stimulus-U.S.'s Wolin
Finance chiefs from the Group of 20 will discuss eventually unwinding emergency economic stimulus packages introduced over the last year, U.S. Deputy Treasury Secretary Neal Wolin said on Wednesday.
Dollar dips from 1-month high vs currency basket, euro
The dollar slipped against most major currencies on Wednesday as a rally in stocks and commodities eroded the greenback's safe-haven appeal and investors awaited a policy decision from the Federal Reserve.
Opel restructuring must be driven by economics-EU
European Union competition regulators urged U.S. carmaker General Motors on Wednesday to draft a recovery plan for its European arm, Opel, that would ensure its long-term viability.
Pulte raises Centex savings forecast, shares surge
Pulte Homes Inc raised its forecast for efficiencies and savings from its acquisition of rival Centex Corp, overshadowing a quarterly loss and sending its shares up 7.5 percent.
