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Dollar falls on oil prices and U.S. growth outlook

NEW YORK -- The dollar extended losses against most major currencies on Wednesday after oil soared to a new record and the U.S. Federal Reserve sharply lowered its projection for U.S. economic growth this year. Light, sweet crude for July delivery settled at 133.17 dollars a ...

Wall Street plunges on high oil prices, Fed's forecast

NEW YORK -- Wall Street plunged Wednesday with the Dow Jones average dropping more than 200 points as crude oil prices rocketed above 133 U.S. dollars stirring investors' concerns on inflation and economic outlook. Oil prices surged more than 4 dollars to a record near 133.82 ...

OPEC daily oil prices surpass $121 per barrel

VIENNA - The daily average price of the Organization of Petroleum Exporting Countries (OPEC) set a new record of 121.02 U.S. dollars per barrel on Tuesday, according to the Vienna-based cartel. It was also the first time the prices had surpassed 121 dollars. OPEC Secretary...

Wall Street slides as oil price hits 132 dollars

NEW YORK -- Wall Street lost ground Wednesday as crude oil prices reaching another record high of 132 U.S. dollars weighed on stocks that strove to rebound from the previous big decline. Crude-oil futures rallied past the 132 dollars a barrel mark for the first time, after the U...

Chemtura Expands Calcium Sulfonate Capacity by Over 25%

Chemtura Corporation announced the expansion of manufacturing capacity for its Hybase(R) Overbased Calcium Sulfonate production line in West Hill, Ontario, Canada. According to Kirk Schlup, Global Industry Leader, Marine and Fuels, "This expansion increases our capacity by over ...

Brazil's Petrobas and Braskem mull US$2.5 bln investment in projects in Peru

Brazilian firms Petrobras and Braskem are considering investments up to US$2.5 bln in petrochemical projects in natural gas-rich Peru. Agreements have been signed by the partners from the two countries including commitments by the Brazilian firms to study the feasibility of ...

Ecuador state oil company chief quits

QUITO - The president of Ecuador's state oil company Petroecuador resigned on Tuesday, one day after the company slashed its 2008 output target as the government struggles to lift the weakening sector. Petroecuador said on Monday it was lowering the target to 172,000 barrels per ...

Oil companies plan on higher crude prices

LONDON - Oil firms are using higher price assumptions for planning their businesses, making a greater range of projects viable and a sign that the floor for prices in the long run is moving up. Companies such as BP Plc and Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research) ...

House passes bill to sue OPEC over oil prices

WASHINGTON - The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure. The bill would ...

Market's fortunes hinge on oil and jobs

NEW YORK (Reuters) - If the jobs report and other economic releases confirm the past week's decent numbers and if oil does not throw a wrench in the works, stocks could start June on a strong note. If that is the case, investors could shift more of their money from bonds back ...

Iraq hits milestones on U.S. troop deaths and oil

BAGHDAD - U.S. troop deaths in Iraq fell to their lowest level last month since the 2003 invasion and officials said on Sunday improved security also helped the country boost oil production in May to a post-war high. U.S. Defense Secretary Robert Gates and Iraq's oil minister ...

Iraq oil output, exports hit post-war high

BAGHDAD - Iraq has raised oil exports to a post-war high, earning billions of dollars to fund reconstruction after Baghdad cracked down on sabotage of its strategic pipelines, the oil minister said on Sunday. In an interview with Reuters, Hussein al-Shahristani said he expects ...

Iraq to reconsider preferential oil accord with Jordan

AMMAN -- Iraq will reconsider a 2006 accord on preferential oil supply with Jordan, Jordan Times reported Friday, quoting visiting Iraqi Vice President Tareq Hashemi. In a Memorandum of Understanding signed in August 2006, Iraq pledged to provide its resources-scarce neighbor ...

High oil prices to blame for decline in automobile markets

PARIS -- Carlos Ghosn, executive president of the French automotive group Renault-Nissan, has said that a "large portion of the recession" that is being experienced in the world automobile market is as a direct result of rising oil prices and volatility of raw materials. "Much of ...

IOC defers plans to build Paradeep petrochemical complex

Doubling of the projected costs has coerced Indian Oil Corporation (IOC) to rethink plans for a petrochemicals project in Paradeep, Orissa. Rising cost of equipment, land development, raw material, labour and other factors of production have propelled costs. IOC had earlier ...

Oil prices edge up on weak dollar

NEW YORK -- Crude futures edged up Friday as a declining U.S. dollar prompting investors to buy commodities. Light, sweet crude for July delivery rose 73 cents to settle at127.35 dollars a barrel on the New York Mercantile Exchange (NYMEX). Oil prices, which fell by more than 4 ...

Shell considers investments in Asia Pacific

Driven by rapid economic growth driving up demand for petrochemicals in densely populated China and India, making Asia Pacific is the most exciting region for petrochemical growth for Shell. The region is the company's focus for new capacity investments. By 2010 around 30% of ...

AkzoNobel and partners awarded algae research funding

AkzoNobel is part of a Dutch consortium which has just received major funding to investigate the potential of converting algae into feedstock for the chemical industry. Having partnered with energy company Essent, algae producers Ingrepo and Wageningen University, the consortium ...

Iraq's Kurds to make Baghdad new offer on oil law

DUBAI - Iraq's Kurdish regional government will make fresh proposals to Baghdad in two weeks to iron out differences over the federal oil law, the region's prime minister said on Tuesday. Disputes between the largely autonomous northern region of Kurdistan and Baghdad have ...

IEA may trim world oil demand further

LONDON - World oil demand is shrinking more quickly than first thought due to weak consumption in some major consuming countries, the International Energy Agency's head said on Monday. The IEA may cut its forecast for world oil demand growth further, said Nobuo Tanaka, executive ...

Latest World News

china

Bill Gates talks nuclear
Bill Gates talks nuclear
Microsoft co-founder Bill Gates confirmed on Wednesday that he is ...
China offers inspirations to global dilemmas
China offers inspirations to global dilemmas
BEIJING, Jan. 22 (Xinhua) -- Policies of China's new leadership in the ...
Merck to put $1.5b in R&D
Merck to put $1.5b in R&D
Merck Sharp & Dohme (MSD), the world's second-largest drug producer by ...

world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
The Number One Document also proposed a new pricing plan for China's ...
Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

finance

company

Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
Employees demonstrate Sony Ericsson Mobile Communications' Xperia Play ...
Boeing Wins Biggest Order of US$26b
Boeing Wins Biggest Order of US$26b
A formation of nine Royal Air Force Red Arrows Hawk aircraft fly ...

trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
Lucrative golf industry lures stiff competition
Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
History-making tennis legend Li Na notched the first-ever grand slam ...
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