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China to cut tax rebates on steel products by 4%

The Chinese government plans to reduce the current tax rebates on some steel products by 4 percent in an effort to motivate the steel industry to achieve its energy-saving target, the Economic Observer, citing an unnamed source, reported Sunday. "The news about cutting tax ...

Oil prices plunge on signs of consumption curb

NEW YORK -- Crude futures plunged more than 4 U.S. dollars a barrel Thursday on signs that high oil prices have put a curb on fuel consumption. Light, sweet crude for July delivery dropped 4.41 dollars to 126.62 dollars a barrel on the New York Mercantile Exchange, the lowest ...

US spot PE limited as producers throttle back

HOUSTON --Less polyethylene (PE) was available through secondary channels at the end of May as producers either slowed their plants or held on to product in anticipation of June price increases, US buyers said on Wednesday. US producers have proposed a 5 cent/lb ($110/tonne) ...

Britain's Brown urges global action on oil prices

LONDON - Britain sought a slight increase in oil production from its North Sea fields on Wednesday, but Prime Minister Gordon Brown warned that only coordinated global action could help rein in spiraling oil prices. A day after British truck drivers caused road chaos with ...

Paulson to push for oil investment in Mideast

WASHINGTON - U.S. Treasury Secretary Henry Paulson will emphasize during a trip to the Middle East the need to allow private sector investment in the oil industry, a senior Treasury official said on Wednesday. David McCormick, the Treasury's undersecretary for international ...

Oil rebounds over $131 a barrel

LONDON - Oil rose $2 to more than $131 a barrel on Wednesday, rebounding from a sharp drop that had been triggered by concerns about a slowdown in world energy demand. "The bounce was more technical, with the sell-off a bit too sharp and once again buyers have stepped in to buy ...

Canada regulator sees high summer oil, gas prices

CALGARY, Alberta - Oil prices will likely stay near record highs this summer and natural gas is also expected to cling to unusually strong levels due to simmering worries about supplies, Canada's energy regulator said on Wednesday. Oil prices should average around $130 a barrel ...

Crude prices rise back above 130 dollars

NEW YORK -- Crude prices rose back above 130 U.S. dollars Wednesday on Nigerian threat. Crude prices received a fresh boost from Nigerian threat as Nigerian rebel group The Movement for the Emancipation of the Niger Delta threatened attacks on oil installations. Buying sentiment ...

Sumitomo Chemical Expands Production Capacity for Resorcinol

Sumitomo Chemical will build a new production facility at its Oita Works in Japan for resorcinol, a core product of its Fine Chemicals sector, in order to strengthen and expand this business and continue to provide a stable supply for its customers. Resorcinol is used as a raw ...

OPEC chief blames speculation, weak U.S. dollar for rocketing oil prices

QUITO -- Speculation and the weak U.S. dollar, rather than insufficient output, are responsible for the soaring oil prices, OPEC Secretary-General Abdullah al-Badri said Thursday. Badri, who is here for a visit, indicated that Organization of Petroleum Exporting Countries (OPEC) ...

Fears of future energy crunch tilt oil curve

NEW YORK - Rising concerns about an energy supply crunch in the coming years are helping send up long-term crude prices much faster than the dazzling rally in short-term prices, a trend that could prompt oil companies to start beefing up stockpiles. Analysts say a rise in ...

Brazil's oil giant says more oil found

RIO DE JANEIRO -- Brazil's state-owned oil giant Petrobras said it has discovered new light-oil deposits off the country's southeastern coast, local media reported Friday. Petrobras said the new reserves, in the field temporarily known as Guara, were located 310 km off the coast ...

Tighter rules proposed for overseas oil trading

WASHINGTON - The U.S. futures markets regulator would have more authority to regulate overseas trading of crude oil contracts on a U.S.-based electronic exchange under legislation introduced by U.S. lawmakers from both parties on Thursday. The bill, sponsored by Senators Maria ...

Brazil Petrobras to invest $11 bln in oil refinery

RIO DE JANEIRO - Plans by Brazil's state-run oil company Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz)(PBR.N: Quote, Profile, Research, Stock Buzz) to build an oil refinery in the northeastern state of Ceara will require an investment of $11 billion, a company ...

Libya says oil supply problem lies ahead

LONDON - World oil supply is enough at present but future supply is more of a concern as output nears a peak from which it will decline, the top official for OPEC member Libya said on Thursday. "There is enough crude in the market," said Shokri Ghanem, chairman of Libya's ...

Security tightened as fuel protests turn violent

MADRID - Spain and Malaysia tightened security on Thursday to stop strikes against soaring global fuel prices turning violent, as well as snarling road networks and slowing deliveries of food and raw materials. Spain promised "zero tolerance" for violence by striking truckers ...

Exxon to exit U.S. retail gas business

NEW YORK - Exxon Mobil Corp said on Thursday it is getting out of the retail gas business in the United States as sky-high crude oil prices squeeze margins. Those branded service stations may be the most public aspect of Exxon's business, but they account for a small part of the ...

Cuba oil plans could put hole in U.S. embargo

HAVANA - Sometime next year, Cuba plans to begin drilling a major oil field off its northern coast that might do what little else has done -- bring change to U.S-Cuba relations. In a rare confluence of circumstances, oil could grease the wheels for the two bitter enemies to come ...

U.S. regulators to meet on oil: EIA

WASHINGTON - U.S. regulators including the Commodity Futures Trading Commission will meet on Thursday to discuss regulations on crude oil markets, the head of the U.S. Energy Information Administration said on Wednesday. U.S. regulators are feeling heat from Congress to rein in ...

Cuba oil plans could put hole in U.S. embargo

HAVANA (Reuters) - Sometime next year, Cuba plans to begin drilling a major oil field off its northern coast that might do what little else has done -- bring change to U.S-Cuba relations. In a rare confluence of circumstances, oil could grease the wheels for the two bitter ...

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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