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| South Sudan president names Benjamin as new foreign minister Saturday, Jul 27, 2013 12:05 PM PDT  JUBA (Reuters) - South Sudan's President Salva Kiir has named former Information Minister Barnaba Marial Benjamin as the new foreign minister of the African oil producer, the first appointment in a new cabinet after firing the previous lineup. On Tuesday, Kiir sacked his entire cabinet, Vice President Riek Machar and put under investigation his top Sudan negotiator, Pagan Amum, amid a power struggle in the African nation. ... Full Story | Top |
| India's Lanco Infra starts process to restructure $1.3 billion debt Saturday, Jul 27, 2013 07:43 AM PDT By Neha Dasgupta MUMBAI (Reuters) - India's Lanco Infratech Ltd has started a process to restructure debts totaling 75 billion rupees ($1.3 billion) after economic weakness impacted the performance of some of its businesses such as power and engineering and construction. If the process is approved by its lenders, Lanco would be the second debt-laden company to go for a major loan restructuring within nine months, after lenders to wind turbine maker Suzlon Energy in November agreed to restructure about 110 billion rupees of its debt. ... Full Story | Top |
| New clashes between army and rebels in Sudan's main oil state Saturday, Jul 27, 2013 05:24 AM PDT KHARTOUM (Reuters) - New clashes between the Sudanese army and rebels erupted on Saturday in the country's main oil-producing state of South Kordofan, bordering South Sudan, witnesses and rebels said. The violence is likely to worsen relations between the African neighbours, as Khartoum accuses Juba of supporting insurgents operating on Sudanese soil and using the South's territory as retreat bases. Juba denies this. Residents in Dalang, one of the largest towns in South Kordofan, said they could hear shooting and explosions. ... Full Story | Top |
| U.S. chief executives can't break cost-cutting habit Friday, Jul 26, 2013 03:16 PM PDT By Lewis Krauskopf, Patricia Kranz and Lucia Mutikani (Reuters) - A disconcerting trend lurks beneath the recent round of solid profit forecasts announced by companies ranging from United Technologies Corp to Wendy's Co : More than three years into the recovery, CEOs are still relying on cost cuts to prop up earnings. While the cuts are not as severe as those that followed the 2008 financial crisis, companies remain cautious, mindful that revenue growth is still tepid. ... Full Story | Top |
| Factbox: JPMorgan's physical commodity trading Friday, Jul 26, 2013 02:51 PM PDT NEW YORK (Reuters) - JPMorgan Chase & Co. has expanded into the physical commodity markets aggressively over the past five years, first with the purchase of Bear Stearns in 2008 and most significantly with a $1.7 billion deal to buy RBS Sempra's global oil and metals business in 2010. On Friday the bank - which had become Wall Street's biggest trader in commodities - announced that it was putting the physical trading operations up for sale, quitting the business after months of intensifying pressure. ... Full Story | Top |
| Father of fracking George P. Mitchell dies at 94 Friday, Jul 26, 2013 02:51 PM PDT By Anna Driver HOUSTON (Reuters) - George Phydias Mitchell, a petroleum engineer who transformed the natural gas industry by using hydraulic fracturing to pull the fuel out of shale formations, died of natural causes at the age of 94 on Friday. A native of Galveston, Texas, who rose from modest means to become a billionaire philanthropist, he was the chairman and chief executive officer of Mitchell Energy & Development Corp, which was sold to Devon Energy Corp for $3.5 billion in 2002. His death was announced on the website of his foundation. ... Full Story | Top |
| Halliburton plea may help BP in spill liability battle Friday, Jul 26, 2013 02:34 PM PDT  By Braden Reddall and Mica Rosenberg (Reuters) - BP Plc appeared to gain an edge in the battle over liability for the 2010 Gulf of Mexico spill on Friday, after Halliburton abandoned one of its arguments that tried to paint the British oil company as unconcerned about well safety. Halliburton, which did the cementing work for BP's well, on Thursday pleaded guilty to destroying evidence of internal tests it conducted showing there was no difference between the effectiveness of putting six or 21 casing centralizers on the well. ... Full Story | Top |
| Oil's drop, Fed fears yank TSX to one-week low Friday, Jul 26, 2013 02:15 PM PDT  By John Tilak TORONTO (Reuters) - Canada's main stock index hit a one-week low on Friday with falling oil prices fueling a decline in shares of energy producers and a Federal Reserve meeting next week reviving worries about the fate of the U.S. central bank's stimulus program. The Toronto market fell for a fourth consecutive session and declined on the week after four straight weeks of gains. ... Full Story | Top |
| U.S. FDA proposes food companies verify safety of imports Friday, Jul 26, 2013 01:42 PM PDT  By Carey Gillam (Reuters) - The U.S. Food and Drug Administration proposed rules on Friday that would require food companies to verify that the products they import meet certain safety standards. The rules are the latest in a series proposed under the Food Safety Modernization Act, which was signed in 2011 and represents the most sweeping food safety reform in more than 70 years. More than 3,000 people in the United States die each year from food-borne illnesses, according to federal data. One in six are sickened and 100,000 hospitalized from illness tied to pathogens such as salmonella, E. ... Full Story | Top |
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