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| Wall St. posts modest gains in short volatile session Wednesday, Jul 03, 2013 10:32 AM PDT  By Angela Moon and Alison Griswold NEW YORK (Reuters) - Stocks ended slightly higher in a volatile half-day session on Wednesday as traders squared positions before the holiday and Friday's job market data. The three major U.S. stock indexes seesawed on thin trading volume, with some market participants already away before Thursday's Independence Day holiday. The U.S. stock market closed at 1 p.m. (1700 GMT) on Wednesday. It will reopen on Friday for a full session. Mixed U.S. data on Wednesday failed to give the market solid direction. ... Full Story | Top |
| Scientists create human liver from stem cells Wednesday, Jul 03, 2013 10:04 AM PDT By Kate Kelland LONDON (Reuters) - Scientists have for the first time created a functional human liver from stem cells derived from skin and blood and say their success points to a future where much-needed livers and other transplant organs could be made in a laboratory. While it may take another 10 years before lab-grown livers could be used to treat patients, the Japanese scientists say they now have important proof of concept that paves the way for more ambitious organ-growing experiments. ... Full Story | Top |
| British lawmakers launch inquiry into mining, oil industries Wednesday, Jul 03, 2013 09:37 AM PDT LONDON (Reuters) - British lawmakers launched an inquiry into the mining and oil and gas industries on Wednesday, seeking to better understand their contribution to the economy and the impact of having scandal-prone companies listed in London. The wide-ranging investigation comes as Britain seeks to maximise its hydrocarbon reserves in the North Sea and start exploiting shale resources, and it follows a series of scandals at mining companies with shares trading in London. ... Full Story | Top |
| Nigeria's Access Bank to focus on retail on business Wednesday, Jul 03, 2013 08:50 AM PDT LAGOS (Reuters) - Nigeria's Access Bank aims to grow its customer base to 15-20 million across its African markets by 2018, from around 6 million now, as it shifts its focus to retail banking. Its incoming chief executive, Herbert Wigwe, who takes over at the end of the year, said retail banking will account for around 50 percent of its total business in five years time, up from 30 percent now. He added that Access Bank would also be involved in divestments of assets by oil companies. Full Story | Top |
| Tanzania revises up coal reserves to as much as 5 bln T Wednesday, Jul 03, 2013 07:58 AM PDT DAR ES SALAAM (Reuters) - Tanzania has coal reserves of up to 5 billion tonnes, more than thrice its previously stated figure of about 1.5 billion tonnes, Energy and Minerals Minister Sospeter Muhongo said on Wednesday. Tanzania produces coal from two mines mainly for domestic use, such as power generation. It has plans to increase its coal-fired power generation capacity and could also export more. Developing coal production is part of broader energy strategy, which includes exploiting recent big gas finds. "Tanzania's total coal reserves were previously estimated at 1. ... Full Story | Top |
| Chesapeake closes capex gap with $1 billion asset sale to Exco Wednesday, Jul 03, 2013 07:13 AM PDT  By Garima Goel (Reuters) - Chesapeake Energy Corp is selling assets in the Eagle Ford and Haynesville shales in the United States to Exco Resources Inc for about $1 billion to shore up finances battered by years of low gas prices and heavy spending. The sale is part of the No.2 U.S. gas producer's plan to sell up to $7 billion of its properties this year. The sale helps Chesapeake repair its balance sheet and move into 2014 without relying on a perpetual asset sale program, said Global Hunter Securities analyst Mike Kelly. ... Full Story | Top |
| Stem-cell therapy wipes out HIV in two patients Wednesday, Jul 03, 2013 05:04 AM PDT  By Ben Hirschler LONDON (Reuters) - Two men with HIV have been off AIDS drugs for several months after receiving stem-cell transplants for cancer that appear to have cleared the virus from their bodies, researchers reported on Wednesday. Both patients, who were treated in Boston and had been on long-term drug therapy to control their HIV, received stem-cell transplants after developing lymphoma, a type of blood cancer. ... Full Story | Top |
| Explorer Tullow Oil lifts Kenya resource estimate Wednesday, Jul 03, 2013 03:57 AM PDT  By Andrew Callus LONDON (Reuters) - London-listed Tullow Oil lifted its estimate of resources in Kenya and announced a new discovery, moving closer to commercial production of oil in the east African country. Africa-focused Tullow, under pressure to deliver positive drilling news after a disappointing trading update in January, increased its resource estimate for the South Lokichar basin in Kenya after flow tests at its Ngamia and Twiga South wells and a new discovery at the Etuko-1 well. ... Full Story | Top |
| Tullow Oil sees Uganda deal signed "within weeks" Wednesday, Jul 03, 2013 01:32 AM PDT LONDON (Reuters) - Tulow Oil Plc expects to have a government memorandum of understanding on commercialisation of Ugandan oil signed "within weeks" and believes positive well test results in Kenya has "crystallised the thinking of all parties" around a pipeline route that would see Ugandan production exported via Kenya, finance director Ian Springett said on Wednesday after a first quarter trading statement. Full Story | Top |
| Ofgem cracks down as cannabis farms steal electricity Wednesday, Jul 03, 2013 01:24 AM PDT LONDON (Reuters) - Cannabis farms are sucking millions of pounds worth of power off the Britain's energy grid, the industry regulator said on Wednesday, as it announced a clamp down on electricity theft that will force power companies to act or face fines. Regulator Ofgem said at least 200 million pounds of electricity is stolen in Britain each year. As much as a third of that is used to feed illegal cannabis farms, it said. New proposals, due to be in operation by 2015, will require suppliers to detect, investigate and prevent electricity theft, liaising with police forces and government. ... Full Story | Top |
| Obama's Power Africa backer calls weak competition an investment incentive Tuesday, Jul 02, 2013 11:53 PM PDT  By Drazen Jorgic DAR ES SALAAM (Reuters) - Nigerian businessman Tony Elumelu, who backed President Barack Obama's Africa Power initiative with a $2.5 billion investment pledge, said on Tuesday the lack of competition in the continent's nascent power sector makes it an investment gem. Obama's $7 billion plan to shine "light where currently there's darkness" in Africa by doubling access to power on the world's poorest continent, will be backed by another $9 billion in private sector money. ... Full Story | Top |
| Malaysian, Tanzanian firms sign $800 mln ammonia plant deal Tuesday, Jul 02, 2013 11:45 PM PDT DAR ES SALAAM (Reuters) - Malaysia's Huchems Fine Chemical Corporation has signed a memorandum of understanding with two Tanzanian firms to invest $800 million in a new ammonia plant following huge discoveries of natural gas in the east African country. Huchems, a unit of the South Korean chemical manufacturer with the same name, signed the deal for the plant with Gro Energy and Infotech Investments of Tanzania on June 29. "The plant will be located in Tanzania and will utilise the country's abundant natural gas resources. ... Full Story | Top |
| Pennsylvania girl who got lung transplants recovering from more surgery Tuesday, Jul 02, 2013 08:41 PM PDT (Reuters) - A 10-year-old Pennsylvania girl with cystic fibrosis who sparked a national debate about child access to organ donations that led to two lung transplant operations was in recovery on Tuesday after surgery to repair her diaphragm, her family said. Sarah Murnaghan had been left off an adult transplant list because of an age restriction and became eligible only after a judge's order. She had her first lung transplant on June 12, but complications forced a second transplant within days. ... Full Story | Top |
| Former FBI Director Freeh to probe BP spill claims payouts Tuesday, Jul 02, 2013 03:36 PM PDT  (Reuters) - Former FBI Director Louis Freeh will investigate possible misconduct by a lawyer involved in making payments to settle claims by people and businesses affected by the BP spill in the Gulf of Mexico in 2010, the judge in the spill damages case said on Tuesday. Freeh, who recently stepped down as trustee for collapsed brokerage MF Global Holdings Ltd and previously led an internal investigation into the Penn State University sex abuse scandal, was named a "special master" by Judge Carl Barbier, who is hearing the civil case over the spill in New Orleans federal court. ... Full Story | Top |
| French energy minister fired for speaking out of turn Tuesday, Jul 02, 2013 03:05 PM PDT  PARIS (Reuters) - French President Francois Hollande fired his energy and environment minister Delphine Batho on Tuesday for publicly criticizing cuts to her budget. Hollande, whose poll ratings are slumping amid spiraling unemployment and moribund growth, appears increasingly determined to assert his authority over the government while pushing through spending cuts to trim the budget deficit. Foreign Minister Laurent Fabius said other ministers should take note. "There was an obvious problem of coherence within the government," he told the iTele news channel. ... Full Story | Top |
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