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| Factbox: Berlusconi's business empire Thursday, Aug 01, 2013 12:27 PM PDT LONDON (Reuters) - Former Italian Prime Minister Silvio Berlusconi was found guilty of tax fraud by Italy's Cassation Court on Thursday, confirming a ruling from a lower court. Judges at Italy's top court, however, ordered further judicial review of a ban on Berlusconi holding public office. The former prime minister has kept control of his media empire, laying himself open to accusations of a conflict between his political and business interests and leaving him vulnerable to numerous corruption investigations into him and his companies. ... Full Story | Top |
| TransCanada ramps up East Coast pipeline plan as Keystone stalls Thursday, Aug 01, 2013 12:09 PM PDT  By Scott Haggett CALGARY, Alberta (Reuters) - TransCanada Corp on Thursday said it would move ahead with Canada's largest-ever pipeline, expanding the scale of its $12 billion plan to ship oil sands crude in the West to refiners on its east coast and beyond as its U.S.-bound Keystone XL line stalls in Washington. Canada's No. 2 pipeline company said "strong market support" convinced it to build the 1.1-million-barrel-per-day Energy East Pipeline, which will stretch 2,700 miles from Alberta to a new deepwater oil terminal on the Atlantic. ... Full Story | Top |
| Wall St. jumps on data; S&P 500 above 1,700 Thursday, Aug 01, 2013 11:58 AM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - Stocks jumped on Thursday, pushing the S&P 500 above 1,700 for the first time, as data suggested the economy is still improving and as the Federal Reserve kept its stimulus plan in place. Stocks were broadly higher, with all 10 S&P 500 sectors in the black, though growth-sensitive financials, industrials and consumer discretionary shares registered the biggest gains. JPMorgan Chase , Bank of America and Wells Fargo were among the companies giving the greatest boost to the S&P 500. Shares of JPMorgan gained 1.6 percent to $56. ... Full Story | Top |
| Decades-old defect caused Exxon's Arkansas oil spill: regulator Thursday, Aug 01, 2013 11:42 AM PDT  WASHINGTON (Reuters) - A leak in Exxon Mobil Corp's nearly 70-year-old Pegasus pipeline, which spilled thousands of barrels of crude oil in a small Arkansas town in March, appears to have been caused by an original manufacturing defect, U.S. regulators said on Thursday. The 95,000-barrel-per-day pipeline, which has been shut since March after spilling about 5,000 barrels of Canadian crude in Mayflower, Arkansas, will remain shut until it can be restarted safely, a spokesman for the U.S. Pipeline and Hazardous Materials Safety Administration said. ... Full Story | Top |
| Costs hit Big Oil; shale surge lifts smaller producers Thursday, Aug 01, 2013 11:41 AM PDT  By Andrew Callus and Anna Driver LONDON/HOUSTON (Reuters) - Some of the western world's top oil companies abandoned output targets and missed profit forecasts on Thursday as they promised to clamp down on rising costs that hurt quarterly results. Costs for workers and materials are climbing as the industry scrambles to bring new wells and pipelines into operation. ... Full Story | Top |
| Top French court backs stem-cell research Thursday, Aug 01, 2013 10:30 AM PDT  PARIS (Reuters) - France's top court approved a law on Thursday making it easier to conduct research on human embryos and stem cells as long as strict rules are followed to prevent cloning. Predominantly Roman Catholic France has until now had tough curbs on embryonic stem cell research under a 2011 law that only allows it with the explicit approval from the national biomedicine agency. ... Full Story | Top |
| Irving, TransCanada to build $300 million New Brunswick marine terminal Thursday, Aug 01, 2013 09:45 AM PDT CALGARY, Alberta (Reuters) - Irving Oil and TransCanada Corp said on Thursday they will build a $300 million marine terminal at Canaport in St. John, New Brunswick, to enable Canadian producers to export oil sands crude to world markets. The joint venture was announced on the same day as TransCanada's plan to build a 1.1 million barrel per day oil pipeline to ship Western Canadian crude to refiners on the East Coast and beyond. "The Canaport Energy East Marine Terminal will connect TransCanada's Energy East Pipeline to an ice-free, deep water port. ... Full Story | Top |
| Quintiles sees strong profit as drug development picks up Thursday, Aug 01, 2013 09:17 AM PDT By Pallavi Ail (Reuters) - Quintiles Transnational Holdings, the world's largest medical contract research provider, forecast full-year profit above market expectations as drugmakers looking to launch new products choose to outsource clinical development as a way to cut costs. Chief Executive Tom Pike said drug companies had more drugs in development as approval rates increase, benefiting large contract research organizations that will run the trials for the drugmakers. ... Full Story | Top |
| ConocoPhillips beats estimates as output increases Thursday, Aug 01, 2013 09:06 AM PDT  (Reuters) - ConocoPhillips reported a better-than-expected profit due to higher oil and gas output and raised its full-year production forecast. Output from continuing operations rose to 1.51 million barrels of oil equivalent (BOE) per day in the second quarter from 1.49 million a year earlier, the company said on Thursday. Conoco, which is spending heavily to boost crude production in the United States, said its output from the Eagle Ford shale field in Texas almost doubled to 121,000 BOE per day. Shale basins in North America are a steady source of growth for oil and gas companies. ... Full Story | Top |
| Unruly Libyans cut oil exports by more than half Thursday, Aug 01, 2013 08:46 AM PDT By Julia Payne LONDON (Reuters) - Libya's oil exports are running at less than half normal rates - one of the worst outages in the past year - after armed security guards shut down export terminals. Libya has been battling to sustain output of about 1.6 million barrels per day (bpd) following a wave of protests and strikes that have crippled its energy sector. Oil Minister Abdelbari al-Arusi said on Wednesday flows had fallen to around 330,000 bpd, but it was not clear whether he was referring to production or exports. ... Full Story | Top |
| Polish state mining group JSW warns of 2013 loss on coal price slump Thursday, Aug 01, 2013 08:26 AM PDT  By Agnieszka Barteczko and Pawel Bernat WARSAW (Reuters) - State-controlled JSW , the biggest coking coal producer in the European Union, risks making an unexpected net loss in the third quarter and remaining in the red for the full year due to slumping coal prices, its chief executive said. Jaroslaw Zagorowski had previously said the company was unlikely to post quarterly losses this year thanks to cost cuts, but the fall in coal prices was sharper than JSW had feared. ... Full Story | Top |
| Economic data, earnings fuel TSX gains Thursday, Aug 01, 2013 08:14 AM PDT  By John Tilak TORONTO (Reuters) - Canada's main stock index rose on Thursday, driven by strong economic data from China, Europe and the United States, as well as gains in bellwethers such as Suncor Energy Inc and Barrick Gold Corp after they reported results. An industry report showed that the pace of growth in the U.S. manufacturing sector accelerated in July to the highest level in two years as new orders surged, supporting the view the economy will pick up in the second half of the year. ... Full Story | Top |
| Chesapeake profit tops Street estimate, review underway Thursday, Aug 01, 2013 08:06 AM PDT  By Anna Driver (Reuters) - Chesapeake Energy Corp's new Chief Executive Doug Lawler on Thursday said a comprehensive review of the company's partnerships and assets is underway as the second largest U.S. natural gas provider seeks to simplify its structure and improve financial discipline. The company, which experienced a severe liquidity crunch in 2012 after spending heavily for years to acquire drilling acreage, also reported a better-than-expected quarterly profit on Thursday as it produced more crude oil than Wall Street targeted. ... Full Story | Top |
| Biohit announces fingertip celiac test, shares up Thursday, Aug 01, 2013 06:53 AM PDT HELSINKI (Reuters) - Finnish biotechnology firm Biohit announced a new test that allows diagnosis of celiac disease from a fingertip blood sample without endoscopy, sending its shares up more than 5 percent. Celiac disease, an autoimmune disease in which rye, wheat and barley protein cause inflammation, would be reliably diagnosed within ten minutes with the new test, Biohit said. The disease affects around 1 percent of Americans, according to most estimates, and is more prevalent in Finland and other northern European countries. Shares in the company were up 5.8 percent at 6. ... Full Story | Top |
| Cameco cuts costs as uranium prices slump, misses view Thursday, Aug 01, 2013 06:51 AM PDT By Rod Nickel WINNIPEG, Manitoba (Reuters) - Canada's Cameco Corp , one of the world's biggest uranium producers, reported higher quarterly profit on Thursday, but said it planned to cut costs as prices struggled due to reduced demand for nuclear fuel. The Saskatoon, Saskatchewan-based company also reported higher quarterly revenue. Both profit and revenue were lower than expected. Shares rose fell 0.7 percent in New York to $20.18 and 0.5 percent to C$20.76 in Toronto in early trading. ... Full Story | Top |
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