Russia’s incursion in Ukraine and worsening relations with the West have caught neighboring countries in the cross-fire.» Read More
A four-year boom in U.S. oil production is accelerating so fast it could help soon make the U.S. the world's top producer of oil and liquid hydrocarbons. The U.S. passed Russia this year, and is now second behind Saudi Arabia. Source: U.S. Energy Information Administration.
HELSINKI-- Nordic paper maker Stora Enso Oyj reported Tuesday a third-quarter net profit of 80 million but says it will slash 520 jobs to save 36 million annually. Stora's job cuts _ mostly in Finland, Sweden and Poland _ will be accompanied by mill closures in Sweden and Finland and efficiency improvements at several other plants, the company said.
ST. PETERSBURG, Russia-- It was intended as a friendly guide to Russia for labor migrants from Central Asia, but instead it turned into an insult. The government of Tajikistan formally urged Russian authorities to remove the book from circulation, and representatives of the Uzbek community voiced their outrage.
SEOUL, South Korea-- South Korea says it has been chosen to host a new U.N. climate fund that aims to channel $100 billion a year in aid to developing nations. Seoul's Finance Ministry says the decision was made Saturday in a vote by the fund's 24- member board in Songdo, South Korea.
General Electric reported strong profit growth in the third quarter, but revenue was below expectations and investors were concerned about the company's tepid growth forecast for 2013..
KAJASZO, Hungary-- Gergely Bocsodi's family has been farming in this central Hungarian village for six generations but he fears there may not be a seventh, as the region is caught up in a once-in-20-years land grab.
BROUMOV, Czech Republic-- When the managers of a textile factory in northern Czech Republic declared they would focus sales on Africa, their bankers, insurers and suppliers shook their heads in disbelief.
MOSCOW-- Russia's Deputy Prime Minister Igor Shuvalov says the government might sell some of its shares in state-owned oil giant Rosneft. The Russian government owns about 75 percent of Rosneft and has been planning to lower its stake to 50 percent plus one share.
MOSCOW-- Russian police have arrested a government relations manager at British-Russian oil venture TNK-BP on suspicion of fraud. The manager, identified by TNK-BP as Igor Korneyev, is suspected of receiving 3 million rubles as an advance payment for arranging jobs in the Russian presidential administration.
NEW YORK-- General Electric Co.' s transformation into a more simple industrial company seems to be helping its bottom line. GE's net income rose 49 percent in the third quarter to $3.49 billion, or 33 cents per share. During the financial crisis, investors worried that its enormous banking arm, GE Capital, would fail.
ALMOST PAYDIRT: Crude production in Kazakhstan's mammoth Kashagan oilfield project is expected to begin sometime next year. EUREKA: When surveyors confirmed in 2000 that Kazakhstan had a new supergiant oil reserve, the world's energy companies reacted with glee.
BP BACKS OUT: After years of clashing with the other half of the joint venture TNK-BP, BP said in June that it would dump its 50 percent stake. TNK-BP, Russia's third largest energy producer in terms of production, is jointly owned by BP and AAR, a group of Russian billionaires.
THE RESULTS: Philip Morris International Inc.' s third-quarter net income fell more than 6 percent to $2.23 billion, despite higher prices, as the company sold fewer cigarettes.
LONDON-- England's Football Association has fined Chelsea's Ashley Cole $145,000 for insulting the governing body in an offensive Twitter post. The England defender had reacted angrily to an FA commission questioning the evidence he gave in defending teammate John Terry against a charge of racially abusing an opponent.
On Tuesday, the NHL made its strongest, and most public, pitch yet to save a full season. "I hope we can get going ASAP," Red Wings defenseman Niklas Kronwall told The Associated Press on Wednesday. " Fehr met with the union to formulate a response, and in a letter to players and agents said the management plan would cost his members more than $1.6 billion over six years.
SALT LAKE CITY-- A Ukrainian man, hung over from a 50- day drinking binge, said he believed the wing of the airplane was on fire when he disrupted a Salt Lake City- bound Delta Air Lines flight and had to be wrestled to the floor by passengers, authorities allege in a criminal complaint.
RICHMOND, Va.-- Cigarette maker Philip Morris International Inc.' s third-quarter net income fell more than 6 percent, despite higher prices, as the company sold fewer cigarettes. Philip Morris International said it earned $2.23 billion, or $1.32 per share, in the third quarter, down from $2.38 billion, or $1.35 per share, a year ago.
MOSCOW-- Russia on Thursday downplayed concerns that Rosneft's possible purchase of BP's stake in the joint venture TNK-BP, which analysts say would reshape the country's oil industry and create the world's biggest oil and gas company, is likely to threaten competition.
KASHAGAN OILFIELD, Kazakhstan-- The manmade islands that are home to Kazakhstan's mammoth Kashagan oilfield project rise like a mirage to the boats churning through the shallow waters of the Caspian Sea. When surveyors confirmed in 2000 that Kazakhstan had a new supergiant oil reserve, the world's energy companies reacted with glee.
CAIRO-- Syria's wealthy, long cultivated by President Bashar Assad as a support for his regime, are seeing their businesses pummeled by the bloody civil war. Assad may not have lost the backing of Syria's business elite, but some are losing faith.