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  • *US crude oil production at a glance Tuesday, 23 Oct 2012 | 2:47 PM ET
  • The top world oil producers at a glance Tuesday, 23 Oct 2012 | 2:44 PM ET

    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.

  • Nevada judge invalidates business tax initiative Tuesday, 23 Oct 2012 | 2:41 PM ET

    The Nevada State Education Association, which has already collected around 60,000 signatures to qualify the initiative, has said it would raise $800 million a year for K-12 education. "The initiative does not prevent the Legislature from supplanting existing education funds with the margin tax," the judge wrote. "

  • WHY IT MATTERS: Debt Tuesday, 23 Oct 2012 | 2:39 PM ET

    The budget deficit _ the shortfall created when the government spends more in a given year than it collects in taxes and fees_ topped $1 trillion for the fourth straight time in the budget year that just ended Sept. 30. It now borrows roughly 31 cents for every dollar it spends.

  • Texas school finance case focuses on demographics Tuesday, 23 Oct 2012 | 2:38 PM ET

    Steve Murdock, former director of the U.S. Census Bureau and ex-state demographer of Texas, said studies are nearly unanimous in concluding that improved education is the key to bolstering earning power _ and thus could reverse the trend.

  • Billionaire gives $100 million to Central Park Tuesday, 23 Oct 2012 | 2:34 PM ET

    NEW YORK-- A billionaire hedge fund manager has pledged $100 million to the private organization that maintains Central Park in partnership with New York City. John A. Paulson's gift to the Central Park Conservancy announced Tuesday is believed to be the largest gift ever to a public park.

  • Inter Parfums 3rd-quarter sales fall 3 percent Tuesday, 23 Oct 2012 | 2:34 PM ET

    NEW YORK-- Inter Parfums Inc., which sells licensed perfumes and cosmetics, said Tuesday that its third-quarter sales fell 3 percent, pulled down by the effects of unfavorable exchange rates. Inter Parfums is the perfumes and cosmetics licensee for brands such as Burberry, Van Cleef& Arpels and Jimmy Choo.

  • UK newspaper co. shares fall after hacking claims Tuesday, 23 Oct 2012 | 2:26 PM ET

    LONDON-- The publisher of the British tabloid once edited by Piers Morgan lost more than a tenth of its value after a prominent lawyer revealed that the newspaper stood accused of hacking into people's phones.

  • WHY IT MATTERS: Europe's Economic Crisis Tuesday, 23 Oct 2012 | 2:26 PM ET

    Europe is struggling to control a debt crisis, save the euro currency and stop a repeat of the 2008 financial crisis that sent the world spinning into recession. Neither President Barack Obama nor Republican presidential candidate Mitt Romney has offered plans for Europe. Obama has urged Europe to act more decisively.

  • Tenn. gov optimistic about state's credit rating Tuesday, 23 Oct 2012 | 2:25 PM ET

    Tennessee currently has triple-A credit ratings from Moody's Investors Service and Fitch and a double-A-plus rating from Standard and Poor's. Department of Finance and Administration Commissioner Mark Emkes said the state could lose about $40 million for education and more in indirect federal spending.

  • News Summary: Rosneft sees $5B savings in TNK deal Tuesday, 23 Oct 2012 | 2:16 PM ET

    POCKETING BILLIONS: Russian oil company Rosneft said it could make up to $5 billion in savings when it combines its operations with those of its takeover target TNK-BP. TROIKA: Rosneft is buying the 50 percent stake of British oil company BP for $17.1 billion and a 12.84 percent share of Rosneft.

  • WHY IT MATTERS: The environment Tuesday, 23 Oct 2012 | 2:13 PM ET

    President Barack Obama achieved historic increases in fuel-economy standards that would save drivers money at the pump while raising the cost of new vehicles. Obama failed to persuade a Democratic Congress to pass limits he promised on carbon emissions and shelved a plan to toughen health standards on lung-damaging smog.

  • On the Call: UPS executive discusses forecast Tuesday, 23 Oct 2012 | 2:12 PM ET

    Its narrowed outlook for the year indicates that fourth-quarter earnings will beat Wall Street expectations. UPS now predicts earnings of $4.55 to $4.65 per share, compared with its earlier forecast of $4.50 to $4.70. On the earnings conference call, CFO Kurt Kuehn was asked why UPS is confident about the fourth quarter.

  • NY court: Lap dances are not art and are taxable Tuesday, 23 Oct 2012 | 2:10 PM ET

    ALBANY, N.Y.-- Lap dances are taxable because they don't promote culture in a community the way ballet or other artistic endeavors do, New York's highest court concluded Tuesday in a sharply divided ruling.

  • WHY IT MATTERS: Infrastructure Tuesday, 23 Oct 2012 | 2:09 PM ET

    From bridges to broadband, America's infrastructure is supposed to be speeding along commerce, delivering us to work and piping energy and water into our homes and businesses.

  • Brown & Brown lifts dividend by about 6 pct Tuesday, 23 Oct 2012 | 2:06 PM ET

    DAYTONA BEACH, Fla.-- Brown& Brown is raising its quarterly dividend by about 6 percent to 9 cents per share from 8.5 cents. Last week Brown& Brown reported that its third-quarter net income rose 12 percent, boosted by a jump in commissions and fees. Shares of Brown& Brown Inc., which is based in Daytona Beach, Fla., shed 18 cents to $25.16 in afternoon trading.

  • Spainish economy continued to shrink in Q3 Tuesday, 23 Oct 2012 | 2:03 PM ET

    MADRID-- Spain's economy continued to shrink in the third quarter, contracting by 0.4 percent compared with the previous three months, according to central bank estimates Tuesday that will increase pressure on Prime Minister Mariano Rajoy to seek financial help from Europe. This is the fifth quarter in a row that Spain's economic output has contracted.

  • American Eagle keeps profit view, shares stumble Tuesday, 23 Oct 2012 | 1:59 PM ET

    NEW YORK-- Shares of American Eagle Outfitters tumbled Tuesday, after the teen retailer's profit prediction for the current quarter disappointed investors. THE SPARK: American Eagle Outfitters said it's on track to meet its previous fiscal third-quarter profit prediction of 37 cents or 38 cents per share.

  • Chemical makers fall on DuPont weak results Tuesday, 23 Oct 2012 | 1:58 PM ET

    DuPont reported that it made $10 million, or a penny per share, for the quarter versus $452 million, or 48 cents per share, a year ago. DuPont cited a number of reasons for the weak quarter, including softer demand for a specialty chemical and an unstable solar products market. DuPont shares fell $4.46, or 9 percent, to $45.30 in afternoon trading.

  • Moody's raises some Reynolds American ratings Tuesday, 23 Oct 2012 | 1:52 PM ET

    NEW YORK-- Moody's Investors Service raised the senior unsecured ratings of Reynolds American Inc. on Tuesday, on expectations that the tobacco company's profits will continue to improve. Moody's increased the senior unsecured ratings of Reynolds American and subsidiary R.J. Reynolds Tobacco Holdings one notch in investment grade status to "Baa2" from "Baa3."