Corporate debt recently passed the $1 trillion mark in a continuing sign of global financial displacement.Marketsread more
"Federal debt, which is already high by historical standards, is on an unsustainable course," CBO director Phillip Swagel said in the report.Politicsread more
Target CEO Brian Cornell still thinks the U.S. consumer is strong and spending. Target's latest quarterly results showed the big-box retailer is benefiting from that.Retailread more
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.US Marketsread more
President Trump insists the economy is healthy and says the only thing holding U.S. growth back is the Federal Reserve.Marketsread more
Trading volumes this week are well below their recent averages and that means this comeback may be suspect.Marketsread more
The rule could defy a 2015 Flores Settlement Agreement court order that says families cannot be held in detention for more than 20 days.Politicsread more
Bank of America CEO Brian Moynihan is not worried about an economic slowdown, saying the U.S. consumer is still in a strong place.Banksread more
In a second-round of tweets aimed at the U.S. central bank, the president asked, "WHERE IS THE FEDERAL RESERVE?"Marketsread more
J.P. Morgan Chase customers will no longer be able to pay with their phones in stores beginning next year.Marketsread more
accident -state report@ (Adds details from report, utility statement, background on leak)
May 17 (Reuters) - A Sempra Energy subsidiary did not conduct detailed inspections or analyses of leaks at the Aliso Canyon natural gas storage facility in California before the major 2015 leak that has cost the utility more than $1 billion and generated hundreds of lawsuits, according to a state report released on Friday.
The long-awaited report, an independent analysis of the cause of the 2015 leak commissioned by the state's public utility and oil and gas regulatory agencies, found the leak occurred because contact with groundwater caused microbial corrosion that led to the rupture of a well casing.
SoCalGas, as the utility is known, never conducted failure investigations on 60 casing leaks at the Los Angeles area gas storage facility going back to the 1970s, the report by Blade Energy Partners found.
In a statement, SoCalGas said the California Public Utilities Commission's (CPUC) report confirmed that it was in compliance with natural gas storage regulations in place at the time of the leak.
The ruptured well spewed more than 4 billion cubic feet of natural gas into the air over nearly four months from October 2015 to February 2016, prompting outcries from the suburban communities near the facility that became a public relations nightmare for the utility. More than 8,000 households and two schools were relocated during the leak.
SoCalGas has said it still faces 394 lawsuits, including 48,500 plaintiffs.
The CPUC and the state's Division of Oil, Gas, and Geothermal Resources said updated well safety regulations put in place since the leak largely address the report's recommendations. (Reporting by Nichola Groom Editing by Marguerita Choy)