Top News & Analysis Philadelphia

  • NEW YORK, Dec 6- A plan to pay seven executives of the bankrupt Philadelphia Energy Solutions oil refiner as much as $20 million in bonuses after the company shut its operation and laid off its workforce should be rejected, the U.S. government's bankruptcy watchdog said on Friday. The proposed key employee incentive plan has not proven to be necessary or standard,...

  • WASHINGTON, Dec 6- The U.S. Supreme Court on Friday agreed to decide whether the state of Delaware's system of requiring ideologically balanced courts is lawful. Delaware courts play an outsized role in judicial matters in the United States, having a good reputation within the business community for resolving corporate disputes. The law requires that no more...

  • NEW YORK, Dec 3- U.S. stocks sold off for a third consecutive session on Tuesday after comments from President Donald Trump and Commerce Secretary Wilbur Ross threw cold water on hopes of a possible near-term respite from the market-bruising U.S.- China trade war. The blue-chip Dow had its worst day since Oct. 8, and all three major stock indexes backed further...

  • *Trump says no deadline for China deal. Dec 3- Wall Street's main indexes hovered near one-month lows on Tuesday, as comments from President Donald Trump and Commerce Secretary Wilbur Ross stoked fears of a significant delay in resolving a trade dispute with China. "This is sort of a last-minute negotiation tactic," said Robert Pavlik, chief investment strategist...

  • Signage outside Minneapolis-St. Paul International Airport is caked in snow after a blizzard struck overnight on November 27, 2019 in Bloomington, Minnesota. Snowfalls neared 12 inches in parts of the state on one of the busiest travel days of the year.

    More than 1,000 flights were canceled Sunday and Monday because of a winter storm moving across the northern United States. The storm reached the Great Lakes region and the Northeast after sweeping across the country. The storm is expected to bring high wind, snow, rain and ice to the Northeast. Airlines including Delta, American and United waived change fees.

  • *Trump to restore tariffs on Brazil, Argentina imports. Dec 2- Wall Street's main indexes were set to open flat on Monday as President Donald Trump said he would restore tariffs on metal imports from Brazil and Argentina, with investors shrugging off a surprise rise in Chinese manufacturing activity. Trump said in a tweet he would immediately restore tariffs on...

  • Some of the reduction can be attributed to the closure of the 335,000 bpd Philadelphia Energy Solutions refinery on the East Coast following an explosion and fire on June 21. East Coast processing has fallen 138,000 bpd this year, but processing is also down by 147,000 bpd on the Gulf Coast and by 54,000 bpd on the West Coast. Nationwide processing has fallen by...

  • *U.S., China getting close to trade deal- White House adviser. Nov 15- Wall Street's main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of U.S.- China trade tensions and by big gains in shares of healthcare companies. White House economic adviser Larry Kudlow said late on Thursday that the United States and China...

  • *U.S., China getting close to trade deal- White House adviser. Nov 15- Wall Street's main stock indexes hit record highs on Friday, fueled by fresh optimism over a potential calming of U.S.- China trade tensions and by a strong forecast from semiconductor industry bellwether Applied Materials. White House economic adviser Larry Kudlow said late on Thursday that...

  • Nov 15- U.S. stock index futures rose on Friday, as positive comments related to the U.S.- China trade talks and strong earnings from semiconductor industry bellwether Applied Materials put the S&P 500 and Dow on track to hit fresh highs. Kudlow's comments eased nerves after reports that talks had hit a snag over how and when to reduce tariffs, and what level of...

  • NEW YORK, Nov 14- A U.S. bankruptcy judge on Thursday approved a process for the sale of the Philadelphia Energy Solutions oil refinery, the largest and oldest on East Coast, under which city officials and a trade union will consult on the matter. The plan resolves earlier objections by giving the United Steelworkers union and Philadelphia city officials access...

  • LONDON, Nov 13- Chinas alarming economic data for October are sobering for world markets, which had become grown comfortable in recent weeks about avoiding a global downturn next year. With no signs that phase one of a trade agreement between Washington and Beijing has been struck, a slowdown in Chinese factory output growth last month alongside poor retail and...

  • *Trump said trade deal with China is "close". NEW YORK, Nov 12- Global equity markets and the dollar rose on Tuesday as U.S. President Donald Trump reiterated the United States is close to signing a trade deal with China but offered no new details.

  • NEW YORK, Nov 12- Equity markets and government bond yields rose on Tuesday as investors awaited a speech by U.S. President Donald Trump on U.S. trade policy, in which he is expected to discuss talks with China and a tariff decision on European automakers. First, that there would be reassurances the China talks were progressing and second, that there would be a nod to...

  • *CBS drops on revenue miss. Nov 12- A rise in technology stocks drove the S&P 500 and Nasdaq indexes to new record highs on Tuesday, while investors awaited a speech by President Donald Trump for clarity on U.S.- China trade relations. Trump is scheduled to discuss the country's trade policy at the Economic Club of New York later on Tuesday where investors will look...

  • NEW YORK, Nov 8- U.S. and local officials are opposing the sale procedure for the bankrupt Philadelphia Energy Solutions oil refinery, arguing the plan discourages bidders and keeps the city locked out of the process, according to federal court filings. Trustee Andrew Vara argued in a filing with the U.S. Bankruptcy Court in Delaware on Thursday.

  • PHILADELPHIA, Nov 6- How did a piece of piping installed when Richard Nixon was U.S. president go without once being checked before leading to a fire that devastated the East Coast's largest and oldest oil refinery? The PES refinery is one of nearly 30 in the United States that are more than a century old, while a Reuters review of over 100 operating U.S. refineries...

  • *U.S. close to finalizing parts of trade pact with China. NEW YORK, Oct 25- U.S. stocks rose on Friday after Washington said it was close to finalizing parts of a trade pact with Beijing and strong quarterly results from Intel Corp boosted investor sentiment, sending the S&P 500 briefly over the record high close it set three months ago. President Donald Trump said...

  • *U.S., China' close to finalizing' parts of Phase 1 trade pact. NEW YORK, Oct 25- U.S. Treasury yields rose on Friday after the United States said it was close to finalizing parts of a trade deal with China, suggesting that with global risks easing the Federal Reserve may not have to be aggressive in cutting interest rates this year and next.

  • *U.S close to finalizing parts of trade pact with China. NEW YORK, Oct 25- The S&P 500 rose on Friday, briefly surpassing its record closing high, after Washington said it was close to finalizing parts of a trade pact with Beijing. President Donald Trump also struck a hopeful tone, saying that China wanted "to make a deal very badly."