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| Duke Energy shelves major nuclear project in Florida Thursday, Aug 01, 2013 05:32 PM PDT By David Adams MIAMI (Reuters) - Duke Energy Corp said on Thursday it will not proceed with a $24 billion nuclear power project in central Florida because of licensing delays and doubts about cost recovery, but may use the site for nuclear power generation in the future. The announcement was the latest blow to nuclear power investment in the Sunshine State and reflected the boom in natural gas development nationwide. ... Full Story | Top |
| Mexico president to present energy reform next week Thursday, Aug 01, 2013 03:48 PM PDT  MEXICO CITY (Reuters) - Mexican President Enrique Pena Nieto said on Thursday his sweeping energy reform, which is expected to include constitutional changes to lure private investment and boost output, will be presented to Congress next week. The energy reform is a key plank of a wider economic overhaul designed to boost growth in Latin America's No. 2 economy to 6 percent a year, create jobs and lower energy costs. ... Full Story | Top |
| Dow, S&P 500 end at highs after data, stimulus in place Thursday, Aug 01, 2013 02:58 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - The Dow and S&P 500 hit record closing highs on Thursday, with the S&P 500 topping 1,700 after strong data on factory growth and as major central banks said they would keep monetary stimulus in place. Stocks were broadly higher, with all 10 S&P 500 sectors in the black. Growth-sensitive financials, industrials and consumer discretionary shares registered the biggest gains. The Dow transportation average rose 3.2 percent, also at a new closing high. Google shares, up 1.9 percent at $904.22, and Apple , up 0.9 percent at $456. ... Full Story | Top |
| TransCanada ramps up East Coast pipeline as Keystone stalls Thursday, Aug 01, 2013 02:46 PM PDT  By Scott Haggett CALGARY, Alberta (Reuters) - TransCanada Corp announced plans on Thursday for Canada's largest pipeline, a 2,700-mile, $12 billion line to ship crude from the oil sands of Western Canada to the Atlantic, as its U.S.-bound Keystone XL project 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 bring crude from Alberta to refineries in Eastern Canada and to a new deepwater oil terminal on the Atlantic for export from Canada. ... Full Story | Top |
| Data, earnings push TSX higher, drive energy gains Thursday, Aug 01, 2013 02:15 PM PDT  By John Tilak TORONTO (Reuters) - Canada's main stock index climbed on Thursday after a burst of data from China, Europe and the United States showed the global economic recovery was strengthening, boosting the price of oil and fueling a rally in shares of energy producers. Investors also digested a wave of quarterly results, from industry bellwethers such as Suncor Energy Inc , Barrick Gold Corp and Enbridge Inc . U.S. crude oil prices jumped more than 2.5 percent, driven by supply problems in Africa and the Iraq as well as the news on the global economy. ... Full Story | Top |
| Pacira Pharma pain drug fails late-stage trial Thursday, Aug 01, 2013 01:24 PM PDT (Reuters) - Pacira Pharmaceuticals Inc said its lead drug did not meet the main goal in a late-stage trial of reducing pain for patients undergoing a surgical procedure called posterolateral thoracotomy. Pacira said the company did not meet the main goal of reducing pain scores over 72 hours, compared with a placebo. The results are from a second late-stage study of the drug, Exparel, which is already approved as a single-dose injection to treat postsurgical pain. (Reporting By Vrinda Manocha in Bangalore; Editing by Maju Samuel) Full Story | Top |
| 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 |
| 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 |
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