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| GE drops legal fight over running tar sands megaloads on Idaho highway Friday, Oct 25, 2013 05:44 PM PDT  By Laura Zuckerman SALMON, Idaho (Reuters) - A General Electric Co subsidiary has dropped its appeal of a federal court order barring a massive shipment of tar sands oil-field equipment from being trucked along a scenic Idaho roadway that cuts through the Indian homelands of the Nez Perce Tribe. The company's legal capitulation was hailed by tribal officials and environmental groups as a major victory in their three-year struggle against so-called megaload transports, a dispute at the forefront of a larger battle over oil and gas development in North America. ... Full Story | Top |
| Drug maker Dendreon seeking a buyer: report Friday, Oct 25, 2013 05:02 PM PDT (Reuters) - Drug maker Dendreon Corp is looking for a suitor after sales for its lead product, prostate cancer drug Provenge, were weaker than expected, according to a Bloomberg report. The Seattle-based company is working with JPMorgan Chase & Co to help it find a buyer, Bloomberg said, citing people familiar with the matter. Dendreon's troubles began in 2011 after the company withdrew its sales forecast for the drug. Questions have also emerged about the veracity of the clinical trials that led to Provenge's approval. ... Full Story | Top |
| Texas moves to bolster state power reserve; generators' shares rise Friday, Oct 25, 2013 04:46 PM PDT By Eileen O'Grady HOUSTON (Reuters) - Texas regulators on Friday moved to create a mandatory reserve margin for electricity to reduce the prospect of blackouts, a change that may signal market reform that benefits the bottom line of power suppliers while raising costs for end users. Two of the three members of the Texas Public Utility Commission (PUC) on Friday said they support a mandatory reserve margin, rather than a "target" reserve margin that doesn't encourage companies to invest in new power plants to supply the $29 billion wholesale market. ... Full Story | Top |
| Wall Street Week Ahead: Focus on Facebook, Apple and the Fed Friday, Oct 25, 2013 03:03 PM PDT  By Julia Edwards NEW YORK (Reuters) - The Federal Reserve meeting next week is not on the minds of as many people as when it met in September, but its decision to do nothing last month is providing the fuel for more share gains in Apple and Facebook, which report results next week. Facebook is only slightly off an all-time high, and Apple has recovered somewhat from losses earlier in the year after investors have poured money back into stocks, bringing the S&P to successive records that some say may not be supported by corporate results. ... Full Story | Top |
| Orrick, Pillsbury in talks to form big 10 U.S. law firm Friday, Oct 25, 2013 03:01 PM PDT By Casey Sullivan NEW YORK (Reuters) - Two U.S. law firms are in advanced merger discussions to create one of the 10 largest in the country, according to the firms' chairmen. San Francisco-based Orrick Herrington & Sutcliffe is expected to sign a letter of intent next week to join with Pillsbury Winthrop Shaw Pittman, a source with direct knowledge of the discussions said. Pillsbury Chairman James Rishwain and Orrick Chairman Mitch Zuklie issued a joint statement to Reuters on Friday that said: "Our firms are in exploratory discussions about a possible combination. ... Full Story | Top |
| Kerry, Lew to brief U.S. senators on Iran nuclear talks Friday, Oct 25, 2013 02:25 PM PDT  By Patricia Zengerle and Timothy Gardner WASHINGTON (Reuters) - Secretary of State John Kerry and Treasury Secretary Jack Lew will hold a briefing on Thursday on the status of nuclear talks with Iran for members of a U.S. Senate committee considering tough new sanctions on Tehran, Senate aides said on Friday. President Barack Obama's administration has been pushing the Senate Banking Committee to hold off on the new sanctions in order to give negotiations with Tehran over its nuclear program a chance. ... Full Story | Top |
| Exclusive: In rare Chinese move, Sinopec seeks partner for Canada shale Friday, Oct 25, 2013 02:22 PM PDT  By Chen Aizhu BEIJING (Reuters) - Sinopec Group wants to sell half of its two biggest shale gas fields in Canada to spread costs and accelerate their development as the Chinese energy company focuses increasingly on return of investment, an executive said. The sale of an overseas asset would be a rare move for one of China's state-owned energy companies, which have spent hundreds of billions of dollars investing in hydrocarbon resources from North America to Australia to secure China's energy supply, often to hostile reaction. ... Full Story | Top |
| Chile court freezes Glencore hydro project to weigh appeal Friday, Oct 25, 2013 02:03 PM PDT  SANTIAGO (Reuters) - A Chilean appeals court has preventively blocked a recently approved $733 million hydroelectric dam to weigh an environmental appeal, a surprise setback for owners Origin Energy and Glencore Xstrata PLC. Opponents of the 640-megawatt Rio Cuervo project planned in the remote southern Aysen region say it would harm the environment and would be built above a geological fault line in highly-seismic Chile. Lawyers from the environmental prosecutor's office lodged the appeal, claiming the plant's environmental permit granted last month was not legal. ... Full Story | Top |
| Lemont refinery crude unit fix may take six months: sources Friday, Oct 25, 2013 01:55 PM PDT HOUSTON (Reuters) - The fire-damaged crude distillation unit at Citgo Petroleum Corp's 174,500-barrel-per-day (bpd) Lemont, Illinois, refinery is expected to be shut five to six months for repairs, sources familiar with operations at the refinery said on Friday afternoon. The CDU was heavily damaged by a fire that broke out on Wednesday night and burned for hours, but caused no injuries. A company spokesman said Citgo might issue an update later on Friday about the status of the sole CDU at the refinery. ... Full Story | Top |
| TSX gains 2 percent on week as resource stocks push higher Friday, Oct 25, 2013 01:53 PM PDT  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index gained 2 percent this week, with Friday's broad-based gains led by heavyweight energy and banking stocks as the index extended its two-year peak. Investors are growing optimistic about the resource-rich index amid the increased likelihood of extended monetary stimulus in the United States and renewed Chinese growth. "The investment theme for Canadian stocks is different now versus just a few weeks ago," said Marcus Xu, a portfolio manager at MY Capital Management in Vancouver. ... Full Story | Top |
| FDA panel backs Gilead hepatitis C drug sofosbuvir Friday, Oct 25, 2013 01:38 PM PDT By Toni Clarke WASHINGTON (Reuters) - A federal advisory panel recommended on Friday that the U.S. Food and Drug Administration approve Gilead Sciences Inc's experimental hepatitis C drug sofosbuvir, paving the way for a treatment that is more effective than current therapies and takes less time. The FDA advisory panel voted 15 to 0 in favor of approval of the drug in patients with two variants of the liver-damaging disease - genotype 2 and genotype 3 - in combination with an existing treatment, ribavirin. ... Full Story | Top |
| Augusto Odone, maker of "Lorenzo's Oil," dies Friday, Oct 25, 2013 01:31 PM PDT ROME (Reuters) - Augusto Odone, whose invention of "Lorenzo's Oil" to prolong the life of his son was made into an Oscar-nominated film, has died at the age of 80 in Italy, his family said on Friday. He died on Thursday in the northern Piedmont region where he was born in 1933 and from where he left for America as a young man. A former World Bank economist, Odone and his wife Michaela refused to accept the medical prognosis that their six-year-old son Lorenzo had only a few years to live after being diagnosed with Adrenoleukodystrophy, or ALD, which destroys the brain cells of children. ... Full Story | Top |
| Canada regulators clear Darling's purchase of Maple Leaf unit Friday, Oct 25, 2013 12:13 PM PDT OTTAWA (Reuters) - Canada's competition watchdog on Friday approved the C$645 million ($620 million) purchase of Maple Leaf Foods' rendering and biodiesel business by Darling International Inc. The Competition Bureau said in a statement that its review of the proposed transaction led it to conclude that the deal would not substantially lessen or prevent competition. Rothsay, Maple Leaf's rendering and biodiesel business, operates six rendering plants in Manitoba, Ontario, Quebec and Nova Scotia and a biodiesel facility in Quebec. ($1 = $1. ... Full Story | Top |
| Texas regulatory panel moves to bolster state power reserves Friday, Oct 25, 2013 11:27 AM PDT HOUSTON (Reuters) - A divided Texas Public Utility Commission (PUC) on Friday moved to create a mandatory reserve margin for electricity to address a potential power shortfall in future years. The state's primary grid, the Electric Reliability Council of Texas (ERCOT), currently has a 13.75 percent "target" reserve margin, a generating surplus as a cushion against blackouts. Because it is only a target, neither the grid agency nor the PUC can enforce the reserve margin or order companies to build new generation to supply the $29 billion wholesale market. ... Full Story | Top |
| AbbVie beats forecast as Humira sales surge Friday, Oct 25, 2013 11:23 AM PDT By Ransdell Pierson (Reuters) - AbbVie Inc on Friday reported stronger-than-expected results for the third quarter, as booming sales of its Humira arthritis treatment and Synthroid thyroid replacement drug more than offset lower demand for other medicines. Shares of the drugmaker, which was split off at the beginning of the year from Abbott Laboratories Inc , rose 2.4 percent. Humira, a treatment for rheumatoid arthritis, psoriasis, Crohn's disease and other conditions, is the world's top-selling prescription drug. Sales have risen steadily since it was introduced in 2002. ... Full Story | Top |
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