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| Chevron targets Australia LNG expansion despite cost pressure Monday, May 27, 2013 09:01 PM PDT  BRISBANE (Reuters) - Chevron Corp's $52 billion Gorgon liquefied natural gas (LNG) development in Australia is now 60 percent complete and plans are afoot to start engineering and design work for an expansion by the end of the year, a company executive said. Chevron also continues to talk with third-party gas suppliers for a potential expansion of its $29 billion Wheatstone LNG plant, Roy Krzywosinski, managing director of Chevron Australia, told reporters at an industry conference in Brisbane on Tuesday. The Wheatstone plant in Australia is about 10 percent complete, he said. The U.S. ... Full Story | Top |
| South Korea halts more nuclear reactors over fake certificates Monday, May 27, 2013 08:59 PM PDT SEOUL (Reuters) - South Korea is suspending the operations of two nuclear power reactors and extending a shutdown of a third for maintenance to replace cables that were supplied using fake certificates, the country's nuclear regulator said on Tuesday. The country previously halted the operations of some of its 23 reactors last November after a scandal emerged over parts being supplied using fake documents. Asia's fourth-largest economy is heavily dependent on oil, gas and coal imports, but usually gets about a third of its electricity from nuclear power generation. ... Full Story | Top |
| Australian spy HQ plans stolen by Chinese hackers: report Monday, May 27, 2013 08:42 PM PDT By Rob Taylor CANBERRA (Reuters) - Chinese hackers have stolen the blueprints of a new multi-million-dollar Australian spy headquarters as part of a growing wave of cyber attacks against business and military targets in the close U.S. ally, a Australian news report said. The hackers also stole confidential information from the Department of Foreign Affairs and Trade, which houses the overseas spy agency the Australian Secret Intelligence Service, Australia's ABC Television said late on Monday. ... Full Story | Top |
| Chile, Argentina order evacuation around volcano Monday, May 27, 2013 06:31 PM PDT  SANTIAGO/BUENOS AIRES (Reuters) - Chilean and Argentine authorities on Monday declared a red alert and ordered the mandatory evacuation of a 25-km (15.5-mile) radius around the active Copahue volcano, which straddles the border between the two Andean nations. The volcano - located some 500 km (310 miles) south of capital Santiago, between Chile's Bio Bio region and Argentina's Neuquen province - has seen increasing seismic activity in recent weeks but has not erupted, Chilean authorities said. "This doesn't necessarily mean the volcano will start erupting. ... Full Story | Top |
| EU duties on Chinese solar panels losing member: state support Monday, May 27, 2013 04:52 PM PDT  By Robin Emmott and Ethan Bilby BRUSSELS (Reuters) - A majority of EU governments oppose a plan to impose hefty duties on solar panel imports from China, a survey of member states showed on Monday, undermining efforts by Brussels to pressure Beijing over its trade practices. The European Commission, the EU's executive, accuses Chinese firms of selling solar panels at below cost in Europe - a practice known as "dumping" - and plans to impose duties, making it far harder for China to gain market share. ... Full Story | Top |
| Argentina's YPF loses arbitration over natgas exports to Brazil Monday, May 27, 2013 01:47 PM PDT  BUENOS AIRES (Reuters) - Argentina's state-controlled energy company, YPF, has lost a potential multimillion-dollar international arbitration case over the suspension of natural gas exports to Brazil, the company said on Monday. Plaintiffs are reported to be seeking well over $1 billion in compensation for YPF's suspension of gas exports starting in 2004 and its rescission of the contracts with AES Uruguaiana (AESU) y Transportadora de Gas del Mercosur in 2009. At the time, YPF was controlled by Spain's Repsol . ... Full Story | Top |
| Chile, Argentina order evacuation around stirring southern volcano Monday, May 27, 2013 01:40 PM PDT  SANTIAGO/BUENOS AIRES (Reuters) - Chilean and Argentine authorities on Monday declared a red alert and ordered the mandatory evacuation of a 25-km (15.5-mile) radius around the active Copahue volcano, which straddles the border between the two Andean nations. The volcano - located some 500 km (310 miles) south of capital Santiago, between Chile's Bio Bio region and Argentina's Neuquen province - has seen increasing seismic activity in recent weeks but has not erupted, Chilean authorities said. "This doesn't necessarily mean the volcano will start erupting. ... Full Story | Top |
| Bashir threatens to close oil pipeline in row with South Sudan Monday, May 27, 2013 11:43 AM PDT  By Ulf Laessing KHARTOUM (Reuters) - Sudan will close a pipeline carrying oil exports from South Sudan if Juba continues to support rebels operating on Sudanese soil, President Omar Hassan al-Bashir said Monday. The long-time foes agreed to resume cross-border oil flows in March but relations have worsened in the past days over Sudan's accusations, which are denied by South Sudan. Landlocked South Sudan, which became independent from the north in 2011, needs to use northern oil facilities to sell its crude and have any hope of propping up its moribund economy. ... Full Story | Top |
| CP Railway targets industry best operating ratio Monday, May 27, 2013 10:57 AM PDT  TORONTO (Reuters) - Canadian Pacific Railway aims to have the best operating ratio among North America's biggest railroads in 18 months time, the chief executive of Canada's No. 2 rail carrier said on Monday. "We're going to cross and be below all of the railroads on operating ratio," Chief Executive Officer Hunter Harrison said during an interview on BNN Television. "It's about 18 months away." Operating ratio measures productivity by tallying how much revenue is required to maintain operations. The lower the number, the better. (Reporting By Susan Taylor; editing by Sofina Mirza-Reid) Full Story | Top |
| Sudan's army seizes back town from rebels in oil state Monday, May 27, 2013 10:28 AM PDT  KHARTOUM (Reuters) - Sudan has seized back a town from rebels who took it a month ago, the government said on Monday as it continued a push against insurgents it says are backed by South Sudan. The Sudanese Revolutionary Front (SRF), an umbrella of rebel groups that launched an assault on several towns late in April, confirmed it had withdrawn from the town, Abu Kershola, saying it had done so to allow humanitarian aid to be delivered. In April, the rebels, who aim to topple President Omar Hassan al-Bashir, briefly occupied Um Rawaba, a major city in central Sudan, before withdrawing. ... Full Story | Top |
| EU to move spotlight from austerity to reforms on Wednesday Monday, May 27, 2013 10:13 AM PDT  By Jan Strupczewski BRUSSELS (Reuters) - The European Commission will further shift the EU's policy focus from austerity to structural reforms to revive growth when it presents economic recommendations for each member state on Wednesday, officials said. In its annual assessment as guardian of the EU's budget rules, the Commission will say that while fiscal consolidation should continue, its pace can be slower now that a degree of investor confidence in the euro has been restored. ... Full Story | Top |
| S.Africa power reserve for Monday less than 0.5 pct of capacity Monday, May 27, 2013 08:24 AM PDT  JOHANNESBURG (Reuters) - South African power utility Eskom said the reserve margin between forecast demand and supply was expected to be tight on Monday evening at 152 megawatts, or about 0.45 percent of available power. Eskom is battling to keep the lights on in Africa's largest economy with the approach of the southern hemisphere's winter. Earlier in May, the national grid came within a hair's breadth of overloading, when the gap between demand and supply was 0.06 percent. Full Story | Top |
| Valeant, gold shares boost TSX on slow trading day Monday, May 27, 2013 08:06 AM PDT  By John Tilak TORONTO (Reuters) - Canada's main stock index rose in low volumes on Monday, driven by gains in shares of gold producers and in Valeant Pharmaceuticals International after the drugmaker made an acquisition move. A higher bullion price, supported by strong physical demand and a weaker dollar, spurred the rise in shares of gold companies. Valeant said it agreed to buy Bausch & Lomb Holdings Inc from Warburg Pincus LLC for $8.7 billion in cash, a deal expected to transform Valeant into a global leader in eye care. ... Full Story | Top |
| Kuwait's Shamali named acting oil minister Monday, May 27, 2013 06:13 AM PDT KUWAIT (Reuters) - Major oil producer Kuwait appointed Mustapha al-Shamali as acting oil minister on Monday, state news agency KUNA said, after Hani Hussein stepped down under pressure from lawmakers. Shamali will combine the role with his post as the OPEC member state's long-serving finance minister and has worked at the ministry for more than four decades. Ministerial changes do not generally affect oil policy in the OPEC member state because it is set by the Supreme Petroleum Council. ... Full Story | Top |
| Most EU states oppose Chinese solar panel duties: diplomats Monday, May 27, 2013 05:50 AM PDT BRUSSELS (Reuters) - A majority of EU governments oppose the European Commission's plans to levy prohibitive duties on solar panel imports from China, a survey of member states by Reuters showed on Monday, weakening Brussels' efforts to pressure Beijing. The European Commission is set to impose duties averaging 47 percent in place from June 6, but the sanctions are provisional and EU trade chief Karel De Gucht is seeking a negotiated solution with the Chinese government. ... Full Story | Top |
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