Insight: Wall Street uses ‘merchant’ workaround to cling to commodity assets
NEW YORK/LONDON (Reuters) – Wall Street’s commodity trading giants are using a 14-year-old law to hold on to their oil storage terminals and metals warehouses a little bit longer, even as the Federal Reserve considers cracking down on such investments….
Exxon to sell Hong Kong power operations for $3.4 billion
HONG KONG (Reuters) – Exxon Mobil Corp has agreed to sell its majority stakes in a Hong Kong utility and a power storage firm for a combined $3.4 billion, helping the U.S. oil major raise funds to plough back into its core operations.
Spain’s Cepsa to buy Coastal Energy in deal worth $2.2 billion
(Reuters) – Coastal Energy Co said it has agreed to be acquired by Spanish oil firm Cepsa for about C$2.3 billion ($2.21 billion) including debt, in a deal that would increase Cepsa’s exploration and production capabilities in Southeast Asia.
China plans national accounting system overhaul: stats official
SHANGHAI (Reuters) – China is planning to overhaul the system used to measure the health of the world’s second largest economy to bring it in line with global standards, according to the country’s National Bureau of Statistics (NBS).
Del Monte Fresh Produce agrees to compensate Thai workers: commission
LOS ANGELES (Reuters) – Del Monte Fresh Produce has agreed to pay $1.2 million to settle a federal lawsuit contending Thai workers in Hawaii were stripped of their passports, denied pay and given substandard living quarters, officials said on Monday.
U.S. attorney grilled over role in Chevron-Ecuador judgment
NEW YORK (Reuters) – Steven Donziger, the U.S. attorney accused of using bribery to secure a multibillion-dollar pollution judgment against Chevron Corp in Ecuador, took the witness stand for the first time on Monday and was immediately challenged on h…
Petronas rescinds $850 million deal for stake in OGX blocks: OGX
BRASILIA (Reuters) – Brazilian oil company OGX, which is in bankruptcy and controlled by former billionaire Eike Batista, said on Monday that Malaysia’s Petroliam Nasional Bhd (Petronas) had rescinded a deal to buy a 40 percent stake in two of its oil …
U.S. Labor Board may issue complaint against Wal-Mart on strikes
NEW YORK (Reuters) – The U.S. National Labor Relations Board on Monday said it has authorized legal action against Wal-Mart Stores Inc for allegedly retaliating against workers who participated in strikes against the company over low pay.
Union infighting may complicate Washington state effort to win 777 work
OLYMPIA, Washington (Reuters) – The leader of Boeing Co’s main union in Washington state faces a revolt that could complicate efforts to bring the new 777 jetliner to the Seattle area, as the airplane maker moves to consider alternative buildings sites…
Bank of America $8.5 billion settlement a ‘win’ for investors, lawyer says
NEW YORK (Reuters) – A lawyer for an investor group on Monday urged a judge to approve Bank of America Corp’s proposed $8.5 billion settlement over mortgage-backed securities that soured in the financial crisis, noting that not one investor testified a…
