News You Can Use for Monday: Soaring Crude and Surging Gold
Can't Find Enough Oil Is Lament of BP, Exxon, Shell With Record Investment Never have so many oil and gas companies spent so much to produce so little.
Saudi Arabia's Oil Production Increase Is Unjustified, OPEC Members Say Saudi Arabia's decision to increase oil output is unjustified, according to fellow OPEC members Iran, Iraq, Libya and Qatar, who blame record prices on a weakening U.S. dollar rather than a shortage of supply.
Diesel Prices Soar Ahead of Olympics As with so many commodities,
Hess Reserves May Double on Field Near Brazil's Tupi, Carioca; Stock Jumps Hess Corp., the fifth-largest
Gold Leads Precious Metals Higher as Commodity Surge Sparks Hedging Demand Gold led precious metals higher in
Paladin Energy Rise in Sydney on Speculation Cameco May Make Takeover Bid Paladin Energy Ltd., the Australian producer of uranium in Namibia, rose the most in three months in Sydney trading amid speculation a recent decline in its share price makes it more likely to attract a takeover offer.
Banks Hide $35 Billion in Writedowns From Income Statements, Filings Show Banks and securities firms, reeling from record losses resulting from the collapse of the mortgage securities market, are failing to acknowledge in their income statements at least $35 billion of additional writedowns included in their balance sheets, regulatory filings show.
Oil Producers Mask Decade's Worst S&P 500 Profit Drop Take away Exxon Mobil Corp., Chevron Corp. and ConocoPhillips and profits at
India's Export Growth May Have Accelerated to 30% in April, Express Says India's export growth may have accelerated to 30 percent in April from 19.5 percent a year earlier, the Indian Express reported, citing officials at the commerce department it didn't name.
Dairy Co-Op Faces Price Probe Federal regulators are investigating allegations that the nation's largest dairy cooperative, Dairy Farmers of America, has manipulated milk and cheese prices, and are separately reviewing a secret transfer of cash to a former director of the organization.
Australian Grain Growers Get Sufficient Rain Needed to Sow Winter Crops Grain growing regions of Australia, once the world's second-largest wheat exporter, have likely received enough rain to sow this year's crop, keeping the nation on course to almost double output after its worst-ever drought.