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| Brent rises toward $108; Libya, US inventories in focus Thursday, Jan 02, 2014 11:07 PM PST  By Florence Tan SINGAPORE (Reuters) - Brent crude rose towards $108 a barrel on Friday after posting its biggest daily percentage drop in six months in the previous session, although expectations for a rise in Libyan supply and speculation of a build up in U.S. stockpiles capped gains. A rebalancing of commodity portfolios by asset managers also added to the volatility in oil prices. "The strong inventories decline that we had in recent weeks are very likely linked to tax management at year-end than true underlying strength in demand," said Mark Keenan, head of commodities research in Asia at Societe Generale, referring to U.S. crude stocks. Analysts however expect official U.S. weekly data, to be released later on Friday, to show a fifth consecutive draw in nationwide crude inventories. Full Story | Top |
| Chinese icebreaker stuck after helping in Antarctic rescue Thursday, Jan 02, 2014 11:05 PM PST  By Maggie Lu Yueyang SYDNEY (Reuters) - A Chinese icebreaker that helped rescue 52 passengers from a Russian ship stranded in Antarctic ice found itself stuck in heavy ice on Friday, further complicating the 9-day "roller-coaster" rescue operation. It now had concerns about its own ability to move through heavy ice, the Australian Maritime Safety Authority (AMSA) said. The Australian icebreaker carrying the rescued passengers, the Aurora Australis, will remain on standby in open water in the area "as a precautionary measure", the rescue agency said. The Aurora Australis had meant to sail towards an Antarctic base to complete a resupply before carrying the rescued passengers back to Australia. Full Story | Top |
| Israel says upgraded Arrow missile shield passes second flight test Thursday, Jan 02, 2014 11:02 PM PST Israel carried out a second successful test on Friday of its upgraded Arrow interceptor, which is designed to destroy in space the kind of missiles held by Iran and Syria, a Defense Ministry spokeswoman said. Friday's launch of an Arrow III interceptor missile over the Mediterranean sea was the second flight of the system, but did not involve the interception of any target. Israel deployed the previous version, Arrow II, more than a decade ago and says it has scored around a 90 percent success rate in live trials. The Pentagon and U.S. firm Boeing are partners in the Arrow project, which is overseen by state-run Israel Aerospace Industries (IAI). Full Story | Top |
| General Mills begins selling Cheerios without GM ingredients Thursday, Jan 02, 2014 09:56 PM PST (Reuters) - General Mills Inc said it has stopped using genetically modified ingredients in the popular breakfast cereal Cheerios as the U.S. branded foods manufacturer hopes the move will firm up customer loyalty in the face of growing opposition to such additives. Many activists and critics have cited studies showing that genetically modified (GM) crops are not safe for people and animals who consume them. Some activist groups opposing GM food also say the crops create environmental problems by encouraging more use of certain agro chemicals, and consumers should have the right to know what they are buying. However, General Mills, which also makes Betty Crocker dessert mixes and Yoplait yoghurt, said in a company blog post on Thursday that its decision on ingredients was not driven by safety concerns or pressure from critics. Full Story | Top |
| Australia swelters after record hot 2013; farmers slaughter cattle, bushfire warning Thursday, Jan 02, 2014 08:42 PM PST By Matt Siegel and Colin Packham SYDNEY (Reuters) - A searing heatwave is baking central and northern Australia, piling more misery on drought-hit cattle farmers who have been slaughtering livestock as Australia sweltered through the hottest year on record in 2013. Temperatures have topped 40 degrees Celsius (104 Fahrenheit)in large parts of Australia's key agricultural regions for most of the past week, with the mercury topping 48 degrees Celsius in the central west Queensland town of Birdsville. The heatwave is moving east across Australia, prompting health warnings on Friday in some of the country's biggest cities and firefighters were already battling bushfires. But it is in the outback that soaring temperatures have had the most devastating impact, especially on cattle farmers in Queensland, which accounts for about 50 percent on the national herd. Full Story | Top |
| Pennsylvania asks state Supreme Court to reconsider decision on oil, gas law Thursday, Jan 02, 2014 07:34 PM PST The state of Pennsylvania on Thursday asked the state Supreme Court to reconsider its December decision that struck down parts of an oil and gas law. The Pennsylvania Supreme Court voted 4-2 in mid-December saying key provisions in Act 13, a 2012 law that governs oil and gas drilling, is unconstitutional. In a state known for its shale gas bounty, the decision broadened the rights of local governments to restrict the controversial fracking process within their city limits, dealing a blow to oil and gas interests. The state is asking the Supreme Court to remand the case to a Pennsylvania court for further evidence, exhibit and testimony gathering. Full Story | Top |
| Heavy snow, dangerous cold snarl travel in northeastern U.S Thursday, Jan 02, 2014 07:23 PM PST  By Elizabeth Dilts and Scott Malone NEW YORK/BOSTON (Reuters) - The governors of New York and New Jersey declared a state of emergency and pleaded with residents to stay indoors on Thursday as a major snowstorm bore down on the northeastern United States, delaying or canceling thousands of flights. The first major winter storm of 2014 brought bone-chilling temperatures and high winds from the lower Mississippi Valley to the Atlantic coast, with parts of New England, including Boston, bracing for up to 14 inches of snow by Friday morning. "As this winter storm unfolds, bringing heavy snow and high winds to many parts of the state, I strongly urge all New Yorkers to exercise caution, avoid travel and stay indoors," New York Governor Andrew Cuomo said. Amid flight cancellations that hit just as many travelers were returning from holiday breaks, officials at Boston's Logan International Airport said that up to a quarter of its scheduled flights had been canceled on Thursday afternoon and evening. Full Story | Top |
| MPs criticise government's stockpiling of Roche drug Tamiflu Thursday, Jan 02, 2014 06:41 PM PST  By Kate Kelland LONDON (Reuters) - MPs on Friday criticised government spending of 424 million pounds ($702 million) to stockpile Roche's medicine Tamiflu, saying doubts about the drug's effectiveness suggest it may not be money well spent. Parliament's influential Public Accounts Committee (PAC) said it was "surprised and concerned" to discover that information on methods and results of clinical trials of such prescribed drugs "is routinely withheld", and said there was a "lack of consensus over how well Tamiflu ... actually works". "The case for stockpiling antiviral medicines at the current level is based on judgment rather than on evidence of their effectiveness during an influenza pandemic," said Richard Bacon, a leading member of the committee. He added that as well as spending more than 420 million pounds on stockpiling Tamiflu, an antiviral medicine, the Department of Health was forced to write off 74 million pounds of that as a result of poor record-keeping by the National Health Service. Full Story | Top |
| Bakken crude may be more flammable than previously thought: U.S. regulator Thursday, Jan 02, 2014 04:38 PM PST  By Patrick Rucker WASHINGTON (Reuters) - Crude oil produced in North Dakota may be more flammable and prone to explosions than earlier thought, U.S. officials said on Thursday as they examine whether gas trapped in crude-by-rail shipments could explain a spate of fiery accidents. In the latest crash involving fuel produced in an oil patch known as the Bakken, several tank cars exploded after a collision on a desolate stretch of North Dakota track on Monday. In that case, as with several other accidents in recent months, tank cars exploded with a force that surprised investigators. The incidents "indicate that the type of crude being transported from the Bakken region may be more flammable than traditional heavy crude oil," the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) said on Thursday. Full Story | Top |
| Gas problem may have led to deadly blast in Minneapolis: fire chief Thursday, Jan 02, 2014 04:22 PM PST  By David Bailey MINNEAPOLIS (Reuters) - Investigators are looking at a gas leak as a potential cause for an explosion and fire that gutted a Minneapolis apartment building on New Year's Day, killing at least one person and injuring 14 others, officials said on Thursday. The cause of the explosion and fire in the three-story building that had a grocery store on the ground floor and 10 apartments remained undetermined, but witnesses have told investigators they smelled gas before the blast, Minneapolis Fire Chief John Fruetel told a news conference. Fire officials said a body was found on Thursday in the structure after crews began the slow process of removing debris. Investigators believe the explosion happened on the second or third floor. Full Story | Top |
| UK lawmakers criticize govt's stockpiling of Roche drug Tamiflu Thursday, Jan 02, 2014 04:07 PM PST  By Kate Kelland LONDON (Reuters) - British lawmakers on Friday criticized government spending of 424 million pounds ($702 million) to stockpile Roche's medicine Tamiflu, saying doubts about the drug's effectiveness suggest it may not be money well spent. Parliament's influential Public Accounts Committee (PAC) said it was "surprised and concerned" to discover that information on methods and results of clinical trials of such prescribed drugs "is routinely withheld", and said there was a "lack of consensus over how well Tamiflu ... actually works". "The case for stockpiling antiviral medicines at the current level is based on judgment rather than on evidence of their effectiveness during an influenza pandemic," said Richard Bacon, a leading member of the committee. He added that as well as spending more than 420 million pounds on stockpiling Tamiflu, an antiviral medicine, the Department of Health was forced to write off 74 million pounds of that as a result of poor record-keeping by the National Health Service. Full Story | Top |
| Scientists, tourists rescued from Antarctic ship begin long journey home Thursday, Jan 02, 2014 03:56 PM PST By Maggie Lu Yueyang SYDNEY (Reuters) - An Australian icebreaker with 52 passengers rescued from a Russian ship trapped in Antarctic ice since Christmas Eve began the long journey home on Friday. "The passengers seem very glad to now be with us and they are settling in to their new accommodation," Jason Mundy, Australian Antarctic Division Acting Director who is on board the ice breaker Aurora Australis, said on Friday morning. A helicopter from the Chinese icebreaker Snow Dragon ferried the 52 scientists and tourists in small groups from the ice-bound Akademik Shokalskiy and transferred them to the Antarctic supply ship Aurora Australis late on Thursday. The Aurora Australis is now sailing towards open water and will then head towards an Antarctic base to complete a resupply before returning to Australia. Full Story | Top |
| U.S. considers flammability risk of Bakken crude after accidents Thursday, Jan 02, 2014 03:33 PM PST  By Patrick Rucker WASHINGTON (Reuters) - Crude oil produced in North Dakota may be more flammable and prone to explosions than earlier thought, U.S. officials said on Thursday as they examine whether gas trapped in crude-by-rail shipments could explain a spate of fiery accidents. In the latest mishap involving fuel produced in an oil patch known as the Bakken, several tank cars exploded after a collision on a desolate stretch of North Dakota track on Monday. In that case, as with several other accidents in recent months, tank cars exploded with a force that surprised investigators. The incidents "indicate that the type of crude being transported from the Bakken region may be more flammable than traditional heavy crude oil," the U.S. Pipeline and Hazardous Material Safety Administration said on Thursday. Full Story | Top |
| Wall Street starts 2014 with drop as investors take profits Thursday, Jan 02, 2014 02:55 PM PST  All 10 S&P 500 sectors were lower, with tech among the biggest drags after Wells Fargo downgraded Apple Inc to "market perform" from "outperform," saying the company's market cap had limited upside potential without material market share gains. Apple fell 1.4 percent to $553.13 and was the biggest drag on both the S&P 500 and Nasdaq 100 indexes. "People are taking profits and seeking bargains." Almost two-thirds of stocks traded on the New York Stock Exchange closed lower while 61 percent of Nasdaq-listed shares closed down. Full Story | Top |
| Pennsylvania appeals state Supreme Court ruling on fracking law Thursday, Jan 02, 2014 02:41 PM PST The state of Pennsylvania appealed on Thursday against a December decision from the state Supreme Court that struck down parts of an oil and gas law. The Pennsylvania Supreme Court voted 4-2 in mid-December saying key provisions in Act 13, a 2012 law that governs oil and gas drilling, is unconstitutional. In its appeal, the state is asking the Supreme Court to remand the case to a Pennsylvania court for further evidence, exhibit and testimony gathering. Seven municipalities and the Delaware Riverkeeper Network had challenged Act 13 in 2012, alleging it violates the state's constitution. Full Story | Top |
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