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Panama Canal chief reports progress in dispute

Panama Canal Administrator Jorge Quijano says the agency has reached tentative agreement on some issues in efforts to resolve a dispute that has halted work on a major expansion plan. But Quijano also says the Authority might take over the project if no final agreement with the contractors is reached this week. He spoke Wednesday during a chamber of commerce meeting. The contractors say work has gone $1.6 billion over budget and they have demanded the authority pay. The dispute has threatened to delay the biggest expansion of the canal since it opened a century ago. © 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use . Latest News Latest Winter Games News ©2013 The Associated Press. All rights reserved. Terms under which this site is provided. […]

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Indian Oil Close to Buying Some Petronas Canadian Assets

State-controlled Indian Oil Corp. is close to acquiring a 10% stake in Malaysia’s Petroliam Nasional Bhd’s shale-gas assets and a liquefied-natural-gas project in the Canadian province of British Columbia for 1 billion Canadian dollars ($900 million), two senior Indian government officials said on Tuesday. The proposed deal with Petronas needs Indian cabinet approval, and the matter is scheduled to be discussed by ministers on Wednesday, the officials, who declined to be identified, told The Wall Street Journal. If the deal goes through, it would mark the entry of India’s largest fuel retailer into Canada’s energy sector. It would also give a boost to the company’s ambitions to expand in oil and gas exploration globally. It currently has investments in oil and gas blocks in Africa and the Middle East. Indian Oil is largely dependent upon imported crude oil and natural gas. India meets three-fourths of its energy needs […]

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Strong China January trade data sparks cheers, doubts

China surprised markets with a thumping trade performance in January as import growth hit a six-month high, drawing some skepticism about the data but still allaying fears of a deepening economic malaise. Analysts who had expected the long Lunar New Year holiday to drag on January’s trade warned that the figures may be inflated by fake trade transactions, where traders forge deals to sneak cash into the country past capital controls. The value of China’s total exports climbed 10.6 percent in January from a year earlier, the Customs Administration said on Wednesday, more than five times market forecasts for a 2 percent rise. The value of imports also jumped 10 percent from a year ago as China bought record volumes of iron ore, crude oil and copper. That lifted import growth to its highest level since July, handily beating predictions for a 3 percent gain. The […]

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China land sales pull in record $672bn

Chinese land sales hit a record $672bn in 2013 following a lull the previous year, providing more evidence that the country’s property market is once again in full throttle. But although construction activity is likely to bolster the economy in 2014, there are signs that land sales could slow, weakening local governments’ ability to raise money. Land sales hit Rmb4.1tn, the Ministry of Land and Resources said, eclipsing the previous record of Rmb3.5tn in 2011. Land zoned for real estate use, which accounts for about one-quarter of zoned land sales, rose by nearly 27 per cent year-on-year. The land data follow earlier housing research that showed the value of new home prices accelerated to $1.1tn in […]

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Nuclear Issue in Limbo as Indecision Grips Japan

Several industrialized countries have turned their backs on nuclear power as a result of the Fukushima nuclear disaster, including one that has already begun permanently shutting functioning plants. That country is not Japan. “Germany chose to get rid of nuclear power because of Fukushima, while the United States is still in favor, but what about Japan, where the accident took place?” said Jun Tateno, who has written several books on nuclear power. “We still have not had a proper public debate about the most fundamental question: Do we want nuclear power’s low-cost electricity for growth, or do we want a safer, nuclear-free society?” Many analysts had hoped that last Sunday’s vote to choose the next governor of Tokyo would provide just such a forum to that question, which lies at the heart of Japan’s struggle to find its economic footing after two decades of malaise. But the […]

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Getting real about regulation – why it won’t make fracking safe

The British government has acknowledged the potential harms of fracking for unconventional gas – yet claimed that regulation in Britain is more stringent than in other countries and that it is therefore possible to prevent negative impacts. In this article I will show that over a century of health and safety regulation in the UK gives no ground for confidence. On the contrary there has repeatedly been shameful disregard for public health and environment. Industrial and commercial interests have repeatedly overridden the right of the public to be protected and there is already evidence that we are seeing the same tragedy replayed – potentially on a more destructive scale than ever before. The truth is that in some cases British regulation is inferior to other countries – that is why the British government are fighting the European Commission to prevent European regulation of shale gas extraction. In the light […]

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Electric companies relying too much on natural gas

There’s something to the old saying about not putting all your eggs in one basket, yet that’s what we are doing in the case of electricity generation. Nearly all new electricity generation projects are using natural gas. This lack of diversification increases risks for the future. Why is this happening? There are two reasons. The first is that companies and policymakers are making long-term decisions based on short-term considerations. Natural gas prices fell in 2012 to historical lows. It is foolish to expect that natural gas prices will remain at this level for the 40-year-or-longer life of a new electricity plant, yet that is basically what people are assuming when they commit to gas-fired generation plants based on this price. The foolishness of this is already evident. The price of natural gas rose more than 25 percent last year and has increased over […]

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Talisman Energy Posts $1 Billion Loss on Impairment Charges

Talisman Energy Inc. posted a fourth-quarter loss of $1 billion after recording asset-impairment charges totaling more than $800 million, and said it would continue to shed assets to shore up its balance sheet. The Calgary, Alberta-based natural gas and oil producer said it plans to sell another $2 billion of noncore assets over the next 12 to 18 months, in addition to the more than $2 billion it has already raised from asset sales. Talisman has posted a string of disappointing financial results, hurt in part by an extended gas-price slump, and has been selling off noncore assets to help turn around its operations. "Our objective is to create sustainable value for our shareholders, and we will continue to position the company to achieve this by generating near-term steady cash flow from our best assets in our two core regions," Hal Kvisle, president and chief executive, said in a […]

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Sen. Landrieu facing criticism for strong energy ties

Advocacy group Oil Change International said the Democratic pick to head a Senate energy panel, Mary Landrieu , has strong industry ties. Senate Democrats agreed to have Landrieu, D-La., replace Sen. Ron Wyden , D-Ore., as the chairwoman of the Senate Committee on Energy and Natural Resources in a closed-door meeting Tuesday, online political news website Politico reported. Wyden moves over to chair the Senate Finance Committee. Stephen Kretzmann, executive director of Oil Change International, said Landrieu’s strong ties to the energy industry were problematic. "Big Oil has been pursuing a ‘buypartisan’ strategy and it’s likely to pay off with Senator Landrieu," he said in a statement Tuesday. Oil Change International said Landrieu took on an average $500,000 a year in campaign contributions from the energy sector since she took office in 1997 compared with a Senate average of $392,000. Last week, Landrieu was […]

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Gasoline Profit Seen Rising as Refineries Shut: Energy

The profit from making gasoline may more than double in the New York region through April as refinery maintenance cuts production and stockpiles. Repairs will peak in March with 1.8 million barrels a day offline, equal to 10 percent of U.S. capacity, according to data from Energy Aspects Ltd. and CIBC World Markets Inc. That will help boost margins to $9 a barrel in April, from $3.30 this month, says Wood Mackenzie Ltd., an energy consultant. Suncor Energy Inc. (SU) should benefit as it keeps plants operating through the spring. Most of the work will happen just as suppliers prepare to stock up on higher-quality fuel before the summer driving season. Gasoline demand averaged 454,600 barrels a day, or 5.3 percent, more in April than in January over the past five years. Retail prices may reach $3.75 a gallon this spring, from $3.307 on Feb. 10, according to AAA. […]

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