U.S. now world’s biggest oil producer

The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said. U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report Friday. The country became the world’s largest natural gas producer in 2010.

July 6, 2014

Raul Castro says economic changes must be gradual

HAVANA (AP) ― President Raul Castro reiterated Saturday that Cuba’s program of reforms will remain cautious and gradual, despite recent disappointing GDP numbers that show the country’s already-struggling economy slowing. Days after Cuba downgraded its 2014 economic growth forecast by nearly a percentage point, Castro told parliament during the first of its twice-annual regular sessions that the reforms “have great complexity but are advancing” at the necessary pace. “This process, to be success

July 6, 2014

BNP fine shows dollar’s key role in global markets

PARIS (AFP) ― As the world’s reserve currency, the dollar gives Washington a powerful influence over global financial markets ― a point underlined again this week when a record fine was levelled against France’s leading bank.French banking giant BNP Paribas has agreed to pay $8.9 billion (6.5 billion euros) to U.S. authorities for violating sanctions against Iran, Sudan and other countries even though the transactions were not illegal under French or European law.It fell foul of U.S. rules becau

July 6, 2014

Journal expresses concern over Facebook experiment

WASHINGTON (AFP) ― The scientific journal that published a controversial Facebook experiment on mood manipulation said Thursday it was concerned that the company did not follow scientific ethics and principles of informed consent.While it stopped short of retracting the study, the Proceedings of the National Academy of Sciences said it typically publishes experiments that have allowed subjects to opt out of research.Facebook appeared to have been exempt from this rule because all users agree to

July 6, 2014

Goldman accused of ‘boys club’ bias

Goldman Sachs Group Inc. was accused by two former employees seeking to expand their lawsuit of discriminating against women while male colleagues engaged in binge drinking and took clients to strip clubsThe women asked a federal judge in Manhattan Wednesday to let them sue on behalf of current and former female associates and vice presidents. Support for their claims includes statements of former Goldman Sachs employees, expert statistical analyses and evidence on earnings and promotions from t

July 3, 2014

Yellen: Little threat to financial stability

WASHINGTON (AP) ― Federal Reserve Chair Janet Yellen said Wednesday that she doesn’t see a need for the Fed to start raising interest rates to defuse the risk that extremely low rates could destabilize the financial system.Yellen said she does see “pockets” of increased risk-taking. But she said those threats could be addressed through greater use of regulatory tools. Many of those tools, such as higher capital standards for banks, were put in place after the 2008 financial crisis, which trigger

July 3, 2014

Auto sales surprise with fast growth

DETROIT (AP) ― U.S. auto sales grew at the fastest pace in eight years in June, surprising the industry and setting it up for a strong second half of the year.Sales rose 1.2 percent over last June to 1.4 million cars and trucks, according to Autodata Corp. GM, Toyota, Hyundai and Nissan all saw increases over last June. Honda sales were flat, while sales at Ford and Volkswagen were down.June’s annualized sales rate ― which estimates annual sales if they stayed at the same pace every month ― was

July 2, 2014

Lew urges yuan gains

U.S. Treasury Secretary Jacob Lew urged China to let its currency appreciate further and expressed confidence the world’s second-largest economy has the tools to manage a frothy real-estate market. Speaking before a key U.S.-China economic meeting next week, Lew said he’s frustrated with the pace of policy changes, particularly to the exchange rate, market access for U.S. businesses and cyber security. The yuan has declined 2.4 percent against the dollar so far this year, and Lew said more progr

July 2, 2014

BNP Paribas seeks approval to continue U.S. business

BNP Paribas SA has applied for a regulatory exemption it needs to be able to keep managing U.S. pension-plan assets following its guilty plea for violating U.S. sanctions. The French bank sought the exemption June 30, according to Michael Trupo, a spokesman for the U.S. Department of Labor, which oversees $7.9 trillion in pensions. BNP pleaded guilty the same day to processing almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba and agreed to pay a $8.97 bill

July 2, 2014

GM safety crisis grows as recalls mount

DETROIT (AP) ― General Motors’ safety crisis deepened dramatically Monday when the automaker added 8.2 million vehicles to its ballooning list of cars recalled over faulty ignition switches. The latest recalls involve mainly older midsize cars and bring GM’s total recalls in North America to 29 million this year, surpassing the 22 million recalled by all automakers last year. They also raise questions about the safety of ignition switches in cars made by all manufacturers. In the latest recalls,

July 1, 2014

Google execs visit Cuba to promote free Internet

Google executive chairman Eric Schmidt. (Bloomberg)HAVANA (AFP) ― Google executive chairman Eric Schmidt visited Cuba this week along with three other top executives to promote “a free Internet,” Cuban independent online newspaper “14yMedio” reported Sunday.The four executives “met with officials,” spoke “with youth at polytechnical schools” and, on Saturday, visited the University of Computer Sciences in western Havana, wrote the newspaper, run by dissident blogger Yoani Sanchez.The two-day vis

June 30, 2014

Honda’s first jet takes to the skies

Honda Motor’s aviation subsidiary Honda Aircraft’s first production HondaJet during a test flight at Greensboro, North Carolina. (AFP-Yonhap)TOKYO (AFP) ― Honda’s first business jet has logged its maiden flight ahead of its expected certification and delivery next year, the Japanese company said in a weekend press release.The 84-minute flight of the first production HondaJet took place near the world headquarters of Honda Aircraft, the aviation subsidiary of the automobile giant, in Greensboro i

June 30, 2014

Chinese workers die at their desks

Chinese banking regulator Li Jianhua literally worked himself to death. After 26 years of “always putting the cause of the party and the people” first, his employer said this month, the 48-year-old official died rushing to finish a report before the sun came up. China is facing an epidemic of overwork, to hear the state-controlled press and Chinese social media tell it. About 600,000 Chinese a year die from working too hard, according to the China Youth Daily. China Radio International in April

June 30, 2014

U.S. to slap record $8.9b fine on BNP

NEW YORK (AFP) ― French bank BNP Paribas has agreed to pay U.S. authorities a $8.9 billion fine to avoid being tried in court for dealing with U.S.-blacklisted countries, sources close to the matter told AFP.The deal ends months of haggling which saw French President Francois Hollande pressing his U.S. counterpart Barack Obama to intervene and lighten the punishment.Agreement on the record fine, approved by the bank’s board of directors at a special weekend meeting in Paris, is due to be announc

June 30, 2014