| BP America Announces Resolution of Texas City, Alaska, Propane Trading ...
HOUSTON, Oct. 25 /PRNewswire-FirstCall/ -- BP America today announced two plea agreements and a deferred prosecution agreement with the U.S. Department of Justice and a consent order with the Commodity Futures Trading Commission which end governmental investigation of company wrongdoing on matters related to the March 2005 explosion and fire at the Texas City refinery, the March and August 2006 oil transit line spills in Alaska and improper propane trading in April 2003 and February 2004. (Logo: http://www.newscom.com/cgi-bin/prnh/20000724/NYM120LOGO ) "These agreements are an admission that, in these instances, our operations failed to meet our own standards and the requirements of the law. For that, we apologize," said BP America Chairman and President Bob Malone.
Thomson Financial Europe AM at a glance share guide: Shares mixed, oil ...
Oil futures ended an erratic session higher Tuesday as investors focused on expectations that the Federal Reserve will cut interest rates and OPEC will hold production steady, and shrugged off estimates that domestic crude inventories rose last week. METALS: Gold prices fell as the dollar was mixed against major European currencies. EVENTS: FOMC meeting (interest rate decision due 1915 GMT) US weekly API, Department of Energy oil inventory data (0330 GMT) Jan ADP national employment report (1315 GMT) Q4 GDP (advance) (1330 GMT) Kraft Foods Inc Q4 results. EPS forecast 44 cents vs 51 (before market opens) Merck & Co Inc Q4 results. EPS forecast 73 cents vs 50 (before market opens) Allergan Inc Q4 results. EPS forecast 58 cents vs 51 (1700 GMT) Amazon Com Inc Q4 results. EPS forecast 48 cents vs 23 (1700 GMT) Boeing Co Q4 results.
Dow up 90 despite inflation, growth worries
Stocks climbed out of a hole Wednesday, closing higher despite conflicting worries about inflation and economic growth.
Advances by technology stocks, led by an 8 percent rally in the shares of Hewlett-Packard, and energy stocks, reflected in a nearly 2 percent gain by Chevron, helped lead the market higher.
In futures trading, crude oil continued its assault on triple-digit barrel prices. Oil for March delivery rose 73 cents a barrel, to $100.74, its second straight record-high close, after trading as high as $101.32 during the session.
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Big miners drag stocks down
On the Sydney Futures Exchange, the December share price index contract was down 72 points to 6528, on a volume of 19,549 contracts. CMC Markets dealer Matt Wacher said lower base metal prices overnight are weighing on the local bourse. "Most of the sectors seem to be pretty flat. Energy and materials sectors are off," Mr Wacher said. "I guess the materials and energy sectors are off on the back of the commodity prices overnight. Oil prices and all the base metals took a bit of a beating and similarly with the gold price which was off quite substantially." Mr Wacher said positive retail sales data in the United States helped to buoy stocks on Wall Street."The US retail sales result was pretty strong so that's probably given a bit of impetus to the market as a whole over there. "It started much lower on the day and ended up around 40 points on the close...
Glimmer of hope amid the gloom
Resources stocks were hit hard after gold and base metals prices dipped overnight, while oil dropped to its lowest level in a month. Locally, a late session rally pared back losses on the benchmark indices from more than three per cent in morning trade. At the 4.15pm close (Sydney time), the S&P/ASX200 index had fallen 48.8 points, or 0.84 per cent, to 5747.3 while the broader All Ordinaries shed 57.6 points, or 0.98 per cent, to 5799.4. On the Sydney Futures Exchange at 4.25pm, the March share price index contract had dropped 29 points or 0.5 per cent to 5763 on a volume of 36,599 contracts. But CommSec equities Analyst Juliana Roadley said the Australian sharemarket remained a good vehicle for retail investors, adding that the current environment would also present some bargains.
Pressure mounts for new controls on oil futures speculators
Sean Cota runs a family-owned fuel oil business in Bellows Falls, Vt., and has been active in the futures markets for 20 years, locking in prices to protect both himself and his customers. But over the past five years, he has watched in amazement -- and growing anger -- as speculators flooded into the market. It has created tremendous volatility and, he believes, driven up prices for crude oil, heating oil and a host of other commodities. As prices hover near record levels this year, his customers are bearing the brunt -- turning down their thermostats, taking longer to pay their bills and even using credit cards to pay for home heating. "All of these things are having a huge impact on people for something that is just not justified by supply and demand," Cota said.
Australian share market falls on US recession fears
At the close, the benchmark S&P/ASX200 index was down 62.5 points at 6290.7, while the All Ordinaries lost 61.5 points to 6372.6. At 4.15pm (AEDT) on the Sydney Futures Exchange, the March share price index contract was 20 points lower at 6312, on a volume of 18,706 contracts. Macquarie Equities client advisor David Halliday said the local bourse was starting to factor in the possibility of a recession in the US. "The higher oil price and economic data is certainly making more people think about the prospect of a recession in the US, and if that is the case, it is bad news for equity markets around the world,'' Mr Halliday said. "Our market started to factor in the prospect of a recession a little bit more today and that's why we've seen the big falls.'' On Wall Street overnight, the Dow Jones industrial average fell 220.86 points to close at 13,043.96.
London robusta coffee hits 9-year high
London robusta coffee futures hit a nine-and-a-half-year high and cocoa reached a four-year peak on Friday on a wave of enthusiasm among investment funds for all sorts of commodities. Reallocation of investments for the New Year has already seen several basic resource prices, including gold and oil, hit record highs this month and soft commodities such as coffee and cocoa have been tipped as a good bet for the year ahead. "Funds are increasing their holding in both commodities at the moment. It is not an overnight thing, I think it has been building for some time," soft commodities trader Jeff Cooper of Ambrian Commodities said. .
Tech merger possibilities buoy stocks; energy heats up
Stocks edged higher Monday, as investors overlooked fresh worries in financial stocks and focused on merger prospects among technology companies.
Energy stocks were big winners, as oil prices moved higher in futures trading.
The Dow Jones industrial average added 57.88 points, to 12,240.01. International Business Machines and Boeing were the biggest contributors to the gain among the 30 Dow industrials.
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