Shares in Spain’s Repsol energy company are soaring after the company announced it has made a major new shale oil find in Argentina that boosts by a third its total amount of recoverable oil.
Repsol YPF SA’s shares were up 5.4 percent in midday trading Tuesday in Madrid.
The company said the discovery includes 927 million barrels of recoverable resources, 741 million of which is oil.
Argentine President Cristina Fernandez in May announced a huge shale oil deposit in Neuquen province, but less than 10 percent of it had been explored at the time.
Repsol owns the rights to 12,000 square kilometers (4,633 sq. miles) of the 30,000 square kilometer (11,583 sq. mile) basin. Like other oil companies, it has only recently begun to search them.
Floodwaters have reached the northern edge of central Bangkok and are threatening the Thai capital’s subway system.
The water that has been creeping through northern Bangkok for more than week flooded Lad Phrao intersection on Friday. The area is home to office towers, condominiums and a major shopping mall and is not far from the famed Chatuchak Weekend Market.
Local media reported the water depth at 15 inches (40 centimeters).
Officials from Bangkok’s subway system say they are closely monitoring three stations in the area, though all remain open.
The government has asked residents to evacuate eight of the city’s 50 districts because of the flooding. It has killed more than 400 people in Thailand since late July.
Thailand’s prime minister says she hopes the process of draining floodwater through Bangkok can be sped up now that peak high tides have passed.
Prime Minister Yingluck Shinawatra said Monday that “if there is no more additional water, the current runoff might not cause heavy flooding in Bangkok.” She said there was still a massive amount of water that needs to pass through the capital’s drainage network as it makes its way down from flooded provinces in the north quick cash.
Record high tides pushing up the Chao Phraya River from the Gulf of Thailand have made draining the water from Thailand’s worst flooding in a half-century more difficult. That has put extreme pressure on Bangkok’s flood defenses, though they have largely held and most of the city remains dry.
DETROIT
Choosing a much-detested raccoon as its mascot made a clear statement: Porter Airlines was going to be a daring, different kind of airline.
And the upstart that some doubted could ever succeed given the volatility of the aviation industry is celebrating its fifth birthday on Sunday.
Robert Deluce, president and CEO of Porter Airlines, uses the mascot, whom they call Mr. Porter, an alter-ego of sorts, to illustrate why they
The Toronto Historical Board plaque is the first hint to would-be buyers that 7 Wellesley Ave. is every bit as special as its $775,000 price tag.
And it is.
This classic Cabbagetown Victorian is a historic home without a history.
It
Stronger retail sales and surging profits from Google are sending stocks higher.
The Dow Jones industrial average turned positive for the year Friday, and the S&P 500 index had its best week in more than two years.
Retail sales increased 1.1 percent in September, the biggest gain in seven months.
Google Inc. shot up nearly 6 percent after its quarterly income jumped 26 percent. Apple Inc. rose 3 percent as its new iPhone went on sale my credit score.
The Dow rose 166 points, or 1.4 percent, to close at 11,644. The S&P 500 rose 21, or 1.7 percent, to 1,225.
The Nasdaq rose 48 points, or 1.8 percent, to 2,668.
Five stocks rose for every one that fell on the New York Stock Exchange. Trading volume was below average, 3.6 billion shares.
Wednesday was a good day for Fawad Khan.
He got up shortly before 3 a.m. and headed to a bank of computers in his Mississauga basement. While his family slept, he started trading.
One screen charted the euro in real time. It looked like the seismic readout for an earthquake. Trading in this kind of market, with one
The Federal Deposit Insurance Corp. seized Sun Security Bank in Ellington, Mo., after the troubled bank was shut down by Missouri bank regulators.
Sun Security has 27 branches, including two in St. Charles County. The bank held $355.9 million in assets and $290.4 million in deposits.
In a deal with the FDIC, Great Southern Bank of Springfield, Mo., has agreed to assume all the deposits of Sun Security.
The federal regulator said all Sun Security branches will open on Saturday, and after Columbus Day, the offices will become Great Southern branches. Columbus Day is a bank holiday.
Customers with questions about the seizure can call the FDIC at 1-866-806-6128 Payday Loan for Bad Credit.
The failure of Sun Security Bank is expected to cost the FDIC $118.3 million.
Sun Security, which has two branches in St. Charles County, was formerly led by Shaun Hayes as chief executive.
The FDIC’s seizure Friday of Sun Security and Wyoming, Minn.-based Riverbank increases to 76 the number of U.S. bank failures this year.
Starbucks hopes customers will be willing to pay at least $5 more when they stop in for their morning cup of Joe.
Starting Nov. 1, Starbucks will begin collecting donations of $5 or more from customers to stimulate U.S. job growth through its “Jobs for USA” program. The Seattle-based coffee chain is collaborating with the Opportunity Finance Network, a nonprofit that works with nearly 200 community development financial institutions to provide loans to small businesses and community groups. Starbucks says 100 percent of the donations will go toward loans for firms and organizations that can add jobs or stem job losses.
Starbucks, which pioneered how Americans drink coffee, declined to estimate how much money it plans to raise, but millions of people visit its nearly 7,000 company-owned U.S. stores each day. Customers who give will get a red, white and blue wristband that says “Indivisible.”
“This is about using Starbuck’s scale for good,” said Howard Schultz, Starbucks Corp.’s CEO.
The program is the latest effort by Schultz to address the nation’s economic woes. In August, he sent more than 200,000 Starbucks employees a memo urging them to do what they can to help business thrive. Then, he asked fellow CEOs to stop contributing to political campaigns until the nation’s leaders reached a long-term economic solution. After that, he hosted a national telephone forum, bought full-page ads in two major newspapers and started a website, Upwardspiral2011.org.
Schultz said he feels personal responsibility to do something to stimulate the U.S. economy. Starbucks is hiring about 200 people a day in the U.S. as part of its efforts to remodel thousands of stores and add about 200 more locations in the next year. But Schultz said he wanted to do more.
Starbucks is covering the operational costs to get loans out through the program, which will run indefinitely. Its charitable arm, The Starbucks Foundation, is giving $5 million to get the program started, with the hope that funds will be invested in communities within a month of a donation being made business card design.
Opportunity Finance Network works with 180 financial institutions _ banks, credit, unions, loan funds and venture capital funds _ that give loans in low-income communities that don’t have easy access to credit. The organization, created 27 years ago, has invested $23.2 billion and generated nearly 300,000 jobs through 2009.
Loans through the network have supported everything from charter schools to grocery stores nationwide. The organization found that, even during the recession, more than 98 percent of the money loaned out has been repaid, which is in line with traditional lenders.
Through the program, businesses will apply to financial institutions, which along with the Opportunity Finance Network will assess their potential for adding jobs. Preference will be given to applicants who can add jobs within six months. An outside organization will audit the program within a year.
“We want to match up every person who has $5 to share with every person who can’t spare $5,” said Mark Pinsky, CEO of Opportunity Finance Network.
The effort has the potential to be successful, say some experts. Community institutions succeed, they say, because they understand the needs in the areas they serve.
“I think it’s a really worthy effort,” said Mark Zandi, chief economist at Moody’s Analytics. “In theory, this is a great idea and should have impact.”
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Online: For more information, visit createjobsforusa.org or for information on Opportunity Finance Network and how to find a community development funding institution, visit opportunityfinance.net
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