Leaders Piece Together an Effort to Keep the Euro Intact
PARIS — European leaders are working overtime on a tentative deal to try to save the euro, which they hope to complete at a crucial summit meeting in Brussels this week. But rather than one transformative leap, the deal will have several moving parts, together meant to show resolve to protect Italy and Spain, revise the economic governance of the euro zone and prevent further debt crises, officials involved in the talks say…Read the full article at the New York Times
Major Media Headlines:
- Samsung shares rise after its victory in the U.S. against Apple’s (NASDAQ: AAPL) attempt to block its Galaxy tablet from the U.S. market. (Reuters) – Media Digest
- HSBC data show that China’s PMI slowed considerably. (Reuters)- Media Digest
- U.S. Treasury Secretary Tim Geithner lobbies European Union finance ministers to slow the sovereign debt crisis. (Reuters)- Media Digest
- Olympus hid as much as $1.7 billion. (Reuters)- Media Digest
- Online gaming firm Nexon fixes the price for its $1.2 billion initial public offering, the largest in Japan this year. (Reuters)- Media Diges
- JPMorgan (NYSE: JPM) sets up a loan to help SAP (NYSE: SAP) buy SuccessFactors (NASDAQ: SFSF). (Reuters)- Media Digest
- Estimates of the U.S. corn crop have been flawed. (WSJ)- Media Digest
- Yahoo! (NASDAQ: YHOO) may lose some of its key employees after year-end bonuses are paid. (WSJ)- Media Digest
- General Motors’ (NYSE: GM) Chevy Volt sales were slow ahead of problems with the car. (WSJ)- Media Digest
- Italy’s government produces new austerity plans. (WSJ)- Media Digest
- Japan’s Fukushima Daiichi nuclear complex has a new leak. (WSJ)- Media Digest
- Western Digital (NYSE: WDC) restarts its Thailand plants, key suppliers for the company’s products. (WSJ)- Media Digest
- Boeing (NYSE: BA) will circle the globe in its new 787 Dreamliner to get more business; however, a key Japanese customer has just cut orders. (WSJ)- Media Digest
- A Tulane University Freeman School of Business study shows that large severance packages may encourage CEOs to take more risks. (WSJ)- Media Digest
- Futures firms may face new rules about how they treat customer accounts. (WSJ)- Media Digest
- Microsoft (NASDAQ: MSFT) creates new features for its Xbox Live product that allow it to compete with set-top boxes. (NYT)- Media Digest
- Italy’s shopping season is the worst since World War II. (Bloomberg)- Media Digest
China may open up oil to U.S. companies, report says
China will likely consider moves to seek more partnerships with U.S. companies to access its huge domestic oil and gas assets, a new study asserts.
The study released Dec. 2 by the James A. Baker III Institute for Public Policy at Houston’s Rice University notes that, despite China’s efforts to centralize energy policy to stimulate domestic production, the country is increasing its state investment in North American oil and gas plays.
The study, titled “The Rise of China and Its Energy Implications,” said the U.S. system of open and competitive private sector investment is stimulating more innovation in the American energy sector than in the Chinese energy industry, especially in the area of unconventional oil and gas.
China, like the U.S., has substantial potential shale gas resources but faces technical, regulatory and market infrastructure challenges that will likely delay development. If China can mobilize investments in shale plays, the study said, it could greatly reduce the country’s expected large import needs for liquefied natural gas (LNG) and contribute to a future glut in global natural gas markets.
The study noted that China’s “going abroad” strategy has also encountered recent difficulties in light of global political risks in oil-producing regions.
“China is learning that owning equity oil in risky regions may not be as effective an energy security strategy as it had previously imagined,” said Amy Myers Jaffe, an author of the study and the Wallace S. Wilson Fellow for Energy Studies at the Baker Institute. “China is now finding itself mired in more energy-related foreign diplomacy than it bargained for.”
China has tried to offset some of this risk by increasing investments in oil and gas assets in the U.S. and Canada. In turn, that gives the U.S. more leverage in seeking China’s collaboration in international diplomatic matters, the study said.
The study also predicts that China’s oil consumption could easily reach levels comparable to today’s U.S. levels by 2040 when as many as 700 million vehicles are in use…read the full article
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