U.S. utilities post gains despite economic crisis
Despite the economic crisis, major utility companies in the United States including American Electric Power Co, Dominion Resources and Constellation Energy Group, reported on Friday that second quarter earnings surpassed Wall Street expectations.
Chevron's earnings plunge 71 pct
Chevron Corporation reported earnings of $1.75 billion or 87 cents per share in the second quarter, a decline of 71 percent compared to $5.98 billion or $2.90 per share in the same quarter a year ago. A decline in oil and gas prices and lower demand for fuel due to the poor economy hurt the results of the U.S.' second largest oil company.
Cash for clunkers reaches limit
The U.S. Department of Transportation will need additional cash for the Cash for Clunkers program after the sales reached the limit of 250,000 vehicles nationwide. The program aimed to spur auto sales and at the same time, introduce more fuel-efficient vehicles into the U.S. fleet.