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Oil jumps 6 percent on OPEC, U.S. demand

U.S. oil prices jumped more than 6 percent to above $45 a barrel on Thursday on expectations OPEC will cut output again and on signs of a rebound in gasoline demand in top consumer the United States.

U.S. Internet firms defend tighter Web management

Internet service providers like AT&T Inc are making greater efforts to manage traffic on their networks as they seek ways to avoid congestion caused by bandwidth-hogging services like video, industry officials said on Thursday.

Obama budget plan forecasts soaring deficits

President Barack Obama forecast the biggest U.S. deficit since World War Two in a budget on Thursday that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's freefall.

Obama budget eyes boost to cybersecurity funds

The budget proposed by President Barack Obama includes funding aimed at improving the security of U.S. private and public computer networks. The document called for $355 million in funding for the Department of Homeland Security to make private and public sector cyber infrastructure more resilient and secure. The money would help support the operations of the National Cyber Security Division, as...

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Obama budget plan forecasts $1.75 trillion deficit

the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP.The budget was scheduled to be released at 11 a.m. EST but the White House released it early after details began to leak out in the news media.In 2010, the deficit would dip to a still-huge $1.17 trillion, but Obama promised to get the red ink under control within a few years through a combination of tax incre...

Oil rises above $44 after UAE cuts Asia supply

Oil rose above $44 a barrel on Thursday after the United Arab Emirates announced deeper cuts in crude supply to Asia for April in a possible signal that OPEC will cut output further at its next meeting in March.

Key senator says 'agnostic' on expanding Fed power

U.S. Senator Christopher Dodd, chairman of the Senate Banking Committee, said on Wednesday he was agnostic about expanding the Federal Reserve's supervisory powers but has concerns about the central bank's ability to adequately protect consumers.

Study urges U.S.-China climate change summit

The United States and China should hold a summit featuring an agreement on climate change, helping to create international support for a new global pact by the end of 2009, a former White House adviser said on Thursday.

U.S. gives cap and trade boost for climate treaty

President Barack Obama's support on Thursday for a U.S. cap and trade scheme boosted expectations of a global carbon market under a new climate treaty, to be agreed this year to replace the Kyoto Protocol.

White House seeks to end oil, gas industry tax breaks

President Barack Obama's budget outline calls for eliminating substantial tax breaks and increasing fees for the oil and natural gas industry.

Obama wins praise for renewables plan

U.S. President Barack Obama's call for sweeping investment in clean energy and for carbon cap-and-trade legislation won praise from analysts and the renewables industry, saying it is a rallying call for other nations.

Obama forecasts $1.75 trillion deficit this year

President Barack Obama will forecast a 2009 deficit of $1.75 trillion in a budget proposal on Thursday that sets goals of overhauling the healthcare system and shoring up the U.S. economy.

Oil rises above $43 after UAE cuts Asia supply

Oil rose above $43 a barrel on Thursday after the United Arab Emirates announced deeper cuts in crude supply to Asia for April in a possible signal that OPEC will cut output further at its next meeting in March.

Oil rises to $43 after UAE cuts Asia supply

Oil rose to $43 a barrel on Thursday after the United Arab Emirates announced deeper cuts in crude supply to Asia for April in a possible signal that OPEC will cut output further at its next meeting in March. Abu Dhabi National Oil Co , the main oil supplier in the UAE, said it will sell customers less of its flagship Murban crude oil and three other main grades in April than in March. The move ca...

Oil under $43 after 6 percent surge

whether Obama's package is able to put a floor to the slide in the broader economy.

Oil hovers under $43 after 6 percent surge overnight

whether Obama's package is able to put a floor to the slide in the broader economy.

Asia stocks cut gains amid uncertainty, yen down

Asian stocks edged lower on Thursday after an early rally fizzled and investors found few incentives to make long-term bets with economic and corporate profit prospects worsening.

Asia stocks edge up on bank hopes

Asian stocks edged up on Thursday as investors bet government stress tests of U.S. banks will bring the ailing industry closer to a fix, while the dollar extended its rally against the yen. Mounting economic damage and prolonged political uncertainty in Japan have tarnished the yen's safe haven reputation, sending investors back into the dollar despite America's own economic troubles. An upw...

Oil steady above $42 after 6 percent surge

whether Obama's package is able to put a floor to the slide in the broader economy.

Obama urges quick action on Wall Street reform

President Barack Obama called on Wednesday for a sweeping overhaul of Wall Street regulations, saying big changes were needed to avoid a repeat of the financial meltdown.

Heads of Oil Industry Push Offshore Drilling

Major companies in the oil industry pushed the U.S. Congress Wednesday for the permanently lifting of a moratoria that blocks them from drilling offshore and reach tremendous amounts of oil and gas resources.

GM investors look beyond fourth quarter loss to funding

General Motors Corp saw its fourth-quarter sales drop 26 percent and ended the year desperately short of cash and dependent on a $13.4-billion government lifeline to remain in business. So when the automaker reports fourth-quarter financial results on Wednesday, investors will be looking beyond the bad news for an update on its survival plan. The key to valuing GM's shares and debt i...

Ex-Bear Stearns banker pleads guilty in fraud case

A former municipal banker at Bear, Stearns & Co, pleaded guilty on Wednesday to fraud involving hospital financing that is part of a wide-ranging probe of government corruption in Illinois.

Wall Street sinks as Obama warns of oversight

Stocks fell on Wednesday after President Barack Obama warned of stricter oversight for Wall Street, raising the specter of greater regulation that investors fear could sap profits.

Most Americans support Obama's economic plan: polls

Large majorities of Americans support U.S. President Barack Obama's plans to revive the economy and his efforts to work across party lines, according to a pair of public opinion polls released on Monday.

Stocks fall on grim home sales data and bank worry

Stocks fell on Wednesday as investors were hit by a report showing yet more deterioration in the housing market, while uncertainty about Washington's plans to shore up the banking system persisted. President Barack Obama's first address to Congress offered few new insights on government plans to stabilize the economy and shore up banks. Investors sold off shares of financial services companies a...