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Companies witness price hike
NEW YORK: The energy sector has been spending heavily and raising fears that return on investment might shrink, particularly if oil prices are driven lower by sluggish global growth. US front-month crude futures peaked at $106 a barrel at the beginning of May but have since fallen to $94 a barrel. As a sector, energy’s ratio of capital expenditures to asset depreciation is high compared with the rest of the market, said...
 
 
 
Turning European refineries into storage is an option
LONDON: Further European oil refineries face likely closure as their prospects of surviving the collapse of parent Petroplus are crushed by reprieves from death row of mor e profitable U.S rivals. Of the five refineries that bankrupt Petroplus owned, Cressier in Switzerland and Antwerp in Belgium have been sold to trading houses Vitol, in a joint venture with private equity house AtlasInvest, and Gunvor. Decisions on the...
   
US shale gas growth may be overwhelming
HOUSTON: The total volume of crude-by-rail receiving capacity in Texas and Louisiana could exceed 400,000 bpd in the second half of this year, up from about 90,000 bpd at the start of the year, according to a Reuters totaling of old and new projects. That growth has already outpaced many expectations. Union Pacific hauled 20,400 carloads of crude oil in the first quarter of this year alone, up from just 3,900 in the whole...
 
 
Euro twilight zone beckons for Greece
LONDON: Speculation about an endgame in Greece’s protracted crisis has flooded markets with euro exit scenarios this week, but investors reckon there’s still every chance that uncertainty will simply drag on for months. Seeking clear-cut outcomes to the euro saga to date has proven fruitless for investors, who have instead been forced to live with the “muddle through” of European politics. And more used to precedent,...
   
US state income up in April
NEW YORK: Personal income tax collections in US states in April might have grown an average of more than 7 per cent, but for some the increase may not be enough to ease budget crises. Reuters found that the average increase of personal income tax collections in April 2012 from April 2011 for the 20 states for which data is available was 7.3 per cent. A handful of states that were lulled into a false sense of security...
 
 
Discount for store employees
DALLAS: Store employee discounts are alive and well in American retail, but they’re not created equal. If you love designer clothes and shoes, the perk can turn your aspirational store into a more affordable place to shop. If you get a job at a teen or women’s apparel chain, they want you to wear their clothes. Department stores more to your liking? Your discount can be layered on top of all the other coupons, sales and...
   
EADS hit by Airbus A380 wing cracks charge
PARIS: Airbus parent EADS took a charge of 158 million euros for the cost of overcoming wing cracks on the A380 superjumbo as it posted better-than-expected first-quarter results on Wednesday buoyed by resilient aircraft and helicopter demand. The move, following 105 million euros ($134 million) covered by an existing warranty provision, reflects efforts by Europe’s leading aerospace group to draw a line under the episode in...
 
 
 
 
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