The owner of the oil rig that exploded in the Gulf of Mexico in 2010 and caused the worst spill in U.S. history will pay more than $1 billion in fines. Under a settlement with the U.S. Justice Department, Transocean Deepwater acknowledged Thursday that it was criminally negligent when it failed to investigate evidence that […]
$1.4 Billion Settlement with US for 2010 Gulf Oil Spill
Posted January 3rd, 2013 at 5:45 pm (UTC-5)
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Russia’s Roseneft Take Control of Major Oil Venture
Posted October 22nd, 2012 at 11:50 am (UTC-5)
Russia’s state-controlled energy giant Rosneft has reached a deal to buy a competing energy company controlled by Britain’s BP and a group of Russian billionaires. Rosneft says it will pay nearly $55 billion for Russia’s third-largest oil company, TNK-BP, in a deal that will leave BP with about a 20 percent stake in the merged […]
Bangladesh Signs Gas Deal with Russia’s Gazprom
Posted April 26th, 2012 at 7:25 pm (UTC-5)
Bangladesh’s state-run energy corporation, Petrobangla, on Thursday signed an agreement with Russian energy giant Gazprom to drill 10 development gas wells. Bangladeshi officials said the two companies signed the deal worth almost $200 million in the capital, Dhaka, paving the way for drilling the wells in the country’s six state-owned gas fields. The officials expressed […]
Chicago Cabbie Pleads Guilty in Terrorism Case
Posted February 6th, 2012 at 6:45 pm (UTC-5)
A Pakistani-born cab driver in Chicago, Illinois has pleaded guilty to sending money to an ally of al-Qaida. Raja Lahrasib Khan, who became a naturalized U.S. citizen in 1988, admitted in court Monday to one count of attempting to provide material support to a terrorist group. Prosecutors say that in November 2009, Khan wired $950 […]
Major US Banks Reach Deal on Deceptive Foreclosures
Posted January 23rd, 2012 at 4:05 pm (UTC-5)
Five major U.S. banks and legal officials from all 50 states have reached a tentative $25 billion settlement in a case alleging that mortgage lenders engaged in deceptive practices when they took control of houses because homeowners could no longer afford to make loan payments. Millions of Americans have lost their homes to bank foreclosures […]
US Auto Maker Chrysler Reaches Labor Deal
Posted October 12th, 2011 at 12:45 pm (UTC-5)
U.S. automaker Chrysler has reached a labor agreement with its unionized workers, the last of the three big American car manufacturers to complete negotiations on new work and salary terms. Chrysler is the third largest of the U.S. automakers, behind General Motors and Ford, and is the least profitable of the three. All three automakers […]
Union Approves Labor Pact With General Motors
Posted September 28th, 2011 at 3:31 pm (UTC-5)
The United Auto Workers labor union has approved a new four-year contract with General Motors, the largest U.S. car manufacturer. The deal covers more than 48,000 workers at GM, and could set a precedent for the union’s upcoming negotiations with two other U.S. automakers, Ford and Chrysler. While most U.S. labor union agreements with corporations […]
Sri Lanka Signs $500 Million Port Deal with China
Posted August 16th, 2011 at 2:00 pm (UTC-5)
Sri Lanka’s government has signed a $500 million deal with China to build a new container terminal at the country’s main port in the capital, Colombo. Sri Lanka’s Foreign Ministry says the deal is the country’s largest private-sector foreign investment. The port will be upgraded in two phases with the first part being completed by […]
Debt Deal Includes Compromise, Concessions
Posted August 1st, 2011 at 1:00 pm (UTC-5)
The deal to end the U.S. debt-ceiling standoff contains some important compromises. It allows the debt ceiling to rise by up to $2.4 trillion — enough to keep the country borrowing money until 2013. It includes spending cuts that could reach $2.5 trillion, to exceed the amount of the debt ceiling increase. It initally cuts […]
