Deal to Create New Eastern Europe Gas Pipeline Signed
Turkey has signed an agreement with Romania, Bulgaria, Hungary, and Austria to build a new pipeline to deliver up to 31 billion cubic meters of natural gas a year to the European countries. The deal – known as the Nabucco Project – will provide an alternative to gas supplied from Russia and has been the source of inconsistent delivery for the past few years. More
Oil Extends Price Slide
World oil prices continue the two-week trend falling to near $59 a barrel in Asia this morning. The benchmark crude price for oil delivery for August fell 47 cents on the New York Mercantile Excahnge to $59.42 a barrel. More
Geithner Noncommittal on Additional Stimulus Spending
Saying it was too soon to determine if more stimulus spending is required to right the US economy, Treasury Secretary Timothy Geithner told CNN News that the money already spent would make its greatest impact in the second half of the year.
“I don’t think that’s a judgment we need to make now, can’t really make it now prudently, responsibly,” Geithner said in a taped interview with CNN that will air on Sunday. More
Weak US Earning Reports Expected to Pull Down Stock Markets
Global stock markets are expected to open lower this morning as investors wait on a number of bell weather US corporate earnings reports. More
