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Oil and gas boomtown gone bust: Gonzales tries to cope

boomtown gone badOnly a year ago, with oil trading near $100 a barrel, residents of this proud and pretty South Texas boomtown had only one chief complaint: traffic.

Heavy-duty trucks bearing gas and equipment were kicking up dust and leaving rural roads pitted.  Townspeople don't have that worry anymore, with roads half-empty as the oil and gas game has slowed.


Major banks investigated for collusion in precious metals market

Banks investigated for precious metalsThe Swiss competition watchdog has launched an investigation into possible collusion in the precious metals market by several major banks, it said on Monday, the latest in a string of probes into gold, silver, platinum and palladium pricing.

Global precious metals trading has been under regulatory scrutiny since December 2013, when German banking regulator Bafin demanded documents from Deutsche Bank under an inquiry into suspected manipulation of gold and silver benchmarks by banks.


GE to move turbine jobs to Europe, China due to EXIM bank closure

GE sends jobs to Europe, ChinaGeneral Electric Co (GE.N) said on Tuesday it will move 500 U.S. power turbine manufacturing jobs to Europe and China because it can no longer access U.S. Export-Import Bank financing after Congress allowed the agency's charter to lapse in June.

The largest U.S. industrial conglomerate said France's COFACE (COFA.PA) export agency has agreed to support some of GE's global power project bids with a new line of credit in exchange for moving production of heavy-duty gas turbines to Belfort, France, along with 400 jobs.


Was Tom Hayes Running the Biggest Financial Conspiracy in History?

Tom HayesHayes was a phenom at UBS, one of the best the bank had at trading derivatives. All year long, the financial crisis had been good for him. The chaos had let him buy cheaply from those desperate to get out, and sell high to the unlucky few who still needed to trade.

While most dealers closed up shop in fear, Hayes, with his seemingly limitless appetite for risk, stayed in. He was 28 years old and he was up more than $70 million for the year.


Hill analysts lower 2015 budget deficit forecast to $426B

CBO DirectorCongress' official budget analyst projected Tuesday that this year's federal deficit will drop to $426 billion, the lowest shortfall of Barack Obama's presidency.

But the annual summertime update by the nonpartisan Congressional Budget Office also contained words of warning. It cautioned that without action by lawmakers, annual federal deficits will surge upward again later this decade and spike back above $1 trillion in 2025.


US stocks pare losses after 1,000-point Dow plunge

Stocks fallU.S. stock markets sank in morning trading Monday in a wave of fear that circled the globe after a historic plunge in Chinese stocks.

The Dow Jones industrial average fell more than 1,000 points in early trading and the Standard & Poor's 500 index slid into correction territory — Wall Street jargon for a drop of 10 percent or more from a recent peak.


Stocks Fall Most in 4 Years as China Dread Sinks Global Markets

Stocks fallInvestors are selling the biggest winners of 2015. Companies that have come to be known as the Fab Five -- Netflix Inc., Facebook Inc., Inc., Google Inc. and Apple Inc.--have seen $97 billion in market value erased over two days.

Losses have pushed the Nasdaq 100 Index down 7 percent, the biggest two-day decline since 2008. Apple entered a bear market, dropping 20 percent from a February high.

To Apple and energy shares already snared in a bear market, add semiconductor stocks. Meanwhile, the Dow joins biotechnology, small-caps, media, transportation and commodity companies in a correction.


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