World Bulletin / News Desk
Venezuelan firefighters completely extinguished a blaze at the country's largest refinery on Tuesday, state oil company PDVSA said, following a blast that killed nearly 50 people in one of the most deadly oil industry accidents in decades.
The 645,000-barrel-per-day facility could restart operations on Friday, Energy Minister Rafael Ramirez told Reuters in an exclusive interview on Monday.
The explosion on Saturday at Amuay killed 48 people and helped pushed up U.S. fuel prices in markets that were already bullish because of a threat that Tropical Storm Isaac could disrupt refinery operations on the U.S. Gulf Coast.
Traders say the impact on fuel markets may continue even after Amuay is up and running again. Tank farm accidents often cause problems with gasoline blending, which means PDVSA may have to boost imports.
Chavez said at the scene on Monday that he was creating a fund worth about $23 million to help pay for clean-up operations and replace homes destroyed by the pre-dawn blast.
It was one of the most deadly oil industry accidents in recent years, nearing the toll of the 1997 fire at India's Visakhapatnam refinery that killed 56 and topping the 2005 blast at BP Plc's Texas City refinery in which 15 people died.
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
Fund to be used in support of education, health, municipal, socio-economic support for refugees in Turkey
Turkish Statistical Institute says energy prices drive fall in imports
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.