World Bulletin/News Desk
The Obama administration plans to deliver a report to Congress late next week that details spending cuts that will be required if congressional leaders fail to reach a deficit reduction deal by year end.
White House spokesman Jay Carney told reporters traveling to New Hampshire on Air Force One that the administration would provide details of spending cuts later than planned. Under a law signed on Aug. 7, President Barack Obama had 30 days to inform Congress of how billions of dollars in automatic spending cuts would be carried out.
"Given the time needed to address the complex issues involved in preparing the report, the administration will be submitting that report to Congress late next week," Carney said.
Republican House of Representatives Speaker John Boehner said the delay showed Obama's refusal "to level with the American people." He added that the president, fresh from attending the Democrats' national convention, had "put his own election campaign ahead of the interests of the country."
The automatic cuts, known as sequestration, total about $1.2 trillion through 2021 and were part of a deal between the White House and Congress made last year after talks on the U.S. debt crisis reached an impasse.
The cuts are intended to be so unsavory that Democrats and Republicans would both want to prevent them from occurring. They are to take effect on Jan. 2 unless Congress reaches a deficit-reduction deal.
"No amount of planning changes the fact that sequester would have devastating consequences," Carney said. "We need to deal with our fiscal challenges in a balanced way."
If the cuts are not changed or canceled by Congress, the spending reductions would take away about $55 billion from defense and $55 billion from other domestic programs in 2013.
Democrats insist that Republicans agree to tax increases for higher-income earners in exchange for changing certain defense cuts, while Republicans oppose any tax increases. There are no current deficit-reduction steps that have gained support to avoid the cuts.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July