Financial
Warning issued about oil shipped from North Dakota, Montana PDF  | Print |  E-mail
Written by JAMES MacPHERSON, Associated Press MATTHEW BROWN, Associated Press   
Friday, 03 January 2014 07:29

BILLINGS, Mont. (AP) — Following a string of explosive accidents, federal officials say crude oil being shipped by rail from the Northern Plains across the U.S. and Canada may be more flammable than traditional forms of oil.

A safety alert issued by the U.S. Department of Transportation warns the public, emergency responders and shippers about the potential high volatility of crude from the Bakken oil patch. The sprawling oil shale reserve is fueling the surging industry in eastern Montana and western North Dakota, which is now the nation's second-largest oil producer behind Texas.

Thursday's announcement from officials declares that the Bakken's light, sweet crude oil may be different from traditional heavy crudes because it is prone to ignite at a lower temperature. Experts say lighter crudes, which contain more natural gas, have a much lower "flash point" — the temperature at which vapors given off by the oil can ignite.

The government's warning comes after a huge explosion on Monday caused by a crude train derailment near Casselton, N.D. No one was hurt, but worries about toxic fumes prompted the evacuation of hundreds of residents from the small eastern North Dakota town.

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Marshal: Fugitive banker homeless before arrest PDF  | Print |  E-mail
Written by Associated Press   
Friday, 03 January 2014 07:19

BRUNSWICK, Ga. (AP) — A south Georgia bank director accused of losing millions of investor dollars before vanishing was homeless and worked odd jobs before his arrest earlier this week, a U.S. marshal told a federal judge Thursday.

U.S. District Judge James Graham in Brunswick formally notified Aubrey Lee Price of the charges against him. The 47-year-old was arrested Tuesday during a traffic stop on Interstate 95 in the coastal Georgia city. The judge set a bond hearing for Monday in Savannah.

Price had disappeared in June 2012 after sending a rambling letter to his family and acquaintances that investigators described as a confession. The letter said he had lost millions in investors' dollars and planned to kill himself by jumping from a ferry in Florida.

A Florida judge declared him dead a year ago, but FBI authorities had said they didn't believe Price was dead and continued to search for him.

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Odds dim for Fisker production in Delaware PDF  | Print |  E-mail
Written by RANDALL CHASE, AP Business Writer   
Friday, 03 January 2014 07:25

WILMINGTON, Del. (AP) — A new court filing in Fisker Automotive's bankruptcy case appears to dash any remaining hope that the failed electric-vehicle manufacturer's new owner would build cars at a former General Motors plant in Wilmington.

Anaheim, Calif.-based Fisker, which had planned to build cars at the plant in Delaware, filed for bankruptcy protection in November, ending a long, downward spiral that began after it received a $529 million loan commitment from the U.S. Department of Energy.

Hybrid Technology LLC, owned by Hong Kong billionaire Richard Li, is seeking to buy Fisker's remaining assets in bankruptcy after paying $25 million for DOE's outstanding loan, resulting in a loss to U.S. taxpayers of $139 million.

After initial uncertainty about whether the Delaware facility would be included in the sale, Hybrid indicated in court papers Wednesday that it plans to buy the plant, then resell it. Hybrid has offered to share the proceeds from the sale of the plant, which has an estimated value of about $50 million, with other creditors, but appears to have little interest in building cars in Delaware.

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Original Cheerios to go GMO-free PDF  | Print |  E-mail
Written by CANDICE CHOI, AP Food Industry Writer   
Friday, 03 January 2014 07:17

NEW YORK (AP) — General Mills says some Cheerios made without genetically modified ingredients will start appearing on shelves soon.

The Minneapolis-based company said Thursday that it has been manufacturing its original-flavor Cheerios without GMOs for the past several weeks in response to consumer demand. It did not specify exactly when those boxes would be on sale.

Original Cheerios will now be labeled as "Not Made With Genetically Modified Ingredients," although that it is not an official certification. The labels will also note that trace amounts of GMO ingredients could be present due to the manufacturing process, said Mike Siemienas, a company spokesman.

The change does not apply to any other Cheerios flavors, such as Apple Cinnamon Cheerios or Multi Grain Cheerios.

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