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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 16, 2011
Page
5
Light crude settles at a high price per barrel as traders react to supply concerns and demand signals. Market watchers cite geopolitical tension and inventory data pushing prices upward, with analysts predicting continued volatility through the coming sessions.
Global markets dropped as Greece faced renewed debt concerns and protests in Athens. U.S. indices fell with the Dow down 178.84 points, the S&P 500 off 1.7%, and the Nasdaq down 1.8%, while the euro weakened to 1.42 dollars amid risk aversion. Moody's warned on French banks exposure to Greek debt and the Empire State Manufacturing Survey missed forecasts signaling weaker NY manufacturing.
Arch Coal finished its 3.4 billion cash acquisition of International Coal Group, making Arch a leading U S metallurgical coal producer. The deal follows Alpha Natural Resources Massey Energy and Walter Energy Western Coal takeovers as steel demand for met coal remains strong in China India and Brazil.
Kin Yiu Cheung, 37, a New York City bus driver for Sky Express, was ordered held without bond on four counts of involuntary manslaughter after he dozed off at the wheel on Interstate 95 near Richmond May 31. Four of the 60 aboard died. prosecutors cited address discrepancies and passport issues as flight risk. Cheung faces one misdemeanor reckless driving charge, with arraignment set for July 6 alongside a grand jury felony hearing.
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