Cost Doubles on Shell's Russian Gas Project
Royal Dutch/Shell said the cost of developing its oil and gas fields on Russia's Sakhalin Island, one of its flagship projects, has probably doubled to about $20 billion. The multinational oil company also pushed back the first delivery date of liquefied natural gas from the project to summer 2008, from November 2007. Shell had previously warned that the project's original $10 billion cost estimate was likely to rise.
U.S. Court Overturns Ban on Canadian Cattle
A federal appeals court cleared the way for Canadian cattle to be shipped to slaughterhouses in the United States, ending a two-year ban, after the government argued that the animals don't pose a threat to humans from mad cow disease.
A unanimous ruling by a three-judge panel of the U.S. Court of Appeals for the 9th Circuit lifted an injunction that had been blocking a Department of Agriculture plan to allow cattle from Canada, which has had four cases of mad cow disease, to be sold in the United States after being banned since May 2003.
Bank May Raise Interest Rates
The Bank of Canada said the drag on economic growth from a higher currency will end next year and that it must raise interest rates "in the near term" to control inflation.
The bank will probably raise rates at the next policy meeting Sept. 7, say economists including Clement Gignac at National Bank Financial in Montreal. Canada kept its benchmark lending rate unchanged at 2.5 percent Tuesday, where it has been since October, to spur growth.
Sales of Coldplay, Gorillaz Boost EMI Group
Music company EMI Group said sales of new albums by Coldplay and Gorillaz helped push revenue and operating profit for the fiscal year ahead of last year. Revenue and operating profit improved at both its recorded music division, EMI Music, and at EMI Music Publishing, the London company said. It did not provide figures.
Compiled from staff and news service reports.