Canadian Solar Shines; Battle of the Trash Barons; Run on IndyMac; Bush Lifts Drilling Ban; New iPhone Sells 1 Million Units; Middle Eastern Airlines Dominate Airshow; Russian Oil Producers Miss Targets; Shell Buys Canada's Duvernay
Concerned IndyMac Bancorp Inc. (IMB) customers queued outside branches yesterday (Monday) to withdraw money from the financial institution that was seized by federal regulators on Friday. IndyMac is the largest regulated thrift to fail in U.S. history, BusinessWeek reported. IndyMac shares have been completely gutted and are down over 97% year-to-date.
President George W. Bush announced yesterday (Monday) that he had lifted an earlier ban on offshore drilling in the outer continental shelf due to high oil costs. "Today I've taken every step within my power to allow offshore exploration of the OCS," Bush said in a statement at the White House, Bloomberg News reported. "This means the only thing standing between the American people and these vast oil resources is action by the U.S. Congress."
Airlines from oil-rich Middle Eastern countries booked orders for around 150 planes worth more than $25 billion the world's largest air showTheAssociated Press reported. Many European and U.S. airlines have refrained from signing big deals at the Farnborough International Airshow as they cope with soaring fuel costs and sluggish passenger demand.
Russia's energy projects, all of which have foreign participation, failed to achieve their oil production targets in 2007, Russia's Audit Chamber said in a statement yesterday (Monday). Declining oil production became a hot topic in Russia after the world's No. 2 oil exporter saw output fall in the first quarter for the first time in years, TheAssociated Press reported.