Citing drop in revenues, Moody's Investors Service has lowered Houston's $3 billion of general obligation debt by one level to Aa4. Lower oil prices and restrictions on raising taxes are keeping further pressure on Houston's economy.
Energy
Saudi Arabia to takeover largest US refinery
Saudi Arabia's state-owned oil major Aramco will takeover Port Arthur Texas refinery in the US. Saudi Arabia will refine its oil shipped from Middle East at Port Arthur refinery and also sell it in the huge North American market.
Financiers Back Away From Coal Ventures, See No Clear Future
U.S. coal industry is facing tough times as one by one files Chapter 11. Due to high debts, decline in demand and stricter regulations, most have no other choice but to shut down. Lately, Peabody Energy announced that it may go bankrupt.
Bankruptcy Looms Over Peabody Energy, Files Chapter 11 Sooner or Later
Peabody is facing difficulties as it shares declined sharply the past year. It is considering to file Chapter 11 sooner or later to protect it from creditors while restructuring the company and recovers from the large loss.
George Osborne's £1bln budget boost for North Sea
Chancellor George Osborne has announced a £1-billion rescue package for trouble-hit North Sea oil industry. The government is also extending £730 million support for renewable electricity.
Latest News
Federally backed $2.2 billion solar plant in California may be forced to close. The solar plant failed to supply electricity to Pacific Gas and Electric Co as promised.
Wall Street faced slight losses in the stock market on Monday as the drop in oil price burdened energy stocks. Investors are shying away from these energy stocks owing to the fall in crude prices.
French energy company Electricité de France SA asked for financial support from French government. The company is facing problem in a £18 billion ($25 billion) nuclear power plant project in Sommerset, England.
Solar panel provider SolarCity has sold $235 million in asset-backed securities (ABS) market this year. The number is a record high despite a steep drop of the company's shares in stock market.
Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
The US drilling activity for oil and natural gas declined to record low since 1940 in the wake of weaker oil prices in the global markets. Oil firms are also reducing their spending budgets this year owing to adverse conditions in the markets
China has decided to implement its stringent anti-pollution efforts despite slowing down of economy. China is propelling up economy growth without compromising on environment protection.
Whole Foods Market Inc has entered into separate agreements with SolarCity Corp and NRG Energy Inc for installation of solar panels on rooftop of retail outlets. The installation works on solar panels at retail outlets are likely to commence in spring. Expected potential for solar power generation may be 13.8MW.
Exxon Mobil Corp's Canadian unit is selling its retail gas stations in the country to five fuel distributors for C$2.8 billion ($2.1 billion). The transaction is expected to be completed by end of 2016 subject to the regulatory approvals.
