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Oil edges higher as investors weigh market outlook

LONDON, July 11 (Reuters): Oil prices edged up on Friday, as investors weighed a tight prompt market against a potential large surplus this year, according to the International Energy Agency, while US tariffs and possible further sanctions on Russia were also in focus.Brent crude futures were up 40 cents, or...

US bank profits to climb on stronger trading, investment banking

NEW YORK, July 11 (Reuters): Major US banks are expected to report stronger profits next week, driven by buoyant trading and a modest rebound in investment banking.When JPMorgan Chase, Citigroup and Wells Fargo kick off second-quarter earnings on Tuesday, investors will focus on their outlooks at a time when economic...

Pentagon takes stake in US rare earth company

NEW YORK, July 11 (AFP): A US rare earth company announced Thursday an agreement with the Pentagon granting the government a stake in the venture in exchange for billions of dollars to finance additional manufacturing.Las Vegas-based MP Materials described the arrangement as a "transformational public-private partnership" that includes a "multibillion-dollar...

London's Heathrow eyes higher fees for £10bn upgrade

LONDON, July 11 (AFP): London's Heathrow Airport on Friday said it plans to invest £10 billion ($14 billion) over the next five years in upgrades to boost passenger numbers, largely funded by higher charges to airlines.A statement said the plans, which are subject to approval by the UK's Civil Aviation...

Volkswagen stops production at Chinese plant in electric push

FRANKFURT, Germany, July 11 (AFP): Volkswagen and its Chinese partner SAIC have shuttered production at a plant in China due to slowing demand for internal combustion engine cars, a Volkswagen spokesman told AFP Friday."Volkswagen Group and its joint venture partners are accelerating the transformation towards electric, intelligent, connected vehicles," the...

Solar becomes Europe's main energy source in June, says consultants

PARIS, July 11 (AFP): Solar power became the European Union's biggest single energy source for the first time in June, an energy think tank said Thursday.The Ember group that researches the clean energy transition said that 22.1 percent of Europe's power in June came from solar panels.That came ahead of...