The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said. U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report Friday. The country became the world’s largest natural gas producer in 2010.

HAVANA (AP) ― President Raul Castro reiterated Saturday that Cuba’s program of reforms will remain cautious and gradual, despite recent disappointing GDP numbers that show the country’s already-struggling economy slowing. Days after Cuba downgraded its 2014 economic growth forecast by nearly a percentage point, Castro told parliament during the first of its twice-annual regular sessions that the reforms “have great complexity but are advancing” at the necessary pace. “This process, to be success

PARIS (AFP) ― As the world’s reserve currency, the dollar gives Washington a powerful influence over global financial markets ― a point underlined again this week when a record fine was levelled against France’s leading bank.French banking giant BNP Paribas has agreed to pay $8.9 billion (6.5 billion euros) to U.S. authorities for violating sanctions against Iran, Sudan and other countries even though the transactions were not illegal under French or European law.It fell foul of U.S. rules becau

WASHINGTON (AFP) ― The scientific journal that published a controversial Facebook experiment on mood manipulation said Thursday it was concerned that the company did not follow scientific ethics and principles of informed consent.While it stopped short of retracting the study, the Proceedings of the National Academy of Sciences said it typically publishes experiments that have allowed subjects to opt out of research.Facebook appeared to have been exempt from this rule because all users agree to

Goldman Sachs Group Inc. was accused by two former employees seeking to expand their lawsuit of discriminating against women while male colleagues engaged in binge drinking and took clients to strip clubsThe women asked a federal judge in Manhattan Wednesday to let them sue on behalf of current and former female associates and vice presidents. Support for their claims includes statements of former Goldman Sachs employees, expert statistical analyses and evidence on earnings and promotions from t

Stability concerns not at level to prompt Fed to raise interest rates

DETROIT (AP) ― U.S. auto sales grew at the fastest pace in eight years in June, surprising the industry and setting it up for a strong second half of the year.Sales rose 1.2 percent over last June to 1.4 million cars and trucks, according to Autodata Corp. GM, Toyota, Hyundai and Nissan all saw increases over last June. Honda sales were flat, while sales at Ford and Volkswagen were down.June’s annualized sales rate ― which estimates annual sales if they stayed at the same pace every month ― was

U.S. Treasury sees no global risk from China real estate

BNP Paribas SA has applied for a regulatory exemption it needs to be able to keep managing U.S. pension-plan assets following its guilty plea for violating U.S. sanctions. The French bank sought the exemption June 30, according to Michael Trupo, a spokesman for the U.S. Department of Labor, which oversees $7.9 trillion in pensions. BNP pleaded guilty the same day to processing almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba and agreed to pay a $8.97 bill

Company recalls another 8.2 million vehicles for ignition switch problems

Google executive chairman Eric Schmidt. (Bloomberg)HAVANA (AFP) ― Google executive chairman Eric Schmidt visited Cuba this week along with three other top executives to promote “a free Internet,” Cuban independent online newspaper “14yMedio” reported Sunday.The four executives “met with officials,” spoke “with youth at polytechnical schools” and, on Saturday, visited the University of Computer Sciences in western Havana, wrote the newspaper, run by dissident blogger Yoani Sanchez.The two-day vis