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Today's News

Repsol says big oil find off Brazil's coast

3 minutes ago

Spanish oil company Repsol says an offshore block near Brazil's coast contains at least 1.2 billion barrels of oil equivalent, one of the globe's largest finds this year. The company says in a Thursday release that testing confirms the potential of the well. Repsol Sinopec Brasil is the operator of the well. Norway's Statoil has a 35 percent stake and Brazil's Petrobras owns 30 percent. Repsol says the total estimated resources in the block amount to more than 700 million barrels of light crude and 3 trillion cubic feet of gas, the latter being equivalent to 545 million barrels of oil. Brazil's offshore oil fields contain some of the world's biggest finds in the last 30 years, with estimates of at least 50 billion barrels of oil.

Rwandan orphans find hope in village

4 minutes ago

From a teenager who was a month old when her parents were killed in Rwanda's genocide to a young man inspired to become a doctor, hundreds of orphans have found hope for the future in a special village outside the Rwandan capital. Now, the South African-born, New York woman who founded Agahozo Shalom hopes the village can be a model for orphans around Rwanda and the rest of the world. Anne Heyman brought five of the young people from the village to New York this week, where they helped raise money and met with Rwanda's U.N. Ambassador Eugene-Richard Gasana. "The dream is that others will come and see what we are doing and understand that there is a systemic solution to the orphan problem that plagues much of the developing world," Heyman said. Heyman got the idea for the village at a 2005

Markets recover despite lack of euro breakthrough

5 minutes ago

European stocks recovered Thursday from heavy losses the previous day, while the euro touched a 22-month low after the continent's leaders failed to reach a breakthrough in their crisis resolution efforts. Stocks took a pummeling the previous session as expectations dissipated that the European Union leaders in Brussels would agree any meaningful measures to boost economic growth or stabilize financial markets. "Well for once a European summit did not disappoint; they promised nothing and that is exactly what we got," said Gary Jenkins, managing director of Swordfish Research. "Is it just me or does that suggest a frightening lack of urgency?" Though there were discussions about such things as jointly-issued eurobonds and the prospect of some form of cross-border deposit insurance scheme, nothing of any substance was announced.

Obama, Dems redoubling money efforts to keep edge

5 minutes ago

His cash advantage threatened, President Barack Obama and his party are redoubling their fundraising efforts after robust hauls by Republican rival Mitt Romney and a slew of GOP-leaning super PACs that are raking in cash from the party faithful highly motivated to topple the Democrat. Obama still has a significant edge, but it's shrinking rapidly. That explains why the president, fresh off of back-to-back international summits, plunged back into his re-election race Wednesday with a series of fundraising events in Denver and California's Silicon Valley. The president was looking to stockpile cash to pay for his coast-to-coast organization, advertising to spread his message and get-out-the-vote operations in key states. "We're going to have to contend with even more negative ads, even more

1000s of students protest media in Mexico

6 minutes ago

Thousands of university students marched through central Mexico City on Wednesday to protest media coverage that they say favors the candidate of the former ruling party in upcoming presidential elections. The students say newspapers and television stations are tilting their coverage toward Enrique Pena Nieto, who is leading polls by double digits ahead of the July 1 vote. Many of the students were from the elite Iberoamerican University, where a May 11 appearance by Pena Nieto set off a rare wave of protests by young people against a return to the presidency of the Institutional Revolutionary Party, which ruled Mexico for 70 years before it was voted out in 2000. The students say Mexico's largest television channel, Televisa, was particularly biased in its coverage of the rally and the campaign in general. Many finished the march at Televisa's studios, where Pena Nieto was appearing on a live interview show.

Diego Rivera artwork fails to sell at NYC auction

7 minutes ago

Mexican artist Diego Rivera's "Girl in Blue and White" failed to find a buyer at Sotheby's Latin American art auction in New York. The 1939 oil painting of 10-year-old Juanita Rosas was expected to fetch between $4 million and $6 million at Wednesday's auction. The maximum bid on the painting was just $3.7 million. Sotheby's says it was Rivera's most important painting to be auctioned in decades. Rivera's current record is just over $3 million for the 1928 oil on canvas "Dancing in Tehuantepec," sold in 1995 at Sotheby's in New York. Mexican Rufino Tamayo's "Troubadour" currently holds the auction record for Latin American art. It fetched $7.2 million in 2008.

Media coalition files motion in Edwards case

8 minutes ago

A coalition of 10 media companies, including The Associated Press, has filed a joint motion with a federal court in Greensboro seeking the release of information about jurors at the conclusion of the John Edwards trial. Clerk of Court John Brubaker notified journalists this week that a local rule in the Middle District of North Carolina forbids him to release the identities of jurors without the permission of U.S. District Judge Catherine C. Eagles, who is overseeing the trial of the former presidential candidate. In a memorandum accompanying the motion filed Wednesday, lawyers for the media companies cite U.S. Supreme Court rulings and other legal precedents supporting the release of the jurors' names. In addition to AP, the coalition includes The New York Times Co., ABC, NBC and Time Warner Inc.

Merkel courts opposition over EU fiscal treaty

8 minutes ago

German Chancellor Angela Merkel is meeting Thursday with opposition leaders to win their backing for the European Union's treaty enshrining fiscal discipline. Merkel's center-right government needs the support of opposition parties to secure a two-thirds majority in Parliament for the legislation to pass. Center-left opposition leader Sigmar Gabriel reiterated ahead of the talks that his party would only vote for the so-called fiscal pact if it is amended to include an economic growth pact. "It's not about changing the fiscal pact, but about complementing it with initiatives for growth and employment," Gabriel told German public broadcaster ARD. The Social Democrats' demand has been emboldened by this month's election of France's center-left President Francois Hollande who also seeks to amend the treaty with measures to promote growth and create more jobs in the southern European nations hardest hit by the debt crisis.

NY black radio-pioneer Hal Jackson dies

10 minutes ago

Radio pioneer Harold "Hal" Jackson, a staple of New York radio, has died. He was in his late 90s. Jackson died Wednesday in a hospital, said Deon Levingston, vice president and general manager at WBLS, a station owned by Inner City Broadcasting, which Jackson co-founded. Paul Heine, senior editor at Inside Radio, a trade publication, said Jackson "was the godfather of black radio." "His longevity and his breaking down the doors, breaking the color barrier, he really made it possible for African-Americans who followed him to work in the medium," Heine said. Jackson had been on the air as recently as a couple of weeks ago, hosting a Sunday show on WBLS.

Astrodome spared? Group suggests overhaul, reuse

Fla. student pleads guilty to online Obama threat

35 minutes ago