Archive for July 10th, 2008

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Phoenix company files plans to put 30,000 solar dishes in the California desert to create the world's largest solar power plant.

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Oil rallied late Thursday, settling more than $5 a barrel higher, as traders reacted to talk of further turbulence in Iran and Nigeria, raising new supply concerns.

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Shares of Fannie Mae and Freddie Mae tumbled again Thursday on a report that government officials have begun planning for a possible collapse of the mortgage finance giants.

The saga still isn't over, but after months of debate on Capitol Hill, the Senate seemed poised Thursday to finally pass a comprehensive housing and foreclosure prevention bill this week.

Stocks rose Thursday afternoon, near the end of a volatile session, as investors considered a more than $5 spike in oil prices, fresh concerns about Fannie Mae, Freddie Mac and GM, and a rally in technology.

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke urged lawmakers Thursday to pass legislation aimed at modernizing the nation's beleaguered financial system.

On a hot summer day, there's a distinct smell around the remote, northern town of Fort McMurray, Canada. You might think it's the oil being processed at nearby plants. But most residents will tell you it's the smell of money.