Shares of oil refiners registered a fall on Wednesday as investors jittered that the companies had boosted their fuel production by a great extent, exceeding demand.
Light, sweet crude for May delivery slipped, landing at 96 cents, or 1.1%, lower at $85.88 a barrel on the New York Mercantile Exchange. However, the slip is witnessed to be a positive signal for refiners.
The U. S. Securities and Exchange Commission on Wednesday slapped fraud charges on Morgan Keegan & Co., an asset-management subsidiary and two employees, and to the Financial Industry Regulatory Authority filing its own complaint over fraudulently overstating the value of securities supported by subprime mortgages.
An adviser to the People's Bank of China, Xia Bin, said that China should resume a managed float foreign exchange system soon, as the global financial crisis that required the move have since faded. The announcement came a few hours ahead of the meeting between U. S. Treasury Secretary Timothy either and Chinese vice Premier Wang Qishan in Beijing.
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