The US Geological Survey discovered of a huge gas field in Texas, which could become the largest in the country. Oil reserves there could reach 20 billion barrels, gas - 453 billion cubic meters, gas condensate - 1.6 billion cubic meters. According to the US Geological Service (USGS)’s estimates, Wolfcamp could become the largest oil and gas field operating in the US. "We were able to make...

US branch of BNP Paribas SA bank became the most profitable among the European investment banks during the first nine months of this year, according to the company's statement to the US regulators, says Bloomberg. American branch of BNP Paribas - France's largest bank - reported profit before tax of $ 958 million on revenue of $ 3.87 billion, the bank’s reporting show. Previously, the Fed has...

Swiss bank PostFinance will charge retail customers a premium for deposits larger than 1 million francs (a little more than $ 1 million). This is stated in a message on the credit institution’s website. "I understand that this measure is not going to be very popular among our customers. No one likes to pay a commission," says General Director of PostFinance. It is expected that the bank will...

Chinese consumers are expected to spend $ 20 billion on Singles Day, a day of online sales tremendously popular in China, according to The Guardian. Less than seven minutes after midnight on Friday, the Chinese e-commerce giant has sold goods worth 10 billion yuan ($ 1.47 billion). Three years ago, Alibaba took six hours to get the same amount. Today, sales during less than a half-day have...

Yesterday, the US court found guilty British trader Navinder Sarao, whose actions contributed to collapse of the United States stock exchange, known as the Flash Crash, in 2010. While in Britain, the trader manipulated market quotes with techniques previously common in the hacker environment. This, coupled with actions of stock trading software, resulted in a 600 points-avalanche of Dow Jones....

Over the next five years, global demand for oil will grow from 93 million barrels per day (b/d) to 99.2 million b/d. By 2040, the figure may reach 109.4 million b/d, according to updated long-term forecast of OPEC. Meanwhile, the International Energy Agency (IEA) is expecting a more modest growth of 103 million b/d by 2040 (new forecast will be published on 16 November). Increased demand will...

Volume of overdue loans in portfolios of European banks has reached $ 1.3 trillion. Slow growth of economy and ultra-low interest rates are complicating the bad debts problem of, according to KPMG research company. Liquidation of the non-performing debts problem may take a few decades, warned analysts of Dutch audit company KPMG. According to their estimates, cited by Bloomberg, current volume of...

Transnational beer corporations are losing ground around the world. The beer market is stagnating. According to BusinesStat, consumption volumes from 2009 to 2013 decreased by 2 billion liters. Against this background, strong growth of rather pricey craft beer seems surprising. This sector has grown steadily in the past five years, and the small brewery has attracted much interest from the...

Pinot noir, cabernet and merlot may disappear. It's all about global warming: the higher the temperatures rise, the faster grapes mature. Experts fear that certain varieties of grapes will no longer be suitable for production of wine, while the overall quality of the drink worse. This year, volume of wine produced in the world has reached four-year low after bad weather had a negative impact on...