middle east

Obama-Romney, the Final Round: 5 Things to Watch for Tonight

After two dramatic debates, in a tight race, we have come to this -- one final showdown that may decide who becomes the next president. In theory, it'll all be about foreign policy. In reality, it's about something much bigger. It's about leadership and decision-making ... and, as always, the economy.

Hate Paying $4 a Gallon for Gas? For Imported, You're Paying $8

When gas prices hit $4 at the pump earlier this summer, a lot of motorists were crying, "Uncle!" They'd be crying all the louder if they realized those first four bucks didn't cover half of it. It's just that the remainder is hidden in your tax bill.

U.S. Trade Deficit Fell 12.1% in Second Quarter as Exports Rose

The U.S. current account trade deficit narrowed in the April-June period, pushed lower by an increase in American exports and cheaper oil imports. The Commerce Department said Tuesday that the deficit in the current account decreased 12.1 percent to $117.4 billion in the second quarter.

3 Economic Misconceptions That Need to Die

One of this country's biggest economic problems is a tsunami of misinformation. You can't have a rational debate when facts are so easily supplanted by overreaching statements and errors. Here are three misconceptions about our economy that need to be laid to rest.

Why Gas Could Hit $5 a Gallon This Summer

If you think you're paying a lot at the gas pump now, just wait until summer hits. Stronger demand could lead to record gas prices as an economic recovery takes hold and turmoil in the Middle East sends the price of oil upward. How high? $5 a gallon isn't out of the realm of the possible.

3 Reasons Oil Prices Are Headed Higher in 2012

Americans have grown used to oil at $100 a barrel and paying more than $3 per gallon for gas at the pump. But don't get too comfy -- the price of filling up is probably going up in 2012.

Why Gas Prices Haven't Fallen Yet

The smart money has been predicting lately that gas prices would fall. Oil has been below $90 a barrel since early August and the International Energy Agency has cut its estimates for crude oil use for the year. But the price of a gallon of unleaded is the virtually the same as it was a year ago.

A 70-Year-Old Asks: Can I Afford to Retire?

Jack, 70, is still working full-time at an environmental agency for the state of Tennessee, earning $60,000 a year. He has no debt, and a good amount of savings, and an income property. What he doesn't have is a clear picture of whether he's in a good position to retire.

Why Frederick's Move Into Abu Dhabi Makes Sense

Frederick's of Hollywood, the racy lingerie store that famously introduced the the first push-up bra and brought the first bikini to the U.S., has opened its first international store in a surprising place: the United Arab Emirates. Here's why the move, weirdly enough, might make sense.

With Big Oil Stocks Riding High, It's Time to Take Profits

Exxon Mobil, Chevron and ConocoPhillips are all trading near multi-year highs, and even BP shares have done well recently. Still, while the high oil prices that have been pinching consumers have been great for the industry, there are good reasons not to count on those high stock values lasting.

Yes, Stocks Are Extremely Volatile. But Don't Panic!

Investors are running scared after the earthquake and tsunami that devastated parts of Japan and left it with an ongoing nuclear crisis. Pain for Japan could easily infect the global economy. But when there's gloom in the air, there's also opportunity to buy on the dip and gain from the rebound.

All Eyes Remain on Oil Prices and Mideast Instability

Last week, oil's ascent trumped a raft of healthy U.S. economic reports. With a relatively light slate of economic data scheduled this week, oil prices and political instability could play an even larger role in the trading sessions ahead.

Calm Returns to Egypt, but Not American Tourists

Egypt's famed antiquities and tourism sites are reopening following the political unrest there. But heeding warnings from Washington, many American travelers are steering clear from the region for now -- disrupting the tourism industry in both the U.S. and Egypt.

Natural Gas: A Cure for America's Crazy Oil Addiction

Events in the Mideast have, once again, revealed the U.S. economy's vulnerability to an oil shock. Now more than ever, the nation must reduce its consumption of oil, especially from abroad, and become energy self-sufficient. And the way to do it is with our abundant domestic sources of natural gas.

Libya Hits Stocks and Oil Prices for a Second Day

Stocks fell for a second straight day Wednesday and oil prices briefly crossed the $100-a-barrel mark after violence escalated in Libya and tech bellwether Hewlett-Packard delivered a disappointing outlook. The Dow lost 0.9%, the S&P 500 fell 0.6%, and the Nasdaq declined 1.2%.

Natural Gas Can Be America's Fuel of the Future

Unless there's a breakthrough in battery technology, gasoline will remain the primary auto fuel in the U.S. for years. But our dependence on imported oil comes with a major risk of supply disruption. And the U.S. has a domestic alternative that's ready and reliable: natural gas.

Can Al Jazeera Capitalize on Its Newfound Popularity?

The Qatar-based network is getting international kudos for its coverage of the growing Middle East crisis. But acclaim and a growing audience don't yet equal profits and market share for Al Jazeera, which has almost certainly been losing money since its launch in 1996.

Abu Dhabi Hotel Debuts $11 Million Christmas Tree

An Abu Dhabi hotel unveiled a jewel-encrusted Christmas tree worth more than $11 million today. It is the "most expensive Christmas tree ever," said Hans Olbertz, general manager of Emirates Palace hotel, according to Agence-France Presse.

Emirates Chief to Take Over as Head of Dubai World

Sheikh Ahmed bin Saeed Al Maktoum, head of the Emirates airline, is taking over as chairman of Dubai World as the company struggles to restructure. Dubai%u2019s government said today that Sheikh Ahmed will replace Sultan Ahmed bin Sulayem, who oversaw the construction of palm-shaped islands off the emirate%u2019s coast, Bloomberg News reported.

Iraq Raises Proven Oil Reserves 24%

Iraq raised its level of proven oil reserves by 24% in the first revision since Saddam Hussein was toppled from power. The country has 143.1 billion barrels of known and extractible oil, compared with 115 billion barrels at the end of Saddam Hussein%u2019s reign, BBC News reported

Dubai World Reaches Deal to Restructure $24.9 Billion of Liabilities

Dubai World, the state-owned conglomerate, reached a deal to restructure about $24.9 billion of liabilities. Dubai%u2019s government said that Dubai World reached an agreement with more than 99% of its creditors, Reuters reported. In a separate statement, Dubai World said it plans to close the restructuring in "the coming weeks."

Dubai World Said Planning to Sell Prized Assets for $19.4 Billion

Dubai World plans to sell off some of its most prized assets in order to raise as much as $19.4 billion to pay off creditors, Reuters reported. The state-owned conglomerate told investors last month that the need to restructure was "urgent", Reuters said, citing a document handed out at an investor meeting.

Hillary Clinton Will Work to Help Resolve UAE BlackBerry Dispute

Secretary of State Hillary Clinton said she would work to help resolve the dispute between Research In Motion (RIMM) and the United Arab Emirates over the use of BlackBerry services. "We know that there is a legitimate security concern, but there's also a legitimate right of free use and access," Clinton said Thursday, according to The Wall Street Journal. "So I think we will be pursuing both technical and expert discussions as we go."