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Russia's Rosneft buys out TNK-BP
MOSCOW (AP) â¿¿ Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a deal Monday to buy TNK-BP, the 50-50 joint venture between BP, the British energy country, and a group of Russian oil oligarchs.
The deal will allow Rosneft, already the country's top oil producer, to increase its global profile. The new combined company will leapfrog ExxonMobil Corp. to become the world's largest publicly traded producer of oil and gas, in terms of output. ExxonMobil's latest earnings show its daily output at 4.2 million barrels of oil, below the expanded Rosneft's projected 4.6 million.
As part of the deal, BP succeeds in unloading its stake in a troublesome joint-venture. In return, it gets $17.1 billion in cash from Rosneft and a 12.84 percent stake in Russia's biggest oil company. The British company is also planning to use some of the money it's reaped from the sale to raise its stake in Rosneft to 19.75 percent. BP will also get two seats on the Russian company's nine-member board.
Retirement worries grow; 30-somethings most uneasy
WASHINGTON (AP) â¿¿ Younger Americans in their late 30s are now the group most likely to doubt they will be financially secure after retirement, a major shift from three years ago when baby boomers nearing retirement age expressed the greatest worry.
The survey findings by the Pew Research Center, released Monday, reflect the impact of a weak economic recovery beginning in 2009 that has shown stock market gains while housing values remain decimated.
As a whole, retirement worries rose across all age groups â¿¿ roughly 38 percent of U.S. adults say they are "not too" or "not at all" confident that they will have sufficiently sized financial nest eggs, according to the independent research group. That's up from 25 percent in 2009.