Jim Flaherty, one of Canada’s longest-serving finance ministers who helped the country stave off the worst of the global financial crisis, announced his resignation from cabinet to seek work in the private sector.
The scandal that has enveloped Toronto Mayor Rob Ford is creating tension in the Canadian cabinet, with Finance Minister Jim Flaherty suggesting he objected to Employment Minister Jason Kenney, a lawmaker from Calgary, commenting on the matter.
BG Group Plc, the second U.K. oil and gas producer to issue a profit warning this month, said output will drop this year as political turmoil cuts exports from Egypt and other projects are delayed. The shares plunged.
Royal Dutch Shell Plc said profit plunged because of deteriorating refining markets and mounting losses in the Americas, surprising investors with an early earnings report that wiped out $10 billion in shareholder value.
BP Plc and U.S. government officials have decided to risk accelerating the largest oil spill in the country’s history in a bid to capture more of the crude before BP’s leaking well can be plugged in August, White House Energy Adviser Carol Browner said.