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OPEC keeps oil output on hold despite low prices

OPEC decides to keep its production ceiling unchanged despite crude glut, price plunge
George Jahn, The Associated Press

VIENNA - Facing few options to reverse plunging oil prices, OPEC oil ministers decided Thursday to keep their production target on hold, a move that is likely to push the market even lower at a time of already high supply.

Oil prices fell sharply on the news. Even though the decision was largely expected, it showed the once-powerful cartel is losing the power to push up markets to its own advantage.

US economy posts even stronger growth in Q3

US economy on a roll as third-quarter growth revised higher
Martin Crutsinger, The Associated Press

WASHINGTON - The U.S. economy grew even faster in the third quarter than initially thought, posting the strongest six months of growth in more than a decade and pulling further ahead of other big economies of the world.

Japan's PM reshuffles Cabinet to win tax support

Japan's leader reshuffles Cabinet to win opposition support for tax hike proposal
Malcolm Foster, The Associated Press

TOKYO - Japanese Prime Minister Yoshihiko Noda replaced five members of his Cabinet on Friday in a bid to win more co-operation from the opposition to raise the sales tax and rein in the country's bulging fiscal deficit.

Two of the removed ministers had been censured by the opposition for making comments that were deemed inappropriate. Twelve posts were unchanged, including finance and foreign minister.

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