DUBAI, United Arab Emirates — The United Arab Emirates on Sunday inaugurated a much-anticipated overland oil pipeline that bypasses the Strait of Hormuz, giving the OPEC member insurance against Iranian threats to block the strategic waterway.
The 236-mile Abu Dhabi Crude Oil Pipeline snakes across western desert dunes and over the craggy Hajar mountains to the city of Fujairah on the UAE’s Indian Ocean coast, south of the strait.
Until now, all Emirati exports were loaded in the Gulf and then sailed out through Hormuz. Once it is running at full capacity, the pipeline could allow the country, OPEC’s third biggest exporter, to ship as much as two-thirds of its peak production through the eastern port city.
Families spending lesson college, survey shows
CHICAGO — Families have implemented more cost-saving strategies to cut college spending in the past academic year, choosing less expensive schools and finding more economical ways for students to attend.
More students also are living at home in order to help afford college, according to a survey being released Monday by Sallie Mae, the country’s largest student lender.
The survey also shows the average amount spent on college by families responding to the survey declined by 5 percent in the 2011-12 school year. More parents and students alike said they make their college decisions based on the cost they can afford to pay than in the previous four studies.
“This really reflects the economic conditions that we see today,” said Sarah Ducich, senior vice president at Sallie Mae.
The Ipsos polling firm conducted the study for Sallie Mae based on telephone interviews in April and May with 1,601 college undergraduates and parents.
NY Fed told of interest rate manipulation in ‘07
The Federal Reserve Bank of New York released documents Friday that show it learned five years ago of big banks understating their borrowing costs to manipulate a key interest rate.
The documents also show Treasury Secretary Timothy F. Geithner, who was then president of the New York Fed, urged the Bank of England to make the rate-setting process more transparent.
A congressional panel requested the documents and is investigating manipulation of the London interbank offered rate (LIBOR), which affects interest people pay on loans.
The process for setting LIBOR has come under scrutiny since Britain’s Barclays bank admitted two weeks ago that it had submitted false information to keep the rate low. In settlements with U.S. and British regulators, the bank agreed to pay a $453 million fine.
JPMorgan: Bad trade has ballooned to $5.8B
NEW YORK — JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder.
“This has shaken our company to the core,” CEO Jamie Dimon said.
The bank said managers tied to the bad trade had been dismissed without severance pay and that it planned to revoke two years’ worth of pay from each of those executives.
JPMorgan said it had lost $4.4 billion because of the trade from April through June, and its chief financial officer said the bank had lost an additional $1.4 billion in the first three months of the year.
• From wire dispatches and staff reports