Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
TOKYO - Asian shares tumbled to nine-month lows on Thursday as slowing Chinese manufacturing activity exacerbated sentiment already unnerved by the U.S. Federal Reserve Chairman Ben Bernanke confirming the Fed would begin reducing its stimulus spending later this year.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Exxon can exit XTO deal if drilling technique restricted
(Reuters) - Exxon Mobil Corp (XOM.N) said it can pull out of its $30 billion acquisition of XTO Energy XTO.N if U.S. lawmakers pass legislation on a controversial drilling technique used to tap oil and gas fields.
Exxon would be able to walk away from the deal if U.S. lawmakers make hydraulic fracturing "illegal" or "commercially impracticable," according to the merger agreement filed by Exxon with the U.S. Securities and Exchange Commission.
Hydraulic fracturing, or "fracking," injects a mixture of water, sand and chemicals into rock formations at high pressure to force out oil and natural gas. The practice is used to stimulate production in old wells, but is now also used to tap oil and gas trapped in shale beds across North America.
On Monday, Exxon said it plans to buy XTO Energy Inc in an all-stock deal. The combined companies will have 8 million acres of shale gas and other types of unconventional resources, the largest in the industry.
The oil and gas industry says hydraulic fracturing is well regulated and safe, a position that Exxon says it supports.
Critics say the drilling chemicals have polluted aquifers in Pennsylvania and Colorado and can cause cancer and other serious illnesses.
(Reporting by Ajay Kamalakaran in Bangalore; additional reporting by A.Ananthalakshmi and Shivani Singh; Editing by Lincoln Feast)
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