RWE about to quit Nabucco, could sell stake to OMV - report
BERLIN (Reuters) - German utility RWE (RWEG.DE) is about to quit the Nabucco gas pipeline project and could sell its 16.1 percent stake in the scheme to fellow shareholder OMV (OMVV.VI), Focus reported, citing industry sources.
A possible deal to transfer RWE's stake to the Austrian energy company could still happen before the end of the year, the magazine said on Sunday.
RWE, Germany's No. 2 utility, said in May it was reviewing strategic requirements regarding the Nabucco project which would carry Caspian area gas over almost 4,000 km to Europe.
Ambitions of the project's consortium which also includes Hungary's MOL MOLB.BU through its gas pipeline operator FGSZ, Turkey's Botas, BEH of Bulgaria and Romania's Transgaz ROTGN.GX, have been tempered by anticipated cost overruns and possible overcapacity.
(Reporting by Andreas Cremer; Editing by Helen Massy-Beresford)
WASHINGTON - The Federal Reserve on Wednesday embarked on the risky task of winding down the era of easy money, saying the U.S. economy was finally strong enough for it to start scaling down its massive bond-buying stimulus. | Video
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
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.