Study on shales

Study on shales

Cleveland

The Ohio Chamber of Commerce, on behalf of the Ohio Shale Coalition, announced Friday that it will work with Cleveland State University, Ohio State University and Marietta College to conduct a research study focused on the economic impacts and opportunities associated with the development of oil and gas resources in the Utica and Marcellus shales.

Funding for the study will be provided by a number of industries including oil, gas, steel and manufacturing.

Economists will analyze the results and develop a report that will be issued later this year.

US sues banks over risky mortgages

NEW YORK

The government has sued the nation’s largest banks, along with a handful of other financial institutions and executives, for violating federal and state laws in the sale of home mortgage-backed securities.

Among the 17 institutions targeted by the lawsuits were Bank of America Corp., Citigroup Inc., JP Morgan Chase & Co. and Goldman Sachs.

Home mortgage-backed securities were risky investments whose collapse after the real-estate bust helped fuel the financial crisis that erupted in late 2008.

The lawsuits were filed Friday by the Federal Housing Finance Agency, which oversees mortgage buyers Fannie Mae and Freddie Mac.

Flooded fields lead to pasta price hike

PLAZA, N.D.

Consumers are paying more for pasta after heavy spring rain and record flooding prevented planting on more than 1 million acres in one of the nation’s best durum wheat-growing areas.

North Dakota typically grows nearly three-fourths of the nation’s durum, and its crop is prized for its golden color and high protein. Pasta makers say the semolina flour made from North Dakota durum produces noodles that are among the world’s best.

This year’s crop, however, is expected to be only about 24.6 million bushels, or about two-fifths of last year’s. Total U.S. production is pegged at 59 million bushels, a little more than half of last year’s and the least since 2006, according to the U.S. Department of Agriculture.

Bezos’ spaceship fails in test flight

VAN HORN, Texas

An unmanned spacecraft bankrolled by Amazon.com CEO Jeff Bezos failed during a recent test flight.

In a brief online post Friday, Bezos said “we lost the vehicle” at 45,000 feet.

Bezos founded Blue Origin to develop a vertical takeoff and landing rocket ship that would fly passengers to suborbital space. It recently won money from NASA to compete to go into orbit as a space taxi now that the space-shuttle fleet is retired.

The accident occurred during a test flight last week from Blue Origin’s West Texas spaceport. The ultra-secretive company notified the Federal Aviation Administration about the launch and only acknowledged the accident publicly Friday.

Staff/wire reports