New York City to get first major natgas line in 40 years

NEW YORK (Reuters) - The bright lights of New York City may burn a little cleaner next year, when the first major natural gas pipeline in a generation is built to connect the largest U.S. metropolis to new energy-producing regions across the country. Spectra Energy's controversial $1.2 billion pipeline, which received approval from the Federal Energy Regulatory Commission (FERC) on Monday, has met with stiff opposition from local communities, but is seen as a key to reduce New York's reliance on dirtier oil-based fuels. ...

Facebook shares drop again as SEC, FINRA call for review

(Reuters) - Facebook's shares fell sharply again on Tuesday and two top U.S. financial regulators called for a review of the circumstances surrounding its troubled initial public offering last week. The separate calls for review, by Securities and Exchange Commission Chairman Mary Schapiro and FINRA Chairman Rick Ketchum, added pressure on the company, its underwriters and the Nasdaq, all of which have taken blame for the stock's harried opening and subsequent sharp decline. After Friday's nearly flat close and Monday's 11 percent plunge, Facebook shares were down 5.9 percent at $32. ...

SEC says probing JPMorgan's financial reporting

WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission told lawmakers on Tuesday that her agency is probing JPMorgan Chase and Co's financial reporting and emphasized that big banks are required to publicly disclose changes to the models they use to measure risk. SEC Chairman Mary Schapiro assured a Senate Banking Committee that the SEC is investigating JPMorgan's revelation earlier this month that it suffered at least $2 billion in losses on complex trades that started as hedges but morphed into a risky bet. ...

SEC says probing JPMorgan's financial reporting

WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission told lawmakers on Tuesday that her agency is probing JPMorgan Chase and Co's financial reporting and emphasized that big banks are required to publicly disclose changes to the models they use to measure risk. SEC Chairman Mary Schapiro assured a Senate Banking Committee that the SEC is investigating JPMorgan's revelation earlier this month that it suffered at least $2 billion in losses on complex trades that started as hedges but morphed into a risky bet. ...