By Kristen Hays and Jonathan Leff HOUSTON/NEW YORK (Reuters) - For the past three years, the boom in the U.S. shale oil industry has outstripped all expectations. Production surged far faster than any forecasts; drillers raced to secure space in new pipelines to get their crude to market. Now, at the periphery, that may …

By Alexei Oreskovic and Jennifer Saba (Reuters) - Yahoo Inc said it is buying blogging service Tumblr for $1.1 billion cash, giving the struggling Internet pioneer a much-needed platform in social media to reach a younger generation of users. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa …

SAN FRANCISCO (Reuters) - Yahoo Inc's board has approved a deal to buy blogging and social networking site Tumblr for $1.1 billion in cash, the Wall Street Journal cited people familiar with the matter as saying on Sunday. Such an acquisition would be Marissa Mayer's largest deal since taking the helm of the once-iconic …

By Jason Lange and David Lawder WASHINGTON (Reuters) - The chances of a deal between Democratic and Republican lawmakers that would overhaul the tax system, trim government spending and reform safety net spending programs appear to be fading. A sudden improvement in the outlook for the government deficit over the next decade …

CAPE TOWN (Reuters) - Car maker Mercedes Benz said on Monday workers at its South African assembly plant had gone on an illegal strike at the end of last week but had agreed to resume operations on Tuesday. "Scheduled production will resume on Tuesday 21 May," company spokeswoman Lynette Skriker said in a statement. She …

By Ernest Scheyder WATFORD CITY, North Dakota (Reuters) - In towns across North Dakota, the wellhead of the North American energy boom, the locals have taken to quoting the adage: "Whiskey is for drinking, and water is for fighting." It's not that they lack water, like Texas and California. They are swimming in it, and …

By Donny Kwok and Lavinia Mo HONG KONG (Reuters) - Armed with empty suitcases and same-day return tickets, an army of mainland Chinese is descending on suburban outlet shopping malls and international fashion chains in Hong Kong, turning cheap into the new chic as luxury falls out of favor. Wealthy Chinese used to stop …

(Reuters) - Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's. Earlier this month, Icahn and Southeastern offered $12 in cash per share …

(Reuters) - While the Federal Reserve's accommodative policies have boosted stocks and helped the rich, it is unclear whether they are doing enough for the broader U.S. economy, a top central bank official said on Monday. "We've made rich people richer...," Dallas Fed President Richard Fisher said on CNBC television. "Question …

NEW YORK (Reuters) - The Securities Industry and Financial Markets Association named former Republican Senator Judd Gregg as its chief executive officer, the lobbying group said Monday. The appointment of the veteran politician, who also was governor of New Hampshire and a member of the U.S. House of Representatives, continues …

By Leah Schnurr NEW YORK (Reuters) - Stocks rose slightly on Monday as acquisition activity gave support, but investors were hesitant to rush into the market with indexes hovering around record levels. Deals, including Yahoo's $1.1 billion bid for Tumblr, indicate that companies continue to search for growth through acquisitions, …

By Anna Driver (Reuters) - Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No. 2 U.S. natural gas producer, which has suffered a governance crisis and liquidity crunch over the last year. Chesapeake hired Robert Douglas Lawler, senior vice president of international and …

By James Pomfret and Matthew Miller ZHUHAI, China/HONG KONG (Reuters) - In an underground mall just a stone's throw from China's teeming border with Macau, a row of 30 small shops with identical golden plaques does a brisk, though shadowy trade with mainland Chinese visitors, many of them bound for the gambling hub. "Good …