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 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 …

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 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 …

BERLIN (Reuters) - German Economy Minister Philipp Roesler said the European Commission made a "grave mistake" by agreeing to impose punitive import duties on solar panels from China and urged the Commission to work to prevent the eruption of a trade conflict. "It's a grave mistake," Roesler told Welt am Sonntag newspaper …

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 …

(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 …

(Reuters) - Generic drugmaker Actavis Inc, which has been the subject of takeover speculation, plans to buy specialty pharmaceutical company Warner Chilcott Plc for $5 billion in stock. The companies said the deal had an enterprise value, including debt, of $8.5 billion. The move comes as Actavis has spurned approaches …

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 …

(Reuters) - Chesapeake Energy Corp said it hired Robert Douglas Lawler of rival Anadarko Petroleum Corp as chief executive, filling the post vacated by co-founder Aubrey McClendon. Lawler, who is senior vice president of international and deep-water operations at Anadarko Petroleum, will join Chesapeake on June 17, the …

* Aramco to import up to 8.9 million barrels in June * Volumes could be same or higher for July * Summer demand for power and Ramadan travel supports * June gasoline imports estimated up about 45 percent y/y By Jessica Jaganathan and Humeyra Pamuk SINGAPORE/DUBAI, May 20 (Reuters) - Saudi Arabia will importnear record high …

LONDON (Reuters) - Britain's Vodafone has withdrawn from the running to provide a mobile service to fixed-line operator BT , two industry sources told Reuters, bringing to an end a nine-year partnership. Vodafone had been the so-called mobile virtual network operator for BT, providing mobile services to staff, small companies …