Business

The Department of Energy projects domestic oil production in the U.S. will grow faster than consumption in coming years. That means the country needs to import much less oil in the future.

A month after Hurricane Sandy pounded the New Jersey Shore, Atlantic City is back in business. Even though most of the casinos and restaurants sustained very little damage in the storm, they're now suffering from a lack of visitors. But the city has launched an effort to change that.

As three young boys roll their skateboards down the "World Famous Atlantic City Boardwalk," it's proof that it is still here, fully in tact, and that rumors of its demise were greatly exaggerated.

Transcript

DAVID GREENE, HOST:

And our last word in business today is Trump versus Forbes. The Forbes we're talking about is a Scotsman named Michael Forbes. He has the misfortune of living right next to Donald Trump's new golf course in Scotland. Forbes has refused to sell his property to Trump; and what has ensued is the war of words that you probably would expect between the property magnet, and anyone who gets in his way.

Standard Chartered says it expects to pay around $330 million to the U.S. to settle a case with regulators who accuse the bank of failing to comply with sanctions against Iran. Standard Chartered has already paid out $340 million to the state of New York on the same claims.

Banks have been under increasing pressure to cut costs and eliminate redundancies. The cuts will eliminate about 4 percent of Citi's workforce.

Lots of scams come by phone or by mail, but when the scam artist is right in front of you, researchers say the clues are in the face.

"A smile that is in the mouth but doesn't go up to the eyes, an averted gaze, a backward lean" are some of the ways deception may present itself, says Shelley Taylor, a psychologist at UCLA.

As President Obama and Capitol Hill lawmakers assess the need for spending cuts and tax increases against the risk of triggering a new recession, they might look across the Atlantic for insights from those who have already grappled with those budgetary questions.

The problem of excessive government debt has swamped economies across Europe and forced countries to take severe measures to cut their deficits. The first lesson from their "fiscal consolidation" experiences: It will hurt.

The president and House Republicans continued to snipe at each other Wednesday over the impending set of automatic tax hikes and spending cuts known as the fiscal cliff. They traded accusations and blame during another day with plenty of talk, but — until late in the day, at least — no negotiations.

It's red alert time for aerospace industry executives, workers and contractors.

As they mingled today at the Aerospace Industries Association's annual Year-End Outlook luncheon at a Washington Grand Hyatt, the bright red electronic digits kept counting down for them.