Seizure of yacht by Iran pushes oil prices up

Seizure of yacht by Iran pushes oil prices up Oil prices jumped Monday after Britain said a racing yacht was seized by Iran in the Persian Gulf and that five U.K. nationals were being held. Crude quickly climbed $1.23 and settled at $77.28 a barrel on the New York Mercantile Exchange. The yacht may have strayed inadvertently into Iranian waters when it was stopped Wednesday, British officials said.

Fed working to wean economy from supports The Federal Reserve is fine-tuning a strategy to reel in some of the unprecedented amount of money that's been pumped into the economy during the financial crisis. The Federal Reserve Bank of New York said Monday that investors and others shouldn't conclude anything about when the central bank will reverse course and start boosting interest rates and removing other supports to fend off inflation. The upcoming operations will involve so-called reverse repurchase agreements. That's when the Fed sells securities from its portfolio, with an agreement to buy them back later.

Canadian economy comes out of recession The Canadian economy grew in the third quarter after three consecutive declines in a sign the recession has ended. Statistics Canada reported Monday that the nation's gross domestic product expanded at an annualized rate of 0.4 percent in the third quarter.

Farm exports expected to hit $98 billion U.S. farm exports will rise this fiscal year to the second-highest level ever, according to the Department of Agriculture, improving the revenue outlook for exporters including Archer Daniels Midland Co. and Cargill Inc. Exports will reach $98 billion for the year that began Oct. 1, up from an August forecast of $97 billion, the USDA said Monday.

US Airways pilots seek probe of slot swaps US Airways Group Inc. pilots asked federal regulators to investigate the carrier's proposed swap of flight slots with Delta Air Lines Inc. at two airports, saying the plan may result in higher fares and job losses. Under the agreement announced Aug. 12, Delta would get 125 takeoff and landing slots at New York's LaGuardia Airport, while US Airways would gain space for 42 round trips at Ronald Reagan Washington National Airport. The plan raises antitrust concerns, the US Airline Pilots Association said in a statement today.

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