Crude oil futures rise on threat of strike

WASHINGTON -- Crude futures surged above $52 a barrel Wednesday as a possible strike by Nigerian oil workers loomed and petroleum output in the Gulf of Mexico continued to suffer more than two weeks after Hurricane Ivan whipped through the region. Oil producers in the Gulf say a significant obstacle is that some pipelines in the region are still shut down while damage is inspected and fixed.

Fannie Mae bookkeeper testifies to Congress

WASHINGTON -- The former Fannie Mae accountant who raised questions about the mortgage giant's bookkeeping said Wednesday that he took his concerns directly to chief executive Franklin Raines in 2002 and asked him to investigate. The disclosure by Roger Barnes, who left Fannie Mae in October 2003, came as Raines and chief financial officer Timothy Howard defended the company's accounting and told Congress that regulators' allegations of earnings manipulation represent an interpretation of complex rules.

United Airlines cuts back on domestic flights

CHICAGO -- United Airlines is cutting back its domestic flight schedule and expanding its international presence in the push to become profitable again. The change in focus announced Wednesday means slightly fewer departures per market in the United States as it reduces its domestic capacity 12 percent by March 2005.

Exporters lose tax break in European trade deal

WASHINGTON -- A major rewrite of corporate tax law that would end a trade dispute with Europe won approval Wednesday from congressional negotiators after House Republicans beat back efforts to increase regulation of tobacco. The measure would repeal a tax break for thousands of American exporters that has been ruled illegal by the World Trade Organization.

-- From wire reports