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UPDATE 1-CSX profit rises in line with forecasts

Oct 18 (Reuters) - CSX Corp reported a higher quarterly profit in line with forecasts.The second-largest publicly held U.S. railroad operator on Tuesday reported third-quarter net profit of $464 million, or 43 cents per share, up from $414 million, or 36 cents per share, a year ago.Revenue rose 11 percent to $2.96 billion, in line with estimates.Analysts on average expected CSX to report profit of 43 cents on revenue of $2.95 billion.The Jacksonville, Florida-based CSX, which operates a 21,000-mile network across 23 U.S. states and the District of Columbia, is the first of the major publicly held railroad operators to report quarterly results.

China’s fuel price schemes sent to cabinet-source

“The revamped fuel pricing scheme has been submitted to the State Council, waiting for approval,” the source said.”After the new pricing is implemented, refineries will be able to break even or even make small profit, reversing their current loss-making situation,” he said.Submission of a proposal to the Cabinet normally means the final approval is near.The new natural gas pricing system could allow domestic gas prices to be pegged to international oil prices, the source said, without giving further details.China’s gas imports have made up of more than 20 percent of domestic consumption in recent months, compared with none in early 2006.The government is facing mounting pressure to hike gas prices because the cost of at least half of the current imports, sourced from Turkmenistan, were reported to be linked to crude oil prices.China has begun to offer tax rebates for gas imports to help energy firms such as PetroChina trim losses as domestic gas sales prices were lower than the cost of imported gas.China now sets its retail fuel levels by tracking the prices of a basket of international crudes over a 22-working-day cycle. A price change is usually triggered when global oil prices move beyond a 4-percent range during this period.The government last cut retail ceiling prices for gasoline and diesel by about 3 percent from Sunday, taking prices off record highs at a time when headline inflation eased from a three-year peak.Since the fuel scheme started in January 2009, NDRC has raised retail fuel prices by about 50 percent, lagging the over 70-percent rally in the basket of crude prices, as it had to take account of domestic economic conditions which have been under inflationary pressure most of this year.

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Leaning tower of London? Big Ben is tilting

“The tilt is now just about visible. You can see it if you stand on Parliament Square and look east, toward the river. I have heard tourists there taking photographs saying ‘I don’t think it is quite vertical’ - and they are quite right,” emeritus professor and senior research investigator at Imperial College, London, John Burland, told the Sunday Telegraph.The level of the tilt has accelerated since 2003, increasing to 0.9 mm a year, compared to the long-term average rate of 0.65 mm a year, the report revealed.These levels are not considered to be unsafe.”If it started greater acceleration, we would have to look at doing something but I don’t think we need to do anything for a few years yet,” Burland said.Years of underground developments have contributed to the clock tower’s tilt, according to the report.This includes the construction of an underground car park in the early 70s and an extension of the London Underground Jubilee Line, as well as changes in ground conditions.The tilt has resulted in the formation of cracks in the walls and ceilings of parts of the House of Commons, including the Minister’s Wing.The Palace of Westminster, also known as the Houses of Parliament, is the site of Britain’s House of Lords and the House of Commons.The construction of the great clock tower was completed in 1858.

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