U.S. trade gap narrows sharply in February to $46 billion

WASHINGTON (Reuters) - The U.S. trade deficit narrowed unexpectedly in February as exports hit a record high, imports from China and other key suppliers declined and oil import volume fell to the lowest in 15 years, a government report showed on Thursday. The monthly trade gap shrank 12.4 percent to $46.0 billion, the biggest month-to-month decline since May 2009, the Commerce Department report said. Analysts surveyed before the report had expected the deficit to narrow only slightly from January's revised estimate of $52.5 billion. U.S. exports edged slightly higher to a record $181. ...

BP denies CEO leaving as it readies asset sales (Reuters)

Reuters - BP denied a report its embattled chief executive would leave soon, as it lined up $7 billion in asset sales to help pay for the worst oil spill in U.S. history, lifting its shares on Wednesday.