AP Business

ST. CROIX, U.S. Virgin Islands — One of the world's largest oil refineries will close next month, the company announced Wednesday, stunning nearly 2,000 workers and threatening to upend the reeling economy of the U.S. Virgin Islands.

WASHINGTON — U.S. factories are roaring back from the depths of the recession, cranking out more machinery, vehicles and energy.

A look at economic developments and activity in major stock markets around the world on Wednesday:

WASHINGTON — Federal regulators are moving ahead with a rule that would ban banks from trading for their own profit. But they offered to consider adjustments after lawmakers expressed concerns that restrictions could hurt the economy.

COPPER: Copper for March delivery gained 2.3 cents to $3.7525 per pound. That leaves copper up more than 3 percent for the week.

Copper prices rose Wednesday on optimism that the U.S. housing market is poised to grow again.

WASHINGTON — The U.S. military is now "fully prepared" to deal with any Iranian effort to close the Strait of Hormuz, a vital Persian Gulf avenue for international oil shipments, Defense Secretary Leon Panetta said Wednesday.

DOHA, Qatar — China's premier, touring the oil-rich Gulf, on Wednesday stressed the importance of keeping the Strait of Hormuz open after threats by Iran to shut the strategic waterway.

ROME — The first victim from the Costa Concordia disaster was identified Wednesday — a 38-year-old violinist from Hungary who had been working as an entertainer on the stricken cruise ship.

A list of those missing and confirmed dead in the grounding of the cruise ship Costa Concordia off Italy. The death was confirmed by Hungarian authorities. Italian officials released the list of the missing.

Oil prices finished slightly lower on Wednesday, as concerns about Europe's debt crisis and weaker global demand offset fresh signs of an improving U.S. economy.

U.S. Treasury prices drifted lower Wednesday as traders reacted to positive reports about inflation, industrial output and the housing market.

CAIRO — Egyptian newspapers on Wednesday quoted the regional head of the International Monetary Fund as saying that the body will not impose conditions on Egypt as the country seeks a $3.2 billion support package to shore up a burgeoning budget deficit.

KIEV, Ukraine — Ukraine's finance minister resigned Wednesday amid pressure over a blocked $15 billion International Monetary Fund loan and the president appointed the head of the state security service and former economy minister — a longtime ally — to replace him.

GENEVA — German Chancellor Angela Merkel will headline the annual elite gathering in Davos, Switzerland this month, underscoring the world's focus on the European debt crisis that for over two years has wreaked havoc on financial markets.