WRAPUP 1-Refining legend O’Malley buys second U.S. plant

* Deal makes PBF a major player on U.S. East Coast
(Wraps in purchase of Valero refinery, background on
O’Malley, detail on transaction)

U.S. dismayed by Israel decision, Mitchell on new trip

NEW YORK (Reuters) – The United States said on Monday it was disappointed by Israel’s decision to let a freeze on new settlement building expire but was trying to keep Israeli-Palestinian peace talks alive.

Half of Dubai’s property projects scrapped

Mounting oversupply and a debt crisis force the real estate regulator to cancel 485 projects, the emirate reveals in a document that provides a window on its finances

Few rigs to restart quickly when ban ends: government

WASHINGTON (Reuters) – Few offshore oil projects will be able to resume quickly once the Obama administration lifts its deepwater-drilling moratorium, a top Interior Department official said on Monday.

Facebook eyes IPO after late 2012

SAN FRANCISCO (Reuters) – Facebook, the world’s largest online social network, will probably not go public until sometime after late 2012, board member Peter Thiel said on Monday.

Southwest eyes AirTran to attack East Coast markets

WASHINGTON/CHICAGO (Reuters) – Southwest Airlines Co, the largest U.S. low-cost airline, struck a deal to buy smaller rival AirTran Holdings Inc for about $1 billion, aiming to challenge bigger carriers in the East Coast market.

Half of Dubai’s property projects scrapped

Mounting oversupply and a debt crisis force the real estate regulator to cancel 485 projects, the emirate reveals in a document that provides a window on its finances