OPEC and rival
OPEC and rival producers to act together
OPEC and rival oil producers to agree on action: Moscow
OPEC and rival crude producers will agree on measures to stabilize the global oil market in the coming days, Russian Deputy Prime Minister Viktor Khristenko said on Tuesday cited by Interfax.
"Supplementary measures will be decided" following consultations between Moscow and members of the Organization of Petroleum Exporting Countries (OPEC) as well as other non-OPEC producers, Khristenko said.
The Russian deputy premier, who holds the energy brief, said that the slump in oil prices was a real concern for Russia, which would face particular difficulties in the first half of next year.
"The situation on the oil market is a continuing worry for the Russian government," he said.
2. Merger (2 x 21)
Conoco, Phillips merger means more invest in Asia
Conoco, Phillips merger means more invest in Asia-Analysts
The planned merger of Phillips Petroleum Co. and Conoco Inc. will expand the new company's portfolio in Asia and position it for further expansion, particularly in the region's upstream sector, according to analysts.
With little overlap in Phillips and Conoco operations in the Asia-Pacific and given that Asian oil demand growth is expected to continue outfacing demand in the rest of the world, the new company isn't expected to shave any of its Asian operations but rather increase investment in the region, a Merrill Lynch analyst based in Singapore said.
But exact plans for its Asian operations aren't yet clear. "It's too early in the overall process to be able to detail specifics from a regional standpoint," a Houston-based Conoco spokeswoman said.
3. Steel (2 x 18)
EU, S. Korea to fight against U.S.
EU and South Korea pledge joint battle against U.S. steel rulings
South Korea and the European Union agreed Tuesday to launch a joint battle against U.S. trade panel rulings which could lead to anti-dumping curbs against steel imports.
The agreement came at a meeting of government officials and corporate executives from both sides, the Ministry of Commerce, Industry and Energy (MOCIE) said.
"Both sides agreed to take strong joint measures against U.S. trade restrictions," an MOCIE official told AFP.
The U.S. International Trade Commission ruled last month that 12 steel products, including hot-rolled, cold-rolled and slab steel, had hurt the U.S. industry, raising the prospect of controversial anti-dumping curbs.
4. Dotcom (1 x 30)
S'pore funds high-tech training
Singapore funds high-tech training despite recession, dotcom bust
Singapore on Tuesday pledged to invest about US$10 million to groom a pool of high-tech professionals over the next three years despite the recession and the dotcom collapse.
The fund will go towards the local and overseas training and attachment of fresh graduates and professionals, and will complement two separate Internet training programs launched in June.
"Because the training is designed to be relevant to the needs of the industry, this means that Singapore will have a ready pool of trained Infocomm specialists in projected high-end technology areas," said Infocomm Development Authority (IDA) executive Kaizad Heerjee.
These sectors include wireless technology, intelligent web services, Internet security as well as Java technology.
The stints would help Singapore graduates find employment during the downturn and enable experienced professionals to upgrade their expertise, IDA said in a statement.