Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Tuesday.
WORLD OIL PRICES
Brent crude steadied above $109 a barrel on Tuesday on hopes Europe would take further action to tackle its intractable debt crisis, while supply worries
stemming from North Sea maintenance and Middle East tensions also supported prices.
KEPPEL CORP LTD
Singapore’s Keppel Corp, the world’s largest oil rig builder, said on Tuesday it had firmed up contracts with Sete Brasil for the design and construction of five semisubmersible drilling rigs for around $4.1 billion. The companies had signed
a letter of intent in April.
SINGAPORE AIRLINES LTD
Singapore Airlines (SIA)’ regional carrier, SilkAir, appointed Leslie Thng as its new chief executive from Sept. 3.
Thng will replace Marvin Tan, who will be returning to SIA. This follows an announcement last week that SilkAir had signed a letter of intent to buy new aircraft from Boeing worth $4.9 billion.
The automotive supplier posted full Q2 results showing its second-quarter net profit shrank by almost a quarter to 34.3 million euros. It cut its 2012 outlook two weeks ago after costs to integrate Daekyeung weighed on second-quarter results.
The German airline partly owned by Gulf carrier Etihad, said passenger numbers fell 5.9 percent in July, with demand falling faster than it could cut capacity.
Dutch sportscar maker Spyker NV is suing General Motors Co for more than $3 billion on behalf of its subsidiary Saab, accusing the U.S. automaker of
deliberately bankrupting the Swedish group by blocking a deal with a Chinese investor.
PT Chevron Pacific Indonesia will develop geothermal power plants with a capacity of around 200 megawatts in Lampung, Sumatra.
The Indonesian Motorcycle Industry Association said sales in July reached 585,658 units, up 6 percent from 550,468 units in June.
South African Markets
NIGERIA OIL LAW
Nigeria’s landmark energy bill could revive Africa’s biggest oil industry and improve President Goodluck Jonathan’s reputation, but rebellious lawmakers will
seriously test his resolve to push it through in its present form.
The carmaker said its second quarter net profit fell 2.8 percent to 126.2 million lira ($71 million), exceeding a Reuters poll forecast of 118.3 million lira.
The French flag carrier reported a 1.1 percent rise in passenger traffic in July, while cargo traffic declined 5.5 percent.
Chinese oil giant Sinopec Corp and gas distributor ENN Energy Holdings are extending their $2.2 billion offer for China Gas Holdings again, this time by a month, as they seek regulatory approvals to proceed with Hong Kong’s first unsolicited takeover bid.
Top Chinese automaker SAIC Motor Corp said on Monday its July sales rose 18.5 percent from a year earlier to 320,568 vehicles. That pace was faster than 11.9 percent year-on-year growth achieved in June.