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 rose on Tuesday, staying above $103 per barrel on hopes of more policy steps by central banks to stimulate global economic growth ahead of U.S. Federal Reserve Chairman Ben Bernanke’s testimony.
CAR PRODUCTION UP BUT SLOWING: Car production in the Czech Republic rose in the first six months of the year, but at a slower pace than in 2011 as demand for cars in Europe fell, the Association of Automotive Industry.
— SMRT CORP LTD
– Singapore subway operator SMRT will be given the maximum fine of S$2 million ($1.58 million) for two major disruptions in December that affected hundreds of thousands of commuters, a regulator said on Monday.
— SINGAPORE AIRLINES LTD
– Singapore Airlines filled 69.9 percent of the available space on its planes in June, higher than 66.9 percent in May and 68.6 percent a year earlier.
The group is planning to cut at least another 2,000 jobs in Europe, the Rheinische Post reported, citing union sources.
European auto sales for June declined to the slowest pace in eight months, according to ACEA, as the region’s biggest market Germany and the United Kingdom posted small gains.
Daimler indicated up 0.8 pct, VW up 0.2 pct, BMW up 0.5 pct
— PTT EXPLORATION AND PRODUCTION PCL
Royal Dutch/Shell abandoned its bid for Cove Energy Plc on Monday, leaving smaller Thai rival PTT to complete a $1.9 billion takeover after a five-month battle.
Sales by Italian carmaker Fiat dropped 16.7 percent bringing its market share to 6.4 percent from 7.2 percent in May. The Italian market shrank by 24.4 percent, auto industry association ACEA said.
– PALM OIL FIRM BAKRIE SUMATERA GETS $199.6 MLN LOAN
Palm oil planter PT Bakrie Sumatera Plantations has secured a $199.6 million loan from NDB Agent Limited with an 18-month tenure to pay its $150 million outstanding debt due on July 15, the company’s corporate secretary, Fitri Barnas, said.
Norwegian oil hunter Petroleum Geo-Services said its second-quarter results would be significantly better than current market expectations due to “excellent performance in all units” and raised its full-year core earningsguidance.
PSA PEUGEOT CITROEN
The French automaker will save 108 million euros in annual fixed costs with the planned closure of its Aulnay plant near Paris, Le Figaro said, citing a company document. The closure and 8,000 job cuts would reduce manufacturing costs by 200-250 euros per car, according to the report.
OPEC’s petroleum exports jumped in value by 40 percent in 2011 year-on-year and the producers’ GDP climbed 18 percent, according to their latest report, before a further increase in supplies this year that could bolster income further.
Kenya plans to gazette and auction off new blocks for oil and gas exploration, an energy ministry official said on Monday, after finds earlier this year led to avid interest in previous auctions.
* Cathay Pacific Airways Ltd said its June freight traffic fell 5.4 percent from a year earlier, hurt by continued weakness in the air cargo market, but passenger numbers grew on strong demand ahead of the peak summer season.
* Anton Oilfield Services Group said its wholly-owned Anton Oilfield Services (Group) Ltd had won the tender for the provision of oil-based drilling fluid services for ultra-high pressure and ultra-high temperature conventional natural gas wells in the Tarim Basin, and a framework agreement will be signed shortly.