Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Friday.
WORLD OIL PRICES
Brent crude held above $107 on Friday, edging lower after a surge of 20 percent in four weeks prompted some selling as Israel signalled it would not rush into any open conflict over a deadly attack on its citizens, easing geopolitical worries.
— KEPPEL CORP LTD
– Singapore’s Keppel Corp Ltd, the world’s largest oilrig builder, on Thursday reported a 35 percent rise in second-quarter net profit, lifted by contributions from its property division.
Exiting Formula One by the end of the year is not on the cards, Mercedes motorsport vice-president Norbert Haug told Die Welt in an interview, adding Mercedes was in “constructive talks” regarding the extension of its ‘Concorde Agreement’, which governs the commercial side of the sport and expires this year.
Italy’s biggest power utility is interested in taking a 10-20 percent stake in the Trans-Adriatic Pipeline (TAP) pipeline project that aims to pump Azeri gas to Europe, an industry source close to TAP said on Thursday.
Chief Executive Sergio Marchionne will meet with trade union leaders on Aug. 1 and likely provide an update about the Italian car maker’s plans, a source close to the situation said.
Italian airplane engine parts maker Avio, waiting for better market conditions to list on the stock market, posted on Thursday a double-digit rise in revenues and core profits, helped by its civil aircraft engines business.
* Nigeria’s excess crude account (ECA), used to buffer Africa’s second biggest economy against oil price shocks, contains $6.9 billion, up from $5.3 billion on June 20, Minister of State for Finance Yerima gama said on Thursday.
Uganda is confident its planned refinery with a 120,000-barrel per day capacity will attract investors, the oil minister said on Thursday, rejecting arguments by British explorer Tullow Oil that a plant of more than 60,000 bpd will not be viable.
PSA PEUGEOT CITROEN
Government criticism of planned cutbacks have weakened the troubled French automaker and left it vulnerable to hostile takeover bids, Chairman Thierry Peugeot said in an interview with Le Figaro.
Japanese automaker Toyota is close to an agreement to purchase light commercial vans from the French automaker’s threatened Sevelnord plant in northern France, La Tribune reported.
The Renault-Nissan alliance said on Friday it will invest $160 million to produce 80,000 Nissan Rogue vehicles at Renault’s South Korean factory in an attempt to increase the cost competitiveness of the struggling operation.