Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Thursday.
WORLD OIL PRICES
Brent hovered above $104 per barrel on Thursday, with investors anticipating more U.S. stimulus measures to support growth and on fears that tensions in the Middle East could escalate causing supply concerns.
ROMANIA HIDROELECTRICA CANCELS POWER DEALS
Romania’s troubled state-owned power producer Hidroelectrica has cancelled most of the deals under which it sold electricity at below market prices, Economy Minister Daniel Chitoiu said on Wednesday.
CHINESE ENERGY INVESTMENT TO CREATE 500 JOBS IN ROMANIA
China Huadian Engineering Co is to invest $1 billion, as partner to Romanian state-owned energy holding Rovinari, to build a new power plant in southwestern Romania creating 500 jobs.
SINGAPORE AIRLINES LTD
Singapore Airlines, the world’s No.2 carrier by market value, warned that profits at its cargo and passenger units remain under pressure even as the rival to Emirates and Qatar Airways swung to an overall quarterly profit from a loss in the preceding three months.
SIA reported first-quarter net profit of S$78 million, up from S$45 million a year ago.
Q2 results due. The carmaker is expected to report its second-quarter operating profit edged up by almost 1 percent to 3.20 billion euros ($3.88 billion) thanks to its premium brand Audi.
The truck maker lowered its targeted profit margin this year as Europe’s deepening debt crisis and the slowing world economy erode demand for commercial vehicles.
Egypt’s Suez Canal revenue rises 3.6 pct in 2011-12
Moody’s Investors Service on Thursday downgraded PSA Peugeot Citroen S.A. a notch to Ba2 and warned it could cut it further citing mounting losses and dwindling cash reserves at the French car company.
Nigeria’s state-oil company said on Wednesday it was owed $7 billion in government fuel import subsidies, debts which would wipe out savings supposed to protect Africa’s second biggest economy from oil price dips.
British Gas parent Centrica reports 15% rise in first-half profits to £1.45bn in the 6 months to June.