Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Monday.
World Oil Prices
Oil prices rose Monday after violence in Lebanon sparked fears of wider unrest in the Middle East. Benchmark oil for November delivery was up 47 cents to $90.52 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.05 to end at $90.05 per barrel on Friday.
The airline has frozen cadet-pilot recruitment and cut flying hours for junior pilots in a business slowdown, the Straits Times reported. SIA’s spokesman told the newspaper the last cadet intake was early this year and it has not decided when hiring will resume.
French group Gdf-Suez wants to become the third-largest energy player in Italy, the head of its local unit said in an interview on Sunday with Corriere della Sera. The newspaper said the company wants to boost its Italian clients to 2 million in 2016 from 1.5 million expected at the end of 2012.
Energy firm Statoil agreed to swap a series of oil and gas assets off Norway with Germany’s Wintershall in a deal that will yield $1.45 billion to the Norwegian firm, the two companies said.
Gazprom, Novatek, Gail, Sinopec and Total are considering a bid for Repsol’s liquefied natural gas assets, said financial daily Cinco Dias citing unidentified sources.
Two Spanish road maintenance companies, whose shareholders include builders Ferrovial and Sacyr Vallehermoso, have gone into administration, the latest companies to go under in Spain’s worst recession in 50 years.
PSA PEUGEOT CITROEN
General Motors Co and PSA Peugeot Citroen will announce their joint purchasing agreement soon, though they have no immediate plans to build cars together in Brazil, GM executives said on Sunday.
Rosneft and BP are preparing to announce a deal worth over $25 billion that could give the British oil company a stake of between 16 and 20 percent in the state-controlled Russian energy firm, sources familiar with the situation said.