Here are news stories, press reports and events to watch which may affect the auto industry, transportation and energy markets on Wednesday.
World Oil Prices
Brent crude held steady near $109 a barrel on Wednesday after the huge storm Sandy whiplashed the U.S. East Coast, reducing fuel demand even as refineries in the region gradually resumed operation.
SIA ENGINEERING LTD
Aircraft maintenance, repair and overhaul firm SIA Engineering said its second-quarter net profit fell 5.8 percent from a year earlier to S$67.1 million ($55 million), dragged down by foreign exchange loss and higher expenses.
The auto parts and tyre maker reported in-line quarterly operating profit on Wednesday, benefiting from growth in global car markets.
The airline said it would intensify a cost cutting programme as it published third-quarter profits above estimates, helped by measures to offset soaring fuel prices.
Fiat told trade unions Tuesday it will resume a stalled investment plan for its five idled Italian factories, beginning with a new SUV made at its Melfi plant at the end of 2013, a union leader said after the meeting.
AIR FRANCE / AIRBUS
The French airline confirmed that it is in talks with plane maker Airbus over compensation for service disruptions with its A380 jets. Les Echos published a story on Tuesday saying that the planes had a breakdown rate double the average, which cost the airline 30-50 million euros a year.
The French oil major reported a 20 percent rise in third-quarter net adjusted profit to 3.1 billion euros on Wednesday, helped by a sharp increase in refining margins.
The Swedish oil company raised its forecast for production for the year to 34,000-37,000 barrels of oil equivalent per day (boepd) after it pumped more crude during the third quarter than expected.
Automotive parts manufacturer PT Astra Otoparts Tbk , a unit of PT Astra International, booked a third-quarter net profit of 766.7 billion rupiah, slightly up from 753.9 billion rupiah a year earlier as revenues rose 13
percent to 6.16 trillion rupiah.
Maruti Suzuki expects sales growth to accelerate in the months ahead helped by the launch of new vehicles, after it posted a fifth straight quarterly profit decline.
RYBINSK, Russia – Rosneft and General Electric to launch construction of gas-turbine producing plant;
Gazprom ups 2012 investments to $31 billion
African oil production and exploration is in the spotlight this week at the annual Africa Oil Week conference in Cape Town.