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 climbed above $110 a barrel on Tuesday, recovering from a more than 1 percent drop in the previous session, as escalating tensions surrounding Iran offset concerns about weak demand in a still fragile global economy.
ROTARY ENGINEERING LTD
– Singapore oil and gas services firm Rotary Engineering said on Monday it expects a net loss for the third quarter ending Sept. 30 mainly due to additional costs that
significantly affected gross margins at a project in Saudi Arabia.
Automotive parts supplier Schaeffler said it would sell shares in Continental currently worth about 1.69 billion euros ($2.18 billion), reducing its stake to 49.9 percent and lopping off a chunk of its debt in the process.
Daimler is planning to cut production at its largest car plant, a source familiar with the situation told Reuters, as deteriorating markets in Europe and China hit sales of its Mercedes-Benz cars.
BAE SYSTEMS – Germany has deep reservations about proposals to merge Airbus parent EADS and Britain’s BAE Systems, an official document showed, as the British parliament began an inquiry into the planned European defence and aerospace giant.
The world’s second-biggest truck maker holds a capital markets day for investors in the Swedish city of Gothenburg.
The Norwegian firm has found more oil and gas in the first eight months of this year than it did during the record year 2011, and plans to drill between 60 and 80 wells offshore Norway up until 2014
Italian carmaker Fiat plans to start making cars at its idled Italian factories to sell in the United States, a source close to the matter said on Monday, as the government mulls fiscal and other incentives to help the group’s exports.
Eni said on Monday its CEO had met Egyptian prime minister Hesham Qandil. The group confirmed its positive outlook for exploration prospects in the country.
A huge transatlantic clash over trade subsidies could sour efforts to get a $45 billion merger of Europe’s EADS and BAE Systems Plc approved in the United States, former U.S. officials said.
French oil group Total is banking on a string of African projects to help fuel a 25 percent rise in output over the next five years, with growth accelerating after 2015 to top 3 million barrels of oil and gas a day for the first time.