OPEC crude price picks up
The price for OPEC-produced crude picked up toward the end of the week after a downward trend following revised demand forecasts. One barrel of crude produced by one of OPEC's 12 members stood at US$87.01 on Thursday, up from US$86.57 the previous day, the OPEC Secretariat said yesterday. OPEC crudes peaked above US$90 last week. In its monthly oil market report released on Thursday, revised down demand for the fourth quarter by 70,000 barrels a day owing to a late onset of the US winter and the impact of higher consumer prices. Growth for this year was lowered to 1.7 million barrels per day, down 100,000 barrels from previous estimates.
Chery delays US entry
China's Chery Automobile (奇瑞汽車) may delay its planned entry into the US and European markets because of problems meeting tougher regulations on safety and emissions standards, Lin Zhang, general manager of the firm's international operations, said at seminar in Detroit on Thursday. He said Chery would likely enter the European market well after it delivers cars to its US-based partner, Chrysler LLC.
US eases accounting rule
A top EU regulator on Thursday welcomed a move by the US Securities and Exchange Commission (SEC) to abolish rules that had obliged publicly listed European companies to comply with US accounting standards. SEC regulators approved new rules which will no longer oblige publicly traded EU companies with operations in the US to file accounting reports that comply with the US' Generally Accepted Accounting Principles (GAAP). The SEC's move will also make it cheaper for EU companies to do business in the world's biggest economy, as they will no longer have to hire accountants to file accounting statements under GAAP.
Police raid Senba Kitcho
One of Japan's classiest restaurant groups was raided by police yesterday on suspicion of falsely labeling its products in the latest scare about food safety in the country. TV footage showed more than a dozen police officers clad in dark suits entering the Osaka headquarters of Senba Kitcho, which runs high-end Japanese-style restaurants across the nation. The firm has already admitted that it sold confectionery and delicatessen items with false expiry-date labels after parttime workers told reporters about the practice. The raid was on suspicion that the company also marked ordinary beef as being expensive Kobe beef, media reports said.
Volkswagen recalls Passat
Volkswagen AG's (VW) Shanghai venture announced a recall of 2,440 of its Passat model cars this week because of problems with the locking system, China's General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its Web site yesterday. The recalled cars were produced by Shanghai Volkswagen Automotive Co between Aug. 11 and Aug. 24, it said. Shanghai Volkswagen is a 50-50 joint venture between the German automaker and Shanghai Automotive Industry Corp. It was China's third biggest passenger-car maker by sales last year, reporting sales of 340,600 vehicles, data from the China Association of Automobile Manufacturers showed.