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World Business Quick Take

■ OIL

US urges OPEC increase

US Secretary of Energy Samuel Bodman told Saudi Arabian Oil Minister Ali Naimi on Saturday that OPEC should increase oil output. Bodman told reporters before his meeting with Naimi that oil production should be increased in order to meet growing demands. His visit to Saudi Arabia come just before an OPEC meeting on Feb. 1 in Austria. Last Tuesday, Naimi said that Saudi Arabia would raise production levels only when the market justifies it, and that the current inventory seemed normal. OPEC oil accounts for about 40 percent of the world's needs, and OPEC ministers often follow the lead of the Saudis when discussing whether to increase production to take the pressure off rising prices.



■ BANKING

Auditors crack down

Auditors found misconduct at Chinese banks involving about 860 billion yuan (US$118 billion) last year and 177 bank managers have been fired, news reports said on Saturday. A total of 445 cases of irregularities were found, down 58.4 percent from 2006, Xinhua news agency and the Shanghai Daily newspaper reported, citing the China Banking Regulatory Commission. They gave no details or and did not say whether anyone would be prosecuted. Auditors have stepped up oversight of Chinese state-owned banks in recent years as they try to become more competitive and as some sell shares to foreign investors.



■ ENERGY

EC wants greener Finland

The European Commission will ask Finland to increase its renewable energy output by about one-third to 38 percent in draft proposals to be unveiled this week, Finnish public broadcaster YLE said on Saturday. The commission is due to spell out on Wednesday how it intends to cut greenhouse gas emissions responsible for climate change, share out the burden of cuts in carbon dioxide and increase the use of renewable energy sources. "According to information obtained by YLE from sources at the negotiations, Finland should produce 38 percent of its energy from renewable energy sources by 2020," YLE said.



■ MINING

Myanmar auctions off lots

Myanmar's military government sold 600 lots of gems and jade at a recent auction, state media said yesterday, earning much-needed foreign income for the junta as it faces stiff economic sanctions. Despite calls from the US and human-rights groups for a boycott of the sale after a bloody crackdown on protests last year, about 280 foreigners attended the sale, the New Light of Myanmar paper said. The government newspaper did not reveal how much the five-day auction earned, but a similar sale in November generated US$150 million.



■ AUTOMOBILES

GM eyes consolidated sales

General Motors' CEO said its sales network was not shrinking fast enough and the automaker wants to step up dealer consolidations. Rick Wagoner said efforts would be specific to combining Pontiac, Buick and GMC dealerships into one channel, the Detroit News reported on Saturday. "It's time to do that and the payoff is significant," Wagoner said during a recent presentation to Wall Street analysts. General Motors Corp reduced its dealer network by about 7 percent between 2005 and last year, to 14,118, the News reported. In some cases Hummer and Saab have merged.
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