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In the News
Oil Hits $120
LONDON, Apr 04, 2011 (AFP) - Oil prices closed in on $120 Monday, hitting two-and-a-half-year highs on expectations of higher demand as strong US jobs data offset concerns over Middle East supplies.
Brent North Sea crude reached an intra-day high of $119.75 a barrel. It later pulled back, with the May contract at $119.31, up 61 cents from Friday's close.
New York's main contract, light sweet crude for delivery in May, reached $108.78 a barrel -- the highest level since September 2008. It went on to stand at $108.40 at about 1140 GMT, up 46 cents from Friday.
More than 200,000 jobs were created and unemployment fell to 8.8 percent last month in the United States, the world's biggest oil consumer, official data showed Friday.
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AAA Michigan: Gas prices up 15 cents in past week
AAA Michigan says gasoline prices are up 15 cents per gallon over the past week to a statewide average of $3.75.
The auto club says today the statewide average is about 91 cents per gallon higher than last year at this time.
Of the cities it surveys, AAA Michigan says the cheapest price for self-serve regular fuel is in the Benton Harbor area, where it's $3.71 a gallon. The highest average can be found in the Lansing area at $3.79.
Dearborn-based AAA Michigan surveys 2,800 Michigan gas stations daily.
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US firms eye new deals worth $5bn in Qatar
Qatari and US-based companies are expected to sign contracts worth more than $5bn during the Business and Investment in Qatar Forum to be held in New York next month.
The deals will involve large-scale projects in such sectors as the infrastructure, transport, and scientific research, Qatar daily Gulf Times reported on Friday, citing Arabic paper Al Arab.
Qatar has allocated 40 percent of its 2011 budget to development projects, the largest in Qatar's history.
New investments for the next 10 years are estimated to reach $130bn, transforming Qatar as a business and investment hub, according to the US-Qatar Business Council, which is one of the participants.
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Bahrain to build new cities
Bahrain's Housing Ministry gave the green light to build new cities across the kingdom.
Prime Minister Khalifa bin Salman Al Khalifa ordered work on the multi-billion dollar schemes to proceed, giving priority to the Northern Town.
The move follows King Hamad's Royal order to construct a string of new cities across Bahrain and accommodate housing needs.
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AutoNation expects
Japanese auto shortage
Cars made by Japanese manufacturers will be in short supply at the largest U.S. dealer chain this spring and summer because of last month's earthquake and tsunami.
AutoNation CEO Mike Jackson said today that his company expects disruptions at factories to limit the availability of new vehicles at showrooms. He based his prediction on information from the automakers, he said.
More than half of AutoNation's new vehicle sales last year came from cars and trucks made by Japanese manufacturers. About two thirds of those vehicles were assembled in North America.
A March 11 earthquake and tsunami damaged auto parts plants in Northeastern Japan, causing shortages that idled most car production in that nation. The parts shortages also affected manufacturers outside the country. Just last week, Ford Motor Co. and Nissan Motor Co. said that several North American plants would be closed part of this month due to shortages, and Chrysler CEO Sergio Marchionne has said his company will see disruptions.
Japan's daily auto production has fallen by about 37,000 vehicles, says Scotiabank Senior Economist Carlos Gomes. |