| Iran's refinery problem reflects global fuel shortage
The Islamic Republic produces 44 million litres of refined fuel a day which provides less than half of domestic requirements. It is a vulnerability that Washington has indicated it will use as a lever in its efforts to curb Iran's nuclear programme. Fuel rationingIran finally chose to impose full fuel rationing at the end of June. Private motorists are now allowed to purchase just 100 litres a month. The sudden move allowed no time for hoarding and there has been anger on the streets at the rationing decision, with high inflation already affecting the price of basic commodities, even though Iranian petrol is still sold at about one fifth its economic cost at 11 US cents a litre. The move is scheduled to last up to six months. Iran had faced exhausting its annual budget for gasoline products by the beginning of August.
Goa to host 9th World Spice Congress
KOCHI: The 9th World Spice Congress to be held in Goa from January 28 to 30 will bring together a record foreign delegates and 225 Indian delegates to discuss various trends in the spice industry. Leading buyers, brokers, regulators and suppliers from 33 countries are expected to attend the congress.
Organised by the Spices Board and the All India Spice Exporters' Forum, the three-day meet is one of the significant events in the global spice industry. The theme of the spice congress is ‘Harmonisation, The emerging global need'. Spice industry spokespersons said that the congress would give them an opportunity to understand the trends in world spice industry.
Nearly two-third the delegates are from the US and Europe. Addressing a press conference here, Spices Board chairman VJ Kurien said that these regions also account for nearly 70% of the spice and spice products exported from India.
Apache enjoys doubling of quarterly profit
Apache Corp., the largest U.S. investor in Egypt, said Thursday that its fourth-quarter net income doubled because of record oil prices and increased production. Profit jumped to $1.07 billion, or $3.19 a share, from $520.8 million, or $1.56, a year earlier, Houston-based Apache said. Profit excluding the impact of tax-rate changes and currency fluctuations was $2.92 a share, 44 cents higher than the average of 26 analyst estimates compiled by Bloomberg. U.S. oil futures traded 50 percent higher than a year earlier in the fourth quarter on their way to topping $100 a barrel for the first time in January. About half of Apache's production is oil. More than 85 percent is sold at the going rate, rather than under hedging contracts that lock in prices. "Every day that we see $90 oil is a very good day," Chief Financial Officer Roger Plank told investors at an industry conference in November.
Weak machinery orders dampen Tokyo trading
Asian stocks were mixed Friday at the end of another volatile week in trading. Shares in bourses that were open during this Lunar New Year period were bolstered by a positive end to a choppy session on Wall Street, but disappointing economic data in Japan weighed on the market. The Nikkei 225 closed down 1.4 per cent at 13,017.24 while the broader Topix fell 1.4 per cent to 1,287.14. Over in Sydney, the S&P/ASX 200 rose 1.1 per cent to 5,658.00 on demand for bank stocks while shares in New Zealand fell 0.7 per cent to 3,612.41. Many Asian markets were closed. .
Valley's top 25 workplaces for women
Arizona Woman went on a quest to find companies in the state that excelled in advancing and nurturing women in the workplace. An independent judging panel ranked more than 50 businesses based on three basic criteria: benefits, company culture and sheer numbers, which included women in the workforce, women in management, women on boards, etc. .
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