BUSINESS BRIEFING
BUSINESS BRIEFING
Toyota sales will be a lot better in North America than the automaker thinks, analysts say.
(By David Zalubowski -- Associated Press)
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ENERGY
Nigerian Oil Workers End Strike
Crude oil prices fell after oil workers in Nigeria ended a strike after two days.
Crude oil for July delivery fell 69 cents, to $64.51 a barrel, in electronic trading on the New York Mercantile Exchange. The exchange was closed for regular trading for Memorial Day.
Malaysia Plans Oil Pipeline
Malaysia plans a $7 billion pipeline to divert up to a third of oil now being carried through the Malacca Strait, helping ensure a secure supply from the Middle East to East Asia. The strait has been notorious for robberies and hijackings. Work on the pipeline is to begin next year and finish in 2014.
India Says It Needs More Power
India must build hundreds of power plants over the next five years to end electricity shortages that threaten economic growth, Prime Minister Manmohan Singh said.
During peak hours, demand outstrips supply by as much as 25 percent in some parts of the country, causing frequent outages and forcing factories and businesses to shut down.
By 2012, India will need to generate at least 200,000 megawatts of power to eliminate any shortage, Singh said. The country has a capacity of 130,000 megawatts.
CANADA
Central Bank to Decide on Rate
Analysts expect the Bank of Canada to hold its key interest rate at 4.25 percent when it meets today. Some economists, though, said the central bank may alter the wording on its statement to indicate that an increase is coming, possibly as soon as July.
Higher prices for oil and other commodities have pushed up consumer spending and home prices, threatening higher inflation. Interest rates will stay on hold for now because the currency's rise to a 30-year high has curbed exports and lowered prices on imported goods, economists said.
AUTOMOTIVE
Toyota Is Conservative on Sales
Toyota's sales in North America will increase far more than what the company predicts for the year ending March 31, auto-industry analysts said.
