V’zuela to probe deal

CARACAS: Venezuela’s National Assembly will investigate contracts signed with private oil firms in the 1990s as president Hugo Chavez looks to rework the deals. The Assembly will investigate allegations that opening the oil industry to foreign investment was a process of selling national assets and a fiscal fraud. — AP

China critical of US

SINGAPORE: China criticised the US on Wednesday for pressing Beijing to overhaul its currency system, saying Washington should solve its domestic economic problems instead of blaming China. “Washington was wrong to urge Beijing to stop linking its currency, to the US dollar. The yuan trades in a narrow band around 8.28 yuan per US dollar.” — AP

Bankruptcies drop

TOKYO: The number of corporate bankruptcies in Japan fell by 20.3 per cent in April from the same month a year earlier — the 28th straight month of decline — but concerns remain about the health of Japanese businesses. — AP

Boosting investment

MANILA: Philippine president Gloria Macapagal Arroyo ordered government agencies to cut red tape to spur foreign investment. She said the order was necessary to encourage more investment that she hopes would create more jobs and alleviate poverty. — AP

Intel to launch new PC

SAN JOSE: Trying to duplicate the success of its Centrino technology for mobile computers, Intel Corp said it will launch a desktop PC platform in May specifically for businesses. — AP

Toyota’s hybrid car

GEORGETOWN: Toyota Motor Corp rolled out plans to build a hybrid version of its popular Camry model at its Kentucky plant, marking the automaker’s first venture to produce a hybrid vehicle in North America. — AP