EU business prospects

BRUSSELS: Eurozone indicators to be released in the coming week are expected to show a continued strengthening in business confidence and a modest recovery in retail sales. The Purchasing Managers’ Index (PMI) of manufacturing activity is forecast to have improved again in April after reaching its highest level last month since September 2000. — AFP

Inheritance tax row

WASHINGTON: A showdown is looming in Congress over the US inheritance tax, with some pressing for repeal of what they consider an unfair levy, and others saying the move would be a giveaway to the super-rich. President Bush and key Republican leaders are pushing for permanent repeal of what some derisively call the ‘death tax’ even as activists opposing the arguement. — AFP

India, Malaysia eye JV

KUALA LUMPUR: An Indian pulp and paper giant is expected to sign a MoU on a joint venture with the Sabah state in eastern Malaysia. The Innoprise Corp is expected to ink an MoU with Ballarpur Industries Ltd, one of the biggest paper producers in India. — Xinhua

Russia, EU gas dispute

MOSCOW: Tensions between Russia and the EU burst into the open last week over Russian state-controlled Gazprom’s hard-headed ambitions to control everything from supply to distribution of European gas. Gazprom has a swagger in its giant step and is making some in Europe nervous with its sheer size. — AFP

Petrol supply squeeze

NEW YORK: Fears of a petrol supply crunch in the US summer driving season, often cited as a major reason for the surge in prices, appear unfounded, with supplies expected to be ample. US motor fuel pump prices have pushed to near record highs amid growing concerns about the adequacy of supplies as demand peaks for the US vacation season. Adding to concerns about supplies are new environmental regulations that require refineries to switch to a petrol blend with ethanol instead of Methyl Tertiary Butyl Ether. — AFP

Nod for investment

BEIJING: China’s massive government-controlled pension fund has been given the green light to invest part of its money in overseas markets. The State Security Fund, which has assets valued at $25.1 billion, can start investments abroad on Monday after the go-ahead from the central bank and other agencies. Initially, however, the fund will only be allowed to allocate a small portion of its huge assets in foreign markets, the paper said, citing a previously unveiled investment plan. — AFP