Crude prices fall

SINGAPORE: Oil prices fell below $66 a barrel in Asian trading on Wednesday on expectations that weekly US petroleum inventories data will show yet another build in the country’s brimming commercial crude inventories. Light, sweet crude for May delivery fell to $65.95 a barrel in electronic trading on the New York Mercantile Exchange. — AFP

Boeing delivers 98 jets

CHICAGO: Boeing Co, the world’s second-largest commercial airplane manufacturer behind Airbus SAS, said it delivered 98 commercial planes in the first quarter, up by 40 per cent from the same period a year ago. The deliveries included 72 of its single-aisle 737 and 17 widebody 777s along with four 747s, three 767s and two 717 jets. — AP

P&G, Coke settlement

CINCINNATI: Procter & Gamble (P&G) Co has settled a lawsuit against Coca-Cola Co that claimed the beverage maker was using P&G’s patented technology that adds calcium to fruit juices. The lawsuit, filed in May 2002, said Coca-Cola’s Minute Maid juice division was violating P&G’s 1988 patent. P&G said that it had exclusively licensed the patented technology to Tropicana Products Inc, a division of Pepsi-Co Inc. — AP

Australian rates stable

SYDNEY: Australia’s central bank announced on Wednesday that a key interest rate would remain unchanged at 5.5 per cent for a 13th consecutive month. The Reserve Bank issued a statement saying its board had decided at its monthly meeting on Tuesday that the official cash rate would remain on hold — an outcome widely predicted by analysts. — AP

Proton to sell stake

SHAH ALAM: Malaysia’s national car maker Proton, struggling to improve quality and beat increasing competition, is considering selling a stake to a foreign company to form a strategic partnership. Proton is involved in talks with a foreign company for a “strategic core alliance,” and there is “a possibility” that it may involve an equity participation, MD Syed Zainal Abidin Syed Mohamed Tahir said. — AP

Finnair on new routes

HELSINKI: Finnair will expand its services to meet strong growth on Asian routes by opening a new destination to Kuala Lumpur, Malaysia, next year. Buoyed by increasing demand to the Far East, the Finnish airline last month purchased nine Airbus A350-900 jets and said it plans to add at least one Asian destination annually and increase flights. — AP

Wal-Mart sales drop

BENTONVILLE: Wal-Mart Stores Inc, the world’s largest retailer, reported a mere 1.3 per cent gain last month for sales at stores open at least one year. The company said that sales were slower because Easter is three weeks later this year than in 2005, and that Wal-Mart expects a stronger April. — AP

New gas field found

SHANGHAI: China Petroleum and Chemical Corp (Sinopec), China’s second largest oil company, said on Monday it had discovered the country’s biggest gas field, with proven reserves of 251 billion cubic metres. Asia’s largest refiner by capacity said the Puguang gas field in Sichuan province, in China’s southwest, had a technical exploration capacity of 188 billion cubic metres. — AFP