EU, Russian parleys

BRUSSELS:

European Unmon Trade Commissioner Peter Mandelson will hold talks with Russia’s economics minister German Gref in London on Monday, before a two-day EU-Russia summit this week. The two men are to talk about Russia’s long-running bid to join the World Trade Organization, the EU press office said. Gref said in June that it was “realistic” for Russia to finally become a WTO member at the next round of trade talks in Hong Kong in December. — AP

Crude oil prices rise

SINGAPORE:

Oil prices gained slightly on expectations of higher demand for heating oil as the Northern Hemisphere winter approaches, stretching supplies strained by the slow recovery of US crude production following the hurricanes. In Singapore, light, sweet crude for November delivery on the New York Mercantile Exchange rose four cents to $66.28 a barrel in Asian electronic trading. The contract on Friday slipped 55 cents to settle at $66.24 a barrel.—AP

MS pays permatemps

SEATTLE:

Microsoft this month is expected to begin paying $72 million to nearly 8,600 former contract workers who were part of a 1992 class-action lawsuit claiming they were denied benefits. The workers, “permatemps” who were hired during Microsoft’s early growth spurt, won a $97 million settlement in 2001 after a court found they were improperly restricted from the company stock-purchase plan. The ruling forced Microsoft to change its temporary-worker policies and limit contract lengths.—AP

Mega hospitals’ deal

LONDON:

A healthcare entrepreneur has raised more than GBP100m from the London’s financial district to kickstart plans to build a chain of private hospitals across England in partnership with hundreds of frustrated consultants who currently work in the government-funded National Health Service (NHS). The venture, probably the biggest private investment in hospital construction since the NHS was founded in 1948, has been triggered by the government’s plans for patient choice, identified by Tony Blair as the big theme of his third term. —The Guardian

UCO Bank in Malaysia

KUALA LUMPUR:

UCO Bank, the oldest Indian bank in Singapore, marked its return to Malaysia after 36 years with the opening of a representative office in Kuala Lumpur. The bank had four branches in Malaysia until 1969, when they were forced to exit, said V Sridar, chairman and MD of the bank. “India’s rapid economic growth and its equally rapidly growing business links with Southeast Asia and East Asia provide a new opportunity for our bank to expand in the region,” he told The Straits Times. —HNS

Agrawal in WTO meet

KATHMANDU:

Mahesh Kumar Agrawal, immediate past-president of Nepal Chamber of Commerce (NCC) left for Macao to participate in the WTO related meetings to be held from October 4 to 5. The meet is being jointly organised by International Trade Centre, World Trade Organisation, United Nations Economics and Social Commission for Asia Pacific (UNESCAP) and the government of Macao. The first meeting is on ‘delivering on the WTO round: a high-level government business dialogue for development’. The second meeting - ‘Asia Pacific research and trading network on trade’ will take place on 6-7 October. Both events are being held as preparatory meetings for the upcoming WTO ministerial conference in December in Hong Kong. — HNS

Asia important: IMF

TOKYO:

Asian economies deserve more representation in international institutions to reflect their growing presence in the world economy, a top IMF official said on Monday. David Burton, who heads the fund’s Asia and Pacific Department, said Asian countries did not have the say they deserved in the IMF and promised to increase Asia’s clout at the 184-nation institution. “It’s true that the growing role of Asia in the world economy has not yet been reflected in its voting shares in the IMF,” Burton said at a briefing in Tokyo. — AFP

Smart City project

KOCHI:

A team of Dubai Internet City (DIC) officials arrived here for discussions with the Kerala government on finalising an agreement on the proposed Smart City project. The DIC officials will hold talks with the state government on Tuesday on the proposed project to be built by DIC in Kochi. As per an MoU, the government would hand over the existing Infopark at a cost of $22.83 million, 136 acres of land at $602,189 per acre and another 100 acres of land on a 99-year lease free of cost. In case DIC fails to create 33,000 new jobs in lieu of the 100 acres of land, the land would be taken back. — HNS

Offshore drilling deal

OSLO:

Aker ASA said it had awarded a contract to build the world’s two largest offshore oil drilling rigs in a 7.6 billion kroner ($1.2 billion) kroner deal. The Oslo-based company said the contract with affiliated shipyard group Aker Kvaerner ASA calls for the completion in Norway of two ultramodern Aker H-6e rigs during 2008. “The design of tle Aoer L-6e rig is something entirely new in the rig industry,” said Aker Executive vice-president Martinus Brandal. — AP