IN BRIEF (Page 17)

Expansion plans

OAO Rosneft plans capital spending this year of 217 billion rubles ($9.11 billion) as Russia's largest oil company seeks to boost crude production and refining.

The funds will be used to develop the Vankor and other fields, as well as the company's processing facilities, Chief Executive Officer Sergei Bogdanchikov said yesterday at a Moscow meeting of shareholders.

Crude around $123

Oil prices hovered around $123 a barrel yesterday, boosted by reports of an explosion at a Kuwaiti petrochemical plant but held back by a stronger dollar and continued concerns about falling global demand.

By early afternoon in Europe, light, sweet crude for July delivery was up 15 cents on the day at $122.45 barrel in electronic trade on the New York Mercantile Exchange. The contract had risen rose as high as $123.25 earlier in the session.

New plant

Russian and South Korean officials broke ground yesterday on Hyundai Motor Co first manufacturing plant in Russia.

Officials tossed ceremonial shovelfuls of dirt to mark the start of construction at the site outside of St. Petersburg. The 330 million euro plant is set to start production in early 2011 and will manufacture 100,000 cars a year.

US jobless claims drop

The number of laid-off workers filing claims for unemployment benefits in the United States showed an unexpected improvement last week although a key indicator of unemployment hit a four-year high.

The Labor Department reported yesterday that applications for unemployment benefits totaled 357,000 last week, some 18,000 fewer than the previous week. That pushed applications for benefits to their lowest level since mid-April.

Nokia gets nod

The European Union has approved Nokia's takeover plans for Oslo software company Trolltech ASA, the world's largest mobile phone maker said.

The deal, which values Trolltech at some 105 million euros, should be completed today, Nokia Corp said.

Morrison's growth

Wm Morrison topped the British supermarket growth league with a 7 percent rise in first-quarter underlying sales, but said trading was tough and it was cutting 2,000 prices to lure cash-strapped shoppers.

The fourth-biggest UK supermarket group said it was taking customers from its bigger competitors and benefiting from revamped stores.

Agencies

(China Daily 06/06/2008 page17)