OECD issues warning on food costs

Wheat and corn prices may be 25 percent higher in a decade's time than was predicted last year as demand for food and biofuels soars, the Organization for Economic Cooperation and Development said.

Big names likely to follow Dow on price increases

Dow Chemical Co, the largest US chemical maker, may not be the last to raise prices this year because of soaring raw materials costs.

Biz people

Yang: Yahoo not under siege

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Indonesia withdraws from OPEC

Indonesia, the only OPEC member in Southeast Asia, will pull out of the group after aging fields and declining production force the region's biggest economy to boost imports as crude oil prices reached records.

Costs force Qantas to cut capacity

Qantas Airways Ltd, Australia's biggest carrier, will cut domestic routes and reduce the size of its fleet because of surging jet-fuel costs.

Alitalia needs urgent capital injection

Alitalia SpA, Italy's state- controlled airline, said it needs capital "in a very short time" after talks to merge with Air France-KLM Group failed and it reported a fifth straight annual loss.

Crude oil falls back to $126

Crude oil fell to a one-week low on concern record fuel prices will cut consumption at the height of the US driving season.

European stocks advance

European stocks and US index futures rose as a two-day drop in oil prices improved the profit outlook for airlines and retailers. Shares in Asia fell.

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