World News

Kroll: Corruption levels in India continue to be amongst world’s highest

Kroll: Corruption levels in India continue to be amongst world’s highest

According to a `Global Fraud' report released on Tuesday by one of the top risk consulting companies, Kroll, despite a slight fall in corruption and corporate fraud in India in 2010-11, the levels of corruption in the country still continue to be amongst the highest in the world.

The report, which Kroll released in association with Economist Intelligence Unit, revealed that corruption levels in India were at par with those in China --- second only to the corruption levels in Africa.

Bank of America to acquire Merrill Lynch

Bank of America has revealed that it will soon acquire New York-based investment bank Merrill Lynch for a figure of around $50 billion.

The 94-year old Merrill Lynch is a worldwide brokerage house and has a deep rooted presence in the capital markets around the globe.

According to the sources, Merrill has over 16,000 advisors close to $1.6 trillion for retail customers.

China signs power station deal in Tajikistan

China based major hydropower developer, Sinohydro Corporation has informed that it has inked a deal with Tajikistan government for building a new hydro- electric power station there.

Under the conditions of the MoU, the Chinese company will design and construct the proposed plant with capacity of 160 megawatts to 200 megawatts named the Nurobod power station in eastern Tajikistan.

The plant will entail an investment of USD 200 million to USD 300 million.

Oil Falls To $86.99 A Barrel

Crude oil prices came down on Wednesday (January 23), on worries that oil supplies are climbing up while the economic system and demand for oil are cooling.

For March delivery, light sweet crude decreased USD 2.22 to settle at USD 86.99 per barrel on the New York Mercantile Exchange (NYMEX). Oil last closed below USD 87 a barrel on Oct. 23.

The gasoline prices for next month delivery dropped 2.98 cents to settle at USD 2.2508 a gallon. The retail gas prices held stable overnight at USD 3.01 per gallon.

Rising Supplies Bring Crude Prices Down

Energy futures slipped further on yesterday (16 Jan) after the US government announced that crude oil supplies rose suddenly during last week.

In its weekly inventory report, the Energy Department’s Energy Information Administration stated that crude oil supplies climbed up by 4.3 million barrels last week, the initial rise since the week ended Nov. 9.

Light, sweet crude for the next month (February) delivery came down USD 1.06 to USD 90.84 per barrel on the New York Mercantile Exchange after decreasing as low as USD 89.26 earlier.