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Russia steps into the ring for Iran-Pakistan-India gas pipeline project
New Delhi: The Russian minister for industry and energy, Viktor Khristenko, said Friday that Russia was interested in the transnational project to build a gas pipeline from Iran to India via Pakistan. "Gazprom is ready to share the construction risks," the minister said, following talks with his Indian counterpart Mani Shankar Aiyar.

Khristenko, who was in New Delhi for an Asian energy forum, said he hoped that Iran and Pakistan would support the idea of sharing project risks with Russia.

According to experts the feasibility study of the project could be completed by the end of this year.

Khristenko said Russia had vast experience in building underwater gas pipelines, including the Black Sea, and it could be instrumental in the new IPI project. He also said Russia's participation in the project would add stability and set up a base for new regional projects.
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Wall Street's fifth straight week of gains
New York: U.S. stocks rose Friday along boosted by retail shares, which rose on speculation that holiday sales would exceed earlier estimates. The market has now gained for a fifth straight week, leveraging on speculation that the Federal Reserve Board may stop raising interest rates, improving consumer sentiment and also on oil prices that have stayed under US$60 a barrel.

The Standard & Poor's 500-stock index rose 2.64 points, or 0.2 percent, to close at 1,268.25. The Nasdaq composite index gained 3.03 points, or 0.1 percent, to 2,263.01. Both indexes are at more than four-year highs. The Dow Jones industrial average added 15.53 points, or 0.1 percent, to 10,931.62. Markets were closed Thursday for the Thanksgiving Day holiday and trading ended two hours early on Friday.

Analysts are predicting that the consumer will likely continue to spend this holiday season, with gasoline prices down, and overall the markets were shaping up to have a very healthy December.

In Europe, the Dow Jones EuroStoxx 50 index rose 8.79 points on Friday to 3,311.52. In London, the FTSE 100 gained 12.80 points to 5,523.80, and in Paris, the CAC 40 added 13.64 points to 4,600.48. In Germany, the DAX 30 rose 6.29 points to 5,194.27.
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EU approves Teva bid for IVA
Brussels: European Union antitrust regulators on Friday approved Israel's Teva Pharmaceutical Industries' US$7.4bn acquisition of U.S. drug maker IVAX. The approval brings Teva a step closer towards becoming the world's largest generic drug maker.

EU approval completes Teva's regulatory review process outside the United States, and the entire deal is expected to close by early 2006, pending U.S. antitrust approval.

Post acquisition Teva's combined sales would exceed US$7bn, which would bring it ahead of Swiss pharmaceutical titan Novartis, currently the generics leader.

"The transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the European Commission said in a statement.

Teva agreed to acquire IVAX in July, offering IVAX shareholders their choice of cash or stock.The deal is expected to give Teva access to several generic copies of successful brand-name drugs, including Pfizer's Zoloft for the treatment of depression and anxiety.

IVAX will also provide Teva a strong presence in Latin America, and Central and Eastern Europe.

The acquisition is also expected to increase Teva's presence in North America and Europe.
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China to build strategic oil reserves
New Delhi: China, Asia's largest and the world's second largest oil consumer, will build strategic oil reserves as insurance against supply disruption while initiating dialogue with other countries for stable energy supply at affordable prices, the country's envoy to India said on Friday.

"To properly respond to emergency and prevent oil supply risks, China will gradually build up the oil reserve system and emergency response mechanism," Chinese Ambassador to India Sun Yuxi said at the Asian Oil Ministers Round Table in New Delhi.

The Chinese ambassador further said: "Following the principle of equality and mutual benefit win-win enterprise operation, government coordination, vast cooperation, diversified development, sincere treatment and enhanced communication, Chinese government is willing to strengthen dialogue, cooperation and exchange with other countries in the world and make its own contribution to the stable energy supply."
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CBI's Digby Jones: Business anger against Labour is "palpable"
London: Sir Digby Jones, the head of the Confederation of British Industry has said that Labour may well have lost the goodwill of British business because of its failure to deal with critical issues such as energy, tax and pensions.

Sir Digby said that he had felt a "palpable" anger towards the Government from business leaders. Next week, both Tony Blair and Gordon Brown are set to address the CBI's annual conference in London. However, Sir Digby said that "rhetoric will not be enough" to sort out the current problems.

The Bank of England recently blamed a steep jump in tax for the slowdown in the economy this year. Sir Digby said that when Labour first came to power in 1997, £34.80 was taken by the Government for every £100 earned. Now the figure has increased to £38.50.

He added: "We still have huge problems with our transport system, the health service has a long way to go, yet the Government is raising all this money."
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