Oil prices slip
Singapore: Oil prices fell in Asian trading dealers said. Light sweet crude was down 32 cents to 62.42 usd a barrel for delivery in April at 12.40 pm (0440 GMT). The contract for delivery in March had jumped 1.22 usd to 61.10 usd a barrel overnight in the US before its expiry.

Dealers said Oil prices would not move much now unless a major escalation occurs.

Yesterday, Nigerian officials sought to negotiate the release of nine foreign workers being held as 'human shields' by rebel fighters. Three Americans, a Briton, two Egyptians, two Thais and a Filipino — were seized on Saturday by separatist guerrillas during an attack on energy giant Shell's Forcados oil terminal. Damage to the terminal and surrounding pipelines, combined with fears for the safety of other workers, forced the firm to cut production by 455,000 barrels of oil per day, equivalent to almost 20 pct of Nigeria's total output.

Nigeria produces light, sweet crude, which is easier and cheaper to refine than heavy, sour crude, produced by Saudi Arabia.

Traders have also been following a continuing war of words between US officials and Venezuelan president Hugo Chavez, who has threatened to cut off oil exports to the United States if Washington goes too far in its campaign against him.
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UK bankers to be extradited to US to face prosecution
London: Three British bankers face prospects of being extradited to the US and face prosecution on Enron-related fraud charges. The bankers have lost a legal bid to block their extradition.

David Bermingham, Giles Darby and Gary Mulgrew, former employees of Royal Bank of Scotland Group Plc's Greenwich NatWest unit, have been indicted in Texas for allegedly duping the bank over the value of an Enron partnership. The High Court in London today refused to overturn an order authorizing their extradition, saying the case had ``substantial connections'' to the US.

The bankers are among more than 30 individuals indicted by US federal prosecutors for their alleged role in the crash of Enron Corp once the nation's seventh-largest corporation by sales.

Britain adopted new extradition arrangements with the US in January 2004 as part of a bid to clamp down on cross-border crimes including terrorism and drug trafficking.
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Singapore- Australia relations sour over air route decision
Relations between Australia and Singapore have been souring over the Australian government's decision to refuse Singapore Airlines the right to fly between Australia and North America.

The Singapore government has condemned the decision along with its airlines. The decision was announced yesterday by the Federal Government.

Singapore's transport minister Yeo Cheow Tong expressed concern at the Australian stance saying Singapore has been more than generous in helping the growth of Australian carriers there, where the Qantas presence is second only to its Australian base.
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