Oil dips to $72 a barrel
Singapore: Oil prices dipped by 3 per cent to $72 a barrel, on US data showing an unexpected rise in gasoline inventories. Gasoline stocks in the United States rose 2.1 million barrels to 202.7 million barrels in the week ending April 28, US Energy Information Administration (EIA) data said.

The data also showed that gasoline demand of 9.13 million barrels per day (bpd) was unchanged against last year, despite normal growth of about 2 per cent.

Crude inventories rose 1.7 million barrels while distillate stocks dipped 1.1 million barrels, the data showed. Refinery runs rose 0.6 percentage point to 88.8 per cent of capacity.
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Bush for diplomatic solution to Iran issue
Washington: The US President, Mr George W Bush says Washington wants to achieve a diplomatic solution to the Iranian nuclear issue but said Western allies will not 'fold' over the matter. He said a nuclear weapon held by Iran was unacceptable to the allied powers. He said, "We are pleased that the EU3 has taken such a strong role in this measure. The US is actively involved with our partners in achieving this important objective."
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China struggles with corporate corruption
Beijing: China is struggling with corporate corruption and a lack of integrity. A leading company law expert said corruption is preventing the growth of Chinese companies. The state media has quoted Professor Jiang Ping from the China University of Political Science and Law as saying that companies that obtained business opportunities through graft and cheating disturbed market order and subverted fair competition.

Chinese court statistics said the drug industry paid an average $96.5 million in kickbacks a year in the form of medicine commissions while the total sum involved in corporate bribery cases investigated by judicial organs over the last five years $66 million news agency Xinhua reported.
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