Crude prices in Asia flat at $50 bbl
Singapore: Crude prices were flat in Asia today, staying close to the $50 per barrel mark on news of OPEC's plans for a production increase. In Asia, light, sweet crude for May delivery on the New York Mercantile Exchange was up 19 cents to $50.56 per barrel.

Yesterday, the contract went as low as USD 49.66 - its lowest in two months - before recovering to $50.37.

The May contract expires tomorrow, the same day the US Department of Energy releases its weekly petroleum stocks report where the focus is shifting from heating oil to automobile fuel inventories ahead of the Northern Hemisphere's summer driving season.

Oil prices have fallen back more than ten percent since an intra-day peak of US$58.28 a barrel April 4, and some analysts and traders say emerging economic worries bear as much responsibility as rising US inventories and increased OPEC production.

Yesterday, Organization of Petroleum Exporting Countries president Sheikh Ahmed Fahd Al Ahmed Al Sabah said the cartel would increase production by an additional 500,000 barrels daily to cope with anticipated demand.
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Coca-Cola settles SEC probe
Washington: The Coca-Cola Co has reached a settlement with the Securities and Exchange Commission over accounting practices, with occurring any financial penalties.

The settlement centred on allegations that the beverage giant's Japanese unit engaged in a practice known as "gallon-pushing" to help meet its business plan targets and earnings estimates. The probe focused on the period from 1997-1999. In addition, the company said yesterday it was informed that the Department of Justice has decided to close its criminal investigation.

The soft drink giant also agreed to undertake a host of internal reforms, including establishing an ethics and compliance office.

Neville Isdell, chairman and chief executive officer, said the firm did not admit or deny the allegations.
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