Reliance to Spend $14 Billion on Oil Exploration Over Coming Three Years

(Bloomberg) -- Reliance Industries Ltd., India's
largest company by market value, will invest as much as $14
billion over the next three years in oil exploration and
production as the government offers new rigs to drill each year.

``India is still largely under-explored as far as oil is
concerned,'' Subhash C. Varma, head of development and production
at Reliance Industries, said in Mumbai. ``We plan to increase the
share of revenue of exploration and production business from
about 2 percent as of now.''


Read more at Bloomberg Energy News

Senate report faults SEC on hedge fund probe

(Reuters) - The report from the Senate Finance and Senate Judiciary committees, released late on Friday, ends a year-long inquiry into the dismissal of former SEC staffer Gary Aguirre.




Aguirre says he was forced out of the agency after a probe he was leading got too close to prominent Wall Street banker John Mack. His claims prompted three Senate hearings and drew heavy press coverage.


Read more at Reuters.com Business News

Akzo may raise ICI offer to $16.3 bln - paper

(Reuters) - Akzo, which said on Monday it had teamed up with German
consumer products group Henkel , could increase its
bid to between 665 and 670 pence per share for ICI or 8 billion
pounds, The Financial Times said. It did not cite any sources.




An Akzo spokesman reiterated that Akzo, the maker of Crown
paints, and ICI were still in talks, but declined further
comment.


Read more at Reuters.com Mergers News

Wall St sinks on credit worries after Bear talks

(Reuters) - U.S. stocks slid sharply on Friday after Bear Stearns said credit markets were in their worst shape in two decades, while jobs data aroused further concerns about weakness in the economy.

Bear Stearns Cos. stock fell 5.9 percent as mortgage jitters drove a broad market sell-off with the three major indexes falling more than 2 percent.


Read more at Reuters Africa