China starts building Myanmar oil pipeline
China's CNPC started building a crude oil port in Myanmar on October 31, the China Petroleum Daily reported on Tuesday, part of a pipeline project aimed at cutting out the long detour oil cargoes take through the congested Malacca Strait. The reported commencement of construction took place at least a month later than scheduled in earlier plans reported by China's state media. The port on Maday Island, Kyaukphyu Township in Myanmar's Rakhine state was the starting point for the 771-kilometre pipeline that would have a capacity of 12 million tonnes per year or 2,40,000 barrels per day in its first phase, the report said. It did not say when the port facility would be ready for use or when the pipeline would be built.
Intel says VCs may shun start-ups
European venture capitalists may be wary of start-up technology companies even after an economic recovery, according to the investment arm of Intel Corp, the world's biggest computer-chip maker. Venture funds stung by the recession are "moving away from the early stage" and toward less risky, later deals for young technology companies, Ashish Patel, Intel Capital managing director for Europe, the Middle East, and Africa, said in an interview in London. Intel Capital has about $2 billion under management.
Global cotton output to fall 4.7%
Global cotton production will fall 4.7% in the year through July on a declining crop in China, the world's biggest producer, according to the International Cotton Advisory Committee. Output will drop to 22.3 million tonnes from 23.4 million tonnes a year earlier, the Washington-based group said. Consumption will rise to 23.6 million tonnes from 23.1 million tonnes.
EU sees 2010, 2011 recovery
Europe's economy will rebound next year from a deep slump and accelerate in 2011, the European Commission said on Tuesday, paving the way for major deficit cuts across the 27-nation bloc from 2011 at the latest. The European Union's executive arm forecast that the EU economy would expand by 0.7% in 2010 and 1.6% in 2011 after a contraction of 4.1% this year. In the 16-country euro zone, growth would be 0.7% next year and 1.5% in 2011, after a 4.0% fall in 2009.

Global stocks to post 'modest gains'
Global stocks may post further gains next year, boosted by economic growth and low interest rates, according to Prudential International Investments Advisers LLC. Investors should buy stocks in the first half, especially those in emerging markets, instead of bonds and cash, John Praveen, Prudential's chief investment strategist, said in a statement ahead of his speech in Seoul on Tuesday. Prudential International Investments is a unit of Prudential Financial Inc, which managed about $580 billion of assets as of June.



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