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SOUTH Korean couples cannot end their marriage because one partner has refused to have sex with the other for years, according to a Supreme Court ruling released to local media today.

The case was brought by a husband, only identified by his family name Kim, who said his wife has never had sex with him.

They were married in 2005, went to live in the US and later returned to South Korea to live with Kim’s parents.

He first filed for divorce in 2007, saying the couple had never consummated the marriage.

The court ruled the couple could probably work out their problem if they really tried.

“Unless the defendant wishes to accept the decision for divorce, it is hard to acknowledge the marriage with the plaintiff has been broken beyond recovery,” the court said in a decision made available to media.

The court did allow for divorce in cases where physical ailments prevent sexual relations.

South Korean courts have been trying to slow down the divorce rate in the country for the past few years after the number of divorces had almost doubled in the decade starting in 1995 to post one of the highest rates in Asia.

The yen fell on Monday while the dollar held near recent highs as risk appetite remained robust in holiday-thinned trade as equities and commodities gained ground.Source: WikipediaTrade was thin around Europe as many market participants were off for the period between Christmas and New Year and because the UK was closed for a public holiday.There was little market impact from news over the holiday weekend of an attempt to blow up a passenger plane flying to Detroit. [ID:nLDE5BP055]Monday is the last business day of the year for many Japanese companies, which resume on Jan. 4. The focus for many is whether the dollar will continue to rise next month after its rebound from a 14-year low on the yen in November.”Some corporates out of Japan may have been active in the yen, but it’s very, very quiet here, and I think (European) companies will have done 99.9 percent of what they had to do this year already,” said Antje Praefcke, currency strategist at Commerzbank Corporates and Markets in Fr

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Iraq’s oil minister on Saturday began counting the money even before the first wells were drilled, dubbing the country’s second post-war oil auction a triumph, despite caution from international oil companies.Source: YahooWorld oil players steered largely clear of anything but Iraq’s cheapest and safest of the reserves in the Middle East’s last major oil bonanza.The two-day licensing round, which ended Saturday, saw deals on only seven of the 15 fields on offer. Of those, four were in the stable southern Shiite heartland while two in the north went to the only company that expressed an interest: Angola’s Sonogal. The last was in central Iraq, in a province where violence has remained at a minimum.The auction was key for Iraq. Its international licensing round in June — the first in over three decades — largely failed with only one giant field awarded out of eight offered. The hope was for a better showing this time with deals that could help Iraq rebuild after the 2003 U.S.-led war

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Buyer confidence continues to be apparent as the final phase of terrace homes at Lake Edge - Pavilion Terraces, were snapped up on the first day of its preview held today. Buyers were seen rushing as early as 6am and by the end of the morning all 30 units of the 2nd phase of Pavilion Terraces were sold out.Back by popular demand, the 2 -storey Pavilion Terraces was first launched in 2004 where 100% of all units were sold out in a matter of days. The overwhelming response received for the 2nd phase, demonstrates a high appreciation of its unconventional offerings, that include a spacious built-up of 3,186 sq. ft. set within a generous 22′ X 100′ lot size, featuring a unique water-themed living room housed within a pavilion.Starting from RM780,000, the development of these 30 new units of Pavilion Terraces, will be completed by end 2011.Pavilion Terraces is part of the Lake Edge collection of award-winning homes that offer a truly different kind of living experience. Lake Edge was recent

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THE “erroneous” trade involving the shares in Kuala Lumpur Kepong Bhd (KLK) raises some serious questions about Bursa Malaysia’s current share trading system and the integrity of the market.While there is no proof that any intended manipulation did take place, there is also no proof to the contrary, leaving sceptics to doubt if the newly-modified trading system is yielding the correct result.What fuels the conspiracy theory is this: that the so-called erroneous trade had resulted in the FTSE Bursa Malaysia KL Composite Index (FBM KLCI) being boosted by almost six points.Secondly, the transaction took place towards the end of the trading day, just after the pre-closing phase. Ironically, this trading period is intended to mitigate price manipulation.And yet the shares were allowed to be crossed at RM17 apiece, well above the last transacted price of RM13.70. While the system may be effective in halting the syndicates from ramming up share prices towards the end of the trading day,

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Mozambique said on Monday it had found two new natural gas fields in the southern Inhambane

province which, if commercially viable, would supply domestic and regional markets.

“If it is viable, this discovery will make it possible to respond to domestic demand for

natural gas,” Mineral Resources Minister Esperanca Bias said.

“We have a list of projects that could possibly be supplied, such as generating electricity,

setting up a fertiliser factory and use in vehicles.”

Gas exploration at the Njika-1 well in Mozambique began on Oct. 1, 2008. The project is a

joint venture between South Africa’s Sasol , Malaysia’s Petronas and the Mozambican

government.

Under Mozambican law, the consortium that has discovered the gas reserves has six months to

assess its findings and present a report to the government.

Sasol, the world’s biggest maker of diesel from coal, owns 50 percent of the project,

Petronas owns 35 percent, while the government of Mozambique holds 15 percent through

national oil company Empresa Nacional De Hidrocarbonetos De Mozambique (ENH).

The two blocks, 16 and 19, were granted to the consortium in June 2005.

Mozambique currently has available around 140 million gigajoules of gas at the Pande/Temane

reserves in the same province, used to supply both the domestic and regional markets.

Sasol has invested $1.2 billion to explore these gas fields, and plans to spend an

additional $146.8 million to increase gas exports to South Africa by 20 percent in 2009.

Venezuela’s Ministry of Energy and Mines revealed today that it has increased the number of

heavy oil blocks in the country’s Orinoco Belt up for bid to seven from the original four

announced at the end of last month.

The ministry said that it has had expressions of interest in participating in the bidding

for the Orinoco blocks from 21 companies. They will be able to obtain a maximum of 30%

interest in the blocks, since Petroleos de Venezuela (PDVSA) will hold at least 70%.

The seven blocks are situated in the Carabobo concession area, which is believed to harbor

very large reserves capable of producing between 200,000 and 400,000 b/d of heavy oil. The

original four blocks are the Carabobo 1 Norte, Carabobo 1 Central, Carabobo 2 Norte, and

Carabobo 4 Oeste.

Rafael Ramirez, Venezuela’s minister of petroleum and president of PDVSA, said that

companies interested in investing in the Carabobo blocks must submit a funding plan, but

that they can be assured that their investments in Venezuela will be secure under the

country’s new fiscal regime, which guarantees the conditions for hydrocarbons development

are permanent. Development of the blocks involves the construction of two upgraders by 2014

that are to be located in southeastern Venezuela’s Anzoategui state and be capable of

producing 200,000-240,000 b/d. Ramirez said Venezuela will invest US$ 6 billion to build

each upgrader, and that the amount is under review and could vary because of the cost of

materials.

Data packages will be available after 27 November, with bids due between 9 and 22 January

2009, bids opened on 16 April, and winners announced on 7 May. Contracts are expected to be

signed on 4 June.

The diagnosis for the health of the US economy continues to worsen with new data showing it

is shrinking at the fastest rate for seven years and house prices falling by a record

amount.

Revisions to the Commerce Department’s gross domestic product (GDP) reveal a fall of 0.5pc

in the three months to September, against an initial reading of 0.3pc.

The decline was the weakest GDP reading since the third-quarter of 2001, when the US

economy, already hurting from a mild recession, was hit by the aftermath of the September 11

terror attacks. One of the reasons for the revision was a fall in corporate profits, which

fell by 3pc after tax to $1.3 trillion in the quarter, down 9.9pc on the year.

To add to the gloom, the Standard & Poor’s/Case-Shiller index showed house prices falling by

17.4pc in September, the biggest yearly fall since the survey began in January 1987.

The index, which is based on prices from 20 major metropolitan areas, showed a 16.6pc

decline in the third-quarter from the same quarter a year ago down from 15.1pc posted in the

second quarter.

“The turmoil in the financial markets is placing further downward pressure on a housing

market already weakened by its own fundamentals,” said David Blitzer, chairman of S&P’s

index committee.

The worst-hit city in September was San Francisco, where prices fell 3.9pc, followed by Las

Vegas and Miami, both down 2.6pc.

“This is a pretty gloomy report,” said Karl Case, co-developer of the index. “Unemployment

is rising rapidly, a primary factor that causes foreclosures to rise and home prices to

decline,” he added.

The Organisation for Economic Co-operation and Development (OECD) said the US economy has

probably fallen into a recession that will continue until the middle of next year.

“The US economy is likely to have already entered a recession and the near-term prospect is

for further weakness,” the free market organisation continued in a statement.

IHS Global Insight chief economist Nariman Behravesh said that he expects the US economy to

contract by around 4pc in the fourth quarter, as output will continue to contract in the

first and second quarters of next year.

“We are in the early stages of one of the worst recessions in the post-war period, even

factoring in a massive stimulus programme” he continued, with reference to the potential

$300-500bn stimulus package President-elect Barack Obama is believed to be considering to

boost American development.

The only positive note for the US economy came from the Consumer Confidence index, which

improved slightly in November from a record low in October. The Conference Board’s consumer

confidence index stood at 44.9 in November, up from 38.8 in October – the survey is based on

an index of 1 to 100, with anything over 50 being positive.

Russia on Tuesday indicated that it may cut oil production in tandem with Organization of

Petroleum Exporting Countries to support prices. Analysts, however, said Russia’s output is

likely to continue to fall, in any case, as producers cut capital spending.

Speaking on the sidelines of a conference in New Delhi, India, Russian Energy Minister

Sergei Shmatko said Moscow would actively coordinate with OPEC to determine production

levels and protect its interests as a major producer.

“(It includes) the exchange of information on market development and the finalizing of

investment programs. We can’t rule out cutting production as well,” Shmatko said.

OPEC member states meet Saturday to discuss lowering production, with oil prices now around

a third of the record levels they reached in July.

The cartel has already made two output cuts totaling 2 million barrels a day in separate

decisions in September and October. Venezuela, OPEC’s third-biggest producer, supports a

third cut.

“OPEC is discussing measures to protect the current oil market and reduce production,”

Shmatko said.

“Today, oil prices are not determined in a traditional way, that is, by demand and supply,

but influenced by the economic slowdown and speculation on hydrocarbons,” he said.

Russia asked to broaden its cooperation with OPEC at a meeting in Vienna earlier this year

and said during a recent visit to Moscow by OPEC Secretary-General Abdalla Salem El-Badri

that it may store some oil to buoy prices.

But with Russia’s oil output down 0.5% in the first ten months of the year to 9.8 million

barrels a day, and with further declines likely, such steps may not be necessary.

“The fact that Russia’s oil production is already in a decline comes in very handy for the

government,” said Chris Weafer, chief strategist at investment bank UralSib, which sees

Russian output falling 2%-5%, or up to 400,000 barrels a day, next year.

Indeed, companies like OAO Lukoil Holdings , TNK-BP Ltd. and OAO Gazprom Neft have all

reined in billion-dollar capital expenditure programs for 2009 as Russia grapples with its

worst financial crisis in 10 years and global crude prices hover around $50 a barrel.

Helping lift oil prices higher would improve Russia’s relationship with OPEC. But higher

prices are also vital for budget revenue and for Russia’s trade balance.

Russia’s 2008 budget is based on an average oil price of $70 a barrel, which, despite the

recent weakness, should be achievable.

But next year envisages $95 a barrel which, if not achieved, would put pressure on budget

spending and the ruble.

Shokri Ghanem, head of the Libyan National Oil Co., told Dow Jones Newswires Tuesday that

Russia had a very important role to play in determining oil prices. “It has a very good

stake in the market.”

Asked if there were ongoing talks between OPEC or its members and Russia over a joint cut,

he said Russia “has an interest” in coordinating with OPEC. “It’s normal there should be

contacts” between this country and the oil-producing cartel, he said.

But Ghanem said he didn’t know whether OPEC members would call on Russia to lower output.

“Members will share views on the market Saturday. We don’t know” what the outcome will be.

Saudi Aramco will not sell any term fuel oil in the first-quarter of 2009, as it seeks to

retain supply for rising requirements from domestic utilities, traders said on Tuesday.

Saudi Arabia’s state oil firm, which typically offers a total of 250,000 to 300,000 tonnes

of fuel oil monthly, comprising of both spot and term, could offer spot cargoes if the right

condition presented itself.

“At the moment they have no plans to sell fuel oil on a term basis in the first-quarter, but

possibly on a spot basis,” an Asia-based fuel oil trader said. “This will only be if they

can optimise on price and market conditions.”

Aramco typically offers one or two spot fuel oil cargoes of about 80,000-90,000 tonnes

monthly during low peak demand periods.

As Middle East oil-producing economies surge, their demand for utility fuel used by

industries has swelled. Demand for electricity across the Gulf Cooperation Council (GCC) is

growing at an annual rate of around 8 percent.

Gas projects have failed to keep up with demand for electricity production. Apart from

Qatar, all Gulf states are short of gas.

Aramco, the largest fuel oil exporter from the Middle East into East Asia, usually offers

the 380-centistoke (cst) grade fuel oil parcel from its joint-venture refinery in Jubail or

the 180-centistoke (cst) lot from its Ras Tanura oil processing facility into the spot

market.

IMPROVING DEMAND

As fuel oil export flows from Saudi Arabia goes on ice, and demand from China re-emerges,

fuel oil cracks which dipped to a six-week low of minus $17.85 on Nov. 5, could get a boost,

traders said. Cracks improved to around minus $12 on Tuesday.

“Well if you have Aramco freezing up supply flows, and China re-emerging on the market to

buy, then likely you will find the cracks improving,” a Singapore-based trader.

“But remember there is a fair bit of supply coming into the Far East over the next two

months, maybe the market will be able to absorb the flows.”

Western arbitrage fuel oil flows into Asia for November are being pegged at about 2.5-3

million tonnes.

“There are so many uncertainties, bunker demand could dip because ships aren’t moving as

much as they should, and that could possibly throw off the overall demand, supply picture,”

an Asia-based fuel oil trader familiar with bunker fuel sales said.

“If bunker demand goes down, at least in Asia then the supply flows coming into the region

could cause an overhang, we have to wait and see.”

Singapore, the world’s top bunker port sells about 3 million tonnes of the marine fuel

monthly.