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3D technology looks set to hit the home consumer market next year, with Sony today announcing plans to sell 3D televisions globally by the end of 2010. Sony’s decision to throw its weight behind the technology will be an important boost for the 3D industry, which has so far focused mainly on cinemas. British Sky Broadcasting has said it would introduce a 3D satellite channel in the UK next year, but it had been unclear whether there would be equipment available to view it on. Speaking at the IFA technology trade show in Berlin, Sir Howard Stringer Sony chief executive, will announce plans not only to sell 3D Bravia television sets, but to make Sony’s Vaio laptop computers, PlayStation3 games consoles and Blu-ray disc players compatible with the technology. Read more

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PetroChina announced today that it has agreed to pay US$1.7Bfor a majority stake in two Oil sands projects in northern Alberta in the latest of several Chinese investments to help develop the world’s second-biggest Crude Oil reserves. The two projects, known as Mackay River and Dover, are being developed by Athabasca Oil Sands, a privately held Calgary-based group. “Oil sands projects are very capital-intensive, long-term investments and difficult to fully finance in the traditional equity market,” Bill Gallacher, Athabasca’s chairman said on Monday. “therefore we decided to look for joint venture partners.” PetroChina will acquire a 60% stake in the two projects, but Sveinung Svarte, Athabasca’s chief executive, told the Financial Times that “both of us have to reach decisions on the major issues”. The bitumen-like Oil Sands have drawn growing interest from Chinese energy groups.

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US carmaker Ford Motor Co. announced yesterday that it is boosting Q-3 production in North America by another 10,000 units to meet increased demand for its vehicles. According to Ford Americas President Mark Fields, the company’s third-quarter production goal is now 495,000 units, about 18% higher than a year ago. Ford also increased its production targets for the fourth quarter to 570,000 vehicles, a 33% increase over the same period last year. Ford is one of the biggest beneficiaries of the federal government’s “cash for clunkers” program. Its Ford Focus compact has been one of the most popular choices for customers taking advantage of the program, which provides up to US$4,500 to motorists trading in gass guzzlers for new, more fuel-efficient vehicles. Recently US President Barack Obama signed into law a US$2B extension of cash for clunkers program after Transportation Secretary Ray LaHood warned Congress the program was about to use up the initial US$1B allocated by lawmakers.

Popularity: 2% [?]

Wal-Mart Stores Inc. reported Q-2 earnings Thursday that beat Wall Street expectations, and they said that they are preparing for the US consumers’ newly adopted frugality to be the “new normal” as they do not expect consumer spending to recover in the near term. Lower-priced stores may be suffering less than other retailers during the recession, but that still presents big challenges. Wal-Mart saw an unexpected drop in same-store sales at its U.S. stores for the quarter. Spokesman John Simley said the quarterly decline is believed to be Wal-Mart’s first ever, but noted that same-store sales would have been flat without food price drops. Same-store sales is a Key industry indicator comparing year-over-year sales at stores open more than a year. Customers at Wal-Mart, the world’s largest retailer, are paying for more of their purchases in cash or with debit cards than with credit cards, and they keep buying less expensive products and smaller amounts.

Popularity: 2% [?]

UBS and the US government have agreed to an out of court settlement ending one of the most bitter assaults on Switzerland’s hallowed bank secrecy laws. The case has significant implications for the future of client confidentiality, amid fears among many Swiss bankers that a dilution of traditional secrecy rules could prompt a defection by worried foreign customers. No details of the deal were revealed yesterday, pending formal signing, probably early next week. However, lawyers said the settlement would involve UBS supplying the names of least 5,000 US offshore clients and possibly paying a big fine. Shares in the bank closed up 3% at SFr16.34 on relief that the issue had finally been resolved. Read more

Popularity: 2% [?]

Yesterday General Motors revealed that its Chevrolet Volt plug-in hybrid car would boast fuel consumption of 230 miles per gallon in city driving making it far more efficient than existing environmentally friendly cars. Fritz Henderson, GM’s chief executive, provided the estimate as part of a drive to burnish the car maker’s image and win back customers since its emergence from a court-supervised restructuring early last month. The Volt, due to go into production in late 2010, will be powered mainly by a battery pack with a 40-mile range. A small internal combustion engine will extend the range by recharging the battery while the car is in motion. The 230 mpg fuel-consumption figure is based on draft guidelines being developed by the US Environmental Protection Agency. Toyota’s Prius hatch-back, the top-selling hybrid, carries a fuel-economy rating of 48 mpg.

Popularity: 2% [?]