Business briefs

Guyana closes Malaysian-owned timber company

Government officials said Tuesday they have ordered the closure of a Malaysian-owned timber factory following the death of a worker last week and two recent fatal accidents.

The Barama factory will remain closed until authorities determine how a worker found near a veneer-cutting machine died, Guyana's Labour Minister Manzoor Nadir said.

"Too many young people are dying at the workplace," he said. "Barama has had three deaths in the past year. This is unsatisfactory."

Company officials did not return calls for comment, and authorities did not provide details on the other two deaths, although they are believed to be accidents and are not being investigated by officials.

On September 2, employees found the body of Jason Fraser, 30, at an idle plant whose machines were not being used. Authorities said he appeared to have been crushed, but not by the machine he was found beside. Nadir said he would not have fit through the machine's narrow opening.

"I am not satisfied with the police investigation," he said.

The plant where Fraser's body was found is located in the western region of the South American country.

Barama Company Limited has a concession of 1.6 million hectares (4 million acres).

Venezuela inflation up slightly

Venezuelan officials say consumer prices rose 1.6 per cent in August and that annual inflation stands at 29.7 per cent.

Venezuela's inflation has been Latin America's highest for five years despite price controls on many foods set by President Hugo Chavez's government.

Prices have been driven up by insufficient supply to meet demand - both inadequate domestic production and also restrictions hindering imports.

The monthly inflation rate of 1.6 per cent for August reported by the central bank on Tuesday was slightly higher than the 1.4 per cent recorded in July.

Inflation in the first eight months of 2010 was 19.9 per cent, surpassing the same period last year by 4.3 percentage points.

Explosion at Mexican refinery

An explosion at Mexico's third-largest refinery Tuesday killed one worker and injured 10, the state-run oil company said.

The blast at the Cadereyta refinery outside the northeastern city of Monterrey was caused by a leak in a hydrogen recirculation compressor, Petroleos Mexicanos, or Pemex, said in a statement.

Pemex said the injured workers were in stable condition, though two had burns over most of their bodies.

The company said two of the plant's 32 processing modules were closed temporarily "as a preventative measure" after the blast, but that the other 30 were operating normally. Pemex said the plant's processing capacity had been reduced from 215,000 to 200,000 barrels per day, but pledged that would not cause any fuel shortages.

The explosion comes as Mexico is trying to find ways to improve its declining refining capabilities and reduce its dependence on fuel imports.

Mexico, one of the world's largest oil producers, has to import more than 40 per cent of the gasolene it uses, a surge from just 6.9 per cent 20 years ago.

US trade deficit narrows

The trade deficit narrowed significantly in July as exports climbed to the highest level in nearly two years, reflecting big gains in sales of US-made airplanes and other manufactured goods while imports declined.

The US Commerce Department says the July deficit fell 14 per cent to US$42.8 billion, much lower than economists had forecast. The lower trade deficit should give a boost to overall economic growth.

Exports rose 1.8 per cent to US$153.3 billion, the best showing since August 2008, as sales of jetliners, industrial machinery, computers and telecommunications equipment all posted large gains. Imports, which had been surging, dropped 2.1 per cent to US$196.1 billion.

HP-Oracle alliance frayed

Hewlett-Packard Company's quarter-century alliance with Oracle Corp has been "strained" by the dispute over Oracle's hiring of ousted HP CEO Mark Hurd, HP's interim chief said Wednesday.

Cathie Lesjak also said Hurd needs to be "reminded" that he signed agreements to keep HP's trade secrets and other confidential information secret. She said that's why HP is suing to stop him from working at Oracle.

As evidence of the troubled relationship between the Silicon Valley heavyweights, Lesjak pointed to comments by Oracle CEO Larry Ellison late Tuesday that HP's lawsuit is "vindictive" and that HP's board is "making it virtually impossible for Oracle and HP to continue to cooperate and work together.

"Mark signed a number of agreements to keep trade secrets and confidential information confidential, and it's important for him to be reminded that he signed those agreements," Lesjak said at the annual Citi Technology Conference in New York.

- AP