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24 business US oil boom comes with tradeoffs SIDNEY: Politicians are quick to extol the virtues of domestic oil drilling while ignoring the tradeoffs. Here in this fast-developing Western oil patch, the gritty side of America’s new oil boom is on display with rising crime, a slain schoolteacher, rents that have tripled and public resources stretched thin. That’s just the half of it. Some area high schools are at historic low attendance levels, students dropping out to work the oilfields. Menial service jobs go unfilled despite high wages, and most everyone worries that the boom is transforming small-town values into something new and unpredictable. “It’s just happened so fast, and many small communities just didn’t have time to plan,” said Mike Coryell, executive director of the Area Economic Development Council of Miles City, Mont., a town just south of the oil boom that struggles with spillover effects. “The impacts hit, but you don’t have the resources to attack it.” Deep below the surface of the Earth here are large quantities of crude oil trapped under rock that could make the United States less dependent on foreign oil if extracted. The Bakken formation, some 200,000 square miles of it, stretches across North Dakota, Montana, Native American reservations and parts of Canada’s Saskatchewan province. The area saw a short-lived boom in the 1980s, but technology back then allowed only vertical drilling. Breakthroughs in horizontal drilling, known as hydraulic fracturing, or “fracking,” have unleashed a new boom that many expect to last decades. Signs of the boom abound. Natural gas is flared in the middle of sugar-beet farms and on prairie ranches that look like the set of old TV Westerns. Just across the North Dakota line, oil rigs dot a landscape where President Theodore Roosevelt lived out his final years, and where explorers Lewis and Clark famously rendezvoused at the confluence of the Yellowstone and Missouri rivers. “We’re glad we have an area that’s booming... but it has totally ruined the quality of life around here,” said Kerry Finsaas, 60, walking her land, which abuts an expanded rail terminal near Trenton, N.D. “I’d say life as we knew it here is gone.” After 34 years on her land, Finsaas and her husband, Darrell, today look out the kitchen window at a natural gas flare a few hundred feet away. Crude oil is pumped into rail tank cars that stretch in front of their house almost as far as the eye can see. Nearby irrigation ditches adjacent to a new open-air disposal pond reek of sewage. “We don’t need a night light,” Finsaas said sarcastically. From Miles City, where Coryell struggles to keep pace with growth, it’s almost 50 miles to Sidney, Montana’s oil hub, and roughly 120 miles to Williston, ND, the heart of the region’s oil boom. Rents have risen so high in both places that workers now commute there from, and displaced families migrate to, Miles City. Coryell’s office is helping to secure funding for a new jail. That’s not the traditional work of economic development officials, but Miles City, like other area small towns, is burdened by rising crime. Parts of its current jail date to 1904. “We need them to find oil in Custer County, that’s what we need,” said Coryell, referring to the revenues such a strike would bring to towns in the region. “I don’t think people understand the impacts on a rural area, the small towns that are used to having a quiet lifestyle.” These impacts include sugar-beet farmers on tractors competing for space on tight two-lane highways with rumbling rigs that rush sand, water and heavy machinery to drill sites. Drunken driving arrests are way up, and police report seizures of uncommon illicit drugs. “Heroin is starting to come back. The drug activity has really changed in this region,” said Doug Colombik, the Miles City police chief. Cops on the beat feel a difference, too. “The level of aggression that we’re met with when we’re responding (to a call) has really increased,” Mark Kraft, 33, a night officer for the Sidney Police Department, said during ride-along with a McClatchy reporter. “It makes our job a little more dangerous than it was a couple of years ago.” The big wakeup call came in early January, when schoolteacher Sherry Arnold went for a morning jog in Sidney and never returned. Her remains were found months later across the state line near Williston. Police said the 43-year-old cancer survivor was kidnapped and killed. Two Colorado men who came to the area in search of work in the oilfields are charged in her death. Arnold’s slaying brought soul-searching over the costs of a transformative oil boom. Almost to a person, everyone interviewed in the region complained they no longer recognize people in the grocery store, and that they now must lock their doors. A large town here is home to fewer than 6,000 people, and leaving doors unlocked and keys in the car is the very definition of small-town life. “I think whenever you don’t know people, you become suspicious of them. You just have to remember that not all strangers are MOSCOW/JAKARTA: Bumi Plc, the coal mining group controlled by Indonesian investors including the influential Bakrie family, launched an urgent investigation into potential financial irregularities at its Indonesian operations, sending its shares down more than 30 percent. Bumi, co-founded by British-born financier Nat Rothschild, said yesterday it had commissioned an independent investigation into allegations concerning its Indonesian subsidiaries, including 29-percent owned PT Bumi Resources, Asia’s biggest exporter of thermal coal. Bumi is one of several foreignowned, London-listed miners that have raised corporate governance concerns among investors over the past year. The investigation into what Bumi called “potential financial and other irregularities” will be led by an as-yet unnamed law firm. It is expected to include a close look at some $300 million of funds used by subsidiaries and affiliated companies to develop new projects, and also at certain loans extended by PT Bumi, long a concern for investors. Bumi said that “an area of focus” would be the “extensive” development funds of PT Bumi, most of which were written down to zero at the end of last year, along with one potential mining project held by another subsidiary, PT Berau Coal Energy. “We feel it does have the potential to bring to light some gross (and potentially criminal) mismanagement of funds which may turn off shareholders in the short-term,” said bad,” said Maj. Robert Burnison, Sidney’s assistant police chief. “I tell people that, and to be aware of their surroundings ... just be cautious. You don’t have to be afraid.” Burnison recently counted 17 out-of-state license plates in the local grocer’s parking lot. This flood of new American workers, dubbed “patch rats” by locals, is also clogging up the criminal justice system in eastern Montana, he and others said. Richard Knights at broker Liberum Capital. PT Bumi Resources’ auditor, Mazars/Tjiendradjaja & Handoko Tomo, could not be reached for comment. Bumi, the most traded British mid-cap stock yesterday at 8 times its 90-day daily average, was down 25 percent at 1146 GMT, at 145.4 pence, off an earlier all-time low of 119.5 pence. PT Bumi shares in Jakarta slid 19 percent, while its bonds maturing in 2017 traded down nearly 20 basis points. Bumi’s stock has heavily underperformed the mining sector since its re-listing in June last year, weighed down by worries over its subsidiaries’ debts amid weak thermal coal prices, battles between shareholders and a complex corporate structure. The group’s Indonesian partners tried to oust Rothschild from the board last year after he called for a “radical cleaning up” of governance at PT Bumi, in what was seen as a sign of his frustration with the Bakries. In a reshuffle at Bumi Plc that followed, Rothschild stepped down as co-chairman, and key investor and coal entrepreneur Samin Tan took the chairman’s role. Tan, who paid $1 billion through a high interest loan for a 23.8 percent stake in Bumi Plc, is not happy about the firm’s financial problems and so decided to launch the investigation, said a source familiar with the matter, who declined to be identified because he was not authorized to speak to the media. The Bakries do not fully agree with the investigation, another TUESDAY, SEPTEMBER 25, 2012 “We average about a DUI a day now,” said Judge Gregory P Mohr, a city judge in Sidney, whose office is strained by mounting demands and no comparable increase in revenues. “All of the oil money goes west (to the state capital), but we need it here.” Montana has a “three strikes” policy, meaning a fourth drunken driving arrest is treated as a felony charge and conviction results in a 13-month prison sentence. — MCT GLENVIEW: Jerry Jimison, mayor of Glenview, Montana, stands in front of a new construction project. — MCT Shares slump as coal miner Bumi probes irregularities London shares fall 30% source said. Rothschild, however, supports the probe, a spokesman for the financier said. “It’s a major development for Bumi Plc, which now has Samin Tan in control. People have been wondering whether these national coal assets have been mismanaged,” said Jemmy Paul, an equity fund manager at Sucorinvest Asset Management in Jakarta, who manages over $200 million. “It will definitely hit all Bakrie related stocks.” Shares in other firms in the Bakrie Group, whose patriarch Aburizal Bakrie is an Indonesian presidential candidate, also fell yesterday on concerns over Bumi’s problems. Property developer Bakrieland Development and energy firm Energi Mega Persada both slid 12 percent, while plantation firm Bakrie Sumatera fell 9 percent. Stocks in Bakrie Group firms have been under pressure since PT Bumi, the group’s flagship firm, posted an unexpected first half loss because of derivative and foreign exchange losses. The performance also reflected weak coal prices and high costs that are making life tough for the sector. Operating costs for most of Indonesia’s coal producers, the lowest in the world, have risen sharply this year at a time when prices of thermal coal used in power stations have been battered because demand has weakened from top consumer China. “Clearly, given PT Bumi’s high debt levels, the repatriation of funds and focus on core coal mining business is critical,” said Liberum’s Knights. — Reuters Behbehani introduces Seat Leon FR, seat Copa 2013 KUWAIT: Mohammed Saleh and Reza Yousuf Behbehani Company recently unveiled the next generation of the popular Spanish car maker Seat, the Leon FR 2013 and the Leon Copa 2013. The new Seat Leon FR which has been completely revamped is a dynamic hatchback car equipped with the latest technologies. The Leon FR boasts of a powerful engine of 211 bhp with a 7 speed gear tip-tronic gear box. The car is accented with 18-inch alloy wheels, fog lamps, a sporty bumper, FR suspension, tinted rear windows, folding exterior mirrors, a sports steering wheel and sports seats with lumbar support. Offering drivers a wide range of functionalities, the new Seat Leon FR is top of the line in a compact segment. Meanwhile, the new Leon COPA special edition focuses on the sporty appearance and the turbo engine 160 bhp, xenon lights with LED rear lights. The car has witnessed major upgrades including, Bluetooth, the rear parking sensors, anti-dazzle interior mirror and much more. “We are very excited about the launch of the new Seat Leon FR and Seat Copa range in the Kuwaiti market. The cars offer cutting edge technology in their respective segments. Seat enjoys a very loyal market in Kuwait and drivers in particular have always given us very positive and constructive feedback of the range. We are confident that the Seat Leon FR and the Seat Copa special edition will meet success in the Kuwait market,” said Abdul Ghani Behbehani, Director at Behbehani. All Seat cars are designed based on its corporate philosophy of enjoyneering, which combines superior engineering with pure enjoyment and the Seat Leon FR and Seat COPA is the greatest testament of this philosophy. With innovative technologies, improved functionality and quality, the cars are not just a design masterpiece but being built on the German Auto manufacturer Volkswagen Group’s platform, it offers more driving comfort, stability and a higher standard of safety.
BUSINESS Dow rated high in top performers of the global chemical industry KUWAIT: The Dow Jones Sustainability World Index announced its rating of Dow as one of the top performers in the global chemical industry todaymarking the 12th time Dow has received this recognition since the launch of the index. In addition to improving its rating from last year, Dow achieved the highest score in the sector for Environmental Policy Management System. The Company’s overall score was 88 percent - 33 percentage points higher than the average for the ZELIENOPLE: In this file photo, a crew works on a gas drilling rig at a well site for shale based natural gas. — AP Gas drilling protests held PHILADELPHIA: Demonstrators in the United States and other countries protested Saturday against the natural gas drilling process known as fracking that they say threatens public health and the environment. Participants in the “Global Frackdown” campaign posted photos on social media websites showing mostly small groups. But organizer Mark Schlosberg said Saturday afternoon he thought the protests were going well and he pointed to photos showing larger demonstrations in South Africa and France as well as higher turnouts in cities in California, Colorado and New York. “I think it’s really the communities all over the world coming together to say, ‘We want to protect our water, we want to protect our air, and we want to safeguard our climate future by getting off dirty fossil fuels and saying no to fracking. We need to invest in a renewable energy future,’” said Schlosberg, who is national organizing director for Food & Water Watch, a Washington, DC, nonprofit that developed the GlobalFrackdown website and campaign. The immense volumes of natural gas found by fracturing underground shale rock around the country has spurred a boom in natural gas production that has been credited with creating jobs and lowering prices for industry and consumers. But scientists disagree on the risks of hydraulic fracking, a process that injects large volumes of water, sand and chemicals underground to break rock apart and free the gas. The US Environmental Protection Agency and many state regulators say fracking can be done safely, and the American Lung Association says it can help reduce air pollution. Opponents say the process can pollute water and sicken residents. At a park in Pittsburgh, protesters signed a petition calling for a moratorium on shale gas drilling. In Buffalo, NY, demonstrators called upon Gov Andrew Cuomo to ban hydraulic fracturing. Jennifer Krill, executive director of Earthworks, said about 50 San Francisco demonstrators marched along the waterfront to the Golden Gate bridge, carrying signs and banners. She posted a picture of a 30-foot-long white banner stretched out on the grass that listed chemicals used in fracking. “I thought it was a very eye-catching way to display one of the key problems with fracking, which is that the public does not know - unless the company chooses to disclose it - what chemicals are involved in hydraulic fracturing,” she said. Kathy Hanratty of Frack-Free Geauga said about 30 to 40 people turned out at a demonstration in the northeast Ohio county, which she said was not bad considering “it’s a small county and a rainy morning.” “It is an affected area,” Hanratty said. “We just had the seismic test trucks go past my house on Monday.” In Ohio, an injection well used to hold wastewater from the fracking process has been tied to a series of earthquakes in the Youngstown area. — AP Jazeera Airways awards 1,000th free ticket KUWAIT: Less than a year after its launch, award-winning Jazeera Airways yesterday celebrated the 1,000th free ticket awarded to beneficiaries of its frequent flier program, Jazeerati. Frequent traveler, Maryam Al-Hammadi, was rewarded a free flight for flying Jazeera Airways individually or with family ten times since the launch of the program in November 2011. The frequent flier program is available to all customers across the Jazeera Airways network and works by rewarding each customer or family with a free flight for every ten boarding passes they collect. Once collected, the traveler can redeem the boarding passes for a free flight to any Jazeera Airways destination. Once redeemed, the free flight will be available for a period of one year, and can be used towards any Jazeera Airways destination, at any time during the year, high season included. Jazeera Airways CEO, Stefan Pichler, said, “Our easy, simple and gimmickfree frequent flier program has made it an outstanding success in nine months only, with an average of three free tickets issued every day. Jazeerati is our way to thank you to all customers who choose to fly with Jazeera Airways to the Middle East’s great destinations.” Over the last year Jazeera Airways has rolled out a series of valueenhancing passenger experience- boosting initiatives. In addition to the frequent flier program, the airline launched easy and fast check-in alternatives, high-tech mobile booking options, and on-board duty free shopping service. Jazeera Airways is also ranked the highest in on-time performance (OTP) in the Middle East in the month of August 2012, as measured by FlightStats, the US-based global OTP tracker. The airline’s OTP for the month was 96 percent. With Jazeera Airways’ great on-time performance, yearround competitive fares, generous baggage allowance, the airline continues to offer more value to customers than any other offering by any airline in the Middle East. The airline operates a two-class cabin comprising of a Business Class and an Economy Class. Business Class travelers get both an upgraded experience and exclusivity, starting with exclusive check-in lines and business lounge access, up to 60 kilograms in free baggage allowance, and an exclusive on-board cabin. The airline’s Economy Class offers travelers free baggage allowance of 40 kilograms and free on-board meals with a changing menu every month. Jazeera Airways is an IATA-member airline and operates one of the youngest Airbus A320 fleets across the Middle East and North Africa. Jazeera Airways currently serves 17 destinations across the Middle East. industry group. Dow was one of only 11 chemical companies to be recognized in the World Index. Dow is ranked at the 97th percentile for all companies in the sector. “Dow people are living our corporate values of Integrity, Respect for People, and Protecting the Planet every day by delivering science and innovation to benefit our customers, our communities, and society”, said Neil Hawkins, vice president of Sustainability and EH&S. “The Dow Jones NEW YORK: The best way to reduce the federal deficit is through a combination of higher taxes and spending cuts, according to a group of economists. The 236 members of the National Association for Business Economics recently surveyed say the country needs more fiscal stimulus through 2013, but by 2014 it should be time to throttle back. The reason for the delay: the sluggish nature of the country’s economic recovery. A majority of the economists favor extending payroll tax cuts, current marginal income tax rates and current tax rates for dividends and capital gains for most or all taxpayers through 2013. Deep tax cuts that were passed under President George W. Bush expire at the end of December unless Congress takes action. At the center of debate: extending the cuts for everybody. or just households earning less than $250,000 a year. When it comes to making those cuts perma- Sustainability World Index is a highly regarded benchmark of sustainability performance and progressive business strategy. Their recognition is especially significant given the growing need for transparency and collaboration to drive lasting change.” “Membership in this index places Dow among the leading sustainability companies, not just in the chemical sector, but across industries,” said Doug May, vice president of Investor Relations. nent, the group is more split. Nearly three quarters think the payroll tax cut should not be made permanent. The group is almost evenly split about whether to make the tax cuts on income, dividends and capital gains permanent. The biggest economic worry for the group was not how much to raise taxes or how to trim the budget. The problem cited was indecision: 87 percent of the economists believe that uncertainty about what direction Washington will take is holding back the economic recovery. The survey on economic policies released Monday also forecast that short-term interest rates would remain at current levels for at least another year. The results are consistent with the last NABE semiannual survey, released in March. A slight majority of respondents - 59 percent - said that current U.S. monetary policy was “about right.” The percentage replying that monetary policy was “too stimulative” fell slightly com- TUESDAY, SEPTEMBER 25, 2012 “That’s a testimony to the value we place on sustainable practices and technologies - adding value for both our customers and stakeholders.” Dow’s 2015 Goals offer accountability and transparency for its progress toward solving world challenges. They include sustainable chemistry goals that drive product innovation, targets that address climate change and energy, reducing its own footprint, and protecting human health and the environment. Economists say US needs more taxes, spending cuts Sluggish economy to bounce back in 2014 Myanmar stalls investment law YANGON: Myanmar’s president has delayed an eagerly awaited foreign investment bill, an official said yesterday, asking for amendments to the law that aims to open up the long-isolated nation to overseas trade. Thein Sein returned the draft law to parliament at the weekend “with remarks”, according to Zaw Htay in the presidential office. “The president wanted to amend some of the provisions in the bill, which was approved by the Parliament,” he told AFP. Myanmar is seen by many investors as the next regional frontier market as businesses eye its huge natural resources, large population and strategic location between China and India. A spate of reforms have seen the international community roll back many of the tough sanctions put in place to punish a brutal junta that ruled with an iron fist until it was replaced by a quasi-civilian regime last year. Global corporate giants from Coca-Cola to General Electric have already begun to vie for a share of an expected economic boom in the impoverished nation. But observers had expressed concern over so-called protectionist measures in the law, including that foreign firms would only be able to own up to a 50-percent stake in joint ventures with local partners. Myat Thin Aung, vice chairman of Yoma bank, said the passage of the law had been complicated by disagreements between reformers in the president’s camp and those wanting to go slowly, who have a majority in the fledgling parliament. “If we protect our market, investors won’t come. We have to open up otherwise we will be left behind,” said the businessman, who is also a member of the Union of Myanmar Federation of Chamber of Commerce and Industry. The law will now be stalled for an unknown period of time, although the next sitting of parliament is expected to start in the third week of October. Respected Yangon intellectual Aung Tun Thet said the foreign investment legislation should not be seen as a “threat but as an opportunity” to attract much needed funds and expertise to an economy left in tatters after nearly fifty years of junta mismanagement. “We need to jump start the economy. Period. The law is the vehicle,” he told AFP. Observers say “cronies” of the former junta who grew rich thanks to their links to the generals opposed throwing the doors wide open to foreign rivals, while some local firms feared being swamped by overseas competition. But MPs earlier this month agreed to a more liberal version of the law than had originally been proposed. They altered a draft that would have allowed overseas firms to hold only up to 49 percent of a joint venture and required a minimum investment of $5 million, after concerns were raised that the funds required would preclude smaller deals. Thein Sein has vowed to put the economy at the centre of a new raft of reforms, following a series of dramatic political changes since almost half a century of outright military rule ended last year. Myanmar has invited foreign firms to invest in the mining sector and signed a series of oil exploration deals with foreign companies. Critics say the rewards of the nation’s energy bounty have so far only been shared among foreign investors and the regime, rather than its impoverished people. — AFP NEW YORK: Kellogg is hoping to turn cereal into a breakfast staple in China. The maker of Frosted Flakes, Pop-Tarts and Eggo waffles says that it formed a joint venture to sell its cereals and snacks in the country as early as next year. The breakfast giant says the deal will tap the infrastructure and local expertise of Wilmar International, a Singapore-based agribusiness, to expand its presence in China. The Battle Creek, Michigan-based company also plans to sell its Pringles chips through the joint venture. Kellogg acquired Pringles from Procter & Gamble Co. earlier this year, in a deal intended to expand its footprint overseas. Kellogg Co currently gets most of its revenue from North America, where growth in the packaged food industry has been relatively weak. But like other companies, Kellogg is increasingly casting its sights on developing KUWAIT: Mohamad Naser Al-Sayer & Sons Co held an electronic draw for its promotion campaign “The Holy Month of Ramadan 2012” in Al-Rai Showroom at 6:00 pm, on September 6 and 10, 2012, attended by representatives from the Ministry of Commerce and Industry. Abdul Aziz Ishkenani, and Mohammed Taha, Toyota, Al- Rai showroom manager. The winner of the Toyota FJ Cruiser 2012 was Aiman Abdullah Rashid Al-Harbi coupon # 260 a customer of pared with the percentage that held that same view in March, while the proportion answering that policy was “too restrictive” edged up. The economists said the Federal Reserve should not buy more bonds to support and stimulate the economy, as it has in the last few years. The survey was conducted between Aug 2 and Aug 24, before the Federal Reserve announced a third round of bond buying on Sept 13. Just 53 percent of the economists said that the action already undertaken by the Fed, known as quantitative easing, has been a success. There is also a widely shared expectation that health care costs in the United States will account for a larger share of GDP in 10 years than they do at present, assuming that the Affordable Care Act is not repealed. Finally, 46 percent of the NABE panel expects that in five years, the European Monetary Union will have less than its current 17 member countries. That’s down from more than 60 percent just six months ago. — AP KUWAIT: The winner Aiman Abdullah Rashid Al-Harbi is pictured with the officials. Al-Sayer congratulates Boubyan Bank winners KUWAIT: The wait is finally over. Wataniya Telecom’s customers can now get the iPhone 5, Apple’s newest device, at any of its branches across Kuwait. The most anticipated announcement reflects Wataniya’s efforts in assuring that its customers are provided with the latest and most desired products in the world of technology. The newly launched iPhone 5 is bigger, thinner and lighter than all the previous iPhones. This wonder device comes with aluminum back and the Retina display makes watching videos a real treat with vivid colors. The iPhone 5 is two times fasters than the 4S and it is one of the most responsive phones in the market - apps can be loaded within nano seconds. The exceptional features of the iPhone 5 include the iOS 6, which is Apple’s latest software technology. Other exciting features included are Maps in 3D and Passbook which is capable of managing movie-tickets, boarding passes and other transaction related documents. Boubyan Bank. The promotion “The Holy Month of Ramadan 2012” carried on through the holy month of Ramadan 2012, which enabled the customers a chance to enter the draw for every car bought through Boubyan Bank, entitling them to win a Toyota FJ Cruiser and a Land Cruiser 2012. The main reasons behind the remarkable success of this promotions was “the customer’s trust in Toyota flagship”. Al-Sayer congratulates all the winners. Wataniya is first telecom to release iPhone 5 markets such as China and India, where the appetite for convenience foods is growing more quickly. Kellogg notes that China is expected to be the largest food and beverage market within the next five years, as the ranks of middle-class consumers continue to multiply in large cities. As for cereal, which is not traditionally eaten in China, the company says consumption is rising as milk becomes a more common part of the diet. General Mills Inc, the maker of Cheerios and Wheaties, already has a joint venture with Cereal Partners Worldwide to sell several of its cereals in China. In an emailed statement, Kellogg noted that it has sold ìready-to-eat cereal in the China market for quite some time.î A representative for Kellogg was not immediately available to say which of the companyís cereals are already sold in China, or whether it will tweak its marketing or prod- iPhone 5 is available forcash or on easy installmentswhen customers subscribe to any Wataniya postpaid package. In a statement regarding the release of iPhone 5, Wataniya Telecom stated: “Our aim is to distinguish our customers amongst others and reward them by being the first telecom in Kuwait to acquire the iPhone 5. In spite of the high global demand, we were able to secure a significant stock to meet the needs of our customers.” Wataniya added “Our team works hard to provide products and services of high quality to customers as it all falls under the roof of rewarding them for being part of the Wataniya family. Wataniya provides a choice of the latest devices such as Android, Apple, BlackBerry and many others for customers to choose what best suits their preferences and liking.” Wataniya customers can now purchase the iPhone 5 from any of its branches across Kuwait. Kellogg wants China to wake up to cereal ucts to expand its presence through the joint venture. Kellogg says it hopes to start operating the joint venture Jan 1, pending regulatory approvals. For now, Europe remains Kelloggís largest international market. But the company is seeing weakness in the region, with its international sales in the second quarter down 3.8 percent. With the Pringles acquisition in February, Kellogg is also looking to move beyond the breakfast table. The deal catapulted Kellogg to the worldís secondbiggest salty snack maker, after PepsiCo Inc.ís Frito-Lay. Pringles is sold in more than 140 countries and gets two-thirds of its revenue from overseas. Kelloggís other salty snacks include Cheez-It, Keeblerís Club crackers and its new Special K crackers. Wilmar International is a unit of Yihai Kerry Investments Co Ltd. — AP
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