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OPEC expected to approve drastic cut in oil production

OPEC LogoParis /Oran, Algeria - Members of the Organization of the Petroleum Exporting Countries (OPEC) are expected to approve a cut in oil production of up to 2 million barrels per day when they meet later Wednesday in the Algerian city of Oran.

With global oil demand falling this year for the first time since 1983, the 12-member cartel has already found consensus that a drastic production cut is necessary to shore up the price of oil, OPEC President Chakib Khelil said.

The price of a barrel of crude oil has fallen by some 70 per cent in five months because of the global economic slump.

Wine festival in Pune

Pune, Dec 17 : Wine lovers from across the country recently thronged Pune to attend Wine Tasting Festival where more than 50 varieties of wine from 12 leading Indian wineries were on display.

The festival was hosted for the second time by the Pune Gourmet Club. Besides showcasing the different varieties of wine, the event also emphasized that the consumption of wine has positive effects on health.

"The whole idea of wine tasting and wine drinking with meals is a beverage and it is a luxury drink. It is something to do with lifestyle choice. It also has some positive effect for your health," said Paul Bailey, a winemaker.

Winemakers and wine trainers were also conduct a special class for the visitors.

US congressional panel cites tipping point on nuclear proliferation

nuclear Washington, Dec 17 : The development of nuclear arsenals by both Iran and North Korea could lead to "a cascade of proliferation," making it more probable that terrorists could get their hands on an atomic weapon, a congressionally chartered commission has warned.

"It appears that we are at a tipping point in proliferation," the Congressional Commission on the Strategic Posture of the United States said in an interim report to lawmakers that was released yesterday.

Snoop Dogg puts garden shed up for grabs on eBay

Washington, Dec 17 : Rapper Snoop Dogg has put his garden shed on the eBay auction block to raise funds for charity.

Job loss less than half of cited figure, says research

Washington, Dec. 17 : According to the University of Maryland''s Inforum economic research unit, the job loss figures currently being reported in the United States are misleading and overrated.

"The impact of a Big-3(automakers-GM, Chrysler and Ford) bankruptcy and restructuring would be severe, but frequently-quoted job loss figures are misleading and overstated," the research says.

The study says job dislocation would be far less than what is being anticipated. In a worse case scenario, peak job dislocation from restructuring would be half of the three million mark commonly cited by the media.

Log on to DressRegistry.com to wear exclusive dress at Obama’s inaugural ball

Barack ObamaWashington, Dec 17 : As the date of Barack Obama's inauguration ceremony draws near, women in Washington DC are making sure that they do not turn up for the event wearing the same outfit as someone else - and they have found the ultimate solution to the problem-DressRegistry. com.

At the 2006 Kennedy Center Honors, first lady Laura Bush found herself in an awkward position when she showed up at the event in the same red Oscar de la Renta gown worn by three other women there.

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