SINGAPORE has been named the fourth best country in the world in which to do business, an achievement that could help pull the country out of its worst recession in history.

The annual ranking of business-friendly countries, compiled by financial magazine Forbes Asia, saw Singapore jump four spots from last year, leapfrogging Britain, Sweden, Ireland and Finland.

OIL rig tenders worth as much as US$16 billion may soon be up for grabs with Singapore, a major player in the industry, well-placed to cash in.

Brazilian oil giant Petrobras announced on Thursday that it will invest US$174 billion over the next five years in oil exploration and production with tenders to be placed in May for 28 rigs.

GENEVA - THE United Nations warned on Thursday that the global economic crisis could create up to 100 million 'new hungry' as it wipes out jobs in poorer countries.

'The evidence that we have, still anecdotal, is that the problem is starting up,' said David Nabarro, a UN Assistant Secretary General and coordinator of a task force on global food security.

LONDON - RON Dennis has quit as chief executive of McLaren, handing over to team principal Martin Whitmarsh, the Formula One team said on Thursday.

Dennis is to focus on the automotive side of the company, with the aim of launching a new McLaren sports car in 2011.

The 61-year-old, who has been involved with Formula One for 43 years, took over as McLaren Racing boss in 1981, but handed that responsibility to Whitmarsh earlier this year.