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Shell Stops Oil Spill In Nigeria

Shell Stops Oil Spill In Nigeria

BUSINESS

  • Shell to take care of third-party oil spill in Nigeria
  • Shell suspends operations in Gulf of Mexico deep water well
  • Shell pulls out of Syria to comply with EU sanctions

Disaster has been averted off the coast of Nigeria where Royal Dutch Shell contained a near 1.7 million gallon oil spill that occured while transferring oil to one of its takers around 75 miles from the coast. While investigating the spill, Shell also found another spill caused by an unidentified third party, which the company said it will clean up.

Shell brought journalists out to the Bonga field by helicopter where there was no oil sheen. The field is controlled from a ship rather than an oilrig.

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Sony Sells Flat Screen Venture to Samsung for $935 Million

Sony Sells Flat Screen Venture to Samsung for $935 Million

BUSINESS

  • Sony faces $1 billion loss, marking fourth-consecutive fiscal year of losses
  • Samsung will continue supplying Sony with LCD panels
  • Samsung to unveil 55-inch OLED TV at Consumer Electronics Show

Sony will sell its almost 50% share in its S-LCD Corp flat-panel screen joint venture with Samsung Electronics to Samsung for $935 million. After Sony leaves the joint venture, which began in South Korea in 2004, it will opt for a cheaper outsourcing option to reduce costs in its television manufacturing business.

Sony also holds a 7% share in a joint liquid-cristal display (LCD) panel manufacturing venture with Sharp.

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LG To Launch Largest-Ever OLED TV Panel

LG To Launch Largest-Ever OLED TV Panel

BUSINESS

  • LG to unveil its 55-inch panel at the Consumer Electronics Show in January
  • LG appoints head of TV division as CEO, to begin in 2012
  • LG breaks 50% mark of market share in third quarter of 2011

Thin-film transistor LCD technology manufacturer LG Display will showcase the biggest Organic Light Emitting Diodes (OLED) television developed to date at the Consumer Electronics Show in Las Vegas in January 2012.

OLED is different from LCD panels in that it uses pixels rather than liquid crystals. The most recent technology facilitates LED self-generating lighting with a reaction velocity to electric signals that is more than 1,000 times faster than the traditional LCDs. OLED technology boasts thin design and superior picture quality with greater contrast.

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Odds Highly Favorable For New Online Gambling Laws In The US

Odds Highly Favorable For New Online Gambling Laws In The US

BUSINESS

  • Nevada first US state to adopt a regulated intrastate online poker system
  • On-line gambling in most states widespread but rarely enforced despite income potential
  • Other states may look to Nevada as the “gold standard” for implementing legal online gambling

The state of Nevada is the grandfather of legalized gambling in the US, and is now planning to once again become the first in the nation to adopt a regulated intrastate online poker system starting early 2012.

“It’s historic. It’s indicative of the state’s leadership role in the gaming industry,” says Vegasinc.com.

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Europe Gets New ECB Loans to Promote Lending

Europe Gets New ECB Loans to Promote Lending

ECONOMY

  • European Central Bank lending banks a record $645 billion
  • EU needs over $1 trillion to repay debt
  • EU consumer confidence falls for the 6th-consecutive month

The European Central Bank is lending its banks a record $645 billion to retain credit flow and encourage banks to give loans to businesses and households. 

This new cash flush exceeds the $577 billion lent two-years ago, and is part of the largest European loan operation ever. The money is being lent at the current benchmark interest rate of 1%, with Barclays estimating that the project will release $252 billion into the European economy.

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Japan: Fukushima Nuclear Clean-Up To Span 40 Years

Japan: Fukushima Nuclear Clean-Up To Span 40 Years

WORLD

  • Japan sets 40-year roadmap to clean up the wrecked Fukushima
  • Fukushima plan will use robots and other new technologies to navigate hazardous waste
  • Tepco shares drop as a result of potential ramifications stemming from debt it has incurred

The Japanese government has released a 40-year plan that local officials feel is highly ambitious to clean up and decommission the Fukushima nuclear plant.

After being hit by both a debilitating tsunami and earthquake earlier this year, Fukushima was rendered out of commission and injured nearly 160,000 victims. However, Japan’s detailed 40-year plan should eventually return the surrounding area back to normal.

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Investment Firm Pays $20 Million For Sun-Times Media

Investment Firm Pays $20 Million For Sun-Times Media

BUSINESS

  • Deal includes over 40 websites, the Sun-Times and other newspapers
  • Paper to focus on digital strategy, charging readers subscription fee
  • Michel Ferro to serve as chairman, Timothy P. Knight as chief executive

In a deal is worth around $20 million, investment group Wrapports has acquired Sun-Times Media Holdings, which runs top daily and weekly newspapers including Chicago’s second-leading newspaper the Sun-Times and over 40 websites.

Second only to The Tribune, the Sun-Times has a circulation of almost 390,000. Sun-Times Media had filed for bankruptcy when James C. Tyree, then chief executive of Mesirow Financial Holdings, and other investors bought it in 2009 by for around $25 million. Since then,  Sun-Times CEO Jeremy Halbreich turned the outfit around, steering it away from bankruptcy by cutting costs, partly by way of staff cuts and outsourcing the paper’s printing to Tribune’s Freedom Center.

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Google Pledges Top Tablet For 2012

Google Pledges Top Tablet For 2012

BUSINESS

  • Google to release highest quality Android tablet in first half of 2012
  • CEO promises “brutal competition” for Apple
  • Android daily activation rate tops 700,000

Google will release a new tablet PC of “the highest quality” in 2012 that it believes will challenge the dominance of Apple’s iPad.

The internet search giant plans to have its new tablet on store shelves within the first half of 2012, according to an interview with executive chairman Eric Schmidt published in Italian daily Corriere della Sera.

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Does Google's Android System Infringe On British Telecom Patents?

Does Google's Android System Infringe On British Telecom Patents?

BUSINESS

  • British Telecomm suing Google in the US over Android mobile operating system
  • Case could result in Google paying royalties
  • Other companies also suing Google for infringement

The world’s oldest telecommunications company British Telecommunications is suing Google for patent infringements. The lawsuit was filed in the United States Court District for the district of Delaware.

In the 23-page lawsuit, British Telecomm says Google infringed on six of its patents, all of which are being used as part of the Android smartphone operating system. A company spokesman told the British newspaper The Guardian: “The patents in question relate to technologies that underpin location-based services, navigation and guidance information and personalized access to services and content.”

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Airlines To Pay Carbon Emissions Fee in EU Starting January 1

Airlines To Pay Carbon Emissions Fee in EU Starting January 1

BUSINESS

  • Airlines to rack up $12 billion in fees for 700 emissions permits by 2020
  • EU court rejects US airlines case against emissions fee
  • EU may withhold close to 1.5 billion permits to rectify over-supply

The European Court of Justice has backed a move to charge airlines a carbon emissions tax, to take effect on January 1, 2012.

US and Canadian airlines oppose the move, contending that the fee is in breach of the Open Skies Agreement, which clears airlines to fly from the EU to the US. Chinese carriers are arguing that it will mean they could have to pay out almost $125 million.

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