Business News - part 36

BP Report: US Oil Production Sets New Record In 2012

BP Report: US Oil Production Sets New Record In 2012

BUSINESS

  • US oil production increased by 1 million barrels a day for largest-ever yearly increase in 2012
  • Net oil imports to US down by 930,000 barrels a day
  • Global oil production grew 2.2% in 2012

The US oil industry reported an increase in output of 1 million barrels per day in 2012, marking the largest-ever yearly rise according to The BP Statistical Review of World Energy 2013, the 62nd annual report by oil giant BP Plc.

The increase is attributed to unconventional oil extraction methods, such as fracking, and caused net oil imports to the US to fall by 930,000 barrels a day, marking a 36% drop below their peak in 2005.

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AstraZeneca To Purchase US Respiratory Drug Specialist Pearl Therapeutics

AstraZeneca To Purchase US Respiratory Drug Specialist Pearl Therapeutics

BUSINESS

  • AstraZeneca pays over $1 billion for Pearl Therapeutics to add respiratory disease treatments to its portfolio
  • Market for dual bronchodilators to hit $8 billion in sales by 2021
  • Pearl Therapeutics developing new respiratory drugs

UK-based pharmaceutical giant AstraZeneca is purchasing US respiratory drug specialist Pearl Therapeutics for up to $1.15 billion to add respiratory disease treatments to its portfolio.

Initially, AstraZeneca will pay $560 million and, if specific development milestones are met, up to $450 million will be paid, with another $140 million to be added for sales-related payments.

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Automaker Chrysler Recalls Jeep Sport-Utility Vehicles Worldwide

Automaker Chrysler Recalls Jeep Sport-Utility Vehicles Worldwide

BUSINESS

  • Chrysler recalling nearly 630,000 Jeep sport-utility vehicles worldwide due to airbag, seatbelt and transmission cooler line problems
  • Recall affects Jeep Compass and Jeep Patriot SUV models from 2010 to 2012; and Wrangler SUVs
  • Chrysler Automaker refuses to recall older Jeep vehicles despite government request

American automaker Chrysler Group LLC is recalling close to 630,000 Jeep sport-utility vehicles worldwide because of mechanical problems and transmission leaks.

The recall affects 409,000 Jeep Compass and Jeep Patriot SUV models sold from 2010 to 2012 as well as 221,000 Wrangler SUVs. The Compass and Patriot models are recalled because of airbag and seat-belt problems, while the Wranglers have reported transmission cooler line leaks. 

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IBM Plans To Purchase Cloud Computing Company SoftLayer Technologies

IBM Plans To Purchase Cloud Computing Company SoftLayer Technologies

BUSINESS

  • IBM aims to better compete in cloud services arena with SoftLayer acquisition
  • IBM to combine existing offer with SoftLayer to form global platform division called Cloud Services
  • IBM cloud business up 70% in 2013 

Technology giant IBM plans to purchase cloud computing company SoftLayer Technologies for an undisclosed amount to better compete in the cloud services market against rivals Amazon Inc. and Rackspace Hosting Inc.

A number of companies, including IBM, have been in talks with SoftLayer since March, and the deal is expected to close in the third quarter.

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Salesforce Acquires Marketing Software Maker ExactTarget For $2.5 Billion

Salesforce Acquires Marketing Software Maker ExactTarget For $2.5 Billion

BUSINESS

  • Salesforce buys ExactTarget to better capitalize on social media marketing demand
  • ExactTarget marks Salesforce’s largest acquisition to date
  • Salesforce anticipates annual revenue of over $100 million from ExactTarget and other online-marketing acquisitions

Customer relationship management software and cloud computing giant Salesforce.com is set to purchase marketing software producer ExactTarget for $2.5 billion in a major push to capitalize on the demand for social media marketing.

With an expected end of July approval, the acquisition is Salesforce’s largest to date.

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Singapore Airlines Spends $17 Billion On Aircraft From Airbus, Boeing

Singapore Airlines Spends $17 Billion On Aircraft From Airbus, Boeing

BUSINESS

  • Singapore Airlines buys 60 new jets to better compete against regional airlines
  • New aircraft should help save fuel and modernize fleet
  • Competitor airlines have placed large orders for jets 

Singapore Airlines Ltd., with the third-highest cash reserves of any airline globally, has purchased 60 new airplanes from Airbus and Boeing for $17 billion in an attempt to compete against other regional airlines.

The order is one of the largest ever for the airline, and includes 30 Boeing 787-10X variants, the redesigned Dreamliner, and 30 Airbus A350-900s. The airline also has an option to purchase 20 Airbus aircraft.

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China Moves To Takeover Top US Pork Producer Smithfield Foods

China Moves To Takeover Top US Pork Producer Smithfield Foods

BUSINESS

  • China’s largest pork firm Shuanghui International bids $4.7 billion for Smithfield Foods in the US; deal could be largest Chinese takeover of a US company
  • Deal fuelled by 10-fold increase in demand for American meat among growing middle class in China
  • Committee on Foreign Investment in the United States (CFIUS) to investigate food safety concerns

China’s largest pork firm Shuanghui International has bid $4.7 billion to purchase Virginia-based Smithfield Foods, the biggest US producer of pork. The deal is fuelled by a 10-fold increase in demand for American meat, particularly protein-rich pork, among the growing middle class in China.

If successful, this deal would be the most significant buyout of an American company by a Chinese competitor, valued at slightly more than $7 billion, including debt.

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TUI Travel Buys 60 Boeing Aircraft For $6 Billion

TUI Travel Buys 60 Boeing Aircraft For $6 Billion

BUSINESS

  • TUI Travel buys Boeing 737 MAX aircraft to modernize its fleet
  • TUI Travel previously purchased Dreamliners, but problems have postponed flying
  • TUI Travel operates six European airlines: Corsair, Arkefly, TUIfly, TUIfly Nordic, Jetairfly and Thomson Airways

Global travel leader TUI Travel is buying 60 narrow-body Boeing 737 MAX aircraft for $6.1 billion in an effort to begin modernizing its fleet.

TUI Travel also has the option to purchase an additional 60 737 MAX planes on the same terms.

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Tablets Expected To Outship PCs by 2015

Tablets Expected To Outship PCs by 2015

BUSINESS

  • Tablet computer shipments predicted to grow 59% in 2013
  • Customers choosing smaller, cheaper tablets
  • PC market shrinking faster than expected

Tablet computers are forecast to outsell the entire personal computer market by 2015, according to market research firm IDC reports.

This year alone tablet shipments are expected to reach 229.3 million units, marking a 59% increase. The figure beats the number of laptops predicted to be shipped by end 2013.

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Compact Luxury A-Class Vehicle From Mercedes-Benz Introduced in India

Compact Luxury A-Class Vehicle From Mercedes-Benz Introduced in India

BUSINESS

High-end carmaker Mercedes-Benz has launched its smallest and most affordable offering in India, the A-Class luxury hatchback.

The new A-Class series is designed to target primarily young, first-time luxury car buyers in India. Still considered an untapped market, the introduction of the A-Class is part of the company's plans to offer new products in India this year, focusing on the compact luxury-car segment.

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