BUSINESS January 5, 2012 | 2:47 PM
Athabasca Oil Sands Corp. is selling off its remaining 40% stake in Canada’s MacKay River oil sands project to PetroChina, Asia's largest oil company, for the sum of nearly $680 million.
This announcement comes just two years after Athabasca sold 60% of its MacKay River shares to the same China-based oil company. The deal makes PetroChina the first Chinese company to wholly own a Canadian oil sands development.Read more »
BUSINESS January 4, 2012 | 2:47 PM
With Southwest's lucrative hedges now expired, the US's largest low-cost airline has to come up with a new strategy to drive profit.
In the past, Southwest Airlines was the envy of the industry with its long string of repeated profitable quarterly reports thanks to fuel hedging. Southwest had locked-in buying options that guaranteed it low costs for fuel at a time when gas prices were dramatically rising.Read more »
BUSINESS January 3, 2012 | 4:38 PM
New York Times Co. is selling its Regional Media Group to Halifax Media Holdings LLC for $143 million. The sale is expected to be completed in the next few weeks and could net Times Co. $150 million in after-tax proceeds.
The company told reporters in early December that it was in talks with Halifax.The sale will affect 16 newspapers in California and the southeastern US. Combined, the papers have a circulation of 430,000 and include The [Santa Rosa, CA] Press Democrat, The Sarasota [Florida] Herald-Tribune and The [Wilmington, NC] Star-News.Read more »
BUSINESS December 29, 2011 | 5:45 PM
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.Read more »
BUSINESS December 29, 2011 | 3:00 PM
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.Read more »
BUSINESS December 28, 2011 | 4:52 PM
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.Read more »
BUSINESS December 27, 2011 | 4:08 PM
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.Read more »
BUSINESS December 23, 2011 | 11:31 AM
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.Read more »
BUSINESS December 23, 2011 | 10:48 AM
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.Read more »
BUSINESS December 22, 2011 | 3:11 PM
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.”Read more »
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