BUSINESS September 3, 2013 | 12:05 PM
Sinopec, or China Petrochemical Corporation, has purchased a 33% stake in US-based Apache Corporation's oil and gas operations in Egypt for $3.1 billion.
This purchase should boost annual energy output by around 9% for Sinopec, which is China's second-largest oil producer and Asia's biggest oil refiner. It also signifies the company’s first steps toward a global partnership to carry out oil and gas projects. The deal with Apache is the most recent in a string of similar transactions by oil firms in China seeking to gather enough global energy reserves to satisfy increasing national demand.Read more »
BUSINESS September 2, 2013 | 3:22 PM
Tiffany & Co., the world’s second-largest luxury jewelry retailer, posted at 16% increase in profit during the second quarter thanks to price increases and strong Asian sales. Global sales increased 4.4% to $925.9 million, below analyst stimates, and net income grew to $106.8 million. If it were not for the strong U.S. dollar, sales growth would have been 8%.
During the second quarter, the price of commodities fell, widening the gross margin for the first time in two years.Read more »
BUSINESS August 30, 2013 | 5:08 PM
The world’s largest biotechnology company Amgen Inc is purchasing Onyx Pharmaceuticals for $10.4 billion to get access to the growing cancer-drug market. The deal is Amgen's largest since 2001, and the third-largest biotechnology industry deal in the past three years.
The oncology market is growing rapidly, but the majority of Amgen’s current products are used to treat the effects of chemotherapy, such as anemia and lower white blood cells, while Onyx’s drugs treat cancer. Current cancer treatments have limited effectiveness, and pharmaceutical companies can charge high prices for new drugs.Read more »
BUSINESS August 30, 2013 | 12:06 PM
India's government has approved infrastructure projects worth over $28 billion to boost its economy and aid currency value.
According to Finance Minister P. Chidambaram, India will use the money to reinstate 36 stalled projects across a variety of sectors, including gas, road, oil, railways and power. The Indian Cabinet cleared as much as 18 power-related projects valued at $13 billion.Read more »
BUSINESS August 28, 2013 | 4:55 PM
According to digital analytics firm ComScore, leading internet portal Yahoo! Inc. attracted more traffic in July than Google, recording a total of over 196 million unique visitors – a 21% increase from the same period in 2012.
The numbers do not include Yahoo’s purchase of Tumblr, which ranks number 28 for traffic.Read more »
BUSINESS August 27, 2013 | 12:01 PM
Profit for Dutch brewer Heineken is down close to 17% to $858 million for the first half of 2013 due to bad weather and economic uncertainty in Europe and the United States.
Heineken, the world's number-three brewer by sales, also saw its group beer volume decline 3% as drinkers are increasingly turning to spirits and wine. The biggest drop was marked by 8% in western Europe, mostly due to cool weather and French beer taxes.Read more »
BUSINESS August 26, 2013 | 5:42 PM
Electric-car maker Tesla Motors has been awarded a 5-star safety rating for its Tesla Model S, which received the highest rating overall and in every subcategory from the National Highway Traffic Safety Administration, a US government agency.
With this ranking, Tesla’s Model S sedan sets a new safety record for “the lowest likelihood of injury to passengers”, beating out major car brands as well as SUV and minivan models for sale in the US.Read more »
BUSINESS August 22, 2013 | 10:28 AM
Austrian oil and gas leader OMV AG has paid $2.65 billion for stakes in oil and gas fields that belong to Norway’s biggest energy company Statoil ASA. The deal is the largest in OMV history, and is intended to help OMV offset oil and gas disruptions experienced in Yemen and Libya.
The deal gives OMV a 30% stake in the Rosebank oil field development; a close to 6% stake in the Schiehallion UK oil field redevelopment project; a 24% stake in the Gudrun Norwegian Continental Shelf oil and gas development project; and a 19% stake in the Gullfaks oil and gas field.Read more »
BUSINESS August 21, 2013 | 11:28 AM
Giant social network Facebook has purchased speech-recognition and machine translation startup Mobile Technologies for an undisclosed amount to give users a new tool to better connect with others on the web.
Mobile Technologies makes an automatic interpretation service for lectures, and it developed a speech-to-speech translator application for mobile phones called Jibbigo. The merger is set to help Facebook compete against rivals Apple and Google, which already offer speech recognition and search products; Apple’s smartphones use a voice recognition technology program called Siri, while Google offers Google Translate, a language translation app.Read more »
BUSINESS August 20, 2013 | 2:52 PM
Retail sales in the US rose 0.2% in July, marking the fourth consecutive month of increases says the Commerce Department. Excluding automobiles, gasoline and building materials, core retail sales in July actually grew 0.5%, or the highest growth since December.
Consumer confidence was boosted by an increase in home values, jobs, stock prices and household wealth.Read more »
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