BUSINESS September 20, 2011 | 4:44 PM
BP will buy out the remaining 50% stake of Brazilian ethanol producer Tropical BioEnergia to take full control of the company. BP Biofuels agreed to pay some $71 million for the combined 50% share held by Maeda Agroindustrial and LDC-SEV Bioenergia as part of the Tropical BioEnergia joint venture.
The partnership between the three companies began in 2008 when BP Biofuels began its ethanol operations in Brazil at a mill in Edeia, Goias state.Read more »
FINANCE September 19, 2011 | 4:11 PM
Five of the largest central banks in the world - the European Central Bank, the Federal Reserve, Swiss National Bank, Bank of England and Bank of Japan - will offer non-capped, three-month dollar loans to help leverage European banks under pressure from the debt crisis.
These fixed-rate dollar loans are for an unlimited amount as long as the central bank demanding the money has collateral.Read more »
BUSINESS September 16, 2011 | 5:43 PM
The US Department of Energy (DOE) loan initiative may double by the end of September despite having doled out $535 million to the now-bankrupt solar panel manufacturer Solyndra under the loan program. More than a dozen companies are awaiting the go ahead for close to $9 billion in loans.
The DOE previously sanctioned loans worth more than $10 billion across less than 20 companies including solar company Sunpower, renewable energy solution provider Abengoa, and geothermal company Ormat. The loans for Sunpower, Abengoa, and Ormat are to cover solar generation, ethanol projects, and wind generation and geothermal activities respectively.Read more »
BUSINESS September 16, 2011 | 5:11 PM
Sony will launch its new portable gaming device, the PlayStation Vita, on December 17 in Japan, with the rest of the world following in 2012.
The next-generation Vita will hit Japanese stands with 26 games available, including some popular titles, such as Ultimate Marvel vs Capcom 3, Ridge Racer, and Uncharted: Golden Abyss. Over 70 other games are sill in development, with Final Fantasy and Metal Gear Solid among those to be released next year.Read more »
WORLD September 16, 2011 | 4:46 PM
A new deep-space rocket will be ready for its first test-run lift off from Florida’s Kennedy Space Center in 2017, costing the National Aeronautics and Space Administration (NASA) $10 billion plus another $6 billion to build the Orion deep-space crew capsule.
The rocket, known as the Space Launch System (SLS), will be able to carry astronauts to an asteroid by 2025 and to Mars around five years later, further into space than astronauts have ever travelled before.Read more »
FINANCE September 16, 2011 | 1:58 PM
Research In Motion’s shares plunged during early trading September 16 in New York following yesterday’s announcement of a 59% plunge in second quarter profits. The BlackBerry manufacturer’s net income for Q2 slumped to $329 million, compared to $797 million in the same period last year.
New smartphone models were released late in the quarter; however RIM only shipped 10.6 million units, falling short of the 11 million to 12.5 million units it had predicted.Read more »
BUSINESS September 16, 2011 | 12:07 PM
After missing the deadline to finalize new agreement negotiations, the United Auto Workers union extended contracts with General Motors and Chrysler Group. Contracts with Ford were prolonged earlier in the week and are still being defined.
UAW leaders said to the media: “We are hopeful that an agreement can be reached soon. While we have made significant progress, we have not been able to secure a new agreement that we would recommend for ratification.”Read more »
BUSINESS September 16, 2011 | 10:46 AM
Facebook has introduced a new range of features including a “Subscribe” button and Smart Lists, which give users greater control over how they organize their contacts.
The “Subscribe” button lets people share updates only with certain people, allowing them to differentiate between close friends and acquaintances. It also gives the option of following profiles of public figures like journalists, celebrities and politicians, without having to send a friend request.Read more »
FINANCE September 16, 2011 | 9:25 AM
Swiss banking giant UBS has lost over $2 billion due to actions of a trader it employs, sending shock waves that reverberated throughout the trading day. Although UBS has declined to mention any particulars about the individual involved, 31 year old trader Kweku Adoboli was arrested by London police in relation to the fraud.
UBS AG shares dropped roughly 9%, closing at $11.41 on September 15.Read more »
BUSINESS September 15, 2011 | 6:02 PM
Target Corp’s website crashed after customers flooded the site following the launch of a Missoni product line. It took enthusiastic shoppers just hours to clear Target of the Italian designer’s stocks of fashion and home decoration goods.
Amazon.com had been running Target’s website until the company recently took up the task. The Missoni product launch was the first prominent campaign for Target following its taking over the website. Though momentarily overwhelmed by demand, Target responded swiftly ordering in more stock to fill its emptied shelves.Read more »
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