Top Headlines - part 72
BUSINESS July 25, 2012 | 12:18 PM
- Deal allows CNOOC to take over Nexen shale gas operations in British Colombia, oil sands projects in Alberta and overseas production/ exploration ventures
- Current domestic oil production in China limited; CNOOC has only 9 years of reserves accumulated
- Nexen deal to boost CNOOC reserve levels by 30%
Chinese state-run company CNOOC has agreed to a $15.1 billion deal to acquire Canadian oil producer Nexen in the biggest overseas energy buyout by a Chinese company.
CNOOC will take over Nexen's shale gas operations in British Colombia and its oil sands projects in Alberta as well as its production and exploration ventures in the North Sea, the Gulf of Mexico and off the west coast of Africa.Read more »
BUSINESS July 24, 2012 | 3:04 PM
- Ford recalls 11,500 model 2013 Ford Escapes due to faulty fuel line with fire risk
- Second recall for Ford Escape in past month
- Production of the Escape vehicle on track regardless of recalls
Ford Motor Company has launched a voluntary safety recall of its 2013 Ford Escape vehicles equipped with a 1.6-liter engine, which were still being manufactured up until July 11, 2012.
According to Ford, an estimated 11,500 model 2013 Ford Escapes were produced and sold in North America, with most of them present on the US market. The models equipped with a 2.0-liter or a 2.5-liter engine are unaffected.Read more »
BUSINESS July 23, 2012 | 12:18 PM
- Heineken holds 42% stake in Asia Pacific Breweries, seeks rest
- Bids placed by Thai Beverage Co and Heineken; Japanese brewer Kirin Holdings yet to respond
- Asia lucrative global beer market, largest market by volume
Dutch beer manufacturer Heineken NV has submitted a $4.1 billion bid to purchase Singapore's Asia Pacific Breweries, one of Asia’s largest brewers, in an effort to increase its presence on the continent.
Heineken offered to pay APB’s parent company Fraser & Neave $40 a share for its entire stake in APB; Heineken and F&N have been partners in Asia since 1931.Read more »
BUSINESS July 19, 2012 | 6:22 PM
- Telecoms worldwide losing money to upgrades and shrinking prices
- 4G usage expected to increase over next five years
- Telecoms may need to consolidate to survive
Mobile equipment manufacturers worldwide expected to see profit increase as more customers switch to smartphones, but the opposite has been true. As telecom operators switch to 4G, fourth generation networks designed to carry super-fast, high-capacity data and video, equipment manufacturers are forced to cut costs and lower their budgets.
Several factors are to blame, including low-cost Chinese manufacturers, technological advances driving prices down and mobile phone operators unable to convince customers to pay for higher usage and data when they can use free service such as Skype.Read more »
BUSINESS July 18, 2012 | 11:24 AM
- PC sales in US dropped 11%, worse than rest of world
- Windows 8 may boost PC sales but benefits will not be seen before year end
- Meanwhile, Apple iPad tablet sales up 151%
Sales for personal computers were down during the second quarter of 2012 as customers are increasingly attracted to smartphones and tablets, according to research from market analysts.
Reports from Gartner and IDC indicate that PC sales fell by 0.1% from 2011, down to 87.5 million units globally. In the United States, the drop was even more significant as sales dropped nearly 11% from the previous year to 15.9 million units. These recent declines mark the seventh-straight quarter of falling numbers.Read more »
ECONOMY July 17, 2012 | 12:24 PM
- China's growth slows to 2009 low of 7.6%
- Factory output and retail sales down
- China aims to reduce reliance on exports and investments
China's rapid growth rate has now slowed to a three-year low of 7.6%, according to its National Bureau of Statistics.
China’s growth has been decelerating for eight quarters, the longest steady decline since the nation’s government began reporting its gross domestic product (GDP) in 1992.Read more »
BUSINESS July 16, 2012 | 10:55 AM
- Target and Neiman Marcus partner to offer 50-item holiday season collection from 24 well-known designers
- Collection to be sold at both stores and online, expected to sell out quickly
- Both retailers say their customers overlap and that they have been trying to work together for years
US retailers Target Corp. and Neiman Marcus are partnering to bring customers a limited edition, designer collection for the end-of-year holiday season in the hopes of attracting new consumers and evolving their images.
Beginning Dec. 1, both stores will sell a 50-item collection featuring products designed by 24 respected designers like Oscar de la Renta, Marc Jacobs and Band of Outsiders. The specific product list will be revealed in an advertising campaign that begins in November, and is said to include apparel and accessories for men, women and children as well home decor items, pet accessories, sporting goods and electronic accessories.Read more »
BUSINESS July 13, 2012 | 9:31 AM
- ASML wins $4.1 billion from Intel to fund research on EUV lithography and 450mm silicon wafers
- New technologies expected to reduce manufacturing costs by up to 40%
- Intel first major semiconductor maker to ink deal under ASML's customer investment program
Intel Corp is investing close to $4.1 billion in Dutch chip manufacturing company ASML to boost its research into next-generation semiconductor technology.
The deal serves to fund research to develop a new technology known as extreme ultraviolet (EUV) lithography that allows for greater processing power while reducing the size of the chip.Read more »
BUSINESS July 12, 2012 | 1:51 PM
- Air Lease Corp orders 75 fuel-efficient 737 MAX Boeing airplanes
- Boeing expects over 1,000 737 MAX orders before end 2012
- Rival Airbus posted record margin over Boeing in 2011
Boeing has secured a $7.2 billion deal with US-based Air Lease Corp for 75 fuel-efficient 737 MAX airplanes, marking the first major order at the Farnborough Airshow, which started earlier this week in the United Kingdom.
The 737 MAX aircraft is Boeing’s answer to the popular A320neo from European rival Airbus, and newly-appointed President of Boeing Commercial Airplanes Ray Conner says Air Lease “is an ideal partner to help establish the 737 MAX in the leasing market”.Read more »
BUSINESS July 11, 2012 | 4:30 PM
- WellPoint privately offers to buy Amerigroup for $4.9 billion
- US to add 17 million Medicaid patients if new healthcare law is passed in 2014
- WellPoint aims to attract 9 million “dual eligible” Americans covered by both Medicare and Medicaid
WellPoint Inc., the second-largest medical insurance provider in the US, is purchasing managed healthcare provider Amerigroup Corp. for $4.9 billion.
Both companies serve Medicaid patients, a portion of the US population that is expected to grow to 17 million when President Barack Obama’s healthcare law goes into effect in 2014.Read more »