BP says the cost of its Gulf of Mexico oil spill has risen to $8bn (£5.2bn) - a rise of more than $2bn in the last month alone. The company said it had paid out about $399m in claims to those affected by the spill. Last week, responsibilty for the claims was transfered to the Gulf Coast Claims Facility (GCCF), which has so far paid out a total of $38.5m. Plans to permanently seal the well were also progressing well, BP said. BP said the capping stack placed on top of the well in July was removed on Thursday. This will allow the failed blow-out preventer from the Deep Water Horizon rig to be removed, and a new blow-out preventer put in place. BP said this would allow the drilling of the relief well to continue. It is now expected to be completed in mid-September. Meanwhile, the company said no new oil had flowed from the damaged well into the Gulf since the leak was stopped in mid-July.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Tuesday, September 21, 2010
RBS to cut a further 3,500 jobs
Royal Bank of Scotland, which is more than 80% government-owned, is planning to cut 3,500 jobs from its technical and back office division in the UK. About a third of the job losses are as a result of RBS selling 318 of its branches to Santander, reducing its number of customers and transactions. The Unite trade union described the jobs losses as a "horror story". An estimated 27,000 job losses have been announced since RBS unveiled its restructuring plan early in 2009.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Burger King sold to buy-out firm for $3.26bn (£2.1bn)
Burger King is being sold to private equity firm 3G Capital in a deal valued at $3.26bn (£2.1bn), it has been announced. The fast food chain, with 12,100 outlets worldwide, had been the subject of takeover rumours for days. Burger King floated on Wall Street in 2006, four years after being bought by a group of private equity firms. The group - TPG Capital, Bain Capital and Goldman Sachs Funds - still own 31% of Burger King shares. The deal, worth $24 a share, comes after Burger King's stock price surged more than 15% on Wednesday and opened on Thursday up 23% at $23.25. In a statement, the companies said that the deal represented a 46% premium to Burger King's share price before news of a possible takeover surfaced. 3G will also take on Burger King's debt, valuing the deal at $4bn in total.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Monday, September 20, 2010
Redcar Corus steel plant: discussions over £320m sale
A £320m deal to sell Teesside's Corus steel plant - mothballed with the loss of 1,600 jobs - is being discussed. Teesside Cast Products (TCP) was partially mothballed in February when a consortium pulled out of a deal. Thai steel company SSI has now signed a memorandum of understanding to buy the Redcar site from Corus. If the deal goes through, a "significant" number of jobs would be created in addition to the existing workforce of over 700. Corus managing director Kirby Adams said: "We are very pleased to announce this significant progress in our long-held objective to sell the TCP assets to a strategic industry investor.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Toyota recalls one million Corolla and Matrix cars
Toyota has announced another recall involving more than one million cars in the US and Canada with potentially faulty engine control systems. The models affected are the Corolla and Matrix made between 2005 and 2008. The Japanese carmaker said three unconfirmed accidents were "alleged to be related" to the problem, one of which resulted in a "minor injury". Last month, Toyota recalled 700,000 cars worldwide and has now recalled about 10 million in the past year. The two recalls in July were due to steering and engine problems, while those earlier in the year were because of sticking accelerator pedals.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Blackberry gets 60-day India ban reprieve
India has said it will delay a ban on Blackberry devices for 60 days while it reviews proposals from the gadget's maker, Research in Motion (RIM). A ban had been threatened from Tuesday, as India said its security services needed greater access to encrypted services. It wants the ability to monitor secure e-mail and instant messaging services provided by the firm. RIM has said it will support the country's need for "lawful access". But it maintains that it does not do "specific deals" with countries. The firm said earlier that it had offered to lead an industry forum focused on supporting the lawful access needs of law enforcement agencies. It said that the forum - which would include other telecoms firms - would work with the Indian government to develop "policies and processes aimed at preventing the misuse of strong encryption technologies".The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Monday, September 13, 2010
Cairn Energy likely to pay $1 bn tax on Vedanta deal
The Finance Ministry today said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources. This deal will attract a capital gains tax of 11.33 per cent, a Finance Ministry official said. Edinburgh-based Cairn Energy Plc is selling up to 51 per cent stake in Cairn India at Rs 405 per share to billionaire Anil Agarwal-controlled Vedanta Resources Plc. Together with mandatory 20 per cent open offer, the acquisition will cost Vedanta $9.6 billion. London-listed mining firm Vedanta Resources said capital gains tax arising out of its proposed acquisition of stake in Cairn India will be paid by Cairn Energy Plc. Tax will (have to) be paid by Cairn Energy Plc at an applicable rate of tax on capital gains, a Vedanta spokesperson told PTI.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Friday, September 10, 2010
Reliance Broadcast forms JV with CBS to own TV channels
Anil Ambani Group firm Reliance Broadcast Network (RBN) today said it has completed its final negotiations with US media conglomerate CBS Corp to form a JV to own and operate TV channels. RBN, previously known as Reliance Media World, will form a 50:50 joint venture with CBS Studios, a division of CBS Corp, the company said in a filing to the Bombay Stock Exchange. The JV will own and /or, operate, market and promote a portfolio of television channels in India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan, it added. With RBN's multimedia presence and integrated sales offerings, combined with the content muscle of CBS, BIG CBS stands to bite into a sizeable slice of India's burgeoning television industry.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
Vedanta's India mine plan skewered by official report
UK mining group Vedanta should not be given permission for a bauxite mine in the east Indian state of Orissa, a government report has found. Allowing mining in the proposed area would deprive two tribes of their rights, says the report commissioned by India's environment minister. Vedanta's plans to extract bauxite from a hill revered by a tribal community have caused controversy. Vedanta said it would abide by a final government decision. Environment Minister Jairam Ramesh said the report would be considered by the Forest Advisory Committee on 20 August, after which he would rule on the plan.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
India sets Blackberry monitoring deadline
India has sent formal notices to the country's mobile operators telling them they must have equipment to monitor Blackberry services by 31 August. The move will increase pressure on Blackberry maker Research in Motion (RIM) to allow Indian security agencies access to encrypted messages. Tata Teleservices told BBC News that the letter said it must "ensure that Legal Intervention (LI) capability is put in place" by the end of the month. RIM said it grants "lawful" access. A spokesperson for Tata Teleservices said: "As a Tata Group company, we have always abided by the law of the land and will do so here too". Other operators have confirmed that they received a similar request.The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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