Oil giant Royal Dutch Shell has seen its quarterly profits jump by nearly 50% thanks to higher oil prices. The Anglo-Dutch company said profits for the first three months of the year were $4.9bn (£3.2bn) - up 49% on the same period last year. Shell said higher energy prices and growth in its business had helped boost profits from "low levels" seen at the end of last year. Profits for the last three months of 2009 were $1.2bn.
Those poor results prompted Shell to announce plans to cut 2,000 jobs before the end of 2010, helping to cut a planned $1bn in costs. Shell's chief executive Peter Voser said the turnaround in results for the first quarter of the year was "driven largely by our own actions", citing growth in production and exploration of new oil fields. But oil price rises on the international markets have also played their part..
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, July 13, 2010
Thursday, July 8, 2010
BP vows to clean up Gulf of Mexico oil slick
Oil giant BP has acknowledged it is "absolutely responsible" for cleaning up a huge oil spill after an explosion at one of its wells off the US coast. But BP boss Tony Hayward said the firm was not to blame for the accident which sank the Deepwater Horizon rig on 22 April, causing the slick. He said the equipment that failed belonged to drilling firm Transocean. Both companies are expecting lawsuits over the slick, which threatens to cause major ecological damage.
US President Barack Obama has described the oil leak as a "potentially unprecedented" environmental disaster. BP is responsible for this leak. BP will be paying the bill, he said. The US government has been putting pressure on BP to act quickly. In a BBC interview, Mr Hayward dismissed talk of a rift between BP and US officials.
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).
US President Barack Obama has described the oil leak as a "potentially unprecedented" environmental disaster. BP is responsible for this leak. BP will be paying the bill, he said. The US government has been putting pressure on BP to act quickly. In a BBC interview, Mr Hayward dismissed talk of a rift between BP and US officials.
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).
Norsk Hydro buys Vale's aluminium business
Norwegian aluminium producer Norsk Hydro has agreed to buy a majority stake in the aluminium operations of Brazilian miner Vale. The deal is valued at $4.9bn with Vale receiving $1.1bn in cash and a 22% stake in Norsk Hydro.
The Norwegian firm said the deal would improve competitiveness by securing access to bauxite and alumina. About 3,600 Vale employees will be transferred to Norsk, which already employs 19,000 people in 40 countries. Vale is the world's third largest coal mining company. As part of the deal, Norsk Hydro will buy Vale's 60% stake in the world's third-biggest bauxite mine, Paragominas, Brazil.
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 Norwegian firm said the deal would improve competitiveness by securing access to bauxite and alumina. About 3,600 Vale employees will be transferred to Norsk, which already employs 19,000 people in 40 countries. Vale is the world's third largest coal mining company. As part of the deal, Norsk Hydro will buy Vale's 60% stake in the world's third-biggest bauxite mine, Paragominas, Brazil.
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, July 6, 2010
Toyota is recalling another 600,000 vehicles in US
Liverpool are set to appoint a new chairman and ask a new bank to lead their search for fresh investment, BBC Sport understands. Martin Broughton has been approached, with the British Airways chairman considering forming part of a restructured board at Anfield. Barclays Capital, the bank's investment arm, will head the latest attempt to find a new buyer for the club. Co-owners Tom Hicks and George Gillett are ready to step down as co-chairmen. The Americans believe that by presenting a united front, potential investors are more likely to be found. Broughton has previously chaired the British Horseracing Board, and is a lifelong Chelsea fan.
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, July 5, 2010
M&M acquires 55% stake in Reva
Automobile major Mahindra & Mahindra (M&M) today acquired a majority stake in the Reva Electric Car Company Ltd of Bangalore. As a result, Reva Electric Car Co Ltd. will be renamed as Mahindra Reva Electric Vehicle Co Ltd. Under the agreement, which was signed today by the two companies, M&M will own 55.2% equity in the new company by a combination of equity purchase from the promoters and a fresh equity infusion of over Rs 45 crore into the company.
The buyout makes the Mahindra group a strong global player in the electric vehicle space. The board of Mahindra Reva will be headed by Pawan Goenka, president automotive and farm equipment sector, M&M, as its chairman. The board has five nominees from M&M, two from the Maini family, and one from AEV LLC, California (the Mainis and the US company are the two co-founders of Reva). An independent director will be added to the board later. Chetan Maini of the Maini Group will continue to play a leading role in Mahindra Reva as chief of technology & strategy and will continue to be on the board.
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 buyout makes the Mahindra group a strong global player in the electric vehicle space. The board of Mahindra Reva will be headed by Pawan Goenka, president automotive and farm equipment sector, M&M, as its chairman. The board has five nominees from M&M, two from the Maini family, and one from AEV LLC, California (the Mainis and the US company are the two co-founders of Reva). An independent director will be added to the board later. Chetan Maini of the Maini Group will continue to play a leading role in Mahindra Reva as chief of technology & strategy and will continue to be on the board.
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).
Apple passes Microsoft to be biggest tech company
Apple has pushed past arch-rival Microsoft to become the world's biggest technology company. Changes in the share price values of the two in Wednesday's choppy trading left the total value of Apple at $222bn (£154bn). Microsoft is now valued by investors at $219bn. The worth, known as market capitalisation, is calculated by multiplying the number of shares in a company by the current share price. Although Apple shares closed down 0.4%, Microsoft fell by 4%. Apple, which makes computers, iPods, iPhones and now iPads, almost went out of business in the 1990s. Its growth is partly owing to the launch of the stylish iPod in 2001. Its compatibility with existing - but not mass-selling - Apple computers lead customers to engage with them, just as Microsoft's products looked set for long-term dominance.
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).
Standard Chartered's Indian share offering opens
The UK's Standard Chartered Bank on Tuesday began selling its shares in India, in the first initiative of its type there by an overseas firm. It is selling shares through a method known as Indian Depository Receipts (IDRs), which show ownership of shares in an overseas firm. The price band for the offering is 100 (£1.47; $2.10) to 115 rupees per IDR. The bank, which makes most of its profits in Asia, will issue 240 million IDRs through the offer.
The UK's Standard Chartered Bank on Tuesday began selling its shares in India, in the first initiative of its type there by an overseas firm. It is selling shares through a method known as Indian Depository Receipts (IDRs), which show ownership of shares in an overseas firm. The price band for the offering is 100 (£1.47; $2.10) to 115 rupees per IDR. The bank, which makes most of its profits in Asia, will issue 240 million IDRs through the offer.
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 UK's Standard Chartered Bank on Tuesday began selling its shares in India, in the first initiative of its type there by an overseas firm. It is selling shares through a method known as Indian Depository Receipts (IDRs), which show ownership of shares in an overseas firm. The price band for the offering is 100 (£1.47; $2.10) to 115 rupees per IDR. The bank, which makes most of its profits in Asia, will issue 240 million IDRs through the offer.
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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