Indian refiner and power generator Essar Energy on Monday said core earnings had fallen by 10 percent in 2011 due to weaker refining margins and the depreciation of the Rupee in the latter part of the year. Full year earnings before EBITDA stood at $624.8m compared with $696.5 the year before. Shares in Essar are…
Spain’s largest phone company, Telefonica, announced on Friday that its full year operating profit had decreased to €20.2bn from €25.8bn year-on-year. Net profits were down to €5.4bn from €10.1bn in 2010. The fall was caused by lower domestic revenue and costs of cutting jobs amid rising unemployment, which saw customers switch to cheaper rivals, Telefonica…
A Chicago court found on Wednesday that BP and its minority partner Anadarko Petroleum will be liable under federal pollution laws for civil damages and their roles in the Macondo 2010 Gulf of Mexico oil spill. The New Orleans judge ruled that the companies are liable under the Clean Water Act and the Oil Pollution…
Mexico’s largest retailer, Wal-Mart de Mexico or Walmex, late on Monday announced a 26 percent rise in fourth quarter profits to MXN$8.23bn compared to MEX$6.54bn during the final quarter of 2010. Results were achieved through an aggressive expansion and a major holiday sales event in the last months of 2011. Revenues according to retailer climbed…
US buyout firm Vista Equity Partners announced late on Monday that it has made an approach to buy British banking software company Misys. Although no price was mentioned analysts value the deal at an estimated £1.2bn or 360p a share. Vista’s move comes just two weeks after Misys confirmed that it was approached by Swiss-based…
Oil prices on Monday climbed to a nine month high, close to $105 a barrel on the New York Mercantile Exchange, after Iran’s oil ministry said late on Sunday that it had halted crude exports to both France and Britain. The move comes in retaliation to the EU’s imposed sanctions on Iran’s fuel exports, which…
Don’t Wait Until It’s Too Late? Have you ever wondered what happens if you should suddenly pass away and your property is held in a Mexican corporation? Well it’s not pretty.Unfortunately in the last 4 months, I’ve had 2 clients suddenly pass away; one from a sudden illness, and the other by suicide. Neither of…
Anglo-Australian miner Rio Tinto said on Thursday that its top executives will not take a bonus this year following an $8.8bn hit on its aluminium business Alcan. The mining giant reported a 50 percent drop in annual net profits to $5.8bn compared to $14.32 the year before. Rio CEO Tom Albanese took full responsibility and…
Switzerland’s biggest lender by assets, UBS AG, announced on Tuesday a 76 percent fall year-on-year in net profits for the fourth quarter of 2011 in the wake of its $2bn rogue trading scandal last year. Figures fell to SFr393m for the quarter compared to a SFR1.66bn a year earlier, and were below analyst’s average estimates…
The Chinese government on Monday announced it has prohibited state-owned airlines from paying EU-imposed charges on carbon emissions. The move by the Civil Aviation Administration of China, which is the globe’s fastest growing aviation market, is said to trigger a dispute about the cost of combating climate change. Fitch warned in December that this clash…
