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Monthly Archives: October 2015

Chevron quarterly profit drops 64 percent on low oil prices

REUTERS: Chevron Corp , the second-largest U.S.-based oil producer, posted a 64 percent drop in quarterly profit on Friday as cost cuts failed to offset tumbling crude and natural gas prices. The company reported net income of US$2.04 billion, or US$1.09 per share, compared with US$5.59 billion, or US$2.95 per share, in the year-ago period. Production fell 1 percent to ...

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Exxon third-quarter profit tumbles 47 percent

REUTERS: Exxon Mobil Corp said on Friday its third-quarter profit fell 47 percent as low crude prices sapped profits at the world’s largest publicly traded oil company. The Irving, Texas, company posted profit of US$4.24 billion, or US$1.01 per share, compared with US$8.07 billion, or US$1.89 per share in the same quarter a year earlier. Oil and gas output increased ...

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Fiat Chrysler to recall 284,089 SUVs due to faulty airbags

REUTERS: Fiat Chrysler Automobiles NV said it is recalling about 284,089 older-model SUVs in the United States due to inadvertent airbag deployment. Fiat said the affected vehicles – certain model-year 2003 Jeep Liberty SUVs and 2004 Jeep Grand Cherokees – are not equipped with Takata Corp airbags. Fiat Chrysler said it will replace faulty occupant restraint control (ORC) modules, which ...

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Chinese court orders ConocoPhillips to pay US$266,000 over 2011 oil spills

BEIJING: A Chinese court has ordered ConocoPhillips to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods were hurt by oil spills off China’s northeastern coast in 2011. The U.S. oil company was told to pay 1.68 million yuan (US$266,000) to the 21 farmers, who did not participate in a previous settlement reached in 2012 with ConocoPhillips ...

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Ma’aden reviews spending, expects to stay course

Saudi Arabian Mining Co. (Ma’aden) is reviewing its spending in the wake of low commodity prices but the chief executive of the Arab Gulf’s biggest miner expects the company to stick with its project plans. Khalid Al-Mudaifer told Reuters the miner of gold and phosphate and aluminium producer was reviewing projects to ensure “they are really feasible under current market ...

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Asian shares down as investors nervous over Fed path

Asian shares were down on Friday and on track for a weekly loss as investors, anxious over faltering global growth, fretted about the possibility that the US Federal Reserve could still raise borrowing costs this year. Data released overnight showed US gross domestic product increased at a 1.5 per cent annual rate, just shy of the consensus forecast for 1.6 ...

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Better late than never? Samsung IT arms push into autos

Samsung Electronics and group companies are trying a belated push into the business of supplying technology to car makers, while rivals are already sewing up lucrative deals with an industry that is notoriously difficult to break into. Data compiled by Thomson Reuters IP & Science showed the world’s top smartphone maker and other Samsung Group tech affiliates are ramping up ...

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Daimler Commercial Vehicles Mena in Dubai, UAE

Germany-based automaker Daimler has opened its first regional centre for commercial vehicles for the Mena region in Dubai, UAE, which will support 19 countries – from Morocco to Pakistan. Daimler Commercial Vehicles Mena (DCV Mena) will be responsible for the group’s full commercial vehicles portfolio in the region – from the Mercedes-Benz Citan city van to the heavy-duty Mercedes-Benz Actros ...

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Big Losses for Shell

Royal Dutch Shell has suffered its biggest loss in over a decade. The losses amount to more than $8 billion as the energy major has canceled projects­—such as its controversial exploration of the Arctic—and lowered its price expectations. Shell took a charge of about $4.5 billion from its withdrawal from offshore drilling in Alaska and an oil-sands project in Canada. ...

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Massive Ship Graveyard Discovered off Greece

A group of Greek and American underwater archeologists have discovered 22 shipwrecks around a small Greek archipelago. The ship graveyard was found as the archaeological team explored a 17-square mile area of the Fourni archipelago, which is located between the Samos and Icaria islands. This was the first time an underwater archeological expedition has been conducted in the area. The ...

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