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BP reveals $1.1bn charge after closing well in Brazil LONDON: BP said on Wednesday that it will write off $1.08 billion (784 million euros) in costs from a failed Brazilian well, but revealed a "significant" discovery in the deepwater Gulf of Mexico.The British energy giant added in a statement that "momentum" was returning to its operations in the Gulf of Mexico, in the wake of the 2010 oil spill catastrophe."The BP-operated Pitanga exploration well on Block BM-CAL-13, in the Camamu-Almada basin offshore Brazil, had encountered oilshows but no commercial quantities of oil or gas," it said, adding it will relinquish the block.The London-listed energy major revealed that $850 million of the $1.08 billion charge related to the value of the BM-CAL-13 block, while the remainder reflected the cost of drilling.In 2010, the British company had purchased various assets in Azerbaijan, Brazil and the Gulf of Mexico, from US firm Devon Energy for $7 billion."The Pitanga well result will trigger ...

Volvo truck shipments rise 16pc y/y in Nov STOCKHOLM: Volvo, the world's second biggest truck maker, said on Wednesday shipments of its trucks rose 16 percent year-on-year in November on the back of strong demand in Europe. Volvo, which sells trucks under the Renault, Mack and UD Trucks brands as well as its own name, said shipments in its top market, Europe, jumped 22 percent while they climbed 19 percent in North America. It repeated first-quarter production rates in Europe would be adjusted ...
BP files spill fraud suit against seafood workers' lawyer LONDON: Oil company BP Plc opened up a new front in its battle with litigants in its US oil spill trial on Tuesday, filing a fraud suit against Mikal Watts, the lawyer who represented seamen claiming economic injury as a result of the disaster. In a statement, BP said it had also asked for payments from the Seafood Settlement Compensation program, into which it has paid $2.3 billion, to be suspended while its ...
Aluminum antitrust lawsuits will be heard in New York: judges NEW YORK: Antitrust lawsuits alleging the world's largest metal exchange, two of Wall Street's biggest banks and big commodity merchants conspired to raise the price of aluminum will be heard in New York, a panel of US judges has ruled. Judge Katherine Forrest will hear the case in US District Court for the Southern District of New York, at least for pretrial purposes, the panel said in an order on Monday, the first ...
Shareholders in miner Bumi back split with Bakrie clan LONDON: Shareholders in Indonesia-focused coal miner Bumi Plc have backed a planned split with the influential Bakrie family that co-founded the company, an important step towards a long-awaited overhaul of the group. The divorce plan was widely expected to be approved at a shareholder meeting on Tuesday, after co-founder and major investor Nat Rothschild struck a last-minute peace deal with management last week and lent his support. Bumi was founded in 2010 by ...
Statoil cuts stake in Azerbaijan gas field OSLO: Norwegian oil major Statoil said on Tuesday it would sell a 10.0-percent stake in Azerbaijan's Shah Deniz gas field for $1.45 billion (1.05 billion euros), taking its holding to 15.5 percent.It also said it would not exercise an option to take a stake in the Trans Anatolian Gas Pipeline (TANAP) across Turkey, which is part of plans to bring gas from the region to Europe.Buyers of the Shah Deniz stake were state-backed Azerbaijan oil ...
GM to cut South Korean jobs as Chevy pullout looms in Europe SEOUL: General Motors Co plans to slash its headcount in South Korea next year as it prepares to withdraw its Chevy brand in Europe, a major export market for South Korean-made cars. GM Korea CEO Sergio Rocha has said it plans to launch a "voluntary retirement" scheme open to its 6,000 salaried workers by March in what would be its fourth round of job cuts since 2009, a spokesman said Tuesday. But Rocha said the ...


Index Closing Chg%
Arrow DJIA 17,164.95 1.45
Arrow Nasdaq 4,635.24 1.03
Arrow S&P 1,994.99 1.30
Arrow FTSE 6,749.40 0.90
Arrow DAX 10,694.32 0.41
Arrow CAC-40 4,604.25 0.59
Arrow Nikkei 17,674.39 0.39
Arrow H.Seng 24,507.05 0.36
Arrow Sensex 29,182.95 1.68

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln