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Industries & Sectors

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Union says little progress in US refinery contract talks HOUSTON: The United Steelworkers union (USW) said little progress was made in talks with oil companies on Tuesday for a new US refinery workers contract as a strike at 11 plants completed its 10th day, according to a text message issued by the union.The USW said lead oil company negotiator Royal Dutch Shell Plc failed to bring experts and information as promised when talks ended last week.In a statement posted on the union website, the USW said its negotiators engaged in a "discussion about the industry's failure to bargain in good faith and their game playing regarding our legitimate requests for information."The union then made a proposal to eliminate non-union contracts and increase staffing at refineries and chemical plants to assure safe operations, according to the USW.Shell representatives told the union more time would be needed to study the proposal and they would not agree to language that restricts owners' ...

Business & Finance - Industries & Sectors

Czech O2 net profit drops sharply in fourth quarter  PRAGUE: Telecoms company O2 Czech Republic reported a steeper than expected 50.5 percent drop in fourth-quarter net profit, sinking due to pressure on fixed-line and mobile revenues and following a one-off gain in the same period the year before.Net profit fell to 967 million crowns ($39.57 million) from 1.952 billion crowns, missing the average estimate in a Reuters poll that saw a 40 percent decline in the quarter.The Czech group has seen falling revenue from ...

Business & Finance - Industries & Sectors

Norsk Hydro posts record high Q4 operating profit OSLO: Norsk Hydro, one of the world's largest aluminium producers, posted operating earnings significantly above forecasts on Wednesday, thanks to higher metals prices and the strong US dollar, leading it to permanently raise its dividend.In the fourth quarter the firm reported a six-fold jump in underlying operating profit to 2.89 billion Norwegian crowns ($381.21 million) from 471 million in the year-ago period, beating forecasts for 2.29 billion crowns in a Reuters poll of analysts..The company ...

Business & Finance - Industries & Sectors

Turkey's Erdemir posts Q4 net profit up 55pc, misses forecasts ISTANBUL: Erdemir, Turkey's biggest steelmaker, on Wednesday said fourth quarter net profit rose 55 percent to 387 million lira ($155.3 million) on lower raw material costs. The profit was lower than the 416 million lira forecast in a Reuters poll of eight brokerages. Sales in the fourth quarter rose 12 percent to 2.89 billion lira, the company said. Full year profit rose 74 percent to 1.6 billion lira on sales of 11.48 billion lira.Copyright Reuters, ...

Business & Finance - Industries & Sectors

Telenor Q4 earnings, dividend miss expectations OSLO: Norwegian mobile phone operator Telenor reported fourth-quarter earnings below expectations on Wednesday and proposed a dividend below market forecasts even as it predicted solid growth for 2015.Telenor, which has over 180 million subscribers across Europe and Asia, said its quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 4 percent to 9.09 billion Norwegian crowns ($1.20 billion), missing expectations for 9.72 billion crowns.The firm proposed paying a dividend of 7.30 crowns per share ...

Business & Finance - Industries & Sectors

Chevron-led oil venture TCO 2015 output flat, to shoot up by 2021 ASTANA: Chevron-led venture Tengizchevroil's (TCO), Kazakhstan's largest oil producer, output is expected to total 26.7 million tonnes in 2015, unchanged from last year, Kazakh Energy Minister Vladimir Shkolnik said on Wednesday.TCO, which develops the giant onshore Tengiz oilfield in western Kazakhstan, is expected to achieve a production volume of 38 million tonnes a year by 2021 owing to its current expansion programme, Shkolnik told a government meeting.Copyright Reuters, 2015 ...

Business & Finance - Industries & Sectors

Korea's Asiana Airlines to buy 25 Airbus planes for 3.1trn won SEOUL: South Korea's Asiana Airlines Inc said on Wednesday that it will buy 25 aeroplanes from Airbus Group NV for 3.1 trillion won ($2.83 billion).Asiana, in a regulatory filing, said it will acquire 25 A321 NEO aircrafts between 2019 and 2025.Copyright Reuters, 2015 ...