Sunday 22 January 2017

Apache to buy BP assets for $7bn

OIL

Published 22/07/2010 | 05:00

BP has agreed to sell oil and gas assets in the US, Canada and Egypt to US energy firm Apache for $7bn (€5.46bn).

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The British energy giant said last month that it would sell $10bn worth of assets this year to help pay for mounting costs associated with its massive oil leak in the Gulf of Mexico, the US's worst ever environmental disaster.

Profitable Fiat creates new group

CARS

Fiat has announced a return to profit in the second quarter of this year. Its board has also backed plans to establish a new group, Fiat Industrial, that will consist of all of its non-car businesses, including truck-maker Iveco and agricultural and construction machinery manufacturer Case New Holland.

EU appeals ruling on Airbus subsidy

AIRLINES

The EU has appealed against a World Trade Organisation (WTO) ruling condemning its subsidies for Airbus, prolonging a dispute with the US for at least several more months. A WTO spokeswoman said the EU had filed the appeal shortly before a special session of the WTO's dispute settlement body that had been called by the US to adopt last month's ruling by a panel of experts.

Warning on fall in building budgets

CONSTRUCTION

Government spending on construction projects is 25pc below its budgeted figure for 2010. This is having serious consequences for the survival of an industry that still employs 150,000 people directly. The construction consultancy firm Davis Langdon PKS, at the launch of its Summer Review 2010, referred to exchequer figures to June 2010 indicating that government capital spend was 25pc below profiled expenditure at budget stage.

More customers stay out of shops

FOOTFALL

Customer headcount in Irish shops for the second quarter of 2010 decreased by 1.7pc compared to the same period last year, according to a new study by global information services company Experian. It also showed that footfall in the North fell by 6.3pc in the same period.

Connacht butter wins award in UK

FOOD

CONNACHT Gold's Garlic and Herb Butter has won a gold star at the UK and Ireland Great Taste Awards 2010. The awards are a said to be a benchmark for speciality food and drink and attracted over 6,000 entries this year. The presentation of the award will be made at Fortnum & Mason in London in September.

Mac sales boost Apple's profits

COMPUTERS

Apple has reported bumper results for its third financial quarter, helped by strong sales of Mac computers. The company reported a net profit of $3.25bn (€2.53bn) for the three months to the end of June up from $1.82bn a year earlier.

Irish Independent

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