Business World

Friday 26 May 2017

Petroneft ahead of schedule on wells

EXPLORATION

Dublin-based Petroneft said work on the first of nine wells to develop the Lineynoye fields has started three weeks ahead of schedule on the group's wholly-owned Licence 61 in the Tomsk region of Russia.

The group raised $27.5m (€20.3m) for the development in 2009.

Tullow's Ghana drilling 'on track'

OIL

Tullow Oil said the Jubilee oil field off the coast of Ghana is "very much on track" to start production by the fourth quarter of 2010. A total of about $3.2bn (€2.3bn) is expected to be spent on the project, Stuart Wheaton, the company's development manager in the West African country, said at a conference yesterday in the capital, Accra.

Six held in insider trading dawn raid

probe

SIX people, including three City professionals, were arrested in England yesterday as part of an investigation into insider trading. Squads from the Financial Services Authority and Serious Organised Crime Agency carried out dawn raids, seizing documents and PCs. Two of the arrested are described as being from "leading city institutions" and a third is thought to work at the hedge fund Moore Capital. This is the fifth set of arrests carried out by the FSA in relation to insider trading since 2008.

Google wins major copyright battle

INTERNET

GOOGLE has won a landmark ruling by the European Court of Human Rights in a dispute with luxury goods company LVMH. Google's policy of selling keywords in advertising for certain searches means that when a user searches for a particular brand, they will get results for rival brands as well as counterfeit goods. LVMH, which owns brands Louis Vuitton and Dior perfume, had sued the search engine claiming the policy infringed copyright law.

Babcock takeover of rival VT Group

DEFENCE

ENGINEERING and defence services firm Babcock International is set to take over its rival VT Group after an agreement was reached on a £1.326bn (€1.47bn) bid for the company. If the agreement goes through, the combined firms would create a company comparable in size to BAE systems, the huge British defence contractor.

Irish Independent

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