Intel said on Monday that Chief Executive Officer PaulOttelini would retire in May, stepping down from the world's leading chipmaker at time when it isgrappling with weak PC demand as the industry shifts towards mobile computing.
Intel's board said it would consider internal and external candidates for the CEO position. It said in a statement that it expected the "leadership transition" to last six months.
The company said it would promote three executives tobe executive vice presidents. They are Renee James, who is in charge of Intel software; Brian Krzanich, who is chief operating officer and also oversees manufacturing; and Stacy Smith, the chief financial officer and directorof corporate strategy.
Ottelini, 62, was the fifth CEO of the company, stepping into the post in the second quarter of 2005.
Banking and finance News,stock watch, economic report and investment tips and avenues.
Monday, 19 November 2012
Paul Ottelini Intel CEO would retire in May,
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Total Sells Nigeria Oil Field to Sinopec for $2.5 Billion
Total SA (FP) , France ’s largest oil company, soldits 20 percent stake in anoffshore Nigerian field to China Petrochemical Corp. for about $2.5 billion as part of an asset-disposal program.
The OML 138 block includes the Usan field, which started output in February, Paris-based Total said today in a statement. The asset accounts for about 10 percent of Total’s Nigerianproduction, which averaged 287,000 barrels a day last year.
The sale is part of Total’s plans to complete $15 billion to $20 billion of asset disposals from 2012 to 2014. China’s state-backed energy companiesare seeking new oil and gas reserves abroad to feed the world’s second-largest economy, especially from regions like Africa where government scrutiny is lighter than in North America or Europe .
The sale of a minority stake in the Nigerian block is in line with Total’spolicy of actively managing its portfolio, Yves-Louis Darricarrere, head of exploration and production, said in today’sstatement.
The Usan field production, whose ramp up was slower than expected, could reach 140,000 barrels a day by the end of the year, Chief Financial Officer Patrick dela Chevardiere said in July. The French companyhad said it was expecting a peak rate of 180,000 barrels a day.
Total rose as much as 2 percent and was trading 70 cents higher at 37.67 euros as of 3:05 p.m. in Paris.
Total is also searching for abuyer for its southwesternFrench natural gas network known as TIGF. Current disposals could bring Total about halfway to its target, de la Chevardiere said last month.
Beijing-based Sinopec Group has also approached the French oilfirm Etablissements Maurelet Prom (MAU) , which operates in Gabon, about an acquisition, people familiar with the matter said this month.
Sinopec’s reserves of crude oil declined from 3.3 billion barrels in 2007 to 2.8 billion barrels at theend of last year, enough for nine years of production at 2011 levels,according to data compiled by Bloomberg. Its parent, China Petrochemical, said in January that it will seek toproduce 50 million metric tons of crude a year overseas by 2015. Last year, foreign production was 23 million tons.
The Nigerian National Petroleum Corp. is the OML 138 concession holder. Chevron Petroleum Nigeria Ltd. has30 percent, as does Esso E&P Nigeria (Offshore East) Ltd. Nexen Petroleum Nigeria Ltd. has20 percent.
To contact the reporter onthis story: Tara Patel in Paris at tpatel2@bloomberg.net
The OML 138 block includes the Usan field, which started output in February, Paris-based Total said today in a statement. The asset accounts for about 10 percent of Total’s Nigerianproduction, which averaged 287,000 barrels a day last year.
The sale is part of Total’s plans to complete $15 billion to $20 billion of asset disposals from 2012 to 2014. China’s state-backed energy companiesare seeking new oil and gas reserves abroad to feed the world’s second-largest economy, especially from regions like Africa where government scrutiny is lighter than in North America or Europe .
The sale of a minority stake in the Nigerian block is in line with Total’spolicy of actively managing its portfolio, Yves-Louis Darricarrere, head of exploration and production, said in today’sstatement.
The Usan field production, whose ramp up was slower than expected, could reach 140,000 barrels a day by the end of the year, Chief Financial Officer Patrick dela Chevardiere said in July. The French companyhad said it was expecting a peak rate of 180,000 barrels a day.
Total rose as much as 2 percent and was trading 70 cents higher at 37.67 euros as of 3:05 p.m. in Paris.
Total is also searching for abuyer for its southwesternFrench natural gas network known as TIGF. Current disposals could bring Total about halfway to its target, de la Chevardiere said last month.
Beijing-based Sinopec Group has also approached the French oilfirm Etablissements Maurelet Prom (MAU) , which operates in Gabon, about an acquisition, people familiar with the matter said this month.
Sinopec’s reserves of crude oil declined from 3.3 billion barrels in 2007 to 2.8 billion barrels at theend of last year, enough for nine years of production at 2011 levels,according to data compiled by Bloomberg. Its parent, China Petrochemical, said in January that it will seek toproduce 50 million metric tons of crude a year overseas by 2015. Last year, foreign production was 23 million tons.
The Nigerian National Petroleum Corp. is the OML 138 concession holder. Chevron Petroleum Nigeria Ltd. has30 percent, as does Esso E&P Nigeria (Offshore East) Ltd. Nexen Petroleum Nigeria Ltd. has20 percent.
To contact the reporter onthis story: Tara Patel in Paris at tpatel2@bloomberg.net
News Corp set to take 49 percent stakein Yankee channel:
(Reuters) - Rupert Murdoch 's News Corp is expected to announce this week that it will acquire a 49 stake in the YES Network from the New York Yankees baseball team and its partners, in a deal that would value the sports channel at $3 billion, a person with knowledge of the talks told Reuters.
The deal is structured to allow News Corp to eventually acquire control ofthe channel, which broadcasts Yankees baseball and Brooklyn Nets basketball games to 15 million subscribers, said the person, who spoke on condition of anonymity because the deal has not been announced.
News Corp will share in the profits, according to the NewYork Times, which first reported details of the agreement. News Corp will have an option to increase itsstake to 80 percent in three to five years, the newspaper said, citing unidentified sources.
Yankee Global Enterprises , the parent company of the Yankees, owns 34 percent of YES. Another 40 percent is owned by Goldman Sachs and Providence Equity, with the remainder owned by former owners of the Nets.
A News Corp spokeswoman declined to comment. YES representatives were not immediately available for comment.
The deal would allow YES toraise the $2.99 monthly fee per subscriber it currently charges cable and satellite operators to carry the channel, said the person. News Corp would negotiate on its behalf with the operators as part of a larger package of sports channels.
News Corp, the media company that owns Fox Broadcasting and The Wall Street Journal, owns or holdsstakes in 20 regional sports networks, providing sports programming to more than 67 million subscribers.
Initially, the Fox sports channels are not expected toprovide local or national sports programming to YES, or to manage the channel, the person said.
The deal is structured to allow News Corp to eventually acquire control ofthe channel, which broadcasts Yankees baseball and Brooklyn Nets basketball games to 15 million subscribers, said the person, who spoke on condition of anonymity because the deal has not been announced.
News Corp will share in the profits, according to the NewYork Times, which first reported details of the agreement. News Corp will have an option to increase itsstake to 80 percent in three to five years, the newspaper said, citing unidentified sources.
Yankee Global Enterprises , the parent company of the Yankees, owns 34 percent of YES. Another 40 percent is owned by Goldman Sachs and Providence Equity, with the remainder owned by former owners of the Nets.
A News Corp spokeswoman declined to comment. YES representatives were not immediately available for comment.
The deal would allow YES toraise the $2.99 monthly fee per subscriber it currently charges cable and satellite operators to carry the channel, said the person. News Corp would negotiate on its behalf with the operators as part of a larger package of sports channels.
News Corp, the media company that owns Fox Broadcasting and The Wall Street Journal, owns or holdsstakes in 20 regional sports networks, providing sports programming to more than 67 million subscribers.
Initially, the Fox sports channels are not expected toprovide local or national sports programming to YES, or to manage the channel, the person said.
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registrable information
The scheme specific information required by The Pensions Regulator and heldon the register of occupational pension schemes.
risk premium
The extra yield of an investment (over the gilt yield) demanded by investors to compensate them for the higher risk.
Sometimes used in the calculation of expected investment returns on equities, when selecting an assumption for the discount rate.
Sometimes used in the calculation of expected investment returns on equities, when selecting an assumption for the discount rate.
risk register
A document listing potential risks, their consequences to the scheme, and controls in place for mitigating those risks.
Sunday, 18 November 2012
protected rights basis
Applies where a scheme is contracted out of S2P (or SEPRS) on a money purchasebasis, funded by NI rebates plus any incentive payable in the early years of contracting out.
protected liabilities
Applying where a scheme is in wind up or an assessment period for the PPF, they represent the value of members' benefits at PPF compensation levels, plus any other liabilities and the estimated expenses of winding up the pension scheme.
projected unit method
A method for calculating technical provisions which takes full account of future salary increases.
priority order
The provisions contained in the scheme documentation or in overriding legislation setting out the order of precedence of liabilities to be followed if the scheme is in wind up.
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