Tue, Nov 09, 2010 - Page 10 News List

World Business Quick Take

Agencies

BANKING

Standard issue snapped up

Standard Chartered, the bank focused on emerging markets, said yesterday that investors snapped up 98.5 percent of its new shares, helping it raise about £3.3 billion (US$5.3 billion) to meet new global banking rules. Standard last month said it planned to raise the amount to help meet Basel III, which stipulates that banks must hold capital equal to at least 7 percent of their assets. The British bank said in a statement that it had received valid acceptances “representing approximately 98.5 percent of new ordinary shares offered.” The bank had offered a new share for eight existing ones at a heavily discounted price of £12.80 per share.

ENERGY

Shell sells Woodside stake

Royal Dutch Shell PLC said its Australian subsidiary would sell a 10 percent stake in Perth-based gas and oil producer Woodside Petroleum Ltd to Swiss bank UBS AG, for about US$3.33 billion. Shell’s sale of 78.34 million shares to UBS at A$42.23 per share is a discount to Woodside’s most recent closing price of A$45.86. Shell said the move was natural, given its recent US$3.05 billion joint purchase with PetroChina of Australia’s Arrow Energy, a maker of coal bed methane. Shell CEO Peter Voser said Shell was selling its stake in Woodside because it preferred “direct interest in assets and joint ventures, rather than indirect stakes.”

ENERGY

E.ON restructuring: report

E.ON, Germany’s leading energy company, is poised to announce a major reorganization that could see it shedding some of its least profitable sectors, Spiegel magazine reported. Over the next two or three years, E.ON head Johannes Teyssen wants to sell or open to partnerships less lucrative areas of Spiegel said, citing com the company, pany sources, in its edition yesterday. That may include selling its E.ON Ruhrgas division that sells natural gas to about 15 million consumers in Germany. E.ON is expected to announce its detailed quarterly results tomorrow.

ENERGY

Gazprom net profit up 66%

The world’s biggest gas firm, Gazprom, said yesterday that its net profit for the first half of this year rose more than 66 percent to 508.2 billion rubles (US$16.5 billion). Total sales increased 17 percent to 1.7 trillion rubles in the first half compared with the same period the year earlier, it said in a statement. Sales of gas expanded 6 percent to 1 trillion rubles due to higher volumes of gas sold in all of Gazprom’s areas of activity, which compensated for price falls in Europe and the former Soviet Union.

ENERGY

Siemens sets green target

Siemens AG aims to grow revenue from solar equipment, wind turbines and other products designed to save energy to 40 billion euros (US$55 billion) by 2014 as it jostles with General Electric Co for market share. Revenue from environmental products totaled about 28 billion euros in the fiscal year through September, the company said in a statement yesterday. The company had previously targeted revenue of at least 25 billion euros by next year. Siemens’ renewable-energy unit generated the highest orders among the 14 divisions in the third quarter, and the company is predicting strong volume growth for both orders and sales in the final three months of the year. GE is investing about US$10 billion in green technology by 2015 and has a revenue goal of US$20 billion for this year.

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