Sat, Oct 11, 2014 - Page 15 News List

World Business Quick Take



Brent hits four-year low

Crude oil prices tumbled on Friday, with Brent crude hitting a four-year low on concerns about the global economy. Brent’s November contract was trading at US$88.40 a barrel in afternoon Asian trade, down US$1.65 from the day before and at levels last seen in November 2010. US benchmark West Texas Intermediate for November delivery was down US$1.92 to US$83.85, its weakest level since June 2012. Prices of both contracts have lost about a fifth of their value since hitting this year’s peaks in June.


Exxon awarded US$1.6bn

An international arbitration panel on Thursday ordered the socialist government to pay US$1.6 billion to Exxon Mobil for the seizure of a major oil project and other losses. It is the largest award yet in a backlog of costly complaints against the nation over a wave of nationalizations in the past decade. Exxon said in a statement that the decision by the World Bank’s investment dispute panel confirmed that the South American country failed to provide fair compensation for the Cerro Negro project it seized in 2007 after the company failed to enter in a partnership proposed by state-owned PDVSA.


Google told to cut results

A court has ordered Google Inc to delete search results linking the claimant to a crime he did not commit, the latest in a series of rulings around the world on what search engines should tell users. The Tokyo District Court this week placed a provisional order that Google delete about half of the 237 entries that appear after the plaintiff’s name is entered, the Asahi Shimbun newspaper and other local media reported. The man requested the injunction in June, arguing that these search results suggest he was involved in a crime and that this constitutes a threat to his current way of life and compromises his privacy, the newspaper said.


Ex-Hanlong director charged

A former director of Chinese mining firm Hanlong (漢龍) was yesterday extradited from Hong Kong to Australia, where he appeared in court charged with 104 counts of insider trading. Australian authorities have been chasing Xiao Hui (肖輝), also known as Steven Xiao, since late 2011, when he fled the country while on bail and was declared a fugitive. Xiao appeared before the Sydney Central Local Court on the insider trading charges and was remanded in custody with the case adjourned until Nov. 26. He was not required to enter a plea with each offence carrying a maximum 10 years in jail.


PGGM to cut 200 jobs

Dutch pension fund cooperative PGGM plans to cut at least 200 jobs, or 15 percent of its workforce, as part of a restructuring program aimed at reducing costs by 50 million euros (US$63 million) a year by 2017. The restructuring is a response to changes in the Dutch pension market, which has struggled to lift returns and meet tighter government requirements since the financial crisis, the company said on Friday. The netherlands has some of the largest pension funds in the world, managing a total of around 1,000 billion euros in assets. As of September, PGGM managed 178 billion euros for funds which had a collective 2.5 million clients.

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