Mon, Oct 19, 2015 - Page 15 News List

World Business Quick Take

Agencies

INVESTMENT

Venezuela eyes Caribbean

Venezuela on Saturday announced that its state-owned oil company Petroleos de Venezuela SA is to buy a 25 percent stake in West Indies Oil Co and that it will establish a regional bank with the Antigua and Barbuda government to fund a new resort. The announcement came during a visit to Antigua by Venezuelan President Nicolas Maduro, who was on a weekend tour that included stops at Suriname, St Lucia and Grenada. He was meeting with their leaders to discuss economic and social development initiatives. Executives at Petroleos de Venezuela SA, said the purchase of a stake in West Indies Oil Co was just the beginning of “joint investments” between the countries.

INTERNET

Dow Jones hacked

A group of Russian hackers infiltrated the servers of Dow Jones & Co, owner of the Wall Street Journal and several other news publications, and stole information to trade on before it became public, according to four people familiar with the matter. The US FBI, Secret Service and the Securities and Exchange Commission are leading an investigation of the infiltration, according to the people. The probe began at least a year ago, one of them said. Dow Jones said in a statement : “Since Bloomberg published its article, we have worked hard to establish whether the allegations it contains are correct. To date, we have been unable to find evidence of any such investigation.” The breach is described by the people familiar with it as far more serious than a lower-grade intrusion disclosed a week ago by Dow Jones, a unit of Rupert Murdoch’s News Corp. The company said last week that it is working with a cybersecurity firm and law enforcement after learning that hackers had sought contact and payment information of about 3,500 customers.

BANKING

Barclays to focus on US, UK

Barclays PLC is to accelerate cuts to its investment bank as the lender exits most trading operations outside its core US and UK markets, the Financial Times reported on Saturday. Jes Staley, the former JPMorgan Chase & Co investment banker who is likely to become Barclays’s chief executive officer early next year, supports the plan and will focus on New York and London operations, the newspaper said, citing people it did not identify. The bank is exiting trading in continental Europe, Asia and Latin America, the report said.

MINING

Adani granted access to coal

Adani Enterprises Ltd is expected to proceed with building its A$7.2 billion (US$5.6 billion) Carmichael coal mine and rail project in Queensland, Australian Minister for Resources, Energy and Northern Australia Josh Frydenberg said. The project, approved by Australian regulators on Thursday, is financially viable due to global energy demand and is unlikely to receive government subsidies, Frydenberg said in an interview yesterday. The Indian company, headed by Gautam Adani, will have to contend with opposition from environmental groups and the lowest thermal coal prices in more than eight years. “The Carmichael project is of great importance to Queensland and Australia,” Frydenberg said. “We’ve seen a downturn in the price for coal, but this project has more than a 40-year life span and there’s a clear increase in demand for coal and indeed energy across the world.” Global energy demand is expected to increase by a third by 2040, he said.

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