CPC, Petronas ink gas deal
Oil supplier CPC Corp, Taiwan (CPC, 台灣中油) said yesterday it had signed a six-year deal with Malaysian giant Petronas to import liquefied natural gas (LNG). Under the contract effective from next month, Petronas is to supply CPC with an average of 2.25 million tonnes of LNG each year, the Taiwanese company said in a statement. The contract replaces an existing 20-year deal that expires next year. A CPC senior executive also confirmed that it has been in talks with an international oil consortium to import shale gas for the first time from the US. Taiwan imports about 12.5 million tonnes of LNG from abroad each year, with Qatar and Indonesia also on top of its import list.
Cerberus eyes Safeway deal
Private-equity firm Cerberus Capital Management has offered to acquire US supermarket chain Safeway in a deal that would be worth more than US$9 billion, the Wall Street Journal reported on Wednesday. Cerberus has proposed paying about US$40 per share, but a potential deal has been complicated by a possible bid for Safeway by rival supermarket chain Kroger, the Journal said, citing unnamed sources. The acquisition would follow Cerberus’ purchase of the Albertsons supermarket chain last year. Cerberus declined to comment. Safeway last month announced that it was in discussions over a possible sale of the company, but that no deal was certain.
Target Corp IT boss quits
Target Corp’s chief information officer has resigned as the retailer overhauls its information security practices in the wake of a giant customer data breach, the company said on Wednesday. Beth Jacob, who was in charge of Target’s computer systems since 2008, has resigned, a company spokeswoman said, in the first major executive departure since the company announced the hacking incident in December last year. Target is to launch an external search for an interim chief information officer, as well as for a chief information security officer whose role will be “elevated” in the wake of the data breach, Target chief executive Gregg Steinhafel said in a statement. The company also plans to undertake an external search for a chief compliance officer.
Exxon to cut expenditure
Exxon Mobil Corp said it would cut capital spending by 6 percent this year, but still boost production of liquids such as oil by 2 percent. The biggest oil company in the US said on Wednesday that it would spend US$39.8 billion on energy projects and other costs this year, down from US$42.5 billion last year. Exxon said if it does not make acquisitions, annual spending would average less than US$37 billion from next year to 2017. The Irving, Texas-based company said production would rise 2 percent this year and 4 percent per year from next year through 2017. Exxon chief executive Rex Tillerson said that the company expects to start production at a record 10 major projects this year.
‘Newsweek’ back in print
Newsweek magazine, online only since the end of 2012, is to return to print starting today in the US and Europe. Parent company IBT Media is taking a gamble in relaunching the once-iconic news weekly, which nearly disappeared in the face of serious financial difficulties. The new magazine is seeking to position itself as a high-end product, in particular with higher quality paper and printing than its competitors.