Petrobras to start Tupi tests
Brazilian state oil company Petrobras said on Friday it will begin long-duration tests next year in the recently discovered Tupi oil field — a first step toward establishing the size of its reserves. Petroleo Brasileiro SA CEO Sergio Gabrielli said the testing is expected to yield 20,000 to 30,000 barrels of crude a day beginning in the first quarter of next year. Long-duration tests involve installing a rig that measures pressure and other aspects of the oil flow over a period of months.
HP’s bid for EDS approved
EU antitrust regulators have approved the proposed purchase of technology services provider Electronic Data Systems Corp (EDS) by Hewlett-Packard Co. The European Commission’s decision, announced on Friday, says the deal between the two US companies would not hinder competition on the EU market. It said EDS and HP did not compete heavily against each other in the IT markets they do business in. Hewlett-Packard announced in May it would pay US$13.2 billion for EDS.
Regulators approve merger
Federal regulators formally approved the merger of the US’ only two satellite radio operators on Friday, ending a 16-month drama. Sirius Satellite Radio Inc’s US$3.3 billion buyout of rival XM Satellite Radio Holdings Inc will mean 18 million-plus subscribers will be able to receive programming from both services. Executives say it will mean huge cost savings that will lead to a first-ever profit for the relatively nascent industry. The Federal Communications Commission (FCC) voted 3-2 to approve the buyout, with the tie-breaking vote coming on Friday night from Republican commissioner Deborah Taylor Tate. Tate had insisted that the companies settle charges that they violated FCC rules before she would approve the deal. The companies agreed this week to pay US$19.7 million to the US Treasury for violations related to radio receivers and ground-based signal repeaters.
Enclave ready for China
General Motors (GM) said on Friday it was preparing to begin exports of the US-made Buick Enclave luxury crossover utility vehicle to China as early as next month. The announcement by the No. 1 US automaker comes as the Detroit giants are struggling to hold domestic market share in the face of rising imports, mainly from Japanese manufacturers. GM said in a statement Chinese officials visited the Lansing, Michigan, assembly plant “to observe operations in preparation for the manufacture of US-built Enclaves crossovers for export” to China. “Pending approval, China-bound Enclaves could begin rolling off the assembly line as early as next month,” GM said.
Starbucks minimizes smell
Starbucks Corp, the world’s largest coffee-shop chain, will keep selling warm breakfast sandwiches at its stores after altering the recipes to minimize the smell. Starbucks founder and chief executive officer Howard Schultz, 55, earlier said the chain would discontinue breakfast sandwiches by Sept. 30 because their smell overwhelmed the aroma of coffee in the cafes. “We are not reversing our decision to replace the breakfast sandwiches, but rather we are continuing to evolve our food offerings,” Starbucks said in an e-mailed response to questions. “We have found small ingredient changes that address the aroma issues of our current breakfast sandwiches, and have implemented these already.”