Other finance news in brief
Petroneft to pursue fuels with Arawak
Irish-based exploration company, Petroneft, is forming an alliance with rival Arawak to pursue oil and gas opportunities in western Siberia.
The company said yesterday it had signed an area of mutual interest (AMI) agreement with Arawak to follow up on opportunities in western Siberia's oil and gas basin, which already has proven reserves of both fuels.
Shareholders passed all resolutions at its annual and extraordinary general meetings yesterday. It has completed the placing announced on July 18th, to raise $17.3 million (€11.7 million). Trading in the new shares is expected to begin today in Dublin and London.
Apple's counsel must pay $2.2m
Former Apple general counsel Nancy Heinen will pay $2.2 million (€1.48 million) to settle US Securities and Exchange Commission (SEC) claims she helped to backdate stock options for chief executive Steve Jobs and other executives.
Ms Heinen, who did not admit or deny wrongdoing, "caused Apple to fraudulently backdate two large options grants to senior executives" and "altered company records to conceal the fraud", the SEC said yesterday.
A February 2001 grant of 4.8 million options was made to Apple's executive team and a grant of 7.5 million options was made to Mr Jobs in December 2001, the SEC said. Apple declined to comment. - (Bloomberg)
Total approval for salads acquisition
Fruit and vegetable distributor Total Produce has received European Commission approval for its acquisition of 60 per cent stakes in two Dutch salad producers.
Total Produce is now cleared to take the stakes in Haluco BV and Nedalpac BV for an initial payment of €9.5 million which may increase to €23 million should performance targets be met.
SAS outlines bid to stem its losses
Scandinavian airline SAS outlined fresh cost cuts and revenue measures yesterday in an attempt to stem losses resulting from higher fuel charges and a slowdown in demand, sending its shares higher.
The airline reported a pretax loss of 106 million Swedish crowns (€11.3 million) in the second quarter, versus a profit of 762 million crowns in the same period a year earlier.
SAS said it planned to cut an additional seven aircraft as part of the Profit 2008 plan, bringing the total to 18 planes. About 2,500 staff in total at SAS will lose their jobs - 500 more than previously announced. - (Reuters)
Days lost to disputes rises
The number of days lost to industrial dispute during the second quarter of 2008 rose compared to the same period a year earlier, according to data from the Central Statistics Office.
Some 727 days were lost to industrial action during the three-month period compared to 300 days a year earlier. Four disputes began in the second quarter, with one carried on from the previous quarter. However, it was an improvement from the first quarter of 2008, when some 1,477 days were lost in four industrial disputes.
Landmark office skyscraper delayed
Rocketing construction costs and subdued occupier demand has forced property company British Land to delay development of a landmark office skyscraper in London's City financial district by at least a year.
Chief executive Stephen Hester said the firm was targeting a 2012 delivery of the 225-metre high Leadenhall Tower in London's Square Mile as it wanted to minimise costs and ensure it would attract "premium rents". - (Reuters)
