The Star Online: Business
The Star Online: Business |
- Petronas's overseas ventures driven by value, contributed RM114bil to revenue in 2012
- China's Huawei says unaudited 2013 operating profit rose over 40%
- Deutsche Bank suspends trader suspected of forex rigging
| Petronas's overseas ventures driven by value, contributed RM114bil to revenue in 2012 Posted: 14 Jan 2014 08:00 AM PST KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) decision to invest overseas is driven by value while adhering to very strict and disciplined investment criteria and processes, according to executive vice-president (exploration and production business) Datuk Wee Yiaw Hin. He said international business contributed RM114.1bil to Petronas' revenue in 2012 and the company would continue to scout for opportunities that would bring value as well as meeting the stringent investment criteria. "Over time, we will continue to assess our investments and make portfolio decisions accordingly. We would withdraw if we feel the business environment in that particular market is no longer conducive for us to continue our investments," he said. Petronas has a presence in over 30 countries in a myriad of upstream and downstream activities including the recent RM16bil acquisition of Canada's natural gas producer, Progress Energy Resources. However, the company had in recent years announced that it was pulling out of its exploration and production operations in India, Venezuela and Uzbekistan, but would maintain its operation in trouble-plagued Sudan. "Sudan is a country where Petronas has been successful, albeit with some challenges in the last few years due to the political situation in the now Sudan and South Sudan. "Production stalled for more than a year but resumed in March last year. The acreages in which we have interest are currently producing about 250,000 barrels of oil per day, whereby our share of production is about 110,000 barrels per day," he said. Wee said while expanding its overseas footprint, Petronas was aggressively increasing domestic exploration and production activities through the implementation of new contract mechanism and advanced technology. Among the improvement is the introduction of progressive volume-based (PVB) terms on new production sharing contract (PSC), which is currently applied to Kinabalu Oil PSC awarded to Talisman Malaysia Ltd and Petronas Carigali Sdn Bhd. He said the PVB PSC had a fiscal system designed to provide incentives that commensurated with the level of risks associated with the redevelopment of brownfields to sustain and prolong production towards the tail-end of the fields. He said the implementation of the PVB PSC was expected to contribute to the overall increase of Malaysia's production output in the medium to long term. "Malaysia's basins are considered mature but we believe the potential still exists," he explained. Wee is also positive that more discoveries will be made in the future as demonstrated by the recent discovery of an onshore oilfield, Adong Kecil West, 20km northeast of Miri by JX Nippon Oil & Gas Exploration (Onshore Sarawak) Ltd and Petronas Carigali. – Bernama |
| China's Huawei says unaudited 2013 operating profit rose over 40% Posted: 14 Jan 2014 07:07 PM PST BEIJING: Huawei Technologies Co Ltd posted an over 40 percent rise in annual operating profit as the Chinese telecom equipment maker expanded its presence in emerging markets, countering reduced revenue growth hit by accusations of cyber-espionage. Huawei, the world's No.2 telecom equipment maker, has had a turbulent year in which it was shut out of multi-billion dollar network opportunities in the United States and Australia and drew the scrutiny of British authorities over cyber security issues. To counteract this, the unlisted company has placed its hopes in developing markets and its business inEurope, where it has made headway building fourth-generation mobile networks. Huawei, which has repeatedly said it has no spying links with the Chinese government, on Wednesday reported unaudited 2013 operating profit of 28.6 billion yuan to 29.4 billion yuan. That compared with an audited 2012 operating profit of 19.96 billion yuan - an increase of 43.3 percent. Revenue reached 238 billion yuan to 240 billion yuan, or an increase of 8 percent compared with a target of 10 percent, the company said. Huawei, which ranks behind Sweden's Ericsson <ERICb.ST> in telecom gear sales, will release audited financial results for last year in the second quarter of this year. Huawei, founded in 1987, is known for aggressively gaining sales in the telecom equipment sector by edging out rivals such as Cisco Systems Inc <CSCO.O>, Alcatel-Lucent SA <ALUA.PA>, Nokia Siemens Networks <NOKI.UL> and ZTE Corp <000063.SZ> <0763.HK>. The company's flagship carrier business, which accounted for almost three quarters of revenue in 2012, sells equipment to telecom operators. In the U.S., the company is trying to stake a claim to the country's mature smartphone market following its highly politicised forced retreat from network construction, but it will face a tough battle against established competition such as Apple Inc <AAPL.O> and Samsung Electronics Co Ltd <005930.KS>. Huawei said smartphone shipments reached 52 million units worldwide last year compared with the company's 60 million unit target. Huawei was the third-largest smartphone maker globally in the third quarter of 2013, according to Strategy Analytics, with a 5.1 percent market share. However, the company is dwarfed by Samsung and Apple, which have a 35.2 percent and 13.4 percent share respectively. The company's third area of operations - its enterprise segment - builds and sells communications equipment to businesses and institutions.- Reuters |
| Deutsche Bank suspends trader suspected of forex rigging Posted: 14 Jan 2014 07:04 PM PST FRANKFURT: Deutsche Bank has suspended at least one currency trader on suspicion of manipulating benchmark forex rates, a German paper reported. German daily Die Welt, citing people familiar with the investigations, said the trader worked in New York and traded Argentine pesos. According to sources at the bank, emails were found that led to suspicion that rates had possibly been manipulated, the paper said in a story published in its Wednesday edition. There are indications there may be further cases of possible manipulation, Die Welt added. Deutsche Bank said it would not comment on individuals. In a statement, it said it was cooperating with investigations and would take disciplinary measures with regard to individuals if merited. Last year, Britain's Financial Conduct Authority began a formal investigation into possible manipulation in the $5.3 trillion-a-day global FX market. The U.S. Justice Department is also engaged in an active investigation of possible manipulation of the market, the world's largest. Benchmark foreign exchange rates, often referred to as fixes, are a cornerstone of global financial markets, used to price trillions of dollars worth of investments and deals and relied upon by companies, investors and central banks. Deutsche Bank, Citigroup <C.N>, UBS <UBSN.VX>, Barclays <BARC.L> and Royal Bank of Scotland<RBS.L> have all said they were cooperating with regulators scrutinizing the market. Citigroup, RBS, JP Morgan <JPM.N> and Standard Chartered <STAN.L> have put currency traders on leave.- Reuters |
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