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) (AFX UK Focus) 2007-10-16 14:58 GMT: Rosneft Q2 net soars to 7.655 bln usd from 1.077 bln on acquisitions UPDATE
(Updates with company quote, Q2 production figures)MOSCOW (Thomson Financial) - OJSC Rosneft said its second-quarter net income soared more than seven-fold to 7.655 bln usd, up from 1.077 bln thanks to the consolidation of its Tomskneft acquisition and organic growth.
Sales in the period reached 10.785 bln usd, up from 8.602 bln.
Russia's largest crude producer also issued a separate adjusted net figure that included one-off effects related to Yuganskneftegaz's tax debt as well as other penalties accrued by some of the numerous assets of bankrupt Yukos it has acquired.
By this measure, second-quarter adjusted net rose to 1.657 bln usd from 1.108 bln.
"The results for the second quarter of 2007 show strong organic performance both through industry-leading production growth and increased profitability," company president Sergey Bogdanchikov said in a statement. More>>
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) For Airlines, Spinoffs Are All the Rage
But whether any of the carriers will actually move to unlock value remains to be seen.
Transportation
US Airways Pilots to Seek New Union
10/4/2007 5:19 PM EDT
They want to remove the Air Line Pilots Association as their bargaining agent.
Transportation
Airlines, Aircraft Makers Get Going in India
10/3/2007 9:34 AM EDT
The country's aviation market has come to life.
Transportation
AMR to Make Early Debt Payment
10/1/2007 3:56 PM EDT
Shares rise 4.5%.
Transportation
Aviation Bill's Hardly a Fix
9/28/2007 1:38 PM EDT
What's needed is a way to fairly distribute the cost of updating the air traffic control system.
Transportation
Delta Extends Global Reach
9/26/2007 4:02 PM EDT
It will add 14 new routes from Kennedy Airport to four continents next summer. More>> - (
) Malyasia's ratings balance strong external position, weak debt ratios - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Service said Malaysia's 'A3' foreign and local currency government bond ratings balances its strong external payments position against its weaker government debt ratios.In its report titled "Malaysia: 2007 Credit Analysis", Moody's said Malaysia's 'A3' foreign currency country ceiling for bonds is based on the government bond ratings and the assessment of a moderate risk of a payments moratorium in the event of a government default.
Moody's also said ample balance-of-payments surpluses continue to provide Malaysia with a remarkably strong external liquidity cushion that forestalls downside risks to the sustainability of its external or public debt burdens.
"Malaysia's external strengths have grown over decades of rapid export-led industrialization and, more recently, because of the ongoing commodity price boom," the release said. More>>
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) (AFX UK Focus) 2007-10-16 13:53 GMT: Metals - Gold retreats back below 760 usd after rushing to fresh 28-year high
LONDON (Thomson Financial) - Gold retreated below 760 usd after rushing to a fresh 28-year high earlier as geopolitical tensions between Turkey and Kurdish rebels attracted safe haven buying and inflationary hedging against record oil prices.Ankara is currently discussing military action in Iraq's autonomous Kurdish region, which it believes the separatist guerillas of the Kurdistan Workers' Party (PKK) are using as a base to launch raids against Turkish military and civilian targets.
The tensions have sparked fears that rebels may target key Middle East crude pipelines, pushing oil prices to fresh record levels in both London and New York and taking gold to multi-year highs.
"Safe haven buying is contributing to a further increase in gold prices with the new Turkish-Iraqi dimension to geopolitical instability in the Middle East," said analysts at Gold investments. More>>
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) Deutsche Telekom Plans to Buy SunCom for $1.6 Billion (Update9)
Sept. 17 (Bloomberg) -- Deutsche Telekom AG, Europe's largest telephone company, agreed to buy SunCom Wireless Holdings Inc. for $1.6 billion, giving its T-Mobile USA unit more than a million cell-phone clients in the U.S. southeast and Puerto Rico.Deutsche Telekom will pay $27 in cash for each SunCom share, 23 percent more than the closing price on Sept. 14. Including debt, the purchase amounts to $2.4 billion, the Bonn-based company said in a statement. Deutsche Telekom will save about $1 billion, mainly from roaming fees and operating costs.
Chief Executive Officer Rene Obermann is expanding Deutsche Telekom's T-Mobile unit to make up for a four-year slump in fixed-line revenue in Germany. T-Mobile accounts for half of the former monopoly's sales and T-Mobile USA is the fourth-largest U.S. More>>
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) Busby & Contreras Helps Explain New Law Affecting Bankruptcy Rules
New means test goes into effect October 15, 2007.Houston, TX (PRWEB) October 4, 2007 -- The Houston-based bankruptcy and family law firm Busby & Contreras helps explain a new law affecting bankruptcy rules, while assuring clients that it does not impact their rights to bankruptcy protection.
The partners explain that the Bankruptcy law requires all debtors to fulfill two education requirements: a credit-counseling course prior to filing and a financial management course before obtaining a discharge. While one of the Chapter 13 Trustees in Houston offers the required 2ND course to Chapter 13 debtors, another trustee does not offer them. Chapter 7 debtors are required to take the courses on their own.
"All bankruptcy education courses are available in person, over the phone, or over the Internet. More>>
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) Sub-Prime Lending Mess Not Technology’s Fault Experts say technology and good decision-making go together in avoiding ...
It has been front-page news for months -- the mortgage meltdown is threatening the U.S. economy. As lenders of all sizes face scrutiny over risky lending practices, questions remain about how technology could have been used to soften or prevent the sub-prime lending mess.Some experts say the crisis was inevitable. Ted Landis, a Phoenix-based senior executive in Accenture's financial services group, says the signs of a looming meltdown in the market have been evident since the introduction of sub-prime lending a decade ago. "It has been a developing story since the late '90s," he contends.
According to Landis, lenders reached a point over the past two or three years at which they needed to create demand to justify the investments they made earlier this decade to scale up loan operations. More>>