Mexico's energy reforms are ushering in an era of profound change for the country and for state oil firm Pemex, and will generate the necessary conditions for greater development and better opportunities for the population, CEO Emilio Lozoya Austin said. Pemex has begun its restructuring process to take better advantage of the tools provided by the energy reform to guarantee the firm's continuity and prosperity, and make it more competitive within the oil industry, Lozoya Austin told Pemex employees in Veracruz, according to a press release.
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Chilean state copper producer Codelco saw its pre-tax profit for the first half of 2014 fall 27.5% to US$1.31bn compared to US$1.81bn in 1H13, as a decline in copper prices impacted its financial results, despite reporting increased production. "The impact of lower prices explains the company's results. All in all, we remain at prices and profit levels above the average of the company's history. The results are lower than previous years, but they are still good when taking a long-term view," CFO Iván Arriagada said in a press conference.
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Apple Inc. (AAPL) plans to turn its next iPhone into a mobile wallet through a partnership with major payment networks, banks and retailers, according a person familiar with the situation. The agreement includes Visa Inc. (V), MasterCard Inc. (MA) and American Express Co. (AXP)and will be unveiled on Sept. 9 along with the next iPhone, said the person, who asked not to be identified because the talks are private.
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The Kansas City Chiefs re-signed quarterbackAlex Smith to a new long-term contract after he helped engineer the best single-season turnaround in franchise history during his first year with the team. Smith, 30, has a 30-9-1 record since 2011 as a starter in the National Football League and Chiefs General Manager John Dorsey said it was a “priority” to get a new deal done.
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Britain should back the development of a single hub airport to lock in essential trading links to emerging markets and ensure long-term economic growth, the Confederation of British Industry said today. Hubs like London Heathrow, Europe’s busiest, “act as a catalyst for new routes,” serving almost three times as many destinations as point-to-point rivals, according to a CBI report based on research by Steer Davies & Gleave. Each service to a high-growth market can boost trade by as much as 128 million pounds ($212 million) a year, the CBI said.
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The Dutch brewing company said that the sale of Empaque would generate a one-off gain of $300m. Empaque, which made revenues of $660m last year, will continue to supply Cuauhtémoc Moctezuma, Heineken's subsidiary in Mexico.
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The sale includes Barclays' retail, wealth management and corporate banking business in Spain. In a statement, Caixa said the deal involved 270 branches and approximately 555,000 new clients.
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The International Monetary Fund has given a green light for Ukraine to receive the second tranche of financial assistance totalling $1.39 billion, meaning more austerity measures for the already struggling economy. “The Executive Board of the International Monetary Fund (IMF) today completed the first review of Ukraine’s performance under an economic program supported by a Stand-By Arrangement (SBA),”the organization said in a statement.
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The British government will press other European nations at a meeting in Brussels on Saturday to block Russia from using the SWIFT banking network, Bloomberg reported, in what could be a dramatic expansion of sanctions. However, according to Itar-Tass sources within the British government, the EU leaders are not planning to discuss banning Russia from using the SWIFT, while the British Prime Minister's office refused to comment on the issue.
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Union Bank Plc and MoneyGram have collaborated to promote international electronic money transfer in the country. As a result, the bank said it had introduced ‘Back to School MoneyGram’ campaign which would run through the end of September this year. “As the new academic year approaches, the promotion allows parents and guardians to send and receive money for school fees and other school related expenses through MoneyGram transfers from Nigeria or abroad,” the bank said in a statement on Wednesday.
Updated 5 Years ago