August, 2017

• 16 August

  June cyberattack will cost Maersk up to $300 million

  

  Bloomberg AP Moller-Maersk A/S said a cyberattack that hit the owner of the world’s biggest container shipping company at the end of June will wipe as much as $300 million off profits in the third quarter. The announcement was made in connection with second-quarter earnings, which showed Maersk missed analyst estimates after taking a writedown at the tankers unit that’s ...

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• 16 August

  SAP lifts sales outlook, buys back stock

  

  Bloomberg Software giant SAP SE raised its annual revenue outlook and said it would buy back up to a half billion dollars in stock after reporting a better-than-expected jump in sales, lifted by a revamped version of its flagship software. The German maker of applications that run businesses’ finances, manufacturing and personnel is projecting sales of 23.3 billion euros to ...

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• 16 August

  PwC fined $6.6mn in largest ever penalty from watchdog

  

  Bloomberg PricewaterhouseCoopers LLP was fined $6.6 million for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the UK accounting regulator. The Financial Reporting Council announced the fine Wednesday, along with penalties against Nicholas Boden, a senior PwC audit partner. The misconduct related to an audit of RSM Tenon’s accounts for the year ended ...

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• 16 August

  Italian economy extends gain, boosting optimism on recovery

  

  Bloomberg Italy’s economic recovery extended for a tenth straight quarter, boosting optimism that growth can become sustainable this year amid a rise in industrial production. Gross domestic product expanded 0.4 percent in the three months through June, the same as in the first quarter, Rome-based statistics agency Istat said in a preliminary report on Wednesday. That matched the median of ...

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• 16 August

  Volvo Q2 profit rise 39 percent

  Bloomberg Volvo AB’s second-quarter operating profit rise 39 percent, buoyed by resilient European demand for trucks and a production cut in the US to adjust for an expected slowdown, while construction-equipment earnings rebounded from a year-earlier provision. Earnings adjusted for one-time items rose to $1.03 billion from 6.13 billion kronor a year earlier, the Gothenburg-based manufacturer said on Wednesday in ...

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• 16 August

  Iraq sets up oil shipping, trading JV with ‘Arab firm’

  

  DUBAI / Reuters OPEC member Iraq has formed a joint venture with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources. Middle East oil producers are venturing into buying and selling oil to boost their incomes as a sharp drop in crude prices since mid-2014 has ...

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• 16 August

  Libya’s Sharara oil output down after security breaches

  

  BENGHAZI / Reuters Production at Libya’s Sharara oilfield dropped to between 130,000 and 150,000 barrels per day (bpd), from about 280,000 bpd, because of recent security breaches, an engineer who works at the field said on Tuesday. Field employees had difficulty accessing some of the field’s facilities after cars and mobile phones were stolen, said the engineer, who did not ...

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• 16 August

  OPEC’s oil fight morphs from skirmish to years-long drive

  

  Bloomberg When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years. The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts next spring, already nine months later than originally expected. Yet ...

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• 16 August

  Ecuador agrees to cap output at higher level in deal with OPEC

  

  Bloomberg A month after dealing a blow to OPEC, Ecuador says it will cap output at a more comfortable level than it had initially pledged. The South American country will limit its production at its current 541,000 barrels a day to avoid undermining the group’s output-curbs deal, Ecuadorian Oil Minister Carlos Perez said. While that breaches the 26,000-barrel-a-day cut to ...

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• 16 August

  Philadelphia refinery fights to survive after 2012 rescue

  

  Bloomberg Five years after dodging a shutdown, the largest oil refinery on the East Coast is once again teetering on the brink. Sunoco Inc. and the private equity firm Carlyle Group LP formed Philadelphia Energy Solutions, a joint venture, in 2012 to rescue the refinery in an effort that also included $25 million in state aid. Now, after spending more ...

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