News Archive for Communication News

Microsoft is ready to oust Yahoo! board to achieve swift takeover

Monday, Feb 04, 2008

Microsoft is threatening to launch a boardroom coup at Yahoo! within six weeks if the internet search engine fails to either accept its $45 billion (£23 billion) hostile takeover proposal or to start serious merger talks, The Times has learnt.

The plan to oust Yahoo! executives came as it emerged that the search engine is considering the feasibility of a tie-up with Google, its bigger rival, to fight off the approach from Microsoft.

Although a source close to Google said it was not considering a counterbid for Yahoo!, it is believed that the Yahoo! management is mulling over some kind of co-operation with the world’s largest internet company. While any tie-up between the two would trigger a cartel investigation — a combination of Yahoo! and Google would have more than 80 per cent of the UK’s internet searches alone — Yahoo! is thought to be considering options such as turning to Google as its search provider. Goldman Sachs, the main adviser to Yahoo!, refused to comment, and Lehman Brothers, its other adviser was unavailable.

At the weekend, Google accused Microsoft of seeking to extend its computer software monopoly across the internet and called on policymakers around the world to challenge such a takeover. David Drummond, Google’s chief legal officer, said in a blog that a combination of Microsoft and Yahoo! could undermine the open competition that has fuelled more than a decade of innovation on the web. He said: “Could a combination of the two take advantage of a PC software monopoly to unfairly limit the ability of consumers to freely access competitors’ e-mail, IM, and web-based services?”

It is understood that Microsoft executives have already agreed a “sledgehammer” tactic of ousting most of the Yahoo! board to force through a deal quickly if Yahoo’s co-founder Jerry Yang fails to recommend a takeover or begin serious negotiations about a tie-up. Microsoft is prepared to use its right as a Yahoo! shareholder to nominate its own executives to the board and then force the company to accept the Microsoft takeover proposals.

Under Yahoo! bylaws, any shareholder has the right to nominate executives to be voted on by all shareholders. The deadline to nominate directors this year is March 13.

Although it is understood that Microsoft would much prefer a takeover to be amicable and not resort to ousting Yahoo! directors, the software company has become increasingly frustrated that the lack of a tie-up between the two groups has helped Google, the world’s biggest internet company, to grow even stronger. So anxious are Microsoft executives about Google’s dominance that they are prepared to remove the Yahoo! board.

Microsoft is believed to be confident that its nominations would be backed by other shareholders because of the size of its bid premium and because Yahoo! has suffered eight consecutive quarters of falling profits and shrinking market share.

On Friday Microsoft made a $45 billion cash and shares takeover approach for Yahoo!. The fully funded, hostile approach values Yahoo! shares at $31, a 62 per cent premium to the closing price on Thursday evening.

Microsoft has been seeking a tie-up with Yahoo! for more than a year. Last February talks broke down after the Yahoo! board declared that it was not for sale. The internet group did promise, however, to devise plans so that the two companies could co-operate and compete more effectively against Google, their bigger rival. Microsoft feels that Yahoo! has failed to keep its side of the bargain.

Some analysts say that although a bid valuing Yahoo! at a 62 per cent premium is hard to reject, Yahoo! may consider a tie-up with another media group, such as News Corporation, parent company of The Times, or Disney, or a telecoms group, such as AT&T.

For more Microsoft and Yahoo press releases got to www.yourcommunicationnews.com

Telecom Egypt awards Alcatel-Lucent new submarine cable contract worth US$125 million

Monday, Feb 04, 2008

Telecom Egypt (TE), the incumbent telecom operator in Egypt, and Alcatel-Lucent (search for Alcatel-Lucent) today announced they have signed a $125 million contract to deploy a new submarine cable network linking Sidi Kerir in Egypt to Marseille in France. Named TE North, the project will enable Telecom Egypt to expand international connectivity, providing diversity from existing cable routes. Additionally, Telecom Egypt says the TE North submarine cable system will help it enhance its network capacity to operate as a wholesale carrier to other operators and expand its service offering to businesses and consumers.

Spanning 3,100 km, TE North can deliver an ultimate capacity of 128 x 10 Gbits/sec on eight fiber pairs, which makes it one of the largest cable systems in the region, say TE representatives. As a result, Telecom Egypt says it will be able to meet the growing demand for broadband services of its business and residential users at more affordable costs. Moreover, it will further establish Egypt’s role as an international communication hub between Europe and Asia/Africa, and it will also reinforce the city of Marseille as a communications hub with ‘open access’ facilities, say representatives of both companies.

“Egypt has a young population with a growing demand for more and more capacity,” notes Akil Beshir, chairman and CEO of Telecom Egypt. “In addition, Telecom Egypt has [a] decades’ long tradition of being the partner of choice to all Asia-Europe submarine cable systems by providing the infrastructure for crossing from [the] Red to Mediterranean Seas. Today, through TE North, we extend the Telecom Egypt service footprint by offering an option to extend this infrastructure from the Red Sea to Europe,” he reports. “Alcatel-Lucent’s turnkey expertise and technological lead in submarine networks shall help us achieve our project and business objectives on time.”

“Access to advanced technologies is key to operators like Telecom Egypt to best serve their customers,” adds Georges Krebs, COO of Alcatel-Lucent’s submarine network activity. “By meeting the requirements of communications infrastructures in terms of capacity, flexibility, and scalability, Alcatel-Lucent helps Telecom Egypt respond to the ramping demand for innovative applications.”
 
The Alcatel-Lucent submarine system will be based on its 1620 Light Manager next-generation DWDM submarine platform and will also include cable, branching units, and submarine repeaters, providing direct connectivity to landing stations. Alcatel-Lucent says a comprehensive suite of professional services, including permitting and project management, engineering, marine operation, and installation testing and commissioning is part of this turnkey project.

For more Alcatel-Lucent and Telecom Egypt press releases go to www.yourcommunicationnews.com

BHP Billiton approves funding for accelerated growth at Western Australia Iron Ore

Monday, Feb 04, 2008

BHP Billiton today announced approval for US$1.094 billion (BHP Billiton share US$930M)(1) of capital expenditure to underpin accelerated growth of our WAIO business. This amount represents pre approval expenditure for Rapid Growth Project 5 (RGP5). RGP5 is expected to increase WAIO’s installed capacity to more than 200 million tonnes per annum (Mtpa) during calendar year 2011.

This pre-approval funding will be used to commence duplication of the railway track between the Yandi mine and Port Hedland and begin the expansion of the inner harbour at Port Hedland. Construction of this second railway is expected to begin in May 2008, subject to various government approvals. The early funding will also allow early procurement of long lead items and detailed engineering studies to expand capacity at Yandi and Area C.

President BHP Billiton Iron Ore, Ian Ashby said “The core of the Pilbara is progressively moving to the Yandi/Area C mining hubs. Double tracking the rail to this area will create the rail capacity to support our planned expansion to more than 300 Mtpa.

“In parallel with this project, we are advancing our studies on the outer harbour development at Port Hedland. Combined with the RGP5 rail work, the port expansion would complete the major infrastructure requirements to support an operation of over 350 Mtpa,” he said.

In the last quarter BHP Billiton delivered RGP3 which expanded the capacity at Area C by 20 million tonnes per annum and RGP4 is on track to increase installed capacity to 155Mtpa in calendar year 2010.

The approval for the balance of the RGP5 capital is expected during the second half of calendar 2008. The early investment in RGP5 is expected to result in incremental production, beyond RGP4’s capacity, before RGP5 is completed in 2011.

Notes

BHP Billiton’s growth program to date includes the following recent projects, which were completed within approved operating currency budgets and schedules:

  • RGP2, which was approved in October 2004 and increased capacity by 8Mtpa. Construction was completed in 2006.
  • RGP3, which was approved in October 2005 and increased capacity by 20Mtpa to 129Mtpa. Construction was completed at the end of 2007.

In addition, RGP4, was approved in March 2007 and will increase capacity by 26Mtpa to 155Mtpa. Construction will be completed in 2010.

(1) BHP Billiton’s partners in its Pilbara iron ore operations are: Itochu Minerals & Energy of Australia Pty Ltd, Mitsui–Itochu Iron Pty Ltd and Mitsui Iron Ore Corporation Pty Ltd. BHP Billiton share is 85%.

For further information please contact:

Australia
Samantha Evans, Media Relations
Tel: +61 3 9609 2898  Mobile: +61 400 693 915
email: Samantha.Evans@bhpbilliton.com

Don Carroll, Investor Relations
Tel: +61 3 9609 2686  Mobile: +61 417 591 938
email: Don.A.Carroll@bhpbilliton.com

United Kingdom
Andre Liebenberg, Investor Relations
Tel: +44 20 7802 4131  Mobile: +44 7920 236 974
email: Andre.Liebenberg@bhpbilliton.com

Illtud Harri, Media Relations
Tel: +44 20 7802 4195  Mobile: +44 7920 237 246
email: Illtud.Harri@bhpbilliton.com

United States
Tracey Whitehead, Investor & Media Relations
Tel: US +1 713 599 6100 or UK +44 20 7802 4031
Mobile: +44 7917 648 093
email: Tracey.Whitehead@bhpbilliton.com

South Africa 
Alison Gilbert, Investor Relations
Tel: SA +27 11 376 2121 or UK +44 20 7802 4183
Mobile: +44 7769 936 227
email: Alison.Gilbert@bhpbilliton.com

For more BHP Billiton press releases go to www.yourmetalnews.com

PetroChina’s first LyondellBasell license for Spherizone technology

Monday, Feb 04, 2008

PetroChina Daqing Refining & Chemical Company has selected LyondellBasell Industries’ Spherizone process technology for a new 300,000 tpa polypropylene plant to be built at Daqing, Heilongjiang Province in the People’s Republic of China. Start up is planned for 2010. This is PetroChina’s ninth polyolefin license from in this decade, and the first license granted as LyondellBasell.
LyondellBasell’s Spherizone process technology is an advanced manufacturing process for the production of polypropylene that uses a unique, multi-zone circulating reactor system. The Daqing plant will be the eleventh to be built worldwide using Spherizone technology. To date, over 3 mln tpa of capacity have been licensed.

For more PetroChina and LyondellBasell press releases got to www.yourpetrochemicalnews.com

Ineos declares force majeure for ethylene and propylene from Grangemouth

Monday, Feb 04, 2008

Ineos Polyolefins has declared force majeure for ethylene and propylene from its G4 cracker at Grangemouth, Scotland. Effect of the force majeure on PP and LLDPE production at the site are still not known. The estimated downtime of the cracker is still unknown.

For more INEOS press releases got to www.yourpetrochemicalnews.com

Keppel wins contract for first U.S. Gulf FPSO

Monday, Feb 04, 2008

Keppel Shipyard Limited (Keppel Shipyard), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has secured contracts worth over US$151 million for Floating Production Storage Offloading (FPSO) conversions.

These include the first U.S. Gulf of Mexico FPSO for BW Offshore and conversion of a tanker for Maersk Contractors

BW Pioneer Ltd, an affiliate of BW Offshore, has awarded Keppel a contract to convert the first FPSO for the Cascade and Chinook fields in the US Gulf of Mexico (GoM).

To be named BW Pioneer, the FPSO will have a storage capacity of about 600,000 barrels of oil, a process capacity of 80,000 bopd and gas export facilities of 16 mmscfd. This FPSO unit will be leased by Petrobras America Inc., and production on the Cascade and Chinook fields is expected in the first quarter of 2010.

When completed in the third quarter of 2009, the FPSO will be turret moored at a water depth of around 2600 m — the deepest waters ever for an FPSO. It is designed to disconnect and move by its own propulsion to safe waters from an approaching storm.

Mr Svein Moxnes Harfjeld, CEO of BW Offshore commented: “Being the first FPSO for the US GoM waters, the Cascade and Chinook project represents a great challenge in many ways. Keppel Shipyard’s solid competence is therefore of strong value”.

Executive Director of Keppel Shipyard, Mr Nelson Yeo said, “This is the second FPSO conversion awarded to Keppel Shipyard by BW Offshore since the conversion of FPSO Berge Helene in 2005. We thank BW Offshore for this trust and are delighted to carry out work on the first FPSO to be deployedin the US GoM.”

Keppel’s latest Maersk Contractors contract is for the conversion of the company’s second FPSO from Singapore. The FPSO will have a new VLCC hull that is due to arrive in the yard from China in the fourth quarter of 2008, and is expected to complete by end 2009.

The workscope on the fast-track outfitting of the newbuild VLCC includes the installation and integration of the topside modules; the fabrication, installation and integration of the APL internal turret, flare tower, process piperack and helideck; and the upgrading of the accommodation. The FPSO will operate in a water depth of around 100 m at the Peregrino field in Brazil’s Campos basin, and is capable of producing 100,000 bopd with a storage capacity of 1.6 million bbls.

Mr Yeo said, “We are delighted that Maersk Contractors has entrusted us with a second FPSO. This is a vote of confidence to the good work we have accomplished together on the first vessel, which is nearing completion. We look forward to continuing our excellent partnership to deliver yet another quality project.”

Mr Paul Carsten Pedersen, Group Senior Vice President of Maersk, said, “Maersk and Keppel have built a longstanding partnership on mutual understanding, trust and teamwork. We are impressed with what Keppel Shipyard has done for us on the first FPSO, which will be named this weekend. It is natural to appoint Keppel Shipyard again for our latest FPSO, a project which we believe they will complete to a similarly high degree of satisfaction.”

For more Keppel press releases go to www.yourshipbuildingnews.com

Sinochem buys Soco’s Yemen assets for US$465 million

Monday, Feb 04, 2008

Chinese state-owned oil trader Sinochem has bought Soco International’s stake in a Yemen oil field for $465m, reported Reuters. Soco said in a statement it was selling to reinvest in exploration while Sinochem’s purchase follows a trend of Chinese and Indian state-owned oil companies buying oil and gas fields overseas to secure energy for the fast-growing Chinese economy.

For more Sinochem press releases got to www.youroilandgasnews.com

Latest Subsea News

At www.yoursubseanews.com we provide you the latest subsea news for the industry from across the world.  All the leading companies within the industry send us the news as it breaks and we are provided the news direct from the source.   Below you will find news we have released in the last 3 days and includes stories on Subsea Project Awards, ROVs, Deepsea drilling, Subsea Cables, etc.  The news below comes from companies such as FMC Technologies, Subsea 7, Deep Ocean, Expro and Shell.  If you are in the Subsea Industry and have any press or news you think our gloabl readership would be interested in then please send through your press.

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