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Rosneft ramped up oil production by 24%
The results reflect Rosneft’s $55 billion acquisition of TNK-BP, which added about 9 million tons of oil to the company’s production output.According to Rosneft president Igor Sechin, Rosneft will produce 210-215 million tons of oil in 2013. Gas extraction will reach 50 billion cubic meters, refined oil will reach 95 million tons, which will yield a revenue of $160 billion. In 2012, Rosneft increased oil production by 2.7 percent compared to the previous year.Rosneft’s Krasnoyarsk oil field led the production output boost, producing 6.907 million tons of oil, up 24.8 percent from 2012.Yuganskneftegaz, a fully-integrated subsidiary of Rosneft, upped production to 21.863 million tons between January and April, the same time period it cut production costs by 1 percent.In total, Rosneft subsidiaries produced 44.363 tons of oil during the first four months of 2013, which is up 21.7% from the same period last year.Gregory Birge, co-director of Investkafe’s analytical department, and Rosneft management peg the benefit of the TNK-BP acquisition at an estimated $15 billion, which offsets Rosneft’s poor Q1 profit earnings and increased debt load.“The acquisition of TNK-BP is very positive for the shareholders of Rosneft,” Birge told Investkafe.ruMixed Q1 resultsOn April 30th, the night before the markets closed for Russia’s nine day spring holidays Rosneft quietly released their Q1 earnings.Profit results were poor having declined 14 percent after taxes and expenses. On the flip side, output and production surged 82 percent, and crude production rose 73 percent to 4.17 barrels a day, the company announced.Sales climbed 7 percent to reach 812 billion roubles ($26 billion), but the net debt ballooned to 1.78 trillion roubles ($56.8 billion)The Risky Rouble Russia’s biggest crude producers are upping their spending efforts to increase production and increase revenue to new highs.As the price of Brent declines and the dollar strengthens, the rouble has dropped. The currency started its negative trend at the beginning of the Russian holidays, peaked on May 10, and has dropped 0.26% against the dollar to 31.31 on New York’s exchange floor Monday. However, the plan could backfire with a serious depreciation of the Russian rouble, since most of capital financing is executed in dollars, while sales are tendered in roubles. Despite Russia’s slowing economy, inflation rose 7.2 percent in May, up 0.2 percent from April. The inflation is linked to seasonably high food pricesAccelerating inflation in April to 7.2 percent year on year launched a review by investors in favor of maintaining the current rates of the Central Bank in May, whereas before there was more support to mitigate interest rates. … Read More
Tesla reaches profitability for the first time in its 10-year history
Tesla Motors reported a quarterly profit for the first time in its 10-year history during the first quarter of 2013. This was done by exceeding their own targets for deliveries, expanding gross margin and improving execution throughout the company according to a press release on the matter. Or, in other… … Read More
All-electric automaker Tesla Motors posts first profit
Tesla Motors said Wednesday it posted its first-ever quarterly profit as the electric carmaker beat its own forecasts and surprised market analysts. The California-based firm said it earned a profit of $11 million in the first quarter as revenues rose 83 percent from the prior quarter to $562…
How bout’ them apples? iPhone maker sets record $17 billion bond deal
Apple Inc. managed to borrow the money in six pieces at historically low costs on the back of declining Treasury interest rates, which determine the prices of corporate bonds. The order book – a barometer of investor demand for the debt – for Apple’s first round offering reached $52 billion, exceeding the original estimate by $10 billion. The California-based firm sold the bonds in an effort to raise money which will be handed back to shareholders in the form of dividend payments and stock buybacks. Apple had previously said it would borrow the funds as part of a broader plan to return some $100 billion to investors by the end of 2015. The company’s first bond offer in two decades comes during a 37 per cent drop in Apple’s stock pricing over the last seven months, spurred by stiff competition in the mobile computing market which has seen the iPhone-maker’s share of the profit margin pie shrink. Although the company is sitting on more than $145 billion in cash, much of its money remains overseas. Apple is unwilling to repatriate the money however, as it would be forced to hand over 35 per cent of it taxes under current US law. The estimated foreign tax rate Apple currently pays on its foreign earnings stands at $0.84 per cent, Jennifer Blouin, associate professor of accounting at the Wharton School, told Wired. Apple borrowed $5.5 billion for 10 years at 2.415 per cent. Other yields included 0.511 per cent for three-year bonds and 30-year bonds at 3.883 per cent, The Wall Street Journal reported. The Journal said the rates received on the loans were comparable to what a company with a AAA credit rating could expect. Last week, ratings agencies Standard & Poor’s and Moody’s placed Apple Inc. one mark below their highest rating for issuers. The agencies cited the company’s insufficiently shareholder-friendly attitude and, ironically, its policy of keeping a large portion of its cash abroad, a move which could prompt it to borrow more. The financial sense of not keeping all of its apples in the US cart was obvious to Blouin, however. “Apple can either pay the US government 33 or 34 cents on every dollar it repatriates,” she told the periodical. “Or it can borrow in the US at 3 per cent—maybe not even that much.” Apple further receives a tax benefit through a corporate bond sale. With 65 per cent on the interest payments on corporate debt being tax deductible, Apple is in a position of paying out pennies on every dollar it raises in bonds, or fork over a third of the foreign money it brings back to the US. “It’s not hard to do the math there,” Blouin says. “I could be off by magnitudes, and it would still make sense.” The largest previous record for a corporate bond deal was a $16.5 billion offering in February 2009 from the Swiss drug company Roche Holdings Inc., according to data provider Dealogic. … Read More
Russian billionaire switches to Apple from Facebook
Analysts cast their doubts on Apple when its stock plunged below $400 and it posted its first profit decline in a decade, which was followed by an 18 percent second quarter earning dip. The stock closed Monday on the NYSE near $420, a far cry from the $705 peak price that coincided with the release in September of the iPhone 5.Apple’s sales surpassed Wall Street’s estimates by almost a 2 million units, but the profit drop stole the financial headlines. Apple sold 37.4 million iPhones and 19.5 million iPads, bringing in $43.6 billion, up 11% from $39.2 billion year-on-year.Apple will still need to fend off competition from Samsung, as they edge their influence in the smart phone and tablet market. With record low stock prices and little market confidence, Usmanov is capitalizing on investors’ spout of doubt. “When the company lost $100 billion of its market value, it was a good time to buy its shares, as the capitalization should rebound,” Usmanov told Bloomberg in an interview in Moscow.Apple’s gross margins are likely to continue shrinking in the short-term, but Usmanov sees the long-term market potential of the iPhone.“But for the next three years I believe Apple is a very promising investment, especially given large dividend payments and buybacks.”“I believe in the future of this company even after Steve Jobs,” Usmanov added.Usmanov, a metal tycoon who exited the metal business and entered telecoms at just the precise moment, has made the lion’s share of his wealth from the Mail.ru group. He has 10% ownership in Facebook, Mail.ru has 40 percent in Vkontakte, Russia’s copycat version of the social network, which has 100 million users and counting. Usmanov is also after a majority share in Vkontakte.Usmanov acquired Facebook shares through his Mail.ru group in 2009, when the social-media network was valued at $6.5 billion, according to Bloomberg estimates. Usmanov’s company sold a $1.7 billion share during Facebook’s initial public offering in May 2012, pocketing $1.4 billion in the deal. … Read More
Official number of Guantanamo Bay hunger strikers jumps to 100
Follow RT’s day-by-day timeline on Gitmo hunger strikeLawyers for the detainees contest the official numbers, saying that some 130 prisoners are actually taking part in the protest. The hunger strike began around February 6, when detainees claimed prison officials searched their copies of the Koran for contraband, according to their attorneys. Prisoners are also protesting their extrajudicial incarceration at the prison. Most of Guantanamo Bay’s 166 detainees have been cleared for release or were never charged, a situation that has prompted criticism from human rights organizations.“The illegal detentions without charge or trial at Guantanamo Bay have gone on for more than a decade with no end in sight, so it’s not surprising that detainees feel desperate,” counterterrorism advisor at Human Rights Watch, Laura Pitter, said in a statement.As the number of detainees being fed by tubes continues to grow, so does the criticism surrounding the practice of force-feeding. The Constitution Project, a non-profit group that promotes bipartisan consensus on legal reform, concluded in a recent report that“forced feeding of detainees is a form of abuse and must end.” However, Guantanamo authorities have offered a different assessment:“I refuse to say ‘force-feeding.’ It refers to a cartoon where individuals are strapped, yelling, screaming, mouth open and food is dumped down the person’s throat and that is not the case,” Guantanamo spokesperson Lieutenant Colonel Samuel House said, as quoted by AFP.“We will continue to prevent people from starving. It is by all means the rights of detainees to protest, however it is our mission to provide a safe, secure and human environment and we will not allow our detainees to starve themselves to death,” House added.Meanwhile, Pitter has urged the Obama administration to do more to end the“unlawful practice that will forever be a black mark on US history.” White House spokesperson Jay Carney argued that Congress is to blame for the failure to close Guantanamo, not the Obama administration.“The president remains committed to closing the detention facilities at Guantanamo Bay,” Carney said in a statement.“A fundamental obstacle to closing this detention facility…remains in Congress.” President Obama pledged to close Guantanamo as he assumed office in 2009. However, he was unable to act on his promise after Congress imposed restrictions on Gitmo detainee transfers.RT is currently on a waiting list for a media visit to Guantanamo Bay. … Read More
