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ExxonMobil hits oil field in Gulf of Mexico with potential yield of 700 M barrels
Irving, TX, United States (AHN) – ExxonMobil announced that it struck oil in the Gulf of Mexico with a potential yield of 700 million barrels. Aside from oil, ExxonMobil also found natural gas in its first deep water exploration after the moratorium placed by the U.S. government.
ExxonMobil President Steve Greenlee said on Wednesday that the oil find is one of the largest discoveries in the Gulf in the last 10 years. ExxonMobil spent $7.8 billion in the first quarter of 2011 developing new energy supplies.
An oil trader commented that ExxonMobil’s new discovery would provide sufficient oil to power the country for 28 days. The trader’s estimate is based on a daily consumption of 25 million barrels of oil.
While it is not the solution to the U.S. long-term demand for crude, the ExxonMobil find will likewise not create an impact on world oil supply and consumption.
Global use is 72 million barrels of crude oil daily. The ExxonMobil discovery could power the world for only 10 days, an industry expert reckoned.
However, it would definitely boost further ExxonMobil’s profits. The exploration firm registered profits of $10.7 billion last year. The 69 percent rise in profit is partly due to higher world oil prices. The soaring profits translated into $7 billion Q1 dividends for ExxonMobil stockholders.
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Coffee prices continue to climb
New York, NY, United States (AHN) – Coffee lovers face rising prices because prices for coffee beans continue to rise on commodity markets.
Retail prices for bagged coffee on grocery store shelves have already gone up and more price increases are expected.
Poor growing conditions in South America and other coffee-producing areas has caused concern over shortages of supplies, resulting in investor speculation in commodity markets that has driven up coffee futures prices by 95 percent during the past 12 months.
Companies that roast green coffee beans and sell bagged coffee have raised prices by varying amounts in response to the increased prices they must pay for green coffee beans.
Earlier this week J.M. Smucker increased prices by 11 percent. It marks the fourth time it has raised prices in a year. Smucker sells Dunkin Donuts, Folgers and Millstone brands. Kraft, which owns Maxwell House, has raised its prices three times recently.
Then on Wednesday, Starbucks announced plans to raise prices in mid-July by 17 percent for bagged coffee.
Green Mountain Coffee Roasters also announced plans to raise coffee prices by 10 percent.
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AMISOM displays young adolescents defected from al Shabaab
Mogadishu, Somalia (AHN) – The African Union peacekeeping mission in Somalia (AMISOM) on Monday afternoon paraded at least four very young adolescents whom they said had defected from Somalia’s al Qaeda inspired group.
In a news conference held in the seaside Somali capital, Paddy Akunda, the spokesman of AMISOM forces noted that the defected youngsters became isolated in al Shabaab military trenches after their companions ran away from their battlefield in Mogadishu’s Hodan district.
“These brothers of ours defected from al Shabaab this morning. They surrendered with four guns and we are happy they came to us (Somali government and AMISOM)” Akunda told reporters here in Mogadishu. The defected ones are well treated, he spelled out.
“We did not call them, but they decided to surrender and come to us, and we urging other young brothers to leave from that militant group and join us” the spokesman mentioned.
The teenagers, whose ages ranging were between 10 and 16 years, looked exhausted and haggard.
One of defected adolescents, who identified his name as Abdulkadir, said that they were 15 fighters in Hodan war zones, adding that 11 of them escaped after firefight intensified on Sunday.
“We were four and hid ourselves in a decimated house in Hodan district. Last night, we all agreed to yield after daybreak to save our lives” Abdulkadir said.
The event comes as Somali army with the help of African Union peacekeepers has redoubled combat operations against al Qaeda linked group al Shabaab.
On Saturday, Somali forces penetrated into new al Shabaab trenches and managed to seize Wadnaha road, a key routine at the center of Mogadishu and very close to Bakaara market.
In the last two months, more than 80 al Shabaab militants surrendered to Somali government. All young defected fighters said they deserted the terrorist group after they failed to tolerate so longer.
In Feb. al Shabaab has lost key military trenches in Mogadishu and border town of Belet-Hawo in Gedo region in southern Somalia.
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Fishing contest could net anglers $2.2 million
Pratt, KS, United States (AHN Sports) – A fishing contest with the largest payout for tagged fish that could reach as much as $2.2 million is expected to attract more anglers as the fishing challenge continues through the middle of July.
The contest, dubbed “Wanna Go Fishing for Millions?”, is sponsored by Cabela’s and Wanna Go Fishing TV, and is open only to legal U.S. residents who are eighteen years of age or older.
The Kansas Department of Wildlife and Parks (KDWP) is among those participating in the challenge that involves hundreds of fish that were tagged in 19 states in roughly 60 lakes, including the Sunflower State’s Milford, Glen Elder, Cheney, Hillsdale, Cedar Bluff, Kanopolis, Clinton, and El Dorado reservoirs.
Up to 1,060 fish each tagged were randomly released.
A fish caught by a registered participant in eligible waters could yield the Grand Prize if it matches the Grand Prize winning number. Winners may also qualify for the additional bonuses based on the promo rules.
The eligible species of freshwater fish include: Largemouth Bass, Smallmouth Bass, Walleye, Cutthroat Trout, Rainbow Trout, Brown Trout, and Striped Bass.
The fishing period began May 14 and runs to July 14.
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Tropical storm Aere heads to Japan
Tokyo, Japan (AHN) – Tropical storm Aere on Tuesday headed to southern Japan after lashing the Philippines and leaving 24 deaths.
The storm is forecast to bring rain to southern Japan, including the area of Fukushima, which was heavily damaged by a tsunami on March 11.
Aere will pass within 300 miles southeast of the damaged Fukushima power plant between Thursday and Friday and dump about one to two inches of rain, according to AccuWeather.com. The storm will also have winds of 30 to 40 miles per hour around that time.
However, the storm is expected to weaken and downgrade into a tropical depression by that time.
The storm had 40 mph winds when it passed the northern Philippines on Tuesday, according to the Philippine weather bureau PAGASA.
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Report: Crewmen of Singaporean vessel safe
Seoul, South Korea (AHN) – Less than a week after Somali pirates hijacked a Singaporean chemical tanker off Kenyan waters, 25 crewmen of the ship, MT Gemini, are said to be safe.
The crew includes 13 Indonesians, three Myanmarese, five Chinese and four South Koreans. The vessel was moving between Indonesia and Kenya and carrying more than 28,000 tons of crude palm oil when it was overtaken..
On Sunday, vessel owner Glory Ship Management said that the last communication with MT Gemini was on the day of the hijacking.
The pirates have not yet made any kind of demands.
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Caterpillar posts record 1Q
Peoria, IL, United States (AHN) – The world’s largest manufacturer of construction equipment posted first quarter profit on Friday that beat expectations and rising material costs.
Caterpillar said net income for the period was $1.23 billion, or $1.84 a share, an increase of 426 percent from $233 million, or 36 cents a share, in the same quarter a year ago.
Revenue grew 57 percent to $12.95 billion from $8.24 billion.
The record results pushed Caterpillar shares up 3.5 percent.
The Illinois-based company said a $4.07 billion higher sales volume and a $94 billion positive impact from currency led to the strong performance.
The manufacturer performed well in all geographic segments, including in developing countries, where despite a low level of construction activity sales rose as customers replaced fleets of equipment.
Caterpillar said manufacturing costs, particularly the price of steel, rose $219 million. Selling and administrative expenses also rose $219 million.
The company raised its full-year outlook from revenue of more than $50 billion, to &52 billion to $54 billion. It expects an annual profit of $6.25 to $6.75 per share, up from a previous forecast of near $6.
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Oil companies Shell and Exxon rack up billions in profits on soaring oil prices
New York, NY, United States (AHN) – Royal Dutch Shell and Exxon Mobile oil companies both reported robust first quarter profits because of higher global prices.
Those higher prices amounted to $113.70 per barrel for US crude oil futures, the highest level in 2.5 years, and $125.71 per barrel for Brent crude.
That helped Anglo-Dutch firm Shell to record $6.9 billion in profits for the first three months of 2011, up a hefty 41 percent from the same period in 2010.
Texas-based Exxon group did even better reporting profits of $10.7 billion, up a whopping 69 percent from the same time last year.
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Dutch telecom KPN to cut 25 percent of workforce amid competition, falling demand
The Hague, Netherlands (AHN) – Dutch telecom firm KPN has announced plans to cut up to 25 percent of its workforce over the next four years because of increased global competition and slumping demand.
KPN’s announcement on Thursday comes on the heels of Chinese telecom giant Huawei announcing Monday that its sales outside China had increased by 33.8 percent. Huawei has become one of the largest telecom manufacturers in the world, operating in more than 140 countries amid complaints of unfair trade practices.
KPN employs 30,599 people. It announced that it would cut from 4,000 to 5,000 jobs in The Netherlands between now and 2015.
Citing problems in both its mobile and fixed-line business, KPN also issued a profits warning, which sent its share price down by 7.7 percent resulting in a brief suspension of trading. The company will issue its first quarter earnings report on April 28.
In the meantime, KPN has revised its forecast of its gross operating income for 2011 downward from $7.7 billion to $5.3 billion.
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