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(Reuters) - Anadarko Petroleum Corp on Monday reported a net loss in the second quarter as low natural gas prices forced the company to write down the value of some assets, but the results topped expectations as oil and gas output surged 8 percent to a record.
While natural gas prices have rallied recently on power demand, the average natural gas price at the delivery point Henry Hub fell nearly 50 percent from a year ago in the second quarter.
That steep decline left some of Andarko's properties in the Powder River Basin in Wyoming too expensive to produce, so the U.S. oil and gas company took a before-tax impairment charge of $978 billion in the quarter.
Anadarko reported a net loss of $380 million, or 76 cents per share, compared with $544 million, or $1.08 per share, a year ago.
Excluding items, Anadarko reported a profit of 85 cents per share. Analysts on average had expected a profit of 77 cents per share, according to Thomson Reuters I/B/E/S.
Oil and gas output in the quarter was 742,000 barrels oil equivalent (boe) per day, up from 685,000 boe per day a year ago. Growth in production was fueled by output from the Wattenberg field in Colorado and Caesar Tonga in the Gulf of Mexico, Anadarko said.
Anadarko's production came in well above Wall Street expectations. Analysts at Bernstein Research expected the company to report daily production of 713,000 boe, while Deutsche Bank estimated output of 718,000 boe per day.
The company plans to hold its conference with analysts on Tuesday.
Anadarko shares rose slightly to $72.25 after the close of regular trading from the New York Stock Exchange close of $71.75.
(Reporting By Anna Driver; editing by Andre Grenon)
Source: http://news.yahoo.com/anadarko-reports-second-quarter-loss-output-record-204542900--finance.html
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Las Vegas, NV (PRWEB) February 11, 2010
There is no doubt social networking is here to stay. But according to a new study from Sophos, what started out as just another concern for wasted time has now turned into a full-fledged security threat to businesses.
The study conducted in December 2009 showed a ?70% rise in the proportion of firms that report encountering spam and malware attacks via social networks during 2009.? Over half the companies in the survey said they had received spam via social networking sites; over a third report having received malware.
Numbers like these are the reason why over 72% of companies feel their businesses are at risk when employees are active on social networking sites. And when asked what they feel the biggest threat of the social networking world is, companies responded ?Facebook? loud and clear, giving it 60% of the threat pie.
?Americans of all ages have embraced social networking,? says Pandora Corp. co-founder James Leasure. ?But accessing those websites from the office can open the door for internet-related security threats.?
But spyware and malware aren?t the only threats at hand; data leaks can destroy a company. Criminals have taken note of the public?s infatuation with social networking and are using it to harvest sensitive corporate and personal information. In 2009, companies and institutions of all sizes and types reported data leaks.
?Businesses are struggling to find a way to create a positive atmosphere in the office,? explains Leasure. ?For most, that translates into the freedom to check and update social networking pages at work. But companies need a way to protect themselves from security threats that sites like MySpace and Facebook pose.?
The outright blocking of social networking websites is impractical for many of today?s companies, as many have embraced Web 2.0 technology to help market and advertise their products and services. Thus, companies also need a way to prevent cyberslacking, while making sure access is available to those who need it.
?This quandary is just one of the many important reasons we created The Office Software,? states Leasure.
The Office Software is a multi-functional office productivity tool designed to help managers of small and medium-sized business achieve increased productivity and enhanced security. The program allows managers to analyze activities performed by employees by tracking computer usage at a group and/or an individual level, cross-reference activities reported by an employee, and access an employee?s desktop in real-time. TheOS also has the ability to block websites and mark others as ?timewasters? to help manage time spent on non-work-related websites like Facebook and MySpace.
?Managers and business owners need to be able to see how their employees are using company machines,? says Leasure. ?If there is a major data leak or a simple virus infection, being able to trace the source can be invaluable in rectifying the situation. The Office Software is specifically optimized for multiple-user environments where traditional monitoring software like our own PC Pandora might not be the perfect solution.?
When it comes to data leaks, companies need to be especially cautious about their intellectual property, the lifeblood of a company. This could be in the form of sensitive customer data or company secrets. According to a 2007 survey by the Enterprise Strategy Group, 32% of companies surveyed reported losing intellectual property within the 12 months prior to the survey. Add that statistic to the fact that 80% of computer-related crime related to businesses is performed by ?insiders,? and it?s very easy to see why monitoring employee activity is essential in the interest of security.
?Imagine what could happen if a disgruntled or terminated employee sent your customer data, client lists, mailing lists, project timelines or other valuable property to a competitor,? says Leasure. ?The Office Software gives you a step up and provides you with the knowledge you need to stop a leak before it gets serious.?
While social networking has become a part of most everyone?s daily lives, it can indeed have negative effects on companies. From employee productivity to breaches of security, employers need an effective solution to allow their employees a certain freedom on the Internet, while keeping threats at bay and cyberslacking to a minimum.
?When you use a program like The Office Software,? Leasure concludes, ?you?ll be able to eliminate cyberslacking and protect your company?s assets at the same time.?
For more information on The Office Software and to learn how it works, visit http://www.theofficesoftware.com
System Requirements: The Office Software requires Windows Vista, Windows XP or above; Microsoft .NET 2.0 framework (available with theOS installer). an Intel or AMD processor running at 1GHz or faster (dual core recommended for Dashboard); 512M RAM for Agent, 1GB RAM for Dashboard; 40MB of HDD space for the installation; 10M ? 15M of hard disk space for a typical day of recording; an Internet Connection (dial-up modem, cable modem or DSL) for program registration; Administrative or Power User access rights to install the software. Agent (employee) computers require a LAN connection to the Manager computer.
About Pandora Corp.: Formed in 2005, Pandora Corporation has one goal ? to help our customers monitor, control and protect their families, their businesses and themselves online. Pandora Corporation?s flagship PC Pandora monitoring software is an essential tool that helps parents keep their children safe from predators and cyberbullies, while shielding them from potentially harmful or mature content. Pandora Recovery is a free data recovery tool that allows users to recovery lost and deleted files from NTFS and FAT-formatted drives. The newest product, The Office Software (theOS), allows employers to monitor employee computer and internet activity, thereby increasing productivity and protecting company assets.
# # #
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Source: http://notenoughcoffeetimeormoney.com/the-attributes-of-columbus-plumber/
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Source: http://www.cnbc.com/id/15840232?video=3000105695&play=1
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Those same sources also confirmed to me that the Dodgers believe that after Dempster refused to approve a trade to the Braves, the animosity that decision created will force the Cubs to trade him by the July 31 deadline.
However, two major-league executives that I spoke with tonight who have dealt with Theo Epstein and Jed Hoyer numerous times told me that there is no way that the new Cubs front office will cave in and trade Dempster to the Dodgers for less than what they believe is an appropriate package.
"Dempster will have to answer some tough questions if he is still a Cub after the deadline," one executive told me. "That will be one press conference I would want to see. He will have to explain to the fans why he chose to stay on a team that is going nowhere when he could have been in Atlanta and possibly pitching in the playoffs. That will be interesting to hear."
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Bookmakers have stopped taking bets on who will light the Olympic cauldron after a ?monster gamble? was placed with William Hill on Sir Roger Bannister. Sir Roger Bannister has emerged as the late favourite to light the Olympic cauldron (Picture: Getty Images) The 83-year-old has emerged as a late strong favourite to light the Olympic cauldron ahead of previous front runners Sir Steve Redgrave, Lord Sebastian Coe and Daley Thompson. Bannister is a sporting legend after becoming the first athlete to run the sub four-minute mile in 1953. The majority of bookmakers have now suspended all bets on who will light the cauldron on Friday night, with only SkyBet and PaddyPower still taking wagers. Bannister is odds on favourite while the Queen is second choice at 6/4, closely followed by Redgrave at marginally a better price of 13/8.
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Source: http://www.msnbc.msn.com/id/29054368/vp/48354520#48354520
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(The following statement was released by the rating agency)
July 26 -
===============================================================================
Summary analysis -- DBS Bank (Hong Kong) Ltd. --------------------- 26-Jul-2012
===============================================================================
CREDIT RATING: AA-/Stable/A-1+ Country: Hong Kong
Primary SIC: Commercial banks,
nec
Mult. CUSIP6: 237009
===============================================================================
Credit Rating History:
Local currency Foreign currency
19-Jul-2005 AA-/A-1+ AA-/A-1+
10-Jul-2005 AA-/A-1+ A+/A-1
===============================================================================
Ratings Score Snapshot
Issuer Credit Rating AA-/Stable/A-1+
SACP a
Anchor a-
Business Position Adequate (0)
Capital and Earnings Strong (+1)
Risk Position Adequate (0)
Funding and Liquidity Average
and Adequate (0)
Support +2
GRE Support 0
Group Support +2
Sovereign Support 0
Additional Factors 0
Major Rating Factors
Strengths:
-- Status as a "core" subsidiary of DBS Group
-- Strong capitalization
-- Strong track record of containing credit losses
Weaknesses:
-- Recent rapid growth in credit risk exposures
-- Loan-to-deposit ratio exceeding domestic industry average
Outlook
The stable outlook on DBSHK reflects the outlook on its parent.
An upgrade of DBS could trigger a similar action on DBSHK. We could lower the
rating on DBSHK if we downgrade DBS or if we no longer consider DBSHK to be a
core subsidiary of DBS group. A change in SACP of DBSHK is not likely to have
a direct impact on the issuer credit rating on DBSHK, unless it is significant
enough to change the parent group's credit profile.
Rationale
The rating on DBS Bank (Hong Kong) Ltd. (DBSHK) reflects the bank's status as
a core subsidiary of DBS Bank Ltd. (AA-/Stable/A-1+; axAAA/--/axA-1+). We
expect the banking sector regulator in Singapore to allow DBS to provide
timely and strong support to its Hong Kong subsidiary.
We assess DBSHK's stand-alone credit profile (SACP) as 'a' based on the anchor
SACP for banks operating predominantly in Hong Kong. We also consider DBSHK's
"adequate" business position, "strong" capital and earnings, "adequate" risk
position, "average" funding, and "adequate" liquidity, as our criteria define
those terms.
The anchor SACP for a bank operating predominantly in Hong Kong is 'a-'. This
draws on our Banking Industry Country Risk Assessment methodology and our view
that Hong Kong has an economic risk score of '3' and an industry risk score of
'1'.
Our economic risk assessment of Hong Kong reflects its wealthy, highly
competitive, and resilient economy. Substantial potential imbalances have
built up in the economy because of volatile housing prices and rapid credit
growth over the past few years. The robust financial profile of Hong Kong's
household and corporate sector, the strong payment culture and effective legal
framework, and major banks' underwriting standards mitigate the credit risks
in the economy.
Our industry risk assessment benefits from Hong Kong's strong institutional
framework and effective banking regulations and supervision. The sector's
funding is well supported by the customer deposit base. Banks' risk appetite
is generally restrained, and we do not note any market distortions in Hong
Kong.
DBSHK's seventh rank in terms of total assets among banks incorporated in Hong
Kong supports its business position. However, the bank's market shares in
loans and deposits are below 5%. While DBS' corporate banking business is
booked outside DBSHK, the latter focuses on serving retail customers and small
and midsize entities. DBSHK has a fairly well established franchise in
segments such as credit cards and trade finance. Leveraging on DBS group's
franchise and regional connectivity, DBSHK has been growing its offshore
Chinese renminbi business, which enhances its earnings. The bank's revenue
stability and customer stickiness are in line with industry average, in our
view.
We expect DBSHK's risk-adjusted capital ratio to stay above 10% over the next
two years. We anticipate that the bank's loan growth will slow down
substantially in 2012 and 2013, as compared with the rapid growth in 2011. We
also believe the bank's profit generation and retention will partially
mitigate the negative impact of continuous loan growth on capitalization.
These factors support our assessment of DBSHK's capital and earnings.
Our risk position assessment for DBSHK reflects our expectation that the
bank's strong growth momentum, driven by a sharp rise in trade bills
discounting in 2011, will cool down substantially amid reduced demand and
challenging economic conditions in 2012. We also expect DBSHK to contain its
potential credit losses through its prudent underwriting standards and
sophisticated risk management capabilities.
We consider DBSHK' funding to be "average" and its liquidity as "adequate".
The bank's loan-to-deposit ratio is higher than the domestic industry average.
However, a significant proportion of its loan book is trade bills or trade
finance, which are typically short-term. The bank's retail network is also
stronger than that of many of its smaller peers in Hong Kong, in our view.
Reliance on external wholesale funding is also limited, as the bulk of DBSHK's
interbank borrowings are from its parent, which would be more flexible to the
bank.
The issuer credit rating on DBSHK is equated to DBS's group credit profile of
'aa-'. DBSHK operates in key business lines and is integral to the group's
regional aspiration. The bank represents a significant part of the group's
balance sheet and is a significant profit contributor. DBSHK also shares the
group's brand and leverages the broad recognition of it.
We consider DBSHK to have "moderate" systemic importance in Hong Kong,
implying a "moderately high" likelihood of extraordinary support from the
government of Hong Kong (AAA/Stable/A-1+; cnAAA/cnA-1+). This potential
support does not affect the current rating, as the impact is less than the
parent group support.
Related Criteria And Research
-- Hong Kong And Singapore Banks' Credit Quality Can Withstand A Mild
Recession In Europe, May 17, 2012
-- Banking Industry Country Risk Assessment: Hong Kong, April 12, 2012
-- Research Update: DBS Bank Ltd. And DBS Bank (Hong Kong) Ltd.
'AA-/A-1+' Ratings Affirmed On Parent's Announced Acquisition Of Danamon,
April 3, 2012
-- Banks: Rating Methodology And Assumptions, Nov. 9, 2011
-- Banking Industry Country Risk Assessment Methodology And Assumptions,
Nov. 9, 2011
-- Group Rating Methodology And Assumptions, Nov. 9, 2011
-- Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011
Source: http://news.yahoo.com/text-p-summary-dbs-bank-hong-kong-ltd-090624094--sector.html
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AP
Soldiers carry sandbags to build a makeshift dam to prevent flooding on the Dongsha River in the Fangshan district of Beijing on July 25, 2012.
AFP - Getty Images
Damaged vehicles after flooding in the town of Laishui in northern China's Hebei province, just north of Beijing, on July 24, 2012.
AFP - Getty Images
A resident walking near damaged vehicles after a storm caused flooding in the town of Laishui, on July 24, 2012.
AFP - Getty Images
Water released from the Three Gorges Dam, a gigantic hydropower project on the Yangtze river, in Yichang, central China's Hubei province, on July 24, 2012 after heavy downpours in the upper reaches of the dam caused the highest flood peak of the year.
Shi Tou / Reuters
A man takes a nap on an inflatable sofa floating on a flooded street near the Yangtze River in Chongqing municipality on July 25, 2012.
NBC News' Ed Flanagan reports on the reaction to severe weather in Hong Kong and Beijing over recent days:
Beijing suffered through a 10-hour downpour over the weekend that dumped 6.7 inches of rain in parts of the city and as much as 18 inches in the worst hit parts on the outskirts of Beijing in what is being called the worst flooding to hit the Chinese capital in six decades.?
The subsequent severe flooding killed at least 37 people in the country's capital and affected nearly two million people, sparking millions of angry messages and complaints on China?s Twitter-like service, Weibo, in recent days. ?Users posted countless home videos and pictures of cars struggling through wheel-deep water, waterfalls cascading down into Beijing's subway entrances and cars being swept away by the currents. Read the full story.
Previously on PhotoBlog: Dozens killed in China floods
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