“Saipem SpA, Italy’s biggest oil and gas contractor, will cut jobs and exit businesses as writedowns led to an unexpected loss and an earnings target reduction. The company, controlled by Italian oil producer Eni SpA, posted a second-quarter net loss of 997 million euros ($1.1 billion), after total writedowns of assets for 929 million euros. Analysts were expecting a 39.1 million-euro profit. ‘The further steep fall in the oil price has resulted in a major disruption, which is not likely to be reversed in the short-to-medium term,’ Chief Executive Officer Stefano Cao, who replaced Umberto Vergine in April, said in a statement.”
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
(Visited 40 times, 1 visits today)
Related posts:
Idaho may be next state for lands fight with feds
Smugglers use cannon to fire 85 pounds of marijuana into Arizona
Nevada bill would levy 8% tax on brothels, Burning Man festival
US sends Irish government arrest warrant for Snowden
U.S. auto sales jump 13 percent in 2012
Keurig Founder Loses $144M In Minutes As Shares Crash
Pakistan mobile networks suspended on security fears
Trial set for Tulsa police officer accused of robbing Hispanic drivers
As Congress fights over budget, federal agencies go on shopping sprees
Death of man beaten by North Chicago police classified as homicide
Central banks becoming major investors in stock markets
Iraq attacks kill 39 as official escapes assassination
Did secret deal let hundreds of ISIS fighters flee Raqqa?
Muslim beauty pageant challenges Miss World
Libya after US 'liberation': Where lives are auctioned for $400