“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.”
Related posts:
FBI director claims NSA spying could have prevented 9/11
Marc Faber: I would own physical gold
Audit finds bloated budget for green jobs training despite lack of open positions
After the Manning verdict, four big issues remain untouched
Homeland Security tests to begin at T stops in Cambridge, Somerville
Canada plans to use hexacopter drones in war against geese
Google could be fined £4.4bn as Brussels signals legal challenge
RBS Outage Left Millions Cashless On Busiest Shopping Day Of The Year
The Silence of American Hawks About Kiev’s Atrocities
Justin Amash amendment to defund the NSA may be circumvented by House leadership
Settlement after officer Tasers handcuffed suspect, threatens with AR-15
New York Cops Arrest Artist Who Posted Embarrassing ‘NYPD Drone’ Posters [2012]
China’s manufacturing slumps in August
Seized shark fins dumped in Marshall Islands ceremony
Thousands of protesters call for Yemen to be broken up