Business Update: Shell profits slump

Discussion in 'Growing and Managing a Business' started by irahat, Oct 29, 2009.

  1. irahat

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    Oct 7, 2009
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    European leaders are meeting in Brussels for what environmentalists say is a make-or-break summit.

    The EU is preparing its position for global talks on tackling the effects of climate change in Copenhagen in December.

    But the 27-member bloc is divided over how much each member should pay to help developing nations fight global warming.

    Greenpeace says the deadlock imperils December's U.N. climate change conference.


    ''Well, if there is no money on the table from the EU, it is very real that Copenhagen, the climate negotiations in Copenhagen, will fail."

    Royal Dutch Shell is warning of a slow recovery after reporting a sharp fall in third quarter profit.

    The Anglo-Dutch oil giant said profit in the three months to the end of September fell 73 percent to 2.9 billion dollars from a year earlier.

    Shell's quarterly earnings contrast starkly with BP's Q3 results, which smashed forecasts by 50 percent.

    Britain's postal workers are beginning a second wave of nationwide strikes after Royal Mail and post union bosses failed to reach a deal over the industry's future.

    The government has described the stoppages as suicidal for a company that's losing around 280 million dollars a year.

    That's about 10 percent of its mail volume as customers turn to private firms, the Internet, email and mobile phones.

    The Communication Workers union fears mail bosses are planning to turn thousands of full-time postal jobs into part-time ones when the firm rolls out the final phase of its modernisation plan.

    Germany's Deutsche Bank more than tripled its net profit in the third quarter from a year ago.

    The Frankfurt-based lender said the main driver of earnings was the corporate and investment bank, which accounted for most of the group's 1.9 billion dollar pre-tax profit.

    Checking the markets now:

    European shares were given a lift after data showed the U.S. economy is growing again for the first time in a year.

    The FTSEurofirst 300 index was up over 1 percent after hovering in negative territory before the U.S. figures were released.

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