Toshiba plans to triple nuclear power sales

Toshiba, the largest maker of nuclear power-plant equipment in Japan, said that its Westinghouse Electric acquisition would help triple sales of its nuclear power business to as much as ¥700 billion (US$6 billion) by 2015.

Toshiba, which is paying $5.4 billion to buy Westinghouse from British Nuclear Fuels, is seeking to reduce its reliance on the chip business and consumer electronics operations, which are suffering from falling prices. The company's president, Atsutoshi Nishida, said it could take 15 to 20 years to recoup its investment in Westinghouse. He said Toshiba planned to control as much as 53% in Westinghouse, with the remainder going to investors.

Toshiba expects the market for atomic energy to expand 50% by 2020. By buying Westinghouse, Toshiba gets access to the pressurized water reactor technology preferred by China, which is expected to spend as much as $54 billion in the next 15 years building nuclear plants.

(2006-02-10 21:59:48 SGT) [Biz] Permalink

GM to slash CEO pay, dividend

channelnewsasia.com :

General Motors said it would slash pay for its top executives and halve its annual dividend as part of a further effort to get the struggling auto giant back to profitability. The two-dollar annual dividend had indicated a yield on GM stock of more than 8%, the highest of any Dow Jones component. GM also said it was restructuring its pension plan and will revise its retiree health care benefits to cut its liability by 4.8 billion dollars before taxes.

The new plan calls for a 50% reduction in Wagoner's annual 2.2-million-dollar salary, along with a 30% cut in pay for GM's vice chairmen, Bob Lutz and Frederick (Fritz) Henderson. GM's board members themselves will have their compensation cut by 50% to 100,000 dollars.

GM named Jerry York, an aide to billionaire investor Kirk Kerkorian, to the board. Kerkorian's Tracinda Corp. is GM's largest investor, with a 9.9% stake. Just last month, York said GM's leadership needed to display an "equality of sacrifice," after hourly workers represented by the United Auto Workers union agreed to health care concessions.

My Web 2.0 : american auto-makers
Google Base : american auto-makers

(2006-02-10 21:02:22 SGT) [Biz] Permalink

BP unveils US$22.34b profit for 2005

channelnewsasia.com :

British energy giant BP announced a 30.8-percent surge in annual net profit to US$22.34 billion (18.64 billion euros), made against a backdrop of record oil prices in 2005. The group's 2005 reserve replacement ratio - the rate at which production is replaced by new oil discoveries - stood at 100% according to British standards and 95% under the stricter US Securities and Exchange Commission guidelines.

BP is the latest major producer after Royal Dutch Shell and ExxonMobil to announce record annual profits in the wake of surging oil prices, which hit an historic high of US$70.85 per barrel in August 2005 after Hurricane Katrina devastated energy installations on the US Gulf Coast.

BP's full-year production increased to 4.014 million barrels of oil equivalent per day (boepd) from 3.997 million the previous year. BP remained upbeat about the future, regardless of the hurricane-related setbacks.

(2006-02-10 20:55:41 SGT) [Biz] Permalink

Panasonic to setup S$150 million semiconductor plant in Singapore

channelnewsasia.com :

Panasonic is pumping S$150 million in new funds to build and outfit a new factory in Singapore. This will effectively increase its semiconductor assembly and test capacity here by 25%. By the end of the year, a new factory will sit next to Panasonic's existing Semiconductor Asia plant in Ang Mo Kio. The new plant will make arrays for use in digital televisions, digital still cameras and mobile devices. At full capacity, the new facility is expected to double its existing annual sales turnover in Singapore to S$2.2 billion.

Senior company managers at the plant's groundbreaking say most of the $150 million invested will go into high performance assembly technology and equipment. They say Singapore's skilled labour force is why they are focusing on making high-tech products here. Panasonic expects to hire about 500 new staff over the next five years. About one in five will be engineering or research and development staff.

Company leaders say they expect robust demand for more advanced products and they see the new plant reaching full capacity by 2009. And they have plans to build a third plant. The semiconductor industry accounted for nearly 40% of the total electronics output in Singapore in 2004.

(2006-02-10 18:36:22 SGT) [Biz] Permalink

Addiction to oil isn't limited to U.S.

peakoil.com -> chron.com :

During last week's State of the Union address, President Bush uttered the words few thought he would ever say: "Here we have a serious problem. America is addicted to oil."

To be sure, the U.S. is the biggest consumer of crude in the world. But it is hardly alone in its addiction. A review of data from the International Energy Agency shows Canada's consumption mirrors that of the U.S. And China has seen its increasing capacity to swill oil blamed for some of the run-up in crude prices, and the fear is that China is just getting warmed up. Even though the Chinese consume only about 2 barrels of oil per person each year, the country has all the hallmarks of North America's "big country syndrome."

Canadians use slightly more oil per person each year than Americans do - 26.2 barrels, compared with the U.S. average of 25.6 barrels. Canada is cold, and Canadians need crude to keep warm. Both countries have industrialized economies with a multitude of oil-intensive industries, from manufacturing to farming. And in the absence of any meaningful public transportation system, big countries build a lot of roads and have legions of cars, trucks and SUVs driving on them. Of course, the U.S. has more than nine times the population of Canada, which makes it, far and away, the largest overall consumer of oil on the planet.

But big country syndrome, along with all of its energy implications, is why so many energy watchers are so nervous about China. The country has a population of 1.3 billion people itching for a better standard of living. Getting there requires oil.

(2006-02-10 13:38:26 SGT) [Energy] Permalink

World's largest solar photovoltaic project to be built in Nevada

peakoil.com -> biz.yahoo.com :

Powered by Renewables (PBR) announced that it will partner with SunEdison of Maryland to develop the world's largest solar photovoltaic (PV) project in Nevada. The 18 megawatt (MW) project almost doubles what is currently the world's largest PV project (10MW) located in Germany. PBR and SunEdison will develop a total of 36 MWs of PV projects in Nevada, enough energy to power 36,000 homes. Construction is expected to begin in July and at other sites in early 2007.

"Energy independence is an important strategy for our military," said Tim Carlson, PBR's President. "Because our project is powered by the sun, it reduces our dependence on foreign oil. And since energy from the sun is a free, sustainable, renewable resource, it also allows the military to control their energy costs." The proposed project will be privately owned and operated. The military intends to purchase electricity from the project.

Projects developed by PBR and SunEdison will provide sustainable solutions to Nevada's growing energy needs, help reduce the state's $3 billion a year energy deficit, increase energy security, reduce energy-related emissions, and diversify Nevada's economy.

(2006-02-10 13:17:19 SGT) [Energy] Permalink

Main | Next page of day (Feb 9, 2006) »

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out