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This is your 90-second Business News Update brought to you by
Interface Business Languages. My name is OM. China's biggest offshore oil producers
CNOOC is on the brink of snapping up Canadian rival Nexen in a
15.1 billion dollar deal.
Overseas acquisitions for CNOOC have been in the pipeline for the last
couple of years and the offer has the backing of the Nexen board.
However, the Canadian government still has the power to veto the deal if it
believes it's not in Canada's best interests.
Meanwhile Heineken unveiled plans to increase their stake in Tiger beers.
The price of Tiger shares went through the roof, rising to 49 dollars
on the Singapore stock exchange.
Tthe bid by Heineken comes at a time when beer companies
are trying to increase their share of this fast-growing regional market.
The economic woes of Spain continue
as the country's economy contracted by 0.4 percent in the three
months to the end of June, having shrunk 0.3 percent in the previous
quarter.
Spain has already been granted a 100 billion-euro bank bailout,
so far avoiding the national bailout needed by Greece, the Republic of Ireland
and Portugal.
And finally news from the markets, where European shares plummeted, fuelled by
fears of increased financial support for Spain.
Investors fled to safe-haven government debt and the US dollar.
The FTSE 100 share index was down 4.9 percent to
5533.87,
the Dow Jones slipped 2.7 percent to 12721.89
12721.89
and the NASDAQ dropped 3.2 percent to 2890.15.
2890.15.
That was your 90-second Business News Update brought to you by
Interface Business Languages. Join us again soon.
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