Unocal tests Ranggas oil well<\/p>\n
SINGAPORE: Unocal Corp said it had taken another step towards
\ndevelopment of the deepwater Ranggas oilfield offshore Indonesia
\nwith the successful appraisal testing of a fourth well.<\/p>\n
The El Segundo, California-based company said subsidiary
\nUnocal Rapak Ltd. had tested the Ranggas-4 appraisal well at a
\ndaily rate of 8,158 barrels of oil and 6.4 million cubic feet
\n(181,200 cu metres) of gas.<\/p>\n
The well was located 2.4 miles (3.8 kilometers) north of the
\nRanggas-1 discovery well and 1.2 miles (1.931 km) south of the
\nRanggas-3 appraisal well, it said in a statement dated Monday.<\/p>\n
Unocal said test rates were constrained by test equipment, but
\ninitial daily production rates from a well producing from the
\nzone was estimated at upwards of 10,000 barrels of oil and eight
\nmillion cubic feet (226,500 cu metres) of gas.<\/p>\n
"The oil test rates are impressive, and we are very encouraged
\nat this point in our appraisal program," Brian Marcotte,
\npresident of Unocal Indonesia Co said in the statement. --
\nReuters<\/p>\n
;;
\nANPAf..r..
\nMoneyMatter-USA-ArthurAndersen
\nArthur Andersen cuts 7,000 US jobs
\n2<\/p>\n
Arthur Andersen cuts 7,000 US jobs<\/p>\n
CHICAGO: Troubled US accountancy Arthur Andersen, weakened by
\nthe scandal over collapsed energy group Enron, said Monday it
\nwould axe 7,000 jobs out of its 26,000-strong US workforce.<\/p>\n
The process of whittling down staff numbers could take several
\nmonths, the company said. The axe would fall most heavily in the
\nareas of audit practice and administrative services.<\/p>\n
"Despite the firm's constant efforts to avoid any workforce
\nreduction, cutbacks are one of many consequences of the events of
\nthe last month," the company statement said.<\/p>\n
Andersen is up to its neck in legal trouble after being
\naccused of using questionable accounting practices to hide losses
\nat Enron in order to retain lucrative consulting contracts with
\nits Houston-based client. -- AFP<\/p>\n
;;
\nANPAf..r..
\nBizbrief-Hongkong-JPMorgan
\nJP Morgan to cut 80 staff in Asia Pacific
\n3<\/p>\n
JP Morgan to cut 80 staff in Asia Pacific<\/p>\n
HONG KONG: J.P. Morgan Chase & Co. plans to lay off about 80
\nstaff in its investment banking and brokerage departments in the
\nAsia-Pacific region, as the U.S. investment bank seeks to cut
\ncosts in response to a slowdown in its advisory and capital-
\nraising businesses, sources in the bank said late Tuesday.<\/p>\n
The move comes on the heels of layoffs by rivals Credit Suisse
\nFirst Boston and Goldman Sachs in Asia last week, as the downturn
\nin the investment banking industry bites into cash flows.<\/p>\n
About 50 to 60 employees from J.P. Morgan's Hong Kong offices
\nwill lose their jobs, said a J.P. Morgan banker. The bank Monday
\nlaid off seven staff in China, he said.<\/p>\n
The U.S. investment bank originally planned to make the
\nlayoffs Monday but decided to postpone it to next week due to
\nleakage to the media, the banker said. -- Dow Jones<\/p>\n
;;
\nANPAf..r..
\nBizbrief-USA-Levi's
\nLevi Strauss to close plants
\n4<\/p>\n
Levi Strauss to close plants<\/p>\n
SAN FRANCISCO: Levi Strauss & Co., a name synonymous with blue
\njeans, said on Monday it will shut six of its last eight U.S.
\nplants and slash its staff by 20 percent as it moves away from
\nmanufacturing to try to halt five years of declining sales.<\/p>\n
The nearly 150-year-old company, long a rugged symbol of the
\nAmerican West, said plants located in Blue Ridge, Georgia, and
\nSan Francisco, California, would close by the end of June. Plants
\nin Brownsville and San Benito, Texas, would close in August, and
\nplants in Powell, Tennessee, and El Paso, Texas, would close in
\nOctober.<\/p>\n
About 3,300 employees out of a current worldwide work force of
\nsome 16,600 would lose their jobs as a result of the closures.<\/p>\n
A company spokeswoman said Levi Strauss will contract the jobs
\nout to plants around the world. Currently, the company outsources
\nmanufacturing to more than 50 countries in the world, including
\nMexico, the Dominican Republic, the Philippines and Indonesia. --
\nReuters<\/p>",
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"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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