Business Digest, November 5, 2012

PUBLISHED : Monday, 05 November, 2012, 12:00am
UPDATED : Monday, 05 November, 2012, 3:25am

Brightoil blames heavy losses on poor demand

Brightoil Petroleum recorded a "significant loss" in the third quarter, based on the Hong Kong-listed firm's preliminary unaudited results. During the quarter, the company's international trading and bunkering business, as well as its marine transport business, faced an extremely challenging market, with poor demand and profit margins, it said. Brightoil attributed the loss mainly to the depressed shipping industry and decreasing bunkering demand. Toh Han Shih


BYD offers payment plan for electric taxis

Mainland taxi operators interested in electrifying their fleet could pay for BYD's e6 car in instalments, saving them the hefty upfront full payment they have to make for a petrol-powered vehicle, the car maker said yesterday. Each e6 bought through such arrangements would save a taxi operator 326,477 yuan (HK$402,000) over five years through cheaper electricity prices, even though the e6 cost 180,000 yuan after government subsidies compared with 10,000 yuan for a petrol-powered car, BYD said. Reuters


Canada delays decision on CNOOC's Nexen bid

Canada has extended its review of offshore oil and gas producer CNOOC's US$15.1 billion takeover of Nexen for a second time, moving the deadline to December 10. The Canadian government began its review of the Chinese bid for the oil and gas producer under the country's foreign-takeover law after it was announced on July 23. Bloomberg


Samsung's Galaxy S III sales top 30 million

Samsung's global sales of its flagship Galaxy S III smartphone have topped 30 million since its debut in May, according to the firm. Samsung sold 56.3 million smartphones, including the S III, in July-September, representing 31.3 per cent of the global market, more than twice as much as bitter rival Apple's share, research firm IDC said. AFP