Exxon Mobile announced this week that it has signed a deal with Russia's state-run Rosneft oil company to locate and drill for new oil reserves in the Russian Arctic. Rex Tillerson, Exxon's CEO, apparently hasn't learned his lesson about getting into bed with dictators known for seizing assets from private companies it partners with. Tillerson stood proudly next to Vladimir Putin when the announcement was made, the former President, current Prime Minister, and unquestioned dictator of Russia.
US stocks posted moderate gains on Wednesday as a brutal August came to an end. Investors responded favorably, albeit in light trading, to positive reports on the labor market and manufacturing. Payrolls processor ADP reported that the private sector added 91,000 jobs this month, and Challenger, Gray & Christmas reported that planned layoffs fell 23 percent, Of course, those two reports come in a few days in advance of the Labor Department's monthly jobs report, due Friday.
Environmental activists in China are criticizing tech giant Apple Inc. for using suppliers that damage the nation's environment and threaten its citizens. Apple has disputed the claims, saying it has been thorough in making sure the suppliers from whom it gets parts follow all applicable environmental safety regulations. A group of watchdog groups, after a five-month probe into electric parts suppliers they believe sell products to Apple, released a lengthy report on Wednesday.
Rumor has it the new film will be based on the James Bond book Carte Blanche written by Jeffery Deaver who also authored The Bone Collector.
The only confirmed casting other than Daniel Craig is Judi Dench and Naomie Harris as M and Miss Moneypenny respectively. Javier Bardeem, Ralph Fiennes, and Rhys Ifans have all been rumored for unannounced roles, but nothing has been set in stone.
Carte Blanche, if it is indeed the new title will be released in theaters Christmas of 2012
Founded by former Chief Architect at VISA PJ Gupta, Noca is a startup looking to challenge PayPal's dominance of the payments industry, particularly online payments. On Wednesday, the company debuted a new credit card service, which aims to make payments easier and more secure for merchants and consumers alike.
BandPage parent RootMusic announced Wednesday it has secured $16 million in a Series B round of financing led by GGV Capital, Nortgate Capital and existing investor Mohr Davidow Ventures. BandPage is essentially a platform that helps musicians shape their presence on Facebook, the world's largest social network. The company said it will use the funding for technology development to improve its experience for musicians and fans online.
In an effort to boost its cars' popularity among college-age drivers, Ford Motor Company is partnering with Zipcar, a car-sharing company that has enjoyed success at US colleges and universities. The partnership will last two years and give Ford a marketing tool it has previously lacked, enabling the company to become more visible to students at more than 250 colleges around the nation.
Goldman Sachs this week filed a last-minute objection to Bank of America's proposed $8.5 billion settlement over mortgage bonds, saying that enough information was not provided to tell whether the deal treated all affected investors equally. The settlement was first rejected this summer by New York AG, but on Tuesday, the deadline for objections to be filed, Goldman Sachs and a handful of other investors voiced their concern.
The US Commerce Department reported Wednesday that factory orders rose sharply in July amid the biggest jump in demand for autos in more than eight years as well as a surge in orders for airlines. The substantial increase in car orders comes as carmakers begin to resume normal production following months of supply chain disruptions caused by the March 11th earthquake in Japan.
The United States' private sector added 91,000 jobs this month, according to a report from payrolls processor ADP. The group also revised its July estimate down to a gain of 109,000 from the initially reported 114,000. According to Wednesday's ADP National Employment Report, the US gained a seasonally adjusted 91,000 jobs from July to August. The figure does not include changes in payrolls on the nation's farms or government payrolls.