Tag: production

BUSINESS

Oil Producers Set To Pump More Oil

The world’s largest oil producers have agreed to increase the production of oil marginally in a bid to help ease high prices. Members of the oil producers’ group Opec+ – which includes Russia – today agreed to add 100,000 more barrels per day to the market from September. The latest production output increase is at a much slower pace than […]

NEWS

Biden Takes Aim At Oil Companies As Inflation Rises

LOS ANGELES — U.S. President Joe Biden said his administration is doing all it can to tackle inflation, placing blame for rising prices on oil and shipping companies, as new data show consumer prices have reached a four-decade high. During a speech at the Port of Los Angeles on Friday, Biden said that oil companies are deliberately not increasing production to […]

BUSINESS

Companies See Prolonged Supply Chain Problem

In a recent survey among chief financial officers, many foresee a continuing problem with the supply chain on a longer than expected term. Most of the CFOs, who represent a wide range of businesses across multiple industries, see the challenges continuing into 2022. They argued that their companies are up against the wall with supply chain disruptions. Furthermore, they said […]

BUSINESS

Boeing Back To 737 MAX Jets Production

Boeing’s Chief Executive Dave Calhoun recently announced that his company is set to resume 737 MAX production in advance of the original planned date. The company had earlier experienced a hiccup in its production after two deadly crashes of its 737 MAX jets. Mr. Calhoun said the company is not considering scrapping the MAX and expects it will continue to […]

BUSINESS

Oil Prices Jump!

Oil prices have ratchet up to more than $1 per barrel on Thursday on expectations that falling prices could lead to production cuts. This move also comes against a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions. Brent crude was up $1.35 at $57.58 a barrel and U.S. West Texas […]

EDITORIAL

The Pauperization Of The Working Class

Sociologists over the years have sought to define the working class in many different ways and from various perspectives. One working definition proffered is that of Karl Marx who defines the working class as individuals who sell their labor for wages and who do not own the means of production. On the other hand, renown American sociologist Denis L. Gilbert […]

BUSINESS Commerce

Uganda Set To Rake In $15-20 Billion In Oil Investments

Uganda, a relatively new player on the international oil stage, expects to rake in investments in the amount of US$15-20 billion over the next three to four years, the executive director of the country’s petroleum Authority, Ernest Rubondo said at a conference in South Africa. Earlier this month, Nigerian Oranto Petroleum sealed two production sharing deals in Uganda to explore for hydrocarbons around Lake […]

BUSINESS Commerce

Tesla Dumps Hundreds Of Workers

According to a news report, Tesla, Inc., the American automaker, energy storage company, and solar panel manufacturer based in Palo Alto, California is parting ways with hundreds of workers. The dismissals were a result of a company-wide annual review, Tesla reportedly said in an emailed statement. The report noted that over 400 employees, including engineers, managers, and factory workers were […]