Financial
Report: 2014 Bakken oil output 1.1M barrels a day PDF  | Print |  E-mail
Written by JOSH WOOD, Associated Press   
Thursday, 03 April 2014 06:36

WILLISTON, N.D. (AP) — Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.

Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million barrels per day in 2020.

"We're very confident on the future of the Bakken," said Jonathan Garrett, an analyst at Wood Mackenzie. He added that the expected lifetime of a Bakken well is 25 years to 30 years.

Wood Mackenzie projects that $15 billion will be spent on drilling and completion of wells by Bakken participants in 2014.

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More business owners ready to hire, survey finds PDF  | Print |  E-mail
Written by The Associated Press   
Thursday, 03 April 2014 06:32

Small businesses have gotten a surge of optimism, one that may lead to more hiring in the coming months.

That's the finding of a survey of 1,100 small and medium-size business owners and executives released Wednesday by PNC Financial Services Group Inc. The survey taken in January and February finds that 37 percent of owners are optimistic about their companies' prospects for the next six months, up sharply from 22 percent in a survey last fall. That has fueled companies' hiring plans. Twenty-two percent plan to hire full-time workers, compared to 16 percent in in the fall.

And their workers will likely get a raise. Nearly a third of the owners and executives surveyed plan to boost employees' pay, up from 22 percent who planned raises in the fall.


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Engineered salmon may be a tough sell PDF  | Print |  E-mail
Written by MARY CLARE JALONICK, Associated Press   
Thursday, 03 April 2014 06:33

WASHINGTON (AP) — Don't expect to find genetically modified salmon — or any other engineered fish or meat — on store shelves anytime soon.

The Obama administration has stalled for more than four years on deciding whether to approve a fast-growing salmon that would be the first genetically modified animal approved for human consumption.

During that time, opponents of the technology have taken advantage of increasing consumer concern about genetically modified foods and urged several major retailers not to sell it. So far, two of the nation's biggest grocers, Safeway and Kroger, have pledged to keep the salmon off their shelves if it is approved.

Proponents of genetically engineered fish and meat say they expect Food and Drug Administration approval of the salmon and still hope to find a market for it. However, the retailers' caution and lengthy regulatory delays have made investors skittish.

"The FDA delay has caused developers to take a pause," says Dr. David Edwards of the Biotechnology Industry Organization, the main industry group for genetically engineered agriculture. "They're not really sure where to go as far as the regulatory system."

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Old habits at Samsung, LG embarrass them abroad PDF  | Print |  E-mail
Written by YOUKYUNG LEE, AP Technology Writer   
Thursday, 03 April 2014 06:25

SEOUL, South Korea (AP) — When Samsung unveiled a new smartphone at the storied Radio City Music Hall, the Broadway-style spectacle was memorable not for technology but for a cast of giggling female characters who fantasized about marrying a doctor, fretted about eating too much cake, and needed a man's help to understand how to work the phone.

The stereotypes were blatant even for an industry where skimpily clad booth babes are a staple of trade shows and high-level female executives are a rarity. A backlash spread online as the event, live-streamed on the Internet and broadcast in Times Square, unfolded.

How could an international company that wants to be seen as an innovator and spends more than $11 billion a year on advertising and promotions so badly misjudge its audience? Without too much difficulty and often it turns out.

A day before the Galaxy smartphone launch in March last year, the company was criticized in South Africa for using models in bikini tops to show its newest refrigerators and washing machines.

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