Aramco to invest $ 35 bn in oil projects over 5 years

Updated 16 October 2012
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Aramco to invest $ 35 bn in oil projects over 5 years

ALKHOBAR: Saudi Aramco plans to invest $ 35 billion over the next five years in projects to protect an oil production capacity cushion which the world still relies on despite a shale oil boom and weak demand, company CEO Khalid Al-Falih was quoted as saying yesterday.
“Preserving our spare oil production capacity is crucial to maintaining oil market stability because it plays a pivotal role in protecting the world’s economic health,” Al-Falih told a recent Oxford University seminar, in a speech posted on Aramco’s website, according to Reuters.
“A paradigm shift is underway that is significantly changing the global energy picture from what was commonly perceived only a few years ago,” Al-Falih told the seminar.
“We are seeing downward pressure on demand as life-style and demographic changes take hold, while environmental pressures and government policies (including potential carbon taxes) continue to work against oil in particular and fossil fuels in general.”
He pointed to increased extraction of unconventional and heavy oils and new conventional oil discoveries around the world as the main drivers of abundant new supplies. “Over just the past five years, global proven oil reserves have increased by more than 200 billion barrels.,” he said.


New designer’s ranges help lift sales at Burberry

A window of a Burberry store in central London, UK. The brand said new products accounted for about half the wares in its shops by the end of June. (Reuters)
Updated 17 July 2019
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New designer’s ranges help lift sales at Burberry

  • Fashion label more than a year into an overhaul to take it more upmarket

LONDON: British luxury brand Burberry reported a pick-up in first quarter sales after it began shifting more new designs by creative chief Riccardo Tisci into its stores as part of a turnaround plan.

The fashion label is more than a year into a high stakes overhaul by CEO Marco Gobbetti aimed at taking Burberry more upmarket  and reviving its image, including with edgier takes by Tisci on some of its classic products such as the trench coat.
The brand said new products had accounted for around half the wares on offer in its shops by the end of June, more than some analysts had expected.
This helped to lift same store sales by 4 percent — following lacklustre growth of 1 percent in the previous three months and topping market expectations of around 2 percent — and its gamble on a new designer appeared to be paying off for now.
“The consumer response was very promising, delivering strong growth in our new collections,” Gobbetti said in a statement.
Burberry has in recent quarters lagged the performance of luxury industry leaders like LVMH’s Louis Vuitton or Kering’s Gucci, which benefited from thriving demand in China in spite of US trade tensions.

FASTFACT

Thomas Burberry was just 21 years old when he established the company of the same name in 1856.

Those firms are due to post sales for the April to June quarter next week.
The pace of Burberry’s revenue growth within China and more broadly across Asia also improved slightly, despite slowing Chinese economic growth.
Its revamp has included rolling out a new logo-style print, or monogram, it hopes will catch on as it works on extending its reach in high-margin handbags; and it is redesigning stores as well as making a big marketing push with social media campaigns.
The company maintained its forecast for broadly stable revenue and operating margin at constant exchange rates for the 2020 financial year. Revenue and operating profit are not expected to pick up in a more meaningful way until 2021.