Sunu Assurances Nigeria Plc ( Q12018 Interim Report

first_imgSunu Assurances Nigeria Plc ( listed on the Nigerian Stock Exchange under the Insurance sector has released it’s 2018 interim results for the first quarter.For more information about Sunu Assurances Nigeria Plc ( reports, abridged reports, interim earnings results and earnings presentations, visit the Sunu Assurances Nigeria Plc ( company page on AfricanFinancials.Document: Sunu Assurances Nigeria Plc (  2018 interim results for the first quarter.Company ProfileSunu Assurances Nigeria Plc formerly (Equity Assurance Plc) is an established insurance company in Nigeria offering non-life insurance for the domestic and corporate sectors as well as asset management and health management services. The company also has business interests in Ghana. Non-life insurance ranges from fire and special peril to consequential loss, cash and goods in transit, public and products liability, fidelity guaranty, personal liability and accident insurance products. Equity Assurance Plc also provides insurance products for workmen compensation and plant, erection and contractors all risk and welfare funds and medical evacuation. The company has subsidiary segments providing health management, asset management and hospitality services. Equity Assurance Plc is a subsidiary of SUNU Finances Holding SA. Its head office is in Lagos, Nigeria. Sunu Assurances Nigeria Plc is listed on the Nigerian Stock Exchangelast_img read more

I’d use the Warren Buffett method to create a ‘best stocks to buy now’ list

first_img Warren Buffett has a long track record of buying stocks that deliver high returns relative to the wider stock market. However, he doesn’t necessarily buy every company that he feels optimistic about. Sometimes, they may trade at prices too high to make a strong return in the long run.Following a similar strategy in today’s market could be a sound move. Some FTSE 100 and FTSE 250 shares now trade at high prices following the recent stock market rally. By making a list of the best shares to buy, and waiting for them to trade at more attractive prices than they do now, it may be possible to obtain stronger returns in the long run.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Warren Buffett’s patient approach to investing in sharesWarren Buffett has always been a long-term investor. This means he’s not only patient when holding shares, but also when seeking to buy them. Clearly, it’s not possible to know how long he has waited before buying his current holdings or past successes.However, the idea of making a list of high-quality businesses that do not trade at attractive prices, and waiting for them to do so, could prove to be a profitable move.It may mean an investor avoids paying too much for any stock. This could be relevant in today’s stock market, where some growth sectors have premium prices. Instead, they may be able to capitalise on the ups-and-downs of the stock market through purchasing high-quality companies when they offer wide margins of safety.A long-term stock market cycleOf course, there’s no guarantee Warren Buffett’s strategy will work. An investor could identify the best shares to buy when they trade at high prices right now. However, they could fail to fall to sufficiently low prices to merit investment.They may even deliver strong capital growth from a high starting price. In such a situation, an investor may miss out on a number of excellent buying opportunities during their lifetime.However, avoiding expensive shares and instead buying good value companies could be a sound move. The stock market has a long history of experiencing periods of growth and periods of decline. Although neither can be guaranteed to take place in future, the past performance of indexes such as the FTSE 100 and FTSE 250 suggests such a repeat occurrence is very likely.By identifying high-quality companies, as per Warren Buffett’s strategy, before they trade at attractive prices, it may also be possible to act swiftly during any future stock market crash.The 2020 market slump took place in a matter of weeks. This highlights the need of having a cash position and a list of the best shares to buy. This could allow an investor to capitalise on temporary buying opportunities. See all posts by Peter Stephens Image source: The Motley Fool Peter Stephens | Monday, 8th February, 2021 Our 6 ‘Best Buys Now’ Shares Simply click below to discover how you can take advantage of this. Get the full details on this £5 stock now – while your report is free. Enter Your Email Address Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Are you on the lookout for UK growth stocks?If so, get this FREE no-strings report now.While it’s available: you’ll discover what we think is a top growth stock for the decade ahead.And the performance of this company really is stunning.In 2019, it returned £150million to shareholders through buybacks and dividends.We believe its financial position is about as solid as anything we’ve seen.Since 2016, annual revenues increased 31%In March 2020, one of its senior directors LOADED UP on 25,000 shares – a position worth £90,259Operating cash flow is up 47%. (Even its operating margins are rising every year!)Quite simply, we believe it’s a fantastic Foolish growth pick.What’s more, it deserves your attention today.So please don’t wait another moment. FREE REPORT: Why this £5 stock could be set to surge I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. I’d use the Warren Buffett method to create a ‘best stocks to buy now’ listlast_img read more

Roots of the Kashmir conflict

first_imgThe writer is a Muslim woman born in a rural village in Gujarat, India.India, one of the oldest civilizations, fell under British colonial rule starting in the late 1700s. With British imperialism came the reinforcement of dividing people by religious groups, castes, languages spoken and nationalities, so that the workers under oppressive rule would not unite to overthrow the British empire. The largest division was between Muslims and Hindus. Due to this, when the Indian independence movement started in the 1900s, elites in both groups could not decide on the election process for minority groups — the minorities in this case being Muslims as well as the Dalits. This led to Muslim groups calling for a separate state for themselves where they would not be a minority.  Maps show before and after the partition of India subcontinent.Muslims eventually got their wish in 1947, when India was split into the Muslim-majority states of West Pakistan and East Pakistan (modern-day Bangladesh) and the Hindu-majority state of India, sometimes referred to as Hindustan. The British partition of India led to the displacement of between 14 million and 16 million people and the killing of more than 200,000 to 2 million people in mass riots. With partition, Kashmir and Jammu became one of the most disputed territories between India and newly formed Pakistan.Kashmir and Jammu is a territory in the Himalayan region that earlier had been one of the 600 princely states of India. At that time, Kashmir and Jammu was a majority-Muslim territory, but it was ruled by a Hindu monarch named Maharaja Hari Singh. Under his rule, Muslims constantly faced discrimination and high taxes. When the partition happened, the British left it up to the monarch to decide which country he would join. His subjects wanted Kashmir to be an independent state. But the Maharaja decided to join India in return for military help against Pakistan. India then invaded Kashmir, sending in troops by air to crush a popular movement that had developed against the Maharaja’s rule.Kashmiris’ fight for right to self-determination An intense war then broke out between Pakistan and India. In 1948 the United Nations stepped in and brokered a ceasefire. Under the terms of the ceasefire, two-thirds of Kashmir belonged to India and the remainder, called Azad Kashmir, belonged to Pakistan. The terms also stipulated that there be a referendum where the Kashmiris could exercise their right to self-determination in choosing their own faith. But this was never carried out and was especially ignored by India. Since 1947, India and Pakistan have been fighting to claim all of Kashmir. They have fought three wars over Kashmir, one in 1990 which almost led to a nuclear conflict between the two countries. To this day Kashmir is a highly disputed territory between India and Pakistan. Both India and Pakistan have ignored the demands of the Kashmiri people. Instead, India gave Kashmir the special status of autonomy within India that ensured the Muslim-majority state its own constitution and supposed independence over all matters except foreign affairs, defense and communications. Since 1948, Kashmiris have fought for their right to self-determination. They have taken to the streets constantly demanding freedom. India has answered with brutal repression. Since the 1900s an estimated 96,765 people have been killed in violent military massacres. Kashmir is a heavily militarized zone, with up to 600,000 Indian soldiers and paramilitary cops stationed in the territory. More than 10,000 men have been arrested and more than 10,000 women have been raped or molested. As of Aug. 26, India is still trying to suppress the people of Kashmir and Jammu. On Aug. 5, the Indian Hindu nationalist party BJP, under the leadership of Prime Minister Narendra Modhi, revoked Article 370, which had given Kashmiris the right to own land. Modhi’s action was meant to encourage millions of Hindus to move into the majority-Muslim territory of Kashmir. In the face of these challenges, Kashmiris have not backed down and have been fighting back, as they have done for the last 72 years. India has cut off all communication, including internet, phones and social media. Schools and markets are closed, and millions of people are left incommunicado and besieged. Indian police have opened fire on protest demonstrations in the capital, Srinagar, and other towns and cities. The population is under complete curfew, unable even to go outside. Hundreds have been arrested. Since Aug. 5, demonstrations in solidarity with Kashmir have occurred all over the world. Workers World Party has participated in these demonstrations in the U.S. and has always supported the right of Kashmiris to decide their own fate.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Dryness Now A Concern for Indiana Crops

first_img Facebook Twitter Facebook Twitter By Gary Truitt – Aug 14, 2017 Soil moisture has decreased as a result of the lack of rain over the past couple of weeks, according to Greg Matli, Indiana State Statistician for the USDA’s National Agricultural Statistics Service. Spotty showers have been inadequate for proper growth of crops leading farmers to continue irrigating fields. Cooler temperatures helped growing crops use less water. The statewide average temperature was 69.1 degrees, 3.7 degrees below normal. Statewide precipitation was 0.24 inches, below average by 0.65 inches. There were 6.3 days available for fieldwork for the week ending August 13 up 0.9 days from the previous week.Regionally, corn was 58% in dough in the North, 69% in Central, and 74% in the South. Corn was 15% dented in the North, 21% in Central, and 26% in the South. Corn rated in good to excellent condition was 60% in the North, 48% in Central, and 55% in the South. Soybeans were 93% blooming in the North, 94% in Central, and 90% in the South. Soybeans were 76% setting pods in the North, 81% in Central, and 76% in the South. Soybeans rated in good to excellent condition were 62% in the North, 52% in Central, and 56% in the South.Some areas are starting to show signs of drought stress. Pollination is nearly complete with issues being reported in some areas. Mint and potatoes harvest is in full swing. There have been reports of army worms in alfalfa fields in the southwestern portion of the state. Pastures are reported in good shape but more rain is desired. Livestock are reported in good condition. Other activities included spraying soybean and corn fields for diseases, preparing bins for fall storage, hauling grain, mowing roadsides, scouting for pests, and attending the Indiana State Fair. Previous articleU.S. Feed Grain and Ethanol Exports UpNext articleTelling the Story of Soil and Water for 25 Years Gary Truitt Dryness Now A Concern for Indiana Crops SHARE Home Indiana Agriculture News Dryness Now A Concern for Indiana Crops SHARElast_img read more

Pride of Place puts paid to County Limerick estate’s reputation for…

first_imgNewsLocal NewsPride of Place puts paid to County Limerick estate’s reputation for antisocial behaviourBy Alan Jacques – June 26, 2015 812 Vanishing Ireland podcast documenting interviews with people over 70’s, looking for volunteers to share their stories Email Facebook RELATED ARTICLESMORE FROM AUTHOR Twitter WhatsApp Print WATCH: “Everyone is fighting so hard to get on” – Pat Ryan on competitive camogie squads Previous articleWater protest heats up in LimerickNext articleThe Next Stage for Niall O’Halloran Alan Jacques center_img Predictions on the future of learning discussed at Limerick Lifelong Learning Festival Limerick Artist ‘Willzee’ releases new Music Video – “A Dream of Peace” TAGSAll Ireland Pride of PlaceBallyhoura DevelopmentcastleconnelllimerickLimerick City and County CouncilLimerick City and County Council Tenants ForumScanlon Park Advertisement Linkedin by Alan [email protected] COUNTY Limerick housing estate once plagued by antisocial behaviour is now making final preparations to impress the judges in the All Ireland Pride of Place Competition.Representing Limerick in the Housing Estate category, Scanlon Park in Castleconnell is now a vibrant estate with a lot of activity down to the hard work of its residents association over the past decade.Families living in the estate are currently in full swing to prepare for the arrival next month of judges for the All Ireland Pride of Place Competition.There are almost 90 houses in the Castleconnell estate with a wide range of residents – young families and children, older residents and single people. There are also several generations of families within the estate, which gives a great sense of community.Residents spokesperson, Mags Byrnes, said that new members have recently joined the residents association and have organised a wide range of estate activities including barbecues and sports days, day trips, clean ups and other events.Sign up for the weekly Limerick Post newsletter Sign Up “These events are open to all residents of any age and are kept as affordable as possible,” she explained.“The residents committee are members of Limerick City and County Council Tenants Forum and meet regularly with Ballyhoura Development regarding various activities, supports and funding which may be available to them. They have completed committee skills training and drafted an estate action plan.”The Park has strong links to the local community, particularly the Tidy Towns group and many sports clubs that residents, both adults and children, are involved in.The Lisnagry Soccer club have their pitch within the estate and St Joseph’s Graveyard shares the estate entrance.Ms Byrnes pointed out that the estate once had a reputation for antisocial behaviour in the past but this is no longer the case due to the active work of the residents and support from Limerick County Council.“We’re delighted to have our years of hard work recognised and are looking forward to showing off all our achievements in July,” she concluded. Limerick’s National Camogie League double header to be streamed live Limerick Ladies National Football League opener to be streamed livelast_img read more

Rajasthan HC Sets Aside Speaker’s Rejection Of Disqualification Petition Against 6 BSP MLAs; Asks Speaker To Decide Merits Within 3 Months [Read Order]

first_imgNews UpdatesRajasthan HC Sets Aside Speaker’s Rejection Of Disqualification Petition Against 6 BSP MLAs; Asks Speaker To Decide Merits Within 3 Months [Read Order] LIVELAW NEWS NETWORK24 Aug 2020 7:19 AMShare This – x The Rajasthan High Court on Monday set aside the order of the Speaker which rejected the petition submitted by BJP MLA Madan Dilawar seeking the disqualification of 6 BSP MLAs who had merged with the Congress in 2019.A single bench of Justice Mahendar Kumar Goyal found fault with the Speaker, Dr CP Joshi, for rejecting the petition on technical grounds.The Speaker had cited Rule 6(7)…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?Login The Rajasthan High Court on Monday set aside the order of the Speaker which rejected the petition submitted by BJP MLA Madan Dilawar seeking the disqualification of 6 BSP MLAs who had merged with the Congress in 2019.A single bench of Justice Mahendar Kumar Goyal found fault with the Speaker, Dr CP Joshi, for rejecting the petition on technical grounds.The Speaker had cited Rule 6(7) of the 6 of the Rajasthan Assembly Members (Disqualification on the Grounds of Defection) Rules of 1989.The Court, referring to the SC precedents Speaker, Orissa Legislative Assembly vs. Utkal Keshari Parida- (2013) 11 SCC 794 and Dr. Mahachandra Prasad Singh vs. Chairman, Bihar Legislative Council & Ors.- (2004) 8 SCC 747, which held that any person interested is also entitled to bring to the notice of the Speaker the factum of disqualification incurred by any Member of the House  and that the Speaker is constitutionally obliged to take a decision on receiving such a complaint, observed :”…rejecting the disqualification application on the ground of violation of Rule 6(7) of the Rules of 1989, which does not go to the root of the matter, cannot be sustained in the eye of law. Even otherwise also, once, the factum of alleged defection was brought to the notice of the Speaker, he was under the constitutional obligation to adjudicate upon the same”.The bench also held that BSP will be entitled to raise the plea of disqualification before the Speaker.Accordingly, the Court ordered that it expects the Speaker to take a decision on the merits of the disqualification petition within a perido of three months following the time-frame set by the Supreme Court in Keisham Meghachandra Singh vs. the Hon’ble Speaker, Manipur Legislative Assembly.However, the bench refrained from adjudicating the correctness of the order passed by the Speaker in 2019 recording the merger of BSP MLAs with Congress. The Court said that it was a mere administrative order passed by the Speaker recording the claim of BSP MLAs that they had merged without Congress, without any adjudication. At that stage, the Speaker is not expected to invite objections to the merger, the Court said.”Since, the order dated 18.9.2019 has been held to be an administrative order and not an order under paragraph 4 of the Tenth Schedule, this Court refrains itself from venturing into the question of its validity qua the parameters laid down therein”, the bench observed.Click here to download the order Read OrderSubscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Teen sentenced to life in prison for May 2019 school shooting

first_imgkuzma/iStockBy CLAYTON SANDELL and IVAN PEREIRA, ABC NEWS(DENVER) — A 17-year-old transgender teen who told investigators he launched a deadly school shooting in retaliation for being bullied over his gender identity has been sentenced to life in prison with the possibility of parole.Alec McKinney was sentenced Friday following impassioned, emotional statements from nearly two dozen teachers, students and family members. McKinney and fellow student Devon Erickson, 19, were accused of opening fire at STEM School Highlands Ranch in a suburb south of Denver on May 7, 2019.McKinney, who couldn’t face the death penalty because he was a minor at time of the shooting, spoke publicly for the first time since the incident, reading a roughly 22-minute statement in which he took responsibility and apologized to each of the victims.“I killed their innocence. I killed their ambitions. And I killed their sense of security. I not only physically killed people, I mentally killed people too. I don’t know how to describe the sorrow I feel when I think of the victims,” McKinney said. “The horror I caused is truly too much for anyone to bear.”Multiple students were wounded during the shooting. Kendrick Castillo, an 18-year-old who confronted the gunmen in an effort to stop them, was killed. According to an arrest affidavit, McKinney told investigators he wanted to target students who “always made fun of him, ‘hated him,’ called him names and said he was disgusting for trying to be a guy.”“I don’t deserve leniency, nor forgiveness. I don’t want a lighter sentence,” McKinney continued. He also had a message for would-be school shooters, urging potential copycats to get help: “The amount of pain it causes to everyone who ever cared about you, and innocent people, outweighs anything you are going through right now. Why would you idolize someone who hurt people, someone who was so weak that they couldn’t get help?”John Castillo spoke about losing his son, and while looking at a televideo screen called McKinney pure evil to his face. As the suspect openly sobbed, Castillo condemned him to hell.“This killer is a monster. You sit there with crocodile tears down your face? Well scripted,” Castillo said, crying. “I need to tell you something: These are real tears.”Castillo added that he would never forgive McKinney for his actions and vowed to “fight him to the end.”“You’ve awakened an activist who fights for safe schools,” he said.Maria Castillo said her son was murdered with only three days left in the school year, a few days before Mother’s Day.“I’m still waiting for him to come home,” she sobbed. “This evil killer destroyed my family.”During his statement, McKinney addressed the Castillos.“I want to start with an apology, but I never expect you to forgive it. Because what I’ve done is unforgivable,” McKinney said.In February, McKinney pleaded guilty to multiple charges — first-degree murder, attempted murder and conspiracy to commit first-degree murder after deliberation.“Your honor, I stand behind my guilty plea,” McKinney told Judge Jeffrey Holmes, appearing in the courtroom video conference.McKinney openly sobbed throughout the hearing as he listened to witnesses recall the horror of that day, describing lasting traumas that have changed their lives forever.“The pain he has inflicted will continue for many years,” said Yuritza Ojeda-Ayala. Her son, Gerardo Montoya Ojeda, was shot in the head and survived, but she said he no longer feels safe in any classroom. “He lost that sparkle that he had.”Gabriela Leddy, a language arts teacher, shared an anguished account of that day.“As we huddled in fear, my mind became imprinted with the faces of my students,” Leddy said through tears. “They were so brave. I am honored by their bravery.”Leddy described the moment she started to run from the building, stopping when she saw Castillo’s body on the ground, his head covered by a bright green cloth.“That moment of anxiety and fear of what was happening around me came to a halt,” she said. “Something compelled me to pause and say a quiet goodbye to this man.”Leddy said she felt betrayed that a student who was one of her favorites was capable of such evil.“I went above and beyond to try to foster an environment where Alec could feel safe and accepted,” Leddy said. “This is a heartless attack that spit in the face of the kindness that teachers like me, and other caring adults, showed him.”Erickson has pleaded not guilty. He’s next due in court on Aug. 17, with his trial likely to begin in September, prosecutors said.Investigators said that on the day of the shooting, McKinney and Erickson went to Erickson’s home and used an ax and a crowbar to pry open a safe containing handguns and a rifle. They then returned to the school with the handguns hidden in a backpack and the rifle inside a guitar case.Student Nui Giasolli called McKinney, whom she once considered a close friend, a coward who projected his problems onto others.“He made himself the judge, jury and executioner,” Giasolli said. “He’s not crying because he truly regrets it. He’s crying because he got caught.”Morgan McKinney also testified at Friday’s hearing, saying her son has shown remorse and is getting mental health treatment.“I tried to raise my children to be nothing but better people in our world,” she said. “I certainly am sorry for this tragic tragedy, and what it has caused you and so many others.”Jennifer Krause’s son, Mitchell, was shot and survived.“School shootings have to stop,” Krause said. “We can no longer mop the halls of our schools with our children’s blood.”Copyright © 2020, ABC Audio. All rights reserved.last_img read more

Business start-ups can turn to Internet for advice

first_imgVital health and safety information for small business start-ups can now befound on the Internet, courtesy of a partnership between IOSH and Norwich UnionRisk Services. A new website,, has been created to provide essentialguidance for small businesses on their health, safety and environmentalobligations. It is free to use and is supported by the Health and SafetyExecutive and Small Business Service. By interacting with a friendly website helper, known as “Alex”,users can learn about general principles and legal stipulations for health andsafety at work, and will eventually be able to explore the particularrequirements of their industry in further detail. The site provides guidance on welfare matters, insurance categories and riskassessment and examines the contents of a health and safety policy, allrelevant to the size and nature of the user’s organisation. The overall aim of is to provide a site which isinteractive, informative and user-friendly, enabling small and medium sizecompanies and business start-ups to meet their health and safetyresponsibilities right from the beginning. It is hoped that the site will gosome way in addressing the current situation in which, on average, the rate offatal and major injuries in small firms is almost double that for firmsemploying more than a thousand people. The site, which was launched in October to mark the start of the EuropeanWeek for Health and Safety at Work, will be developed further with the additionof extra criteria, including occupational health provision. Further informationabout can be found in a free leaflet available through theSmall Business Service, local Business Link operators and the Prince’s Trust. Related posts:No related photos. Comments are closed. Business start-ups can turn to Internet for adviceOn 1 Nov 2001 in Personnel Today Previous Article Next Articlelast_img read more

In brief

first_img Comments are closed. In briefOn 1 Feb 2003 in Personnel Today Related posts:No related photos. This month’s news in briefWhistleblowing comments We would like to make it clear that comments made by Rachael Heenan ofBeachcroft Wansbroughs in an article in our December issue on whistleblowing,were of a general nature and did not relate to any specific case. We apologisefor the inappropriate use of her comments and regret any embarrassment caused. Bill to curb ‘fat cat’ payments snubbed The DTI has snubbed a Tory bill aimed to curb excessive pay-offs fordirectors of underperforming companies. Secretary of State Patricia Hewitt decided not to back the Private Members’Bill proposed by MP Archie Norman (pictured), despite increasing controversyover payments for ‘fat cat failures’ and criticism from the Government itself. Young workers’ hours to be restricted The Government has announced amendments to the regulations on young workers.From 6 April, the working time of those aged 16 to 18 will be limited to 40hours a week and a maximum of eight hours a day. They will not be able to workat night. Tribunal compensation limits increased Employment tribunal compensation limits have increased. The maximum week’spay rises from £250 to £260, redundancy and basic unfair dismissal awards to amaximum of £7,800. Maximum compensation for unfair dismissal increases from£52,600 to £53,500. Pensions rights ‘should transfer under TUPE’ The majority of employers which responded to the Government’s consultationon pensions believe occupational pension rights should transfer under the TUPEregulations, reform of which has been pending for over a year. They also saidprotection should be flexible and legislation simple so that, for example,employers could pay a lump sum in compensation if it was not practicable tocontinue a scheme. Previous Article Next Articlelast_img read more

ExxonMobil to axe 1,600 jobs at European operations to reduce costs

first_img ExxonMobil global headquarters in Texas, US. (Credit: ExxonMobil/Wikipedia) ExxonMobil is planning to layoff up to 1,600 jobs by the end of 2021, as part of its efforts to reduce costs and improve efficiency across its European operations.The move to reduce staffing levels across a number of European affiliates by the end of next year forms part of ExxonMobil’s extensive global review, which was outlined during the company’s second-quarter earnings call.ExxonMobil said that the country-specific impacts will be based on its local business footprint and market conditions.In a press statement, ExxonMobil: “Europe remains an important market for ExxonMobil, as evidenced by recent major investments.“However, significant actions are needed at this time to improve cost competitiveness and ensure the company manages through these unprecedented market conditions.”Proposed changes subject to consultation processesSubject to local information and consultation processes, the proposed changes are the result of the insight gained through reorganisations and work-process changes to help improve efficiency and reduce costs.The firm noted that the demand for its products has been impacted by the Covid-19, thus increasing the urgency of the efficiency work.Recently, ExxonMobil and Hess announced the final investment decision (FID) for the $9bn Payara development project, offshore Guyana, following the Guyanese government’s approval.The project involves the development of the Payara field in the Stabroek Block through the drilling of up to 41 wells at 10 drill centres. Of these, 20 will be production wells and the remaining 21 will be injection wells.First oil from the Payara development project is targeted for 2024. Production from the field is planned to be carried out using the Prosperity floating production, storage and offloading vessel (FPSO). The move to reduce staffing levels across a number of European affiliates by the end of next year forms part of the company’s extensive global reviewlast_img read more