Demand from energy sector companies for more enhanced data analytics will offset a decline in General Electric’s (GE) oil and gas business from the dramatic fall in oil prices.
The company has warned that revenue and profit could fall 5 per cent at its oil and gas unit this year, as customers slash capital expenditure budgets.
On Monday it said it plans to lay off 330 employees at its oil pump manufacturer Lufkin Industries, in Texas.
Brent crude prices are down 51 per cent since June and the slump has sparked writedowns across the industry.
GE said that its focus on innovation in data analytics offered an optimistic outlook in a challenging environment.
“What happens to the oil price is of course important within our company but we are able to respond with innovation,” said Beth Comstock, GE’s chief marketing officer. “Data analytics is very important when oil companies can’t invest new capital, they need to make as much from the existing operations, so its an efficiency play.”
Brent for March settlement climbed as much as $2.48, or 4.5 per cent, to $57.23 a barrel on the London-based ICE Futures Europe exchange yesterday. That is 23 per cent higher than its January 13 close of $46.59, the lowest in almost six years. A gain of 20 per cent in closing prices is commonly referred to as a bull market.
“The momentum clearly points to the upside. Many people have jumped on the bandwagon,” Carsten Fritsch, an analyst at Commerzbank in Frankfurt told Bloomberg News. “Sentiment has made a U-turn and the supply situation is being reassessed.”
Opec, which supplies about 40 per cent of the world’s oil, pumped 30.91 million barrels a day in January, according to a Bloomberg survey. That exceeded its target of 30 million for an eighth straight month as Iraq and Saudi Arabia boosted output while Libyan production fell.
Libyan crude exports declined 38 per cent to 245,000 barrels per day in January, according to ship-tracking data compiled by Bloomberg.
ascott@thenational.ae
* With Agencies
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
