Company news in brief
BP explores pipelines stake saleBP Plc is exploring the sale of a 49% stake in its US oil and gas pipeline network in the Gulf of Mexico, hoping to raise as much as US$1 billion, according to people familiar with the matter.
The potential divestment would help BP meet its targets to reduce debt and maintain its dividend. While it boosted its shareholder payout by 10% in second-quarter earnings in August, BP's net debt stood at US$23.7 billion.
BP has placed its stakes in US Gulf of Mexico pipelines in a new company in which it will hold a 51% position and sell the rest, the sources said.
The pipelines entity generates 12-month earnings before interest, tax, depreciation and amortization of around US$200 million, the sources added.
One of the largest producers of oil and natural gas in the US Gulf of Mexico, BP is expected to produce around 400 000 barrels of oil equivalent per day from the region by the middle of this decade, per its website. It has five offshore platforms, with the fifth - Argos - commencing operations in April. – Reuters
Exxon Mobil to sell stake in Italy LNG
Exxon Mobil Corp chose BlackRock as the potential buyer for its majority stake in Italy's main liquefied natural gas (LNG) import terminal, the US oil producer said in a statement.
Exxon said in March it was considering selling its 70.68% interest in the offshore Adriatic LNG Terminal as part of a wider strategy to divest non-core assets.
A subsidiary of QatarEnergy (22%) and Italian gas grid operator Snam (7.3%) own the remaining stakes of the terminal, approximately 15 km off the Veneto coastline.
The sale attracted interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia.
At least four international groups competed for the deal, with the entire regasification terminal said to be valued at around 800 million euro, Reuters previously reported. - Reuters
Apple enforces new check on apps
Apple has started requiring new apps to show proof of a Chinese government licence before their release on its China App Store, joining local rivals years that had adopted the policy years earlier to meet tightening state regulations.
Apple began last Friday requiring app developers to submit the "internet content provider (ICP) filing" when they publish new apps on its App Store, it said on its website for developers.
An ICP filing is a longtime registration system, required for websites to operate legally in China, and most local app stores including those operated by Tencent and Huawei have adopted it since at least 2017.
To get an ICP filing licence, developers need to have a company in China or work with a local publisher, which has been an obstacle for a large number of foreign apps.
Apple's loose ICP policy has allowed it to offer far more mobile apps than local app rivals and helped the US tech giant boost its popularity in China, its third-largest market behind the Americas and Europe.
The decision by Apple comes after China further tightened its oversight over mobile apps in August by releasing a new rule requiring all app stores and app developers to submit an "app filing" containing business details with the regulators. - Reuters
Netflix plans to raise prices
Netflix is planning to raise the price of its ad-free service after the ongoing Hollywood actors' strike ends, the Wall Street Journal reported on Tuesday, sending the streaming company's shares up more than 3%.
Netflix is discussing raising prices in several markets globally, but will likely begin with the United States and Canada, the WSJ reported, citing people familiar with the matter.
It was not immediately clear how much Netflix will raise prices by or when exactly the new prices will take effect, according to the report.
Netflix declined to comment on the report.
Talks between the SAG-AFTRA actors' union and the Alliance of Motion Picture and Television Producers (AMPTP), which represents the studios, are ongoing.
The writers' union struck a tentative deal with the AMPTP last week after five months of failed negotiations. – Reuters