May 27 Biz Minute

Intel, the world's largest chipmaker, said the record $1.5 billion fine imposed by EU regulators for antitrust violations would not cause it to cut investment or slash its dividend. Chief Financial Officer Stacy Smith said today "There's still plenty of cash flow from operations to invest in our business, pay the fine and pay the dividend," Chrysler looks set to clear its last major hurdle in its sprint through bankruptcy court today, when a judge is expected to overrule more than 340 objections and approve its sale to a group that includes Italy's Fiat. Less than 30 days after it filed for bankruptcy, the automaker seeks approval to sell its stronger operations to a "New Chrysler" owned by Fiat, labor and the U.S. and Canadian governments, in exchange for $2 billion paid to its lenders.
Hold onto your wallets...Oil prices rose to a six-month high today after Saudi Arabia, OPEC's biggest member, said the global economy had strengthened enough to cope with higher oil prices. The Saudi Oil Minister, speaking on the eve of a meeting of OPEC in Vienna, said oil prices would continue to rise and that the global economy was now strong enough to support $75-$80 oil.
Activists grilled Exxon Mobil's CEO today on environmental issues and his compensation package, but shareholders stood behind management that delivered the biggest profit ever for a U.S. company last year. Chairman and Chief Executive Rex Tillerson defended the company's record on climate change, and said oil and gas will continue to be the world's dominant fuels until at least 2030, meeting nearly two-thirds of world demand.

Category:

News & Politics

Tags:

• Intel
• Chrysler
• Fiat
• OPEC
• Saudi Arabia
• Exxon Mobil