2 take executive positions at Windstream
Kevin Halpin has been named senior vice president of process development and improvement for Windstream Holdings Inc., the Little Rock company said Tuesday.
Halpin, who previously served as vice president of information technology for Allied Wireless Communications Corp., will work with business unit leaders to improve customer experience, a company news release said.
Kristi Moody has become senior vice president of law and corporate secretary for Windstream’s board of directors.
Moody, who has been with the company since 2006, will provide counsel in several areas, including corporate governance, securities law compliance and investor relations, the news release said.
The new company Windstream created in the form of a real estate investment trust has also signed a lease for office space in the Benton Building in the WestLake Corporate Park on Executive Center Drive, said spokesman David Avery.
The real estate investment trust will move into the 6,800-square-foot building in March. The number of employees who will move into the building is undetermined, Avery said. The company said previously that the real estate trust will employ about 25 people.
— Jessica Seaman
Cheap oil, full planes lift Delta's profit
Cheaper fuel and strong demand in the U.S. helped Delta Air Lines Inc.'s fourth-quarter profit beat analysts' estimates. The shares rose Tuesday to their highest level in almost two months.
The carrier benefited from a 39 percent reduction in oil prices during the period, even as fuel hedging costs limited gains. More passengers flying domestically also buoyed Atlanta-based Delta, helping offset pressure on international routes.
Delta is the first U.S. carrier to publish fourth-quarter earnings. Analysts estimate that the six largest airlines will report a combined $2.7 billion in profits, excluding one-time items, an industry high. Airlines have benefited as the price of jet fuel has plummeted, while fares remain high because planes are flying with a record number of seats sold.
Profit was $649 million, or 78 cents a share, adjusted for one-time items, Delta said in a statement. That surpassed the average estimate of 77 cents a share by 18 analysts compiled by Bloomberg. Operating revenue rose 6 percent to $9.6 billion.
Delta's shares rose $3.33, or 7.3 percent, to close Tuesday at $49.17.
-- Bloomberg News
Chinese developer to build N.J. tower
A Chinese developer is planning a 95-story condominium tower for the Jersey City, N.J., waterfront that would be the tallest building in the state.
China Overseas America Inc. plans to construct the 950-foot skyscraper at 99 Hudson St., according to a statement on Tuesday from Mayor Steven Fulop. The tower, with 760 for-sale dwellings, would surpass the Goldman Sachs Group Inc. tower two blocks to the south, which is 781 feet high, according to the statement.
The project shows how Jersey City has become a refuge and market of choice for a mix of empty-nesters and buyers priced out of Manhattan, Fulop said in an interview. The plan, calling for condos ranging from one to three bedrooms, shows that the city is attracting more families and others who want to buy homes and remain there.
"This building will literally have the best view in the world," Fulop said. "It's going to have panoramic views of the Statue of Liberty, Ellis Island and the New York City skyline."
-- Bloomberg News
Schlumberger buys into Russia driller
MOSCOW -- Schlumberger Ltd. will pay $1.7 billion for a stake in Eurasia Drilling Co., a bet by the world's largest oilfield services provider that economic sanctions won't hold back Russia's energy industry.
Schlumberger, based in Houston and Paris, will pay $22 a share for a 46.45 percent holding in London-traded Eurasia Drilling, according to a statement Tuesday. Schlumberger has an option to buy the rest of the company's shares three years after the deal closes.
By buying into Russia's largest driller, Schlumberger is putting aside concerns about economic sanctions and the state of the country's economy. The deal comes as the slide in the crude price to less than $50 a barrel spurs consolidation in the services industry, with demand for rigs dropping and oil producers leaning on suppliers to drive down costs.
"Schlumberger believes that the sanctions will be lifted sooner or later, and the company will be well-equipped to reap benefits from a growing Russian oil field services market by then," Alexander Kornilov, an oil and gas analyst at Alfa Bank, said by email.
Schlumberger shares fell 85 cents, or 1 percent, to close Tuesday at $80.48.
-- The Associated Press
Christie's, Sotheby's '14 sales a record
Christie's International and Sotheby's reported record sales for 2014 as purchases of contemporary works surged and new buyers entered the market.
Sales of art and collectibles at Christie's rose to $7.7 billion, a 12 percent increase from 2013, the world's largest art broker said in a statement. Sotheby's said Tuesday that its auction sales rose 18 percent to $6 billion.
More wealthy individuals are increasing their spending on art, particularly for contemporary works that are seen as strong investments. New clients at Christie's represented 30 percent of all buyers last year as the auction house expanded in New Delhi, Hong Kong and Shanghai. Sotheby's said one-third of its customers in 2014 were new.
"It was a rather banner year," said Stephen Brooks, global chief operating officer of Christie's. "We're focused on getting the highest caliber of art that we can find and connecting it to a global network of clients."
Both auction houses are under pressure to land the best works and are undergoing management turnover, as auctions worldwide rose 10 percent to $16 billion in 2014, according to figures by New York-based researcher Artnet.
-- Bloomberg News
U.S. seeks at least $11.7B oil-spill fine
BP Plc's exploration unit should be fined at least $11.7 billion for its role in causing the largest offshore oil spill in U.S. history, a government lawyer told the judge who'll determine the penalty.
Anadarko Petroleum Corp., which owned 25 percent of the doomed Macondo well that blew out in April 2010, should be fined more than $1 billion, Justice Department lawyer Steven O'Rourke said Tuesday at a trial in federal court in New Orleans.
"The penalty is going to have to be high enough for companies of their size to even notice it, but not high enough to be ruinous to their operations," O'Rourke told U.S. District Judge Carl Barbier in his opening statement. "It has to be high enough so massive companies like Anadarko and BP will be deterred."
Barbier is conducting a three-week trial without a jury to consider Clean Water Act fines against BP and Anadarko. BP is facing a maximum potential fine of $13.7 billion. The U.S. isn't asking for the maximum fine of $3.5 billion from Anadarko.
BP said it doesn't deserve a huge Clean Water Act fine because of its efforts responding to the spill and minimizing its effect.
-- Bloomberg News
Business on 01/21/2015