Nestle Pakistan donates water to flood victims

LAHORE: Nestlé Pakistan has donated 78,000 litres of water to the provincial disaster management authorities of Punjab and Khyber Pakhtunkhwa for distribution to people affected by the recent floods.

The bottled water will be donated to people in Chitral, Layyah, Muzaffargarh, Rajanpur, and Rahim Yar Khan.

Oil fall pounds ExxonMobil, Chevron earnings

NEW YORK: Lower oil prices hammered earnings of US petroleum giants ExxonMobil and Chevron, adding to the industry’s woes amid its worst downturn since the late 1990s.

ExxonMobil, the biggest US oil company, said Friday second-quarter profits fell by 52.3 per cent year-over-year to $4.2 billion as it reported a loss in its US exploration and production division.

The carnage was even worse at Chevron, which reported about a 90 per cent decline in profits to just $571 million. It also pledged a tough line on expenses.

“Second-quarter financial results were weak, reflecting a crude price decline of nearly 50pc from a year ago,” said Chevron chief executive John Watson—AFP

Honda profit jumps 20pc to $1.5bn

TOKYO: Honda said Friday that net profit in April-June jumped nearly 20 per cent as strong sales in North America and a weak yen helped offset the impact of an exploding air-bag crisis.

The Civic maker’s bottom-line profit came to 186 billion yen ($1.5bn) for the three months, up from 155.6bn yen a year earlier, while sales jumped 15.5pc to 3.7 trillion yen.

Operating profit rose 16.4pc, as a sharp drop in Japan’s currency benefits exporters such as Honda by making them more competitive overseas and inflating repatriated earnings.

Published in Dawn, August 1st, 2015

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