Société Générale spooked investors by issuing a profit warning for the fourth quarter because it had to write down a further €1.4 billion ($2 billion) in assets related to American property debt. The French bank still expects to make a small profit.
Raytheon Partners with GTRI and Relevant Security to Better Secure Military and Government Communications
DENVER–(EON: Enhanced Online News)–Global Technology Resources Inc. (GTRI), a leading technology consulting firm in Denver, Colo., has partnered with Raytheon Intelligence and Information Systems to further develop an innovative new security software from Relevant Security Corporation that guarantees continuous authentication and encryption of data between all nodes on any network.
The technology, known as Real Privacy Management (RPM), uses unique, modular arithmetic to mutually authenticate and secure each device on a network while securing every single bit of transmittable data in real-time without creating additional overhead. RPM is measurably more secure than other authentication and security technologies when embedded within systems or integrated into software.
Areva and EDF in French Nuclear spat
Tensions that lie beneath the surface in France’s nuclear industry, which, if unchecked, could threaten the country’s ambitions to dominate the global atomic revival.
Worse, the clash comes after the flagship of France’s nuclear expertise – the new-generation 1600MW EPR reactor – suffered a humiliating defeat to a cheaper South Korean rival for the $20bn contract for four reactors in Abu Dhabi.
Chevron outlines shake-up
The US oil company says it is restructuring its global refining and marketing operations amid warning of a drop in profits from this division as it prepares to release its fourth-quarter 2009 results.
Thuraya sponsors Space Technology Forum in Abu Dhabi
To support the development of the UAE and Middle East as a hub for space related industries, Thuraya Telecommunications Company is actively supporting an international specialised forum on space technology to be held in Abu Dhabi.
Heavily indebted Japan Airlines filed for bankruptcy. The airline will keep flying, with the help of government aid, but almost 16,000 jobs will be cut.
The Saudi royal family is continuing to invest heavily in Russia’s oil industry
On the heels of PetroSaudi, which is seeking to operate in Turkmenistan (IOL 605/607), a company owned by prince Saud ibn Mansour al Saud and named Novaar Capital Management has set up a joint venture with the state-owned Russian firm Ural Promyshlenny Ural Polyarnyi. Novaar wants to use the tie-up to invest in infrastructure projects in the Yamal peninsula where the huge Bovanenkovo gas field is located. The joint venture could finance a railway line as well as power plants. Saud ibn Mansour is one of late king Fahd’s grandsons. His firm, which was incorporated in Dubai last year, manages his own fortune as well as those of close members of his family.