Oracle launches cloud system

KARACHI: Oracle has launched Oracle Exalogic Elastic Cloud X4-2 system which combines powerful hardware and software to deliver extreme processing, large memory capacity and a comprehensive range of application deployment architectures that can be deployed on a single, optimised engineered system, a press release said.

IFC-Standard Chartered agreement

KARACHI: IFC, a member of the World Bank Group, and Standard Chartered Bank have signed a risk sharing facility which will increase the amount of Renminbi (RMB) denominated trade finance available to Chinese banks as well as corporates and businesses in China and across Asia and other emerging markets involved in imports and exports to China, a press release said.

The agreement marks IFC’s first venture into RMB denominated cross-border trade finance.

e2e Pakistan becomes Geodis Wilson agent

KARACHI: Geodis Wilson, a global freight management company, has chosen e2e Pakistan as its preferred agent in the country, a press release said.

“Regional Vice President Asia Pacific Geodis Wilson Mathieu Renard Biron announced this during his recent visit. As a preferred agent, e2e will give clients an access to the freight company’s transportation solutions, distribution and freight cost analysis, etc,” the release added.

Boeing announces key executive promotions

NEW YORK: US aerospace giant Boeing on Wednesday announced a series of executive promotions.

Dennis Muilenburg, 49, will join the corporate team in Chicago as Boeing vice chairman, president and chief operating officer.

He will share oversight with Jim McNerney, Boeing’s chairman, president and CEO, “of the day-to-day business operations of the company,” the company said in a statement.

Boeing also tapped Raymond Conner, 58, to serve as vice chairman, president and chief executive of Boeing Commercial Airplanes.

Other appointments include Christopher Chadwick as executive vice president, president and CEO of Boeing Defense, Space and Security, replacing Muilenburg.—AFP

Ford sees operating margin target at risk

NEW YORK: Ford Motor Co on Wednesday that its target for global automotive operating margin of between 8 per cent and 9pc is at risk, due to economic conditions in Europe and South America, and it expects North American pre-tax profit to be lower in 2014 than in 2013.

Ford shares fell before the opening of the market by about 4pc after the company announced the change in its 2014forecast from one given in the middle of this year.—Reuters

Centrica sells Texas power stations for $685m

LONDON: Britain’s Centrica said it would sell its Texas gas-fired power stations to Blackstone for $685 million in cash and return the proceeds to investors by extending its share buyback programme.

Shares in the energy company, which have fallen nearly 20 per cent in the last three months, jumped to the top of the FTSE100 share index leader board after the deal was announced on Wednesday.

The three units, located in Paris, Bastrop, and Mission, have a combined capacity of 1,295MW, Centrica said.—Reuters