Word: shells
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...Time to Buy Shell? Eight months after disclosing that it had massively overstated its proven oil reserves, Royal Dutch/Shell continues to be roiled by a barrage of bad news. Britain's Financial Services Authority and the U.S. Securities and Exchange Commission are still investigating the company, even after announcements last week that they are fining Shell a combined $150 million for "unprecedented misconduct," in the words of the FSA. And Nigeria's Senate passed a resolution calling on the company to pay $1.5 billion for environmental and health hazards it allegedly caused in the Niger Delta. But with Shell stock...
...upgrading his recommendation. Shell's stock isn't the bargain it was last winter after the reserves scandal broke, when it traded at around $6.30. Keeping it buoyant: plans for a big revamp of Shell's corporate structure and continuing rumors - dismissed by both sides - that France's Total might try to acquire the company. Losing Ground Control Ah, summertime, when the livin' is easy and Europe's airlines enjoy a holiday boom - right? Not exactly. Alitalia CEO Giancarlo Cimoli last week warned that the state-owned carrier faced collapse within 20 days unless unions agree to cost cuts...
COVER: Photograph for TIME by Diana Walker. INSET: Photograph for TIME by Callie Shell--Aurora...
...tens of millions of dollars' worth of bogus Louis Vuitton, Prada, Coach, Chanel, Christian Dior and Fendi merchandise in thirty 40-ft. containers through Port Elizabeth, N.J. According to the customs officials, 15 of the defendants are Chinese nationals who are part of two separate crime networks that use shell companies to import counterfeit luxury goods from China and distribute them through storefronts on Canal Street. Each organization paid undercover agents $50,000 a container to look the other way. These might be run-of-the-mill crime rings, but both customs and Interpol have warned in recent months that...
...deposits that local firms had neither the technology nor the money to develop. Kazakhstan turned to Western companies for help, and firms like Chevron and Mobil moved in. When the Kashagan field was discovered in 2000, the government invited BG to form a consortium with Eni, Royal Dutch/ Shell, ExxonMobil, Total, Conoco-Phillips and Inpex of Japan to exploit it. That was no easy task. In winter, the shallow waters of this part of the Caspian turn into ice floes that - carried by high winds - can crush conventional offshore rigs. So Agip, the operating arm of Italy's ENI charged...