Oil prices continue to increase with talks about succession of Steve Jobs

24th February 24, 2011 continues to see oil prices increasing with a mixed trend in overall business throughout the globe. Following are some of the major business happenings throughout the world:

ASIA WITNESS’S A NEW HIGH IN OIL PRICES

With the looming probability of the Middle East revolutionary movement affecting bigger oil suppliers, prices continue to climb amongst the Libya unrest.

Prices per barrel in Asia have hit their highest level in two and a half years with Brent crude rising by more than 2% to $113 per barrel whereas US light crude rose by approximately 1% taking the price per barrel to $99.19.

The skyrocketing oil prices made an impact on the Asian stock markets with trading reported to be mixed. A declining trend was observed in some of the major stock markets of Asia with Nikkei 225 index (Japan) going down by 0.9%, KOSPI (South Korea) declining by 0.7% and Singaporean, Australian and Indian markets also reporting a decline.

1 million barrels per production have been shut down according to an estimate made by Barclays Capital.

SUCCESSION PLANS AT APPLE

With Steve Jobs on his third medical leave, a proposal at the annual shareholder meeting was made by the Central Laborers Fund(CLF) as to who would succeed Steve Jobs.

The proposal was made by Jennifer O’Dell on behalf of the fund. The CLF represents 500,000 construction workers in the US and Canada.

Ms O’Dell while talking to BBC News said that they should have a realistic approach towards the matter of succession and have a plan.

Mr. Jobs revealed that he was diagnosed with pancreatic cancer in 2004. He took a medical leave for a liver transplant in 2009. Investors have been concerned about the company’s future since then since Mr. Job is seen as one of the primal factors to the success of Apple.

Ms O’Dell plans to re-file her proposal next year stating that “"If the company doesn't want out reach out to us and have a real discussion about this issue we will refile it again next year”. CLF has as many as 11,500 Apple shares worth $4m.

ANNUAL LOSS REPORTED BY RBS

A £1.13 billion loss was reported for the year of 2010. The loss is much bigger than what had been expected by analysts though as compared to the £3.6 billion loss made by the bank in 2009, and a £24.3 billion loss recorded in 2008, this loss can be looked upon as an improvement.

After bailing out the Royal Bank of Scotland in 2008, the government took over 84% stakes in the bank, becoming a major stakeholder.

The bank reported a profit of £12 million in the last quarter of 2010. Compared to the loss of £765 million incurred in the final quarter of 2009, a vast improvement in the financial performance of the bank can be noted.

8% DECLINE IN CASH BONUSES AT WALL STREET

New York State Comptroller Thomas DiNapoli reported that the 8% decline had taken cash bonuses for Wall Street bankers to an average of $128,530.

"Cash bonuses are down, but that's not an indicator of a weakness on Wall Street," stated Mr. DiNapoli. The facts and figures point to a 6% growth in overall compensation including stock awards.

An open criticism was made on Wall Street bankers in 2009, when news about a 17% increase in cash bonuses for bankers was made public. It must be noted here that 2009 was marked with financial troubles for institutions with many bailed out by taxpayers.