BUSINESS BRIEFS

Mexico makes deep-water gas discovery in Gulf

Mexico's state-owned oil company says it has made an important natural gas discovery at the deepest Gulf well it has ever drilled.

Petroleos Mexicanos says preliminary results from tests of the Piklis 1 well suggest it contains between 400 and 600 billion cubic feet of dry or non-associated gas.

Pemex said Wednesday the well was drilled in waters almost 1.25 miles (2 kilometres) deep, and through rock to a total depth of almost 3.5 miles (5.5 kilometres).

Pemex is making a special effort to explore the deep waters of the Gulf, where it estimates that 50 percent of the country's prospective reserves lie.

- AP

Suriname oil company reports high revenue

The state-owned oil company, Staatsolie, says high crude oil prices on the world market have resulted in revenue of US$566 million last year.

In a statement, Staatsolie said the 2010 gross income was US$10 million below the company's US$576-million record.

"We expect Staatsolie's gross income to further grow this year, due to the record oil prices that are forecast," the release said, adding that the company plans to continue its focus on investments in exploration on and offshore.

The average price for crude oil was just above US$71 in 2010, as compared with US$5.66 in 2009.

Staatsolie Maatschappij Suriname NV is one of Suriname's biggest earners. It is involved in all aspects of exploration, production, refining and marketing of crude oil and refined products.

Earlier this month, the company, established in 1980, announced the acquisition of all gas stations of Texas-headquartered Chevron. The deal should be completed by yearend.

Last year, the company invested US$110 million in exploration, expansion and diversification projects.

- CMC

St Lucia records increase in visitor arrivals

St Lucia has recorded a two per cent increase in visitor arrivals during the first four months of this year as compared with the same period in 2010.

A statement from the St Lucia Tourist Board (STLB) notes that 111,850 persons visited the island during the period January to April, noting that the increased performance is due to a number of factors including "the additional airlift from the United Kingdom - the second-largest market which recorded a 53 per cent increase in the month of April".

The SLTB said that there had also been an increase in arrivals from the Caribbean region, registering a 12 per cent increase.

The Caribbean, St Lucia's third-largest source market, provided 5,388 visitors and the SLTB said that there were also a seven per cent increase from the Canadian market, with France and Germany also recorded 24 per cent and 84 per cent, respectively.

But the United States market declined by six per cent in April, resulting in an overall flat performance for the four-month period from that market.

Tourism Director Louis Lewis says the SLTB will continue to aggressively promote the island overseas.

"We are seeing an increase in numbers from secondary markets and the SLTB is paying close attention to ensure we capitalise on the potential of new markets," he added.

- CMC

CNBC 'Squawk' anchor dies

Mark Haines, co-anchor of CNBC's morning 'Squawk on the Street' show and one of the business news network's most recognised faces, died unexpectedly on Tuesday evening, the network said. He was 65.

The network said he died in his home. It did not specify the cause of death.

Haines worked at CNBC for 22 years. He was the founding anchor of the 'Squawk Box' morning show. In 2005, he started co-anchoring 'Squawk In The Morning', a 9 a.m. to 11 a.m. show, with Erin Burnett, while 'Squawk Box' was pushed to an earlier slot. Burnett recently left CNBC to host a general news show on CNN.

"He was a very dear friend, and a ferocious and fearless questioner," Burnett told CNBC on Wednesday.

CNBC President Mark Hoffman said Haines was "always the unflappable pro".

Traders on the floor of the New York Stock Exchange observed a spontaneous moment of silence when they learned of Haines' death, NYSE spokesman Richard Adamonis said.

"Mark was an outstanding professional and pioneer in business journalism, and we are proud that his legacy includes years of excellence in reporting from the NYSE," the exchange said in a statement.

"He was an authentic voice in business media," said Eric Jackson, who runs the hedge fund Ironfire Capital. "He resonated with so many people because he would speak out, and with opinion. Too often, the media lets the corporate PR army and highly trained CEOs get their points across without question. He wouldn't let that happen."

Haines is also remembered for calling a bottom to the stock market decline on March 10, 2009, his first call of the recession. The Dow Jones Industrial Average never closed below its level of March 9.

Barry Ritholtz, head of the research firm Fusion IQ and frequent guest on CNBC, said Haines was "a no-nonsense straight shooter. He knew what questions to ask and how to ask them."

Ritholtz said that the biggest complaint about CNBC in the 1990s was that its anchors cheered on the stock-market bubble. He said the exception was Haines, who was always sceptical.

Before joining CNBC, Haines worked as a news anchor at TV stations in Philadelphia, New York and Providence, RI.

- AP

ICT to dominate COTED meeting

The approval of a draft Regional Digital Development Strategy (RDDS) and the strategic objectives of the implementation dominate talks when CARICOM and officials with responsibility for information and communication technologies (ICT) meet in St Georges, Grenada, today.

The Guyana-based CARICOM Secretariat, which led the formulation of the strategy to guide the ICT activities and initiatives in the region, said the issue will dominate the 36th Special Meeting of the Council for Trade and Economic Development (COTED).

Officials with responsibility for ICT were ending a two day meeting on Wednesday in preparation for today's ministerial meeting.

Deputy programme manager, information and communication technology for development, Jennifer Britton, said ICT "is one of the most important facilitators in strengthening the CARICOM Single Market and in ultimately creating a single economy".

- CMC