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...week wasn't all sweet. Between the creation of StatoilHydro, as the company is known for now (the firm is still mulling over a permanent name change), and the royal ceremony, Reiten was generating headlines of his own. On the day of the merger, StatoilHydro announced it had launched a probe into the legality of approximately $7 million in consultancy fees and expenses Hydro paid as part of its oil operations in Libya. Although it has not disclosed the name of the consultancy Hydro paid or what laws it might have broken, StatoilHydro said the payments came to light during...
Still, a united front won't always be enough to eclipse StatoilHydro's biggest rivals. After the megamergers of the late 1990s - such as Exxon with Mobil and BP with Amoco - the Norwegian firm ranks as only the 10th largest in the world in production. StatoilHydro might churn out 1.9 million bbl per day, but that's less than half the daily output...
...what the Norwegian firm lacks in size, it could well make up for in expertise. Many onshore reserves, which are relatively easy to exploit, are being depleted. So Big Oil is being forced offshore into increasingly complex projects, often at great depths and in harsh conditions. "Each barrel of oil produced tomorrow contains a higher degree of R&D than a barrel produced yesterday," Reiten, a former Norwegian Minister for Petroleum and Energy, told TIME a couple of days before his resignation. With StatoilHydro's decades of experience operating in the tricky terrrain and climate off Norway's coast...
...best use of university resources, with all the social problems, with all the research that needs to be done and with all disadvantaged students who want to receive a Harvard education, is to reduce tuition to zero for students from very wealthy families,” says Summers.Bok, though firm in his belief that Harvard should continue charging its students tuition, is intimately acquainted with tuition-free models. His grandmother started the Curtis Institute of Music—one of the most prestigious music schools in the world—which has never charged tuition. But Bok says that because...
...prospects for the government are mixed at best. On the one hand, conservative court members might bridle at anti-federalist infringement on states' rights to execute prisoners. On the other hand, the conservatives are firm believers in expanded presidential powers. The left, similarly, is torn between supporting American compliance with international law, but not wanting to affirm executive branch control over its application...