Weatherford to sharpen focus on profitable business lines

Tue Nov 13, 2012 9:32am EST

Nov 13 (Reuters) - Oilfield services company Weatherford International Ltd will sharpen its focus on more profitable growth to shape up after a year of tending to problems with its taxes, its chief executive said on Tuesday.

CEO Bernard Duroc-Danner also said that once the tax remediation was done, he would turn his attention back to selling about $1 billion in assets - a plan that originally emerged in 2011.

Late on Monday, the company reported a decline in pretax earnings and gave an outlook for the fourth quarter that was below market expectations. Weatherford's Switzerland-traded shares fell nearly 9 percent.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.