Thursday newspaper round-up: BP, oil price, HMV

20th Jan 2011 06:15

Some of Russia's richest oligarchs have warned of possible legal action against BP over its £10 billion share swap with Rosneft. Stan Polovets, chief executive of the Alfa-Access-Renova consortium that is BP's 50-50 joint venture partner in TNK-BP, told The Times that his company had asked BP to hand over documents regarding the Rosneft deal to help it to clarify its legal position. The British government and leaders of BP came out fighting for the company's new Russian strategy today, dismissing criticism in the US and saying the tie-up with the Kremlin's oil group was the right way to face the future. Lord Howell, the foreign minister, used a BP briefing on future energy trends to express the coalition's "great admiration" for the share swap with Rosneft, which he argued would allow it to take advantage of a changing business landscape, according to the Guardian.An American trading group reportedly building up a "huge" physical position in North Sea oil has driven London Brent prices above $98 a barrel. Hetco, which is part-owned by US oil and gas group Hess Corp, was said to have taken control of eight North Sea Forties oil shipments and two Brent cargoes - and it is believed to be in the market for more, says the Telegraph.Seven leading executives, including the heads of the four largest record labels, have written to The Times pledging to support HMV through its recent difficulties and praising its contribution to the music industry. Signatories to the letter in support of HMV include David Joseph, chairman and chief executive of Universal Music UK; Ged Doherty, chairman and chief executive of Sony Music UK; Christian Tattersfield, chief executive of Warner Music UK, and Andria Vidler, chief executive of EMI Music in Britain and Ireland. Goldman Sachs' staff have been handed a compensation pot worth $430,000 (£269,000) per employee in a payout that is likely to once again stir tensions between the City and the rest of the UK. The US investment bank's 35,700 global staff will receive a pay and bonus pool worth $15.4bn, Goldman said on Wednesday as it announced full-year results for 2010, the Telegraph reports.The world's most expensive residential apartments at One Hyde Park have been officially unveiled by the colourful property duo, the Candy brothers. Around 350 guests have been asked to an extravagant launch party at the Knightsbridge development, where they will be shown the apartments which reportedly start a £6.5m for one bedroom and go up to £140m for a penthouse, the Telegraph reports.The pizza retailer Domino's Pizza UK has appointed Lance Batchelor, the head of Tesco Mobile, to be its next chief executive. Mr Batchelor is expected to take the role of chief executive-designate at Domino's Pizza UK sometime after March. After about six months in the role, he will then formally become chief executive once the incumbent, Chris Moore, retires around the end of 2011 after more than 20 years at the company, the Independent reports. Demand for new homes in the south of England has prompted Skanska, the Swedish construction and infrastructure group, to complete its maiden UK land purchase. The deal confirms Skanska, one of the world's largest builders, as the first foreign company to enter the UK housebuilding industry and comes as the sector endures one of the lowest periods of activity since the second world war, says the FT.A Whitehall watchdog is scrutinising tax deals struck by HM Revenue & Customs with multinationals following the furore surrounding Vodafone's £1.2bn settlement with the taxman. The National Audit Office (NAO) said that it was looking at tax settlements as part of its annual review of HMRC's accounts, likely to be published before the summer recess in July, reports the Guardian.