Wednesday newspaper round-up: BP, Eurofighter, Dividends

13th May 2009 06:17

BP's troubled Russian subsidiary, TNK-BP, is slipping farther from its grasp amid fresh delays to the appointment of a new chief executive at the joint venture.Tony Hayward, the British oil giant's chief executive, travelled to Moscow last month for secret talks with Mikhail Fridman, the Russian oligarch who heads the AAR consortium that is BP's 50-50 partner in TNK-BP, The Times has learnt. Tens of thousands of landlords are struggling to meet their mortgage repayments as the economic downturn devastates the buy-to-let market, according to a new report. Moody's, the ratings agency, released figures yesterday showing that 3.55% of landlords were at least three months behind with mortgage payments in the first quarter of the year ? compared with 0.95% in the same period a year ago, reports the Times.Shares in General Motors fell by 20% yesterday after senior executives of the troubled carmaker sold stock worth $315,000 (£206,000). Fritz Henderson, the chief executive, acknowledged on Monday that a Chapter 11 bankruptcy filing had become more likely. At the same time, the company's present and former vice-chairmen, its North America president, Eu-opean chief executive, manufacturing head and chief information officer sold their remaining GM shares, reports the Times.Gordon Brown is set to sign off on the UK's latest order of Eurofighter Typhoon jets, but is still examining options on how to contain production costs. Following an intervention by Lord Mandelson, business secretary, the British prime minister has ruled out cancelling the order because of the cost to jobs and the UK's reputation, reports the FT.The six-figure salaries of Andy Duncan and other top Channel 4 executives appear to be "grossly excessive" given that the broadcaster is hoping for state support, MPs said on Tuesday. Mr Duncan told a select committee hearing that Channel 4 may well reach an agreement with BBC Worldwide within weeks, setting out "what a partnership would look like" ahead of the Government's Digital Britain report in mid-June, reports the Telegraph.A private company controlled by Nick Leslau will collect at least £18.75m in fees for advising an Aim-listed vehicle in which the entrepreneur is a director. Max Property - which is due to float on Aim within weeks - has signed a seven-and-a-half-year management agreement with Mr Leslau's private vehicle Prestbury Investments, reports the Telegraph.Fresh worries that the downturn in the global economy will force more dividend cuts were raised on Tuesday after two further UK companies reduced pay-outs. Enterprise Inns and Stobart became the latest in a line of UK companies to cut pay-outs to preserve cash. Imperial Tobacco, a company traditionally known for the consistency of its payouts, also suggested it could reduce future dividend growth to take into account the restructuring costs of its acquisition of Altadis, reports the FT.A shake-up of Britain's ailing pub industry could be on the cards after a parliamentary inquiry concluded that a reform of the "pubco" business model was needed. In a report of its findings, the Commons Business and Enterprise Committee, said it was calling on the Competition Commission to look into the "tied" arrangement that binds half of Britain's pubs, the FT reports.Plans to build the world's biggest offshore wind farm in the Thames Estuary have finally been given the go-ahead thanks to changes to the incentive scheme for renewable energy investments. The first phase of the 90 square mile London Array will see 175 turbines producing 630 megawatts (MW) of electricity seven miles off Kent, the development consortium of E.ON, Dong Energy and Masdar said yesterday reports the Independent.