BP accused of rigging gas prices
2nd Feb 2011 11:51
It doesn't just rain at BP these days, it pours, and on top of a row with Russian partners that's delayed its venture with Rosneft, the UK oil giant today stands accused of manipulating the US gas market. The US Federal Energy Regulatory Commission (FERC) and the US Commodity Futures Trading Commis
Read moreLondon close: FTSE 100 soars as Egypt worries ease
1st Feb 2011 16:51
Well-received company updates, strong economic figures here and elsewhere and an easing of worries related to the situation in Egypt helped UK shares to strong gains. Miners led the advance, after strong growth in manufacturing in commodity hungry China in January. The UK, eurozone and US also had
Read moreLondon afternoon: Miners and techs in demand
1st Feb 2011 14:15
Shares added to the morning's gains over the lunchtime session, buoyed by the prospect of a firm start on Wall Street. Miners lead the advance, after strong growth in Chinese manufacturing in January, though technology stocks are also in demand. Mining giant Xstrata produced more coking coal, sem
Read moreBP admits oligarchs may hold up Rosneft deal
1st Feb 2011 13:49
BP today admitted legal action taken by its Russian partners could delay the British company's $8bn Arctic exploration deal with Kremlin-backed Rosneft. A London court will today hear an action launched by Alfa-Access-Renova (AAR), the vehicle owned by a number of Russian oligarchs and which has a
Read moreFTSE 100 movers: Tech and miners prosper
1st Feb 2011 13:28
Technology and mining firms are dominating Footsie today. Search software provider Autonomy Corporation is the best performer even though there are concerns that its growth rate is slowing. Broker Peel Hunt is cautious about Autonomy's future and points out that there is a risk that 2011 forecasts
Read moreRussians block BP tie-up with Rosneft
1st Feb 2011 12:49
BP's plans for an $8bn Arctic exploration deal with Kremlin-backed Rosneft have stalled after the High Court granted an injunction to freeze the deal following a request from British oil giant's Russian partners. A London court heard an action launched by Alfa-Access-Renova (AAR), the vehicle owned
Read moreBroker tips: BP, Autonomy, Carpetright
1st Feb 2011 12:08
Charles Stanley has maintained its 'hold' recommendation on oil giant BP after the fourth quarter earnings outcome was 'below expectations' by as much as 10%. BP's earnings amounted to $20.5bn in 2010 ($14.6bn: 2009) while all charges relating to the Gulf of Mexico (GoM) oil spill amounted to $40.9
Read moreBroker snap: Disappointing final quarter for BP
1st Feb 2011 10:59
Charles Stanley has maintained its 'hold' recommendation on oil giant BP after the fourth quarter earnings outcome was 'below expectations' by as much as 10%. BP's earnings amounted to $20.5bn in 2010 ($14.6bn: 2009) while all charges relating to the Gulf of Mexico (GoM) oil spill amounted to $40.9
Read moreLondon open: Good start for blue chips
1st Feb 2011 08:42
Overnight gains on Wall Street and a positive session in the Far East sent London's blue chip index past 5,900 in early trading. Concern over the situation in Egypt eased a little yesterday, though tensions still remain very high and the oil price spiked higher. Miner, Centamin Egypt said "Recent
Read moreLondon pre-open: Early charge likely
1st Feb 2011 07:34
Overnight gains on Wall Street and a positive session in the Far East look set to send London past 5,900 early Tuesday. Upbeat data had the US higher Monday, which should feed through to UK blue chips this morning. Futures prices currently have the FTSE 100 up about 40 points. In company news, BP
Read moreDivi restored but BP's earnings disappoint
1st Feb 2011 07:03
As expected, BP has resumed dividend payments with a pay-out of 7 cents but fourth quarter earnings failed to meet market expectations and the oil company announced that it is putting up its Texas City refinery and others up for sale. BP's replacement cost profit for the fourth quarter of 2010 was
Read moreTuesday preview: BP, ARM, Autonomy
31st Jan 2011 17:09
BP's results should be another step in the company's recovery from being the world's most vilified company, though the company remains pretty unpopular in certain parts of Russia. Its Russian joint venture partners TNK-BP are seething at being left out in the cold when the British company signed a £
Read moreUK plc to boost divis in 2011
31st Jan 2011 15:35
The widely expected announcement of a resumption of quarterly dividend payments by BP when the oil giant publishes its fourth quarter results on Tuesday should kick-start a year of increased dividend payments by UK plc. Capita Registrars is predicting that dividend payments by UK listed companies w
Read moreRussians block BP divi
31st Jan 2011 12:24
The Russian oligarchs incensed by BP's Arctic oil exploration deal with Kremlin-backed Rosneft have voted against a $1.8bn fourth quarter dividend earmarked for their joint venture with the UK firm. BP stands to lose $900m from the decision made by its billionaire partners' Alfa-Access-Renova (AAR)
Read moreSunday newspaper round-up: Goldman Sachs, George Osborne, BHP Billiton...
30th Jan 2011 11:12
Goldman Sachs has awarded a £9m bonus to the joint head of its London business, risking a further backlash over giant City pay deals. The investment bank's share award to Michael Sherwood, 45, was revealed in American regulatory filings late last week. It is likely to rank as one of the biggest pay
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