London pre-open: All eyes on BP
17th Jan 2011 07:35
Attention is focused on BP this morning after the oil giant announced a controversial landmark deal with Rosneft, the Russian state oil company. The market overall is tipped to open moderately firmer, with the blue-chip index seen opening around 10 points up from Friday's close. As well as confirm
Read moreBP wins 4 deepwater licences; market welcomes Rosneft tie-up
17th Jan 2011 07:02
Oil giant BP has been awarded four deepwater blocks off the coast of south Australia. BP said that it will explore Exploration Permit for Petroleum (EPP) areas EPP 37, EPP 38, EPP 39 and EPP 40 covering an area of 24,000 square kilometres for oil and gas reserves, with the right to develop any comm
Read moreMonday newspaper round-up: Euro summit, BP, Steel...
17th Jan 2011 06:42
The oil company formerly run by imprisoned oligarch Mikhail Khodorkovsky has fired off a warning to BP shareholders, saying their deal with the Kremlin is founded on "illegal auctions, bogus bankruptcy fire sales and expropriations". Yukos, formerly Russia's biggest oil producer, said last night th
Read moreBP courts more controversy with Russian tie-up
16th Jan 2011 12:42
BP's share swap with state-owned Russian oil giant Rosneft has already provoked fierce opposition even though it was signed only two days ago. BP announced late Friday it had signed a deal that would see the UK firm issue the equivalent of a 5% stake in new shares to Rosneft in return for a 9.5% st
Read moreSunday newspaper round-up: BP, Smith & Nephew, Interest rates...
16th Jan 2011 10:58
Russia's Prime Minister, Vladimir Putin, has promised to give BP "the most favourable tax treatment" in the Arctic as its £10bn deal with the Kremlin was greeted with cautious optimism by investors yesterday. Late on Friday night, BP agreed to issue £5bn of shares to Russian state-backed oil compa
Read moreWednesday newspaper round-up: J Sainsbury, Oil exploration, Bob Diamond...
12th Jan 2011 06:37
J Sainsbury has overtaken Asda as Britain's second-largest supermarket, seven years after it lost the position. Industry figures yesterday revealed that a strong Christmas performance by the London-based grocer enabled it to overtake its Leeds rival, capping a dismal 2010 for Asda. Sainsbury's sha
Read moreOil spill panel calls for increased regulation
11th Jan 2011 16:21
The US presidential commission has called for increased oil drilling regulations and the creation of a drilling safety agency to prevent a repeat of last year's oil spill in the Gulf of Mexico. The National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling recommended increasin
Read moreTuesday newspaper round-up: Bonuses, BSkyB, Goldman Sachs...
11th Jan 2011 06:32
Downing Street pulled back yesterday from tough regulation of City bonuses and rejected a tax raid on banks in a move that will be seen as further blow to Vince Cable. Bankers may be asked to be more open about their multimillion-pound bonuses but will not face a windfall tax or curbs on pay after
Read moreLondon close: Miners hold back FTSE 100
10th Jan 2011 17:01
The top share index was firmly in negative territory at the close of trading, despite M&A excitement concerning Smith & Nephew The joint replacement specialist jumped more than 10% following reports it turned down a bid approach from US rival Johnson & Johnson just before Christmas. Sticking with
Read moreLondon afternoon: Miners a drag
10th Jan 2011 14:20
Footsie moved sideways over the lunch time trading session. Mining stocks continue to weigh the blue-chip index down, but oil stocks provide some cheer. A decline in copper imports into commodity-hungry China sent prices for the red metal lower. Kazakhmys, which transports copper from its Kazakhsta
Read moreLondon midday: FTSE 100 stuck lower
10th Jan 2011 12:11
Shares remain rooted in negative territory in spite of a big jump from artificial joint specialist Smith & Nephew following reports of an offer from Johnson & Johnson. Miners are holding back the top share index. A decline in copper imports into commodity-hungry China sent prices for the red metal
Read moreBP closes Alaska oil pipeline after leak
10th Jan 2011 11:58
Shares in BP fell after the oil giant that is still reeling from last year's spill in the Gulf of Mexico shut down a major oil pipeline in Alaska due to a leak. The pipeline is responsible for about 12% of the US's total crude oil output. BP was one of the heaviest fallers in the FTSE 100 after th
Read moreMonday newspaper round-up: Smith & Nephew, BP, Portugal...
10th Jan 2011 06:42
The healthcare group Smith & Nephew has rejected an offer from its American rival Johnson & Johnson, it emerged last night. The offer is reported to have been pitched at exactly £1 more than the 650p S&N shares closed at on Friday and would have valued the group at almost £6.7bn. A company spokesma
Read moreBroker tips for 2011
7th Jan 2011 15:37
Analysts are predicting a bullish year for the UK market on hopes a global economic recovery will kick in. Here are a few of the companies brokers think will lead the advance. Standard Life predicts the FTSE 100, which has risen around 25% since July, could rise by a further 15% to 6,900 by the end
Read moreLondon close: Snow deluge buries Footsie
6th Jan 2011 16:43
Footsie succumbed to the growing list of businesses hit by the snow over the Christmas holidays and closed lower for the first time this week. December's snowfalls cost British Airways about £50m in the third quarter and a little more at the start of January. BA, due to complete its £5.7bn merger w
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