London afternoon: Equities push on
18th Oct 2010 14:54
Leading shares added to the morning's gains over the lunch time session though miners remain under a cloud as metal prices retreat. Mining giants BHP Billiton and Rio Tinto have confirmed that their proposed $116bn Pilbara iron ore joint venture is dead in the water. The companies had agreed in D
Read moreLondon midday: HSBC says get out of copper producers
18th Oct 2010 11:26
The blue-chip index ended the morning barely changed which, given that virtually all of the mining stocks were lower, counts as some sort of moral victory. Mining giants BHP Billiton and Rio Tinto have confirmed that their proposed $116bn Pilbara iron ore joint venture is dead in the water. The c
Read moreLondon open: Weak start despite M&A burst
18th Oct 2010 08:58
London has made a cautious start to the day with miners weak though a burst of M&A has lifted the mood elsewhere. Mining giants BHP Billiton and Rio Tinto have confirmed that their proposed $116bn Pilbara iron ore joint venture is dead in the water. The companies had agreed in December of last ye
Read moreBP sells $1.8bn of assets to TNK-BP
18th Oct 2010 07:53
Oil giant BP is to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a $1.8bn. TNK-BP, Russia's third largest oil company, is owned equally by BP and the AAR consortium, which is comprised of Alfa Group, Access Industries and Renova. The agreement covers
Read moreWednesday newspaper round-up: Standard Chartered, Gold, Spending review...
13th Oct 2010 06:40
Standard Chartered is poised to launch a rights issue to raise £5bn-£7bn ($7.9bn-$11bn) in an effort to buttress itself from the impact of new global capital rules. The UK-based emerging markets bank could announce the plan as early as this week, according to people close to the cash call.The bank'
Read moreMasawara buys BP and Shell's Zimbabwe assets
12th Oct 2010 08:05
Masawara, a new AIM-listed investment fund set up by one of Zimbabwe's richest men, has agreed in principle to buy BP and Shell's assets in Zimbabwe. The "significant" holding in BP and Shell Marketing Services acquired by Shingai Mutasa's vehicle includes 73 retail sites, storage capacity of about
Read moreLondon close: Footsie limps higher
11th Oct 2010 16:38
Footsie closed just a few points higher Monday after a sluggish day's trading that saw the leading share index fluctuating in a narrow range just above the zero mark. Oil services group Petrofac firmed on the back of a lucrative contract win. The government of Sharjah has appointed the company t
Read moreLondon afternoon: Stocks tread water
11th Oct 2010 14:34
The blue-chip index trod water over the lunchtime session with the majority of leading stocks consolidating the morning's gains. Oil services group Petrofac is firmer on the back of a lucrative contract win. The government of Sharjah has appointed the company to take over operational responsibilit
Read moreLondon midday: Footsie crawls higher
11th Oct 2010 12:06
Footsie traded in a narrow range throughout the morning session and started the afternoon in marginally in positive territory, boosted by expectations of a moderately firm opening on Wall Street. Oil services group Petrofac is leading the market's far from vigorous advance. The government of Sharja
Read moreMonday newspaper round-up: George Osborne, Entertainment One, Prudential...
11th Oct 2010 06:22
Nearly 500,000 people on long-term sickness benefit will have to take up jobs or have their welfare payments cut by a third, the Times reports. The move, expected to save up to £4bn, is part of the Government's plan to find economies of at least £16 bin from the £195bn welfare budget by 2014-15. In
Read moreSunday newspaper round-up: Potash, BP, George Osborne...
10th Oct 2010 10:52
One of Canada's biggest pension funds is plotting an audacious bid to spoil BHP Billiton's $39bn (£24.5bn) hostile takeover of Potash Corporation of Saskatchewan, the world's biggest fertiliser producer. Ontario Teachers Pension Plan, which controls a C$96bn (£60bn) portfolio that includes Camelot,
Read moreLondon close: Footsie closes on low note
7th Oct 2010 16:52
Footsie turned down in the afternoon session despite better than expected US jobs and retail sales figures. US shares did not respond to the economic data and by midday the Dow was showing strongly red. In Europe, interest rates were left on hold by both the Bank of England and European Central ba
Read moreLondon afternoon: BoNY-M stalking Man
7th Oct 2010 14:37
Better than expected US jobless figures have given the UK market a lift, with the Footsie now knocking on the door of 5700. Mining stocks are, by and large, still refusing the join the party. Copper miners Kazakhmys and Antofagasta lead the sector lower. Indian miner Vedanta is holding up though
Read moreLondon midday: Status quo maintained
7th Oct 2010 12:14
The Bank of England announcement on interest rate and quantitative easing (QE) policy was a non-event, with the Bank's Monetary Policy Committee (MPC) electing to maintain the status quo. Leaving the base lending rate unchanged was no surprise but there was a slight possibility that QE would be res
Read moreBP to develop Azerbaijan gas field
7th Oct 2010 07:22
BP has signed a deal with Azerbaijan's state oil company to explore and develop a deep water gas area in the Caspian Sea. BP and the State Oil Company of the Republic of Azerbaijan (SOCAR) hope to combine their expertise to make new discoveries in the Shafag-Asiman block, with is about 78 miles sou
Read more