BP raises $400m through Malaysia disposals
1st Sep 2010 07:41
Troubled oil giant BP has raised more than $400m (£260m) through the sale of two of its interests in Malaysia to help meet its bill for the Gulf of Mexico disaster. The oil group's 15% interest in downstream businesses Ethylene Malaysia and 60% stake in Polyethylene Malaysia are being sold to Petro
Read moreTuesday newspaper round-up: House prices, Int'l Power, Pensions
10th Aug 2010 06:38
Fears of a new slide in house prices emerged yesterday amid signs that the economy is sagging again, the Times reports. First-time buyers are finding it harder to get on to the property ladder than at any point for a quarter of a century because they need to raise larger deposits and borrow more mo
Read moreLondon close: Financials lead the way
9th Aug 2010 17:05
Leading equities trod water for the afternoon session consolidating strong gains made in the morning. Hopes that the US Federal Reserve will introduce new economic stimulus measures this week played well with the financial sector, with the likes of fund managers Schroders and St. James's Place and
Read moreLondon afternoon: Gains consolidated
9th Aug 2010 14:18
Footsie hit its peak at around 10:00am and has been moving sideways ever since on a relatively quiet day for corporate news. In a buoyant insurance sector Prudential is firmer prior to Thursday's results while Aviva is lifted by Panmure Gordon raising its price target from 496p to 535p. Reboundi
Read moreLondon midday: Blue chips power ahead
9th Aug 2010 12:11
Footsie is powering forward on the back of strong performances from financials and miners. Lonmin and Kazakhmys are the best performing miners, while among financials the stand-out stocks are spread around the insurance (Legal & General, Prudential), banking (Barclays), fund management (Schroders )
Read moreLondon open: Footsie rebounds over 5,400
9th Aug 2010 08:48
A late rally in the US on Friday has helped Footsie rebound through 5,400 again. International Power is the best performer on widespread reports it will reveal a merger with French utility GDF Suez. That should trigger a £1.3bn windfall for International Power shareholders. The deal is expected to
Read moreLondon pre-open: Footsie targets 5,400
9th Aug 2010 07:32
A late rally in the US on Friday should be enough to get London back within spitting distance of 5,400. Wall Street added almost 100 points after the FTSE 100 stopped trading for the weekend. Futures prices indicate an early 59-point advance. BP's "static kill" and cementing procedures at the brok
Read moreBP hails 'static kill' a success as costs soar
9th Aug 2010 07:03
BP's "static kill" and cementing procedures at the broken MC252 well have been "successful", stopping oil leaking into the Gulf of Mexico, the company confirmed Monday as the cost of the spill topped $6bn. The first of two relief wells should also make contact with the original well on 15 August,
Read moreMonday newspaper round-up: Lloyds, BP, Barley
9th Aug 2010 06:40
The Bank of England has warned Lloyds and Royal Bank of Scotland that they could face penalties from Brussels if there was an extension of the special funding scheme put in place during the financial crisis. The Bank believes that such an extension could break European Union state aid rules, becaus
Read moreSunday newspaper round-up: BP, Vodafone, Hewlett-Packard...
8th Aug 2010 08:36
The disastrous oil spill in the Gulf of Mexico has cost BP's top five executives £30m, an analysis of the oil group's accounts shows. The personal losses have been triggered by the plunge in the group's share price, which has fallen by a third since the Gulf well ruptured. The fall has wiped out t
Read moreLondon close: US unemployment rise sinks Footsie
6th Aug 2010 16:49
London's leading share index gave up a brief rally to close in the red after a jittery day in which well-received company results were overshadowed by disappointing US unemployment figures. The economy shed 131,000 jobs in July, according to figures from the Labor Department, with 143,000 public se
Read moreBP finishes cementing broken Gulf well
6th Aug 2010 07:52
BP moved another step closer to ending the Gulf of Mexico oil spill by completing cementing operations at the MC252 well, part of the "static kill" procedure. The oil giant, which began the operation earlier this week by pumping mud into the broken well, was given clearance to begin cementing yeste
Read moreFriday newspaper round-up: Royal Bank of Scotland, Wheat, Barclays
6th Aug 2010 06:32
Royal Bank of Scotland is today expected to announce the sale of the UK's leading credit card payment processing business to private equity in a £2bn ($3.18bn) deal expected to generate an £800m to £900m book gain. People close to the transaction said RBS hoped to announce the sale of its Global Me
Read moreLondon close: Footsie finishes lower
5th Aug 2010 16:56
Blue chips closed lower on a mixed day for company results. Insurers rose on the back of figures from Aviva and RSA, but banks slipped back on Barclays' numbers. Disappointing unemployment data from the US also undermined confidence, while the decision from the Bank of England and ECB to keep inter
Read moreLondon afternoon: Insurers in demand
5th Aug 2010 14:23
Company results have divided opinion in the market today leaving the FTSE 100 in a mixed-up mood, while second-liners make decisive headway. Insurers are doing their bit to push the market higher with Aviva and RSA Insurance both firmer after releasing figures. Aviva reported a better-than-expect
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