Broker tips: HSBC, BP, HomeServe
22nd Mar 2013 11:09
Bank of America Merrill Lynch has taken a less bearish view on global banking group HSBC and moved its recommendation from 'underperform' to 'neutral'. BofA said: "While we remain concerned about the return on equity capacity of HSBC, it has done an outstanding job in improving capital ratios, some
Read moreBroker snap: BP buyback higher than expected, says Canaccord
22nd Mar 2013 10:06
Canaccord Genuity has kept its 'hold' rating and 500p target price for oil giant BP but has said that Friday's announced share buyback is bigger than the market had expected. Following the closure of the sale of BP's 50% stake in TNK-BP to Rosneft, the oil group announced a share buyback of up to $
Read moreLondon open: Fears of a Cyrpiot default weigh on stocks
22nd Mar 2013 08:29
While the attention had diverted away from Cyprus temporarily over the last few days - owing to the Budget in the UK and the FOMC decision in the States - concerns had returned with a vengeance on Friday morning, causing stocks to slip early on. It seems that talks with Russia to provide additional
Read moreLondon pre-open: FTSE to drop lower as Cypriot crisis rumbles on
22nd Mar 2013 07:28
City sources predict the FTSE 100 will open down 21 points from yesterday's close of 4,389, tracking declines seen in the US overnight as investors await further news on Cyprus. US stocks fell the most they had in almost a month on Thursday, as weaker-than-expected data out from the Eurozone and c
Read moreBP to buy back eight billion dollars worth of shares
22nd Mar 2013 07:01
FTSE 100 oil and gas producer BP intends to carry out a share repurchase programme with a total value of eight billion dollars. The decision to buy-back shares follows the completion on March 21st of the sale of BP's 50% interest in TNK-BP to Russian oil company Rosneft. The programme is expected t
Read moreBP completes deal with Rosneft on 'historic day' for group
21st Mar 2013 12:51
Thursday proved a busy day for oil giant BP, which announced the completion of a number of transactions with Rosneft, Russia's largest oil company. In what BP described as an 'historic day', Rosneft has now paid BP $16.65bn for the latter's 50% stake in TNK-BP. BP then used $4.87bn of the cash
Read moreSunday newspaper round-up: BP, Virgin Atlantic, Prudential
10th Mar 2013 20:26
BP announced that at the 'core' level - excluding production from its TNK-BP joint venture - it only replaced 6 per cent of the reserves which it tapped last year. That is an unusually low figure for an oil major and reflects the slow pace of its recovery. Nevertheless, some analysts point out that
Read moreFriday newspaper round-up: BP, RBS, John Lewis...
8th Mar 2013 06:39
According to the Financial Times, oil giant BP has warned of settlement costs 'significantly higher' than 7.7bn dollars in relation to its payout to business and individuals affected by the 2010 oil of spill in the Gulf of Mexico. In a note last week, the company forecasted the civil trial to cost i
Read moreWednesday newspaper round-up: Barclays, JPMorgan, BP...
27th Feb 2013 06:53
Barclays is expected to reveal next week that as many as 600 of its staff are paid more than one million pounds, in the most detailed disclosure yet about how much its 140,000 employees take home each year. In a move that could force rival banks to follow suit, Barclays is preparing to report how mu
Read moreBP prepares to head to US court over Deepwater Horizon oil spill
25th Feb 2013 13:25
BP begins a year-long trial in the US on Monday over the 2010 Deepwater Horizon explosion and oil spill in the Gulf of Mexico. The oil giant will defend itself against charges of gross negligence in America's worst environmental disaster that killed 11 men. BP faces a fine of up to $17.6bn, the bi
Read moreSunday newspaper round-up: RBS, BP, Vodafone
24th Feb 2013 13:24
The US government and Gulf Coast states are reportedly considering offering BP a deal under which the company will pay 16bn dollars to settle civil suits stemming from the 2010 Deepwater Horizon disaster. The deal would cover the company's potential penalties under the Clean Water Act and payments u
Read moreThursday newspaper round-up: BAE Systems. 4G auction, BP...
21st Feb 2013 06:58
British defence giant BAE Systems has warned it will be forced to cut 3,500 jobs in the US if the threat of Pentagon spending cuts becomes reality. The company said it had warned staff within its US ship repair business of the possible cuts after the US Navy signalled its 'intent to cancel' a number
Read moreBP says it should be exempt from fines over collected oil spill
19th Feb 2013 14:40
The US Department of Justice has backed BP's claim that it should be exempt from penalties regarding the oil it recovered from the 2010 Deepwater Horizon spill, the company said Tuesday in a statement ahead of its trial. The oil giant faces court next Monday for its role in the explosion of its Gu
Read moreTuesday newspaper round-up: RBS, BP, Nestlé...
19th Feb 2013 06:55
David Cameron has said he wants state-backed Royal Bank of Scotland to speed up restructuring and has refused to rule out giving the government's share in the bank to the public. The government owns 82pc of RBS after pumping in 45bn pounds of capital when the bank neared collapse in 2008. Speaking i
Read moreLondon close: Footsie hits new five-year high, Sterling slumps
13th Feb 2013 16:36
After a subdued start, London's FTSE 100 index finished with decent gains on Wednesday to set a new five-year high with analysts putting the strong performance down to the weaker pound. Sterling slumped today - down 0.82% against the dollar at 1,5534 - after the Bank of England said that inflation
Read more