War of words heats up ahead of BP's court case
5th Sep 2012 08:29
BP's part in the Macondo well disaster in the Gulf of Mexico in 2012 is set to flare up again after the US Department of Justice's attorneys accused the British company of a 'culture of corporate recklessness'. The Financial Times (FT) reports that the Department of Justice is intent on throwing t
Read moreWednesday newspaper round-up: BoE, BP, Lloyds
5th Sep 2012 06:11
The Bank of England should keep its monetary powder dry tomorrow as global markets focus on a potentially game-changing policy decision by the European Central Bank, according to The Times' Shadow Monetary Policy Committee. Sir Steve Robson, the former second permanent secretary to the Treasury, sai
Read moreTuesday newspaper round-up: Fragmentation, EU, Tax-cuts
4th Sep 2012 06:37
Interest rates paid by companies in the Eurozone's weaker economies have surged, highlighting the bloc's fragmentation as the European Central Bank loses control of borrowing costs. ECB data on Monday showed Spanish small businesses face the highest bank borrowing costs in almost four years - while
Read moreLondon close: Stocks fall as post-Olympic blues set in
13th Aug 2012 17:07
- Global equities finish broadly lower - GDP growth a concern in Japan and China - Greek GDP beats expectations Mixed news from the Eurozone and concerns over growth in Asia sent most stock markets across the globe into the red on Monday. "As the post-Olympic blues set in, European markets appeare
Read moreFTSE 100 movers: Petrofac and the miners provide a drag
13th Aug 2012 15:26
Oilfield services firm Petrofac was leading the fallers on the Footsie on Monday afternoon despite reporting a strong first half as investors turned cautious on the pace of growth going forward Earnings per share were up 32% to 94.8c, with pre-tax profits rising to $412.5m, from $300m the year befo
Read moreBP finds buyer for Californian refinery
13th Aug 2012 14:28
BP's selling spree has continued with the UK oil colossus announcing the sale of its refinery in Carson, California, to US refiner Tesoro. BP is selling the 266,000 barrel per day refinery plus related logistics and marketing assets in the region to Tesoro Corporation for $2.5bn in cash (including
Read moreLondon midday: Global growth fears weigh on stocks
13th Aug 2012 11:40
- Mood dampened by slowdown in Japan, China - Germany could block aid to Greece - Summer rally loses momentum UK stocks were broadly unchanged by Monday lunchtime as the recent rally in global equity markets began to fade with worries about Asian economic growth weighing on sentiment. The Japanes
Read moreLondon open: Japanese slowdown weighs on stocks
13th Aug 2012 08:16
- Petrofac leads fallers early on - Japanese GDP growth misses forecasts - Germany could block aid to Greece The FTSE 100 fell slightly in early trade on Monday on concerns over the global economy after Japanese growth figures disappointed. The Japanese economy grew by just 0.3% in the second quar
Read moreLondon pre-open: Quiet start expected for the Footsie
13th Aug 2012 07:20
London's benchmark index is expected to open a little lower on Monday morning in the absence of any new developments over the weekend. City sources are predicting that the FTSE 100 will open around eight points lower from Friday's close of 5,847. "A quiet start to the trading week is expected toda
Read moreBP sells gas processing plants in Texas
13th Aug 2012 07:02
BP's grand garage sale continues with the integrated oil giant announcing the sale of its Sunray and Hemphill gas processing plants in Texas. Eagle Rock Energy Partners is paying $227.5m in cash for the plants, together with the plants' associated gas gathering system. The Sunray plant, in Moore C
Read moreBP to sell liquefied petroleum gas business
8th Aug 2012 10:44
Oil giant BP has announced that DCC, a sales, marketing, distribution and business support services group, has agreed to buy its liquefied petroleum gas (LPG) distribution business in the UK. DCC will pay $63m (£40.5m) on a cash free/debt free basis, to be satisfied in cash at completion. Und
Read moreSunday share tips: GKN, Provexis, BP
5th Aug 2012 14:10
First-half numbers from specialist engineer GKN beat market expectations, with pre-tax profits leaping 43 per cent. Nigel Stein, chief executive, also gave some upbeat interviews, indicating that, while many of GKN's customers were cautious about the rest of 2012, "no one is pressing alarm buttons"
Read moreLondon close: Markets cautious before Fed decision
31st Jul 2012 16:54
- Footsie drops 1.02 per cent as risk rally fades - BP, Weir and RBS sold off - Markets await decisions from the Fed and ECB London's FTSE 100 index finished the day firmly in the red as a barrage of earning reports from some European heavyweights disappointed and investors showed caution ahead of
Read moreFTSE 100 movers: Miners lead the way
31st Jul 2012 14:25
Vedanta, Rio Tinto, Xstrata, Randgold, Glencore and Polymetal making good gains, boosted by Polymetal, Vedanta and Xstrata which all impressed with their second-quarter and first-half production reports this morning. A notable exception was Mexico-focused precious metals miner Fresnillo, which drop
Read moreLondon midday: Markets in the red despite mining strength
31st Jul 2012 11:26
- Recent global risk rally shows signs of fading - European blue-chips (BP, Weir, UBS, Deutsche Bank) - Markets await central bank action London's equity markets were broadly lower on Tuesday as sentiment was dampened by heavyweight corporates (BP, Weir, UBS, Deutsche Bank) missing analysts' estima
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