London open: Modest gains on hopes for Eurozone
10th Oct 2011 08:30
The Footsie edged higher in early trading on Monday, helped by developments in the Eurozone at the weekend. German chancellor Angela Merkel and French prime minister Nicolas Sarkozy have agreed on a "long-lasting, complete package" to battle the region's ongoing debt crisis, but specific details ar
Read moreBP's sale of Argentinean stake faces difficulties
3rd Oct 2011 10:37
BP is having difficulties selling its stake in Argentine business Pan American Energy, according to reports in The Sunday Times. If the deal does not go through, it could place pressure on BP chief executive Bob Dudley, who began the process in order to rebuild the company's finances, the paper sai
Read moreBP has no comment on possible Indonesian LNG plant expansion
28th Sep 2011 09:09
Oil giant BP would not be drawn this morning on reports it could quadruple the size of its $5bn Indonesian gas plant. Bloomberg news reported that the fourfold expansion in the Tangguh liquified natural gas plant (LNG) was under consideration to take advantage of future growth in Asian economies.
Read moreMonday newspaper round-up: Eurozone, International Monetary Fund, BP
26th Sep 2011 06:27
Emergency plans were being drawn up last night for a massive boost to the eurozone's bailout facility to protect the banking system from the fallout of the Greek debt crisis. The Times has learnt that German officials are studying plans to increase the fund's effective size by €1trn to buy up high-r
Read moreElevator man lifts BP stake again
23rd Sep 2011 15:45
Non-executive director George David has taken advantage of a fall in BP's share price to buy more shares in the company. He took 40,000 American Depositary Receipts (the equivalent of 240,000 shares) taking 20,000 at $35.55 (£23.04) a time and 20,000 at $35.45 a time. The shares have fallen sharpl
Read moreBP's partnership with India's Reliance may widen
23rd Sep 2011 08:13
Press reports in India suggest BP could be about to begin exploratory work with India's biggest conglomerate - Reliance Industries - outside of India itself. The Economic Times claims frustration with the Indian government's slow regulatory system is forcing Reliance to look abroad for development
Read moreFriday newspaper round-up: IMF, Europe banks, business buddies
23rd Sep 2011 06:06
The head of the International Monetary Fund yesterday warned world leaders that they are running out of time to prevent another global slump and urged them to rediscover a "collective momentum" in order to head off disaster. Speaking in advance of the opening of the IMF's annual conference in Washin
Read moreThursday newspaper round-up: Vodafone, uncollected taxes, BP
22nd Sep 2011 06:00
Vodafone has been accused by India's tax authorities of creating an "artificial tax avoidance scheme" for its $11.2bn takeover of Hutchison-Essar in 2007. Speaking at the start of a hearing in India's Supreme Court over $2.5bn in taxes being disputed by the British company, the Solicitor-General cla
Read moreThursday newspaper round-up: BP, Mitchells & Butlers, Eurozone
15th Sep 2011 06:26
The long-awaited federal government report into the Deepwater Horizon disaster has blamed cost-cutting by BP for the explosion that sank the rig, killed 11 workers and left oil billowing into the Gulf of Mexico for almost three months. The 16-month investigation pinned blame, too, on BP's partners a
Read moreLondon close: FTSE 100 rises 1% as euro fears ease
14th Sep 2011 16:30
The Footsie finished strongly on Wednesday, gaining over 1%, despite a slow start for US stocks after retail sales were unchanged in August. Stocks were helped on numerous reports of governments riding to the rescue of Europe - such as the BRICs (Brazil, Russia, India, and China) who are said to be
Read moreLondon midday: FTSE 100 buoyant as Next rallies retailers
14th Sep 2011 12:12
The volatility continues with the top share index in the blue now after a weak start. In what it confessed has been a difficult year so far, clothing retailer Next saw half-year sales rise 3% to £1,565m from the year before, while profit before tax jumped 8.5% to £228m. Excluding its Ventura arm, N
Read moreBP secures control of Brazil biofuel mills
14th Sep 2011 11:18
BP has moved to take full control of its Brazilian biofuels mills, buying the remaining half of ethanol mill owner Tropical BioEnergia and a 3% stake in sugar and ethanol producer Companhia Nacional de Açúcar e Álcool (CNAA). The oil giant is paying $71m for the remaining stake in Tropical BioEnerg
Read moreMonday newspaper round-up: ICB, Germany v Greece, Cameron in Russia, whisky exports
12th Sep 2011 06:48
The most sweeping changes to British banking for a generation will land on financiers' desks this morning when a government-appointed taskforce delivers proposals for structural reforms that will be vigorously fought by the City. In a plan to defuse any future financial crisis that is set to be broa
Read moreLondon close: Oil stocks pull Footsie above 5,300
7th Sep 2011 16:26
Oil stocks were the star performers on a decent day for the Footsie, which clawed its way back above the 5,300 mark, helped by a better start on Wall Street. The oil companies were leading the rise on Wednesday, with Tullow Oil, Essar Energy and BP being helped by a rising oil price. Drilling in
Read moreSector movers: Oil and gas groups track crude prices higher
7th Sep 2011 15:51
BP, BG and Wood Group were among the best performers on the FTSE 100 on Wednesday afternoon, providing a boost to the oil and gas producing sector. Drilling in the previously untested northern segment of the Mad Dog field in the Gulf of Mexico has resulted in a "significant resource extension", acc
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