BP sells TNK-BP stake to Rosneft October 22, 2012 BP this afternoon agreed to offload its 50 per cent stake in TNK-BP to Russian state-owned oil firm Rosneft for $12.3bn in cash and an 18.5 per cent shareholding. Rosneft will pay $17.1bn in cash and shares representing 12.84 per cent to BP, but the British oil major will also acquire a further 5.66 per [...]
FTSE 100 down as Japanese exports fall October 22, 2012 The leading share index fell back this morning, as weak economic data from Japan weighed on sentiment. Sausage skin maker Devro led the poor performers this morning, shedding 7.74 per cent as it issued a profit warning. Brewer Punch Taverns fell 4.41 per cent, while software development firm Northgate dropped 4.4 per cent. Trading software [...]
Japanese exports fall sharply October 22, 2012 Japanese exports tumbled at their sharpest pace in the year to September since the aftermath of the 2011 earthquake. Exports fell 10.3 per cent in the year to September, down for four months in a row, official data showed this morning. Shipments of cars, ships and electronics led the decline. In separate data, manufacturers’ sentiment [...]
Devro warns on profits October 22, 2012 Sausage skin maker Devro this morning sounded a profit warning, as a result of adverse currency swings and higher costs. The British firm said that sales volumes continued to grow in Japan, Europe and the Americas, and overall market demand remained strong. It added that raw material prices had risen, and this was expected to [...]
BP and Rosneft on brink of announcing deal October 22, 2012 BP and Rosneft are on the verge of announcing a deal worth more than $25bn (£16bn), that will see the British oil major exit troubled joint venture TNK-BP and take a stake in the Russian state-controlled energy firm, it is understood. The deal has yet to be finalised, although BP this morning confirmed this morning [...]
Volvo appoints new chief executive October 19, 2012 Car manufacturer Volvo has appointed Hakan Samuelsson as its new chief executive, following Stefan Jacoby’s stroke last month. Samuelsson, who resigned as chief executive of MAN in 2009 amid a bribery scandal, has been an independent member of the Volvo board since 2010. He has assumed executive responsibilities immediately as it became clear Jacoby would [...]
Public sector borrowing falls to £12.8bn October 19, 2012 The government borrowed less than expected in September, according to official figures out today. According to figures from the Office for National Statistics, public sector borrowing excluding financial sector interventions totalled £12.8bn last month, down £0.7bn year on year, which was below market expectations. Net debt edged up to £1,065.4bn at the end of September, [...]
Bank of Scotland fined £4.2m for mortgage errors October 19, 2012 Bank of Scotland (BOS) has been fined £4.2m by the Financial Services Authority (FSA) for errors in its mortgage systems, which led to inaccurate mortgage records for 250,000 customers. During 2004 and 2011, the FSA said BOS kept customer mortgage information in two unaligned accounts, meaning the bank was relying on inaccurate information for “considerable” [...]
Customers turn to Provident Financial in credit squeeze October 19, 2012 Lender Provident Financial this morning reported a 26.6 per cent jump in customers in the non-standard credit card market. The FTSE 250 lender said customer numbers in the Vanquis Bank division, which provides credit to borrowers shunned by high-street banks, had reached 834,000 at the end of September, as the economy heaped pressure on the [...]
Bunzl mulls more acquisitions as revenue rises October 19, 2012 Outsourcing firm Bunzl today posted a five per cent increase in group revenue for its third quarter, as it eyed more acquisitions. In the year to date, group revenue increased by six per cent. In an interim management statement, the FTSE 100 firm credited underlying revenue growth in North America, Continental Europe, the UK and [...]
