BP to launch large scale fund raising June 20, 2010 BP IS structuring a plan to raise more than double the amount it has already dedicated to paying out in compensation claims arising from the Gulf of Mexico disaster. It is understood that the board is currently discussing a number of options that could see the embattled oil major raise roughly $50bn (£33.7bn) to cover [...]
Anadarko wages bitter war over Macondo well claims June 20, 2010 A BITTER legal feud between BP and its Deepwater Horizon partner Anadarko Petroleum is developing after the latter declared it would not pay out claims linked to the Gulf of Mexico oil spill. BP said yesterday that it had not made a decision on whether it will sue Anadarko, which it partnered with to co-own [...]
White House hits out over yachting race June 20, 2010 THE WHITE House has hit out at BP chief executive Tony Hayward, who was spotted on his yacht just off the Isle of Wight over the weekend. US President Barack Obama’s chief of staff, Rham Emanuel said that Hayward’s trip was “part of a long line of PR gaffes and mistakes”. He said: “To quote [...]
Bookies take bets on CEO successor June 20, 2010 BOOKMAKERS are taking bids on who is likely to replace BP chief executive Tony Hayward, as uncertainty mounts over who will take the helm. Iain Conn, Bob Dudley and Doug Suttles are among some of the BP executives tipped on Irish book maker Paddy Power’s website, with odds favouring Conn, who is chief executive for [...]
Spice investors tell Cinven to up its bid June 20, 2010 INVESTORS in Spice, Britain’s largest installer of water meters, have signalled private equity house Cinven will have to significantly improve its £316m approach for the company if deal talks are to open. Spice’s board last week rejected an indicative offer of 56p per share from Cinven as “opportunistic”. Although the offer represented a 51.5 per [...]
Australian mining magnate is missing June 20, 2010 AUSTRALIAN mining magnate Ken Talbot and all four other board members at Sundance Resources are missing after their plane disappeared in Cameroon on Saturday. Talbot, one of Australia’s richest men and non-executive director at Sundance, was one of nine people flying to the Republic of Congo, where Sundance has opened a major iron ore project. [...]
Toyota action ends amid rash of China strikes June 20, 2010 WORKERS at a plastics parts supplier for Toyota in China resumed work yesterday, ending a three-day strike over pay and benefits. The strike, at Toyota-affiliated parts maker Toyoda Gosei Co, had forced a stoppage for most of Friday at the Japanese car makers’ joint venture factory in the northern city of Tianjin, near to Beijing. [...]
City sharpens knife for Pru’s chairman June 20, 2010 SEVERAL institutional shareholders are agitating for the resignation of Prudential chairman Harvey McGrath as pressure grows on the board over the aborted attempt to buy AIA in Asia for $35.5bn (£25bn). Fidelity, Legal & General, Schroders and F&C are understood to be among those demanding a change at the top of the FTSE 100 insurer, which [...]
Lockheed signs up BAE as jet partner June 20, 2010 BAE SYSTEMS has signed an agreement with Lockheed Martin to sustain and support a series of combat fighter planes in Australia. Both companies signed a memorandum of understanding yesterday in Australia’s Newcastle, which will see BAE help support the government’s F-35 Lightning II Joint Strike Fighter plan. The Australian government has already approved the procurement [...]
Toy Story 3 sets Disney record June 20, 2010 Movie giant Walt Disney smashed a box office record with the opening weekend for Toy Story 3, the third in its animated series about toys that come alive. The cartoon sold $153.8m (£103.7m) worth of tickets at the weekend, with $109m taken in the US and Canada – a new opening record for a film [...]
