BP to extend lead over its arch foe Shell January 31, 2010 BP LOOKS set to extend its lead over Royal Dutch Shell when it announces fourth quarter profit around $2bn (£1.3bn) higher than its Anglo Dutch rival tomorrow. Analysts expect BP to report fourth quarter profit up 81 per cent to $4.7bn on a “replacement cost basis”, a measure that takes into account the cost of [...]
Remember story of hare and tortoise January 31, 2010 EARLIER this month BP overtook Royal Dutch Shell in market capitalisation for the first time in three years. It looks set to extend that lead this week, when it reports fourth quarter profits up 80 per cent to $4.7bn tomorrow. Still, long-term investors should remember Aesop’s fable the Tortoise and the Hare. The truth is [...]
PetroNeft offloads Russia stake January 31, 2010 Oil and gas producer PetroNeft Resources will today confirm partner Arawak Energy has exercised an option to acquire a 50 per cent stake in its Ledovy Licence project in Russia, following a technical and commercial review. PetroNeft will remain as operator of the project, located to the west of the Ob River, while all costs [...]
GM estate set to sue BMW January 31, 2010 The company charged with selling off General Motors’ unwanted assets is suing BMW for breaking the terms of a contract to buy gearboxes, a GM factory spokesman said yesterday. Motors Liquidation Company (MLC) has filed a suit against the German motor giant at New York’s bankruptcy court, saying BMW unfairly reduced its order for gearboxes [...]
Bloomingdale’s flowers in Dubai January 31, 2010 New York’s famed shopping chain Bloomingdale’s finally opened its doors in the Middle East’s biggest mall yesterday in its first foray outside its home market. The Macy’s unit has teamed up with the United Arab Emirates’ Al Tayer, which is investing 270m dirhams (£46m) in a venture first mooted over two years ago. “We are [...]
Greek state pay to be cut January 31, 2010 THE European Commission is set to tell Greece to cut public sector wages and improve tax collection this week under a European Union drive to shore up the indebted nation’s finances. Amid worry Greece’s debt will destabilise the eurozone, the commission is poised to make the recommendation on Wednesday, according to a draft proposal. Greece [...]
Fears grow over delays to Ireland’s bad bank scheme January 31, 2010 IRELAND’S “bad bank” scheme faces further delays as European Union approval is not expected until the end of February at the earliest, Dublin banking sources said yesterday. An Irish finance ministry spokesman said he had no comment to make on the problems faced by the scheme. Earlier this month, Irish government officials said they were [...]
BIG EARNER January 31, 2010 ADAM Crozier, the recently appointed chief of ITV, is in line for a £15m pay packet over the next five years if he can turn around the fortunes of the ailing broadcaster. It is understood he will earn a basic salary of around £750,000, but will be able to pocket a performance related bonus of [...]
News Corp settles Valassis case ahead of unfair competition trial January 31, 2010 NEWS Corporation, the media group run by tycoon Rupert Murdoch, said it has settled a lawsuit by Valassis Communications Inc for $500m (£313.5m) after deciding it may have difficulty presenting its case to a jury. Valassis, a distributor of newspaper inserts, has already won $300m in damages in a lawsuit against a News Corp subsidiary [...]
It’s in the doggy bag for Metro Bank with Pooch friendly pact January 31, 2010 METRO Bank, the new High Street lender backed by US billionaire Vernon Hill, is set to make a canny business ploy out of the conventional wisdom that dogs are a man’s best friend – by welcoming its customers’ canine companions into its branches with open arms. Metro, with the catchy slogan “Love your Bank”, has [...]
