BP woes mount as profit hit and spill costs rise July 31, 2012 OIL giant BP’s earnings were thumped yesterday as it set aside an extra $847m (£540m) to pay costs and litigation fees over the 2010 Gulf of Mexico oil spill. The multinational reported underlying adjusted profits had dropped from $5.71bn a year ago to $3.68bn for this quarter, as it continued to struggle with safety concerns [...]
Phelps finishes first to break all records as star in the East continues to blaze July 31, 2012 AT THE AQUATICS CENTRE SWIMMER Michael Phelps thanked his American team-mates after he became the most decorated Olympian of all time last night, as controversial Chinese teen sensation Ye Shiwen claimed her second gold of London 2012. An emphatic victory in the 4x200m freestyle saw Phelps, 27, surpass Russian gymnast Larisa Latynina’s 18 Olympic medals, [...]
GB raise bar as medal eludes July 31, 2012 GREAT Britain’s women failed to follow the men’s team’s impressive lead after finishing sixth in the gymnastics, though the result was still their best in the post-war era. It was USA who won gold after the previously impressive Russia struggled under pressure as the American’s momentum grew to build a lead that would not be [...]
BP results show strain of Russia, US spill July 31, 2012 BP delivered the worst of a poor set of quarterly results among top oil companies today, slashing $5bn (£3.18bn) off the value of US assets and undershooting expectations with its operating result. The British oil company is struggling under the weight of litigation over the 2010 US Gulf oil spill and a row with its [...]
British gymnasts happy at trading silver for bronze July 30, 2012 TEAM GB’s artistic male gymnasts vowed that their dramatic relegation from second place to third would not inhibit their sense of triumph after the powerful performance with which they secured their unexpected bronze medals. With a score of 271.711, Britain’s team of Sam Oldham, Louis Smith, Max Whitlock, Daniel Purvis (right) and Kristian Thomas were [...]
AAR takes a swing at BP with a divi freeze July 30, 2012 BP’S oligarch co-owners in TNK-BP blocked a $1bn (£634m) dividend from the Russian oil business yesterday, signalling a new low for a troubled relationship that is heading for divorce. The decision by the AAR consortium, grouping tycoons Mikhail Fridman, German Khan, Viktor Vekselberg and Len Blavatnik, comes after the British oil firm put its 50 [...]
Reckitt growth offset by fall in US and Europe July 30, 2012 RECKITT Benckiser warned yesterday that trading in Europe and the US remained tough due to weak consumer demand and fierce competition, after posting weaker than expected half-year sales in the region. The household and toiletries giant, which owns brands such as Nurofen and Vanish fabric cleaners, said like-for-like sales in its Europe and North American [...]
Prices are the only thing growing as crops feel the heat July 30, 2012 WHILE the UK has spent most of 2012 soaked to the bone, wondering when summer was going to gift us some rays of sunshine, on the other side of the Atlantic – specifically the key growing region in the US Midwest corn belt – they have been experiencing quite the opposite. Wiltingly hot temperatures in [...]
Reckitt reassures on earnings after rival’s problems July 30, 2012 Reckitt Benckiser is growing faster than its markets despite tough trading in southern Europe and some slowing in emerging markets, as the British consumer goods group focuses on its top brands and fastest-growing regions. Chief executive Rakesh Kapoor, who took over last September after Bart Becht’s shock decision to retire, today reported half-year earnings rose [...]
Russian TNK-BP profit slumps on weak crude July 27, 2012 Russia’s third-largest oil producer TNK-BP International said on Friday its second quarter net profit slumped to $808m (£513) from $2.2bn a year ago on the back of lower crude prices and higher taxes. The company, half-owned by BP, said Russian Urals crude oil prices declined 7 per cent during the period, while it had to [...]