BP shares up after Rosneft exploration deal January 17, 2011 Shares in BP rose two per cent following the share swap and arctic exploration deal that the London-based oil major signed with Russia’s largest oil producer Rosneft late on Friday. Analysts said the deal with state-controlled Rosneft opened up massive reserves in the arctic, a region they said was believed to contain one fifth of [...]
BP’s Russia deal comes under fire January 16, 2011 BP’S HISTORIC tie-in with Russia’s state oil company came under intense scrutiny yesterday, as politicians and businessmen piled in to examine the merits and dangers of the deal. The share swap, announced late on Friday, sees BP hand a five per cent stake to Rosneft in exchange for a 9.5 per cent holding in the [...]
What the other papers say this morning January 16, 2011 FINANCIAL TIMES RBS DIRECTOR TO STEP DOWN FROM BOARD One of the last Royal Bank of Scotland directors to remain on the bank’s board from the days of Sir Fred goodwin is poised to step down from his role. Colin Buchan, 56, a former UBS investment banker who until recently was chairman of RBS’s remuneration [...]
BP deal with Russia sparks controversy January 16, 2011 CONCERNS grew yesterday about the political implications of BP’s $16bn (£10bn) share swap with Russia’s state-owned oil firm Rosneft. Shadow justice minister Chris Bryant said in an interview that BP needs “a strong anti-corruption” strategy to work with the company. Labour leader Ed Miliband said he was “pretty worried” about the environmental aspect of the [...]
BP in deal talks with Russia’s Rosneft January 14, 2011 ENERGY giant BP is in talks with Russian state-owned oil company Rosneft over a possible deal, it has announced. BP, which owns 1.4 per cent of Rosneft, has called an emergency press conference at its London headquarters at 9pm tonight to announce full details of the deal. Reports have suggested the deal would be in [...]
Russians rush to list in London January 13, 2011 RUSSIAN steel pipe maker ChelPipe has become the third company from the former Soviet Union to announce a listing on the London Stock Exchange this week. The company, which is to launch an initial public offering (IPO) of up to $1bn (£635.2m), follows pump manufacturer HMS Hydraulic and coking coal producer KOKS earlier this week. [...]
UK’s retailers struggle with price inflation January 11, 2011 SHOPS are battling the effects of rising inflation, the British Retail Consortium (BRC) announced today. Shop price inflation hit 2.1 per cent last month, the group said, up from two per cent in November. The rate will concern consumers, but is “well below the wider consumer price index” (CPI) as retailers absorb the effects of [...]
Global economic recovery will pick up pace around April 2011, OECD predicts January 10, 2011 GROWTH in economies across several continents is set to accelerate, the Organisation for Economic Co-operation and Development (OECD) said yesterday. However, economic growth in Britain is merely showing “signs of stabilisation,” the report said. The OECD’s indicators, measured in November, are designed to anticipate turning points in economic activity six months in advance. “We expect [...]
Factory boom to boost the UK economy January 9, 2011 BRITAIN’S factories will continue to drive the economy forwards this year, manufacturers’ association the EEF said today. The sector exceeded expectations by growing 3.8 per cent in 2010 and will expand by a further 3.5 per cent this year, the group predicted in its 2011 economic forecast. Exports, particularly to emerging markets, will be key [...]
G20 reassures that it will tackle food price inflation January 7, 2011 THE Group of 20 leading economies have started working-level talks on the soaring food prices that are stoking fears of a repeat of the 2008 food crisis. Global food prices hit a record high last month, outstripping the levels that sparked riots in several countries in 2008, and key grains could rise further, the United [...]