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 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 30, 2012 FIANANCIAL TIMES Blackout in India hits millions A protracted blackout disrupted the lives of an estimated 300m people across northern India yesterday, as the aspiring superpower’s fragile infrastructure added to the woes of a government already struggling to manage a slowing economy, persistent inflation and the failure of monsoon rains. Punk band denies Putin charges [...]
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 [...]
CITY MOVES | WHO’S SWITCHING JOBS July 30, 2012 Canary Wharf Group Eric Van Der Kleij has been appointed as a specialist adviser to the property group. As current chief executive of the Tech City Investment Organisation, he will advise on linking Canary Wharf with opportunities in digital technology. Janus Capital Matthew Nagele has been appointed as head of UK for the investment firm’s [...]
Russian co-owners vote against TNK-BP $1bn payout July 30, 2012 The directors of a consortium of billionaires who co-own TNK-BP have voted against a proposal for the company to pay $1bn (£637 m) in 2012 dividends, putting pressure on BP to resolve conflict and ownership issues at the Anglo-Russian oil venture. British oil major BP and its oligarch partners jointly own the TNK-BP venture but [...]
Next bucks the gloom and sets sights on China July 30, 2012 NEXT is to launch its website in Chinese this autumn as Britain’s second largest clothes retailer steps up its expansion overseas. The company will update the market on its online growth plans alongside its half-year results on Wednesday, with its catalogue and online Directory business again expected to have offset a fall in sales at [...]
LONDON WEEK AHEAD July 29, 2012 RESULTS season continues with a slew of banks, energy and leisure firms due to update this week, while the Bank of England’s monthly decision on interest rates is due on Thursday. Today’s biggest news comes in the form of interims from under-fire banking giant HSBC and household goods behemoth Reckitt Benckiser. The Bank is set [...]
Lake Como’s new luxury retreat July 29, 2012 LAKE COMO is not the sort of place you’d imagine having any shortage of luxury. For all that, Casta Diva is supposedly the first luxury hotel to be built there in 100 years. Originally an 18th century villa belonging to the legendary soprano Guiditta Pasta, the hotel has been expanded beyond the singer’s (heavily and [...]
Summer in grand style at Stockholm’s stateliest hotel July 29, 2012 SWEDEN has a wintry reputation: reindeer and igloos; massive cable knit sweaters with dorky prints and, of course, a depressing lack of daylight. But winter’s flipside is, in my view, the more compelling reason to visit. A 2AM sunrise, green fields and summer houses and lakes, sailing, country pursuits of all types, rolling in the [...]
Armitstead thanks the rain after silver medal heroics July 29, 2012 OLYMPIC hero Lizzie Armitstead paid tribute to the miserable British weather last night after winning Team GB’s first medal of the Games in the rain-hit women’s cycling road race. Huge crowds braved the elements in west London and Surrey to cheer on the British racers, encouraging Armitstead to a silver medal finish after she narrowly [...]