Russia leaves door open for fresh BP deal May 18, 2011 BP’S hopes of teaming up with Rosneft were raised yesterday, when the Russian state-owned giant said talks could continue past Tuesday’s deadline for a planned £10bn share-swap. Rosneft said the new proposals “go… beyond the scope of the earlier agreements with BP”, a nod to the possibility of involving BP’s Russian joint venture TNK-BP, which [...]
Sechin snubbed by Medvedev over BP failure May 18, 2011 Russian President Dmitry Medvedev rapped premier Vladimir Putin’s top dealmaker on Wednesday for lapses that contributed to the collapse of a major oil deal between Rosneft and BP. The $16bn (£9.9bn) share swap and Arctic exploration pact, masterminded by Putin’s deputy Igor Sechin, fell apart on Monday when BP and Rosneft failed to agree on [...]
Why BP’s Arctic venture went sour May 17, 2011 LIGHTNING really has struck twice for Bob Dudley, BP’s beleaguered chief executive. Hounded out of Russia by the partners in BP’s joint venture project BP/TNK, of which he was head, Dudley went on to take the top job at BP following the Gulf of Mexico oil spill. Hailed as the man to take the oil [...]
BP rivals circle as Rosneft deal axed May 17, 2011 BP’S RIVALS are circling Russian firm Rosneft after the oil group’s historic plan to gain access to the Arctic oil reserves finally collapsed yesterday. BP’s difficulties with Russian partner AAR have not deterred Chevron, Shell and Exxon, who yesterday all said they were in talks with Rosneft over a variety of new projects. Exxon and [...]
Evraz Group gives trading update May 17, 2011 Russian steel company Evraz Group yesterday said revenue for the first-quarter ended 31 March 2011 was $3.89bn (£2.4bn), and its adjusted earnings before tax for the quarter were $740m. Moving ahead, the company expects the second-quarter earnings before tax to be in the range of $750m-$825m.
CITY MOVES | WHO’S SWITCHING JOBS May 17, 2011 HSBC Private Bank Antoine Cahuzac has been appointed as CEO of HSBC Private Bank France and becomes a member of the GPB EMEA executive committee. Cahuzac joined HSBC France in 1985, rising to head of global banking MENA, based in Dubai, before returning to France in 2008 as a senior corporate adviser to the chief [...]
Growing debt will push the dollar lower May 17, 2011 IN A trick worthy of the great escapologist Harry Houdini, Treasury Secretary Tim Geithner has avoided hitting the US debt limit of $14,300bn by under-investing in social security and delaying debt auctions. However, creative accounting can only get a country so far. At some point the authorities need to deal with their fiscal profligacy and [...]
BP misses key deal deadline May 16, 2011 TALKS to rescue BP’s $16bn (£9.9bn) share swap with Kremlin-controlled oil group Rosneft appeared close to collapse last night as the midnight deadline passed without any deal being announced. The deal, which would give BP an interest in offshore Arctic exploration venture leases that could contain over 40bn barrels of oil, has previously been blocked [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 16, 2011 FINANCIAL TIMES WEST COAST RAIL FACES RETURN TO STATE HANDS Britain’s most profitable train franchise could be taken back into state hands following a government decision to delay the auction of the West Coast service amid an overhaul of the rail system. Virgin Trains is due to hand back the contract to run the lucrative [...]
HMV sets out worst case scenario May 16, 2011 Embattled retailer HMV has secretly warned that it could make as little as £3m in profits within two years. A report prepared by the music chain’s creditors show that, if it sells its Canadian arm and Waterstone’s, its core profitability could dramatically slip. The worst case scenario report sits in stark contrast to its £30m [...]