BP faces share swap deadline May 15, 2011 BP will struggle to meet a deadline to complete its £9bn share swap with Russian group Rosneft, leaving the companies to agree a second extension or allow the deal to fall apart. BP Chief Executive Bob Dudley, who has been criticised by investors for the difficulties encountered in executing the deal, said he was optimistic [...]
HMV in advanced talks with Waterstone’s buyer May 13, 2011 TROUBLED music retailer HMV saw its shares soar 12.5 per cent in today’s trading on renewed speculation it has found a bidder for its book chain Waterstone’s. Shares peaked at 11.25p before closing 7.5 per cent up at 1075p as it confirmed it was in advanced discussions with a bidder believed to be Russian oligarch [...]
This spring’s must-see shows May 12, 2011 ONE of the more niche benefits of an unusually warm spring is the fact that it makes venturing to Shakespeare’s Globe less of a trial of endurance against the elements. The start of this year’s al fresco shows at the Globe – opening with All’s Well that Ends Well and Hamlet, no less – opens [...]
ALSO OUT THIS WEEKEND May 12, 2011 FILM THE WAY Father-and-son team Martin Sheen and Emilio Estevez star in this intense drama. TAXI DRIVER A re-release for Martin Scorcese and Robert De Niro’s 1970s classic. TAKE ME HOME TONIGHT Lame-brained frat comedy set in the 1980s. DVD THE KING’S SPEECH Colin Firth heads to Oscar glory as the stuttering monarch, George VI. [...]
Stryker deal to fund Saab falls through May 12, 2011 A RESCUE deal for Swedish carmaker Saab involving China’s Hawtai Motor Group collapsed yesterday, leaving owner Spyker chasing new funding as it attempts to restart production at the firm. Hawtai and Dutch-listed Spyker agreed a deal last week to pump €150m (£131m) into the loss-making brand and produce a new model in China. But this [...]
CITY MOVES | WHO’S SWITCHING JOBS May 12, 2011 KPMG International Michael Andrew has been elected chairman of KPMG International to lead the firm’s global network for a four-year term, effective from 1 October. He succeeds Timothy P Flynn, who will retire at the end of September after 32 years with the company. Andrew, who will be based in Hong Kong, is currently chairman [...]
Gulliver’s off to quiet start at HSBC May 11, 2011 IN the ever changing world of banking, it was the turn of HSBC’s new chief executive Stuart Gulliver yesterday to inform investors of his bank’s strategy for the future. In recent weeks, both Bob Diamond of Barclays and António Horta-Osório of Lloyds Banking Group, have had a turn at imposing their personalities at their new [...]
Brazil allows BP purchase May 11, 2011 BRAZIL’S energy regulator ANP said yesterday it has approved BP’s purchase of assets from US-based Devon, a deal that was slowed by its massive Gulf of Mexico oil spill. The approval comes after BP sold assets around the world to help pay for the effects of the oil spill at the Macondo well, which delayed [...]
Carlsberg toasts a swing back to Russian growth as profit jumps May 11, 2011 DANISH brewer Carlsberg yesterday said a recovery in east European demand helped drive a 38 per cent rise in first-quarter profits, endorsing its emerging market focus and sending its shares to a near-record high. The brewer met forecasts yesterday as its biggest market returned to growth and said it expected Russian beer volume to grow [...]
Don’t worry, the party in commodities isn’t over yet May 11, 2011 COMMODITIES took a big knock in the recent correction, but the fundamentals still point towards continued rises over the medium term. Assuming you aren’t planning to fill your home with sheep, soybeans and platinum, with certain provisos, commodity funds can offer you a route in. THE PARTY ISN’T OVER Investors who joined the commodity party [...]