Conoco says it will sell off Lukoil stake July 28, 2010 CONOCOPHILLIPS, the third-largest US oil company, yesterday said it will sell its entire stake in Russian oil major Lukoil in a bid to boost shareholder returns as it reported better-than-expected quarterly profit. The Houston company, which has a two-year plan to shrink debt by selling $10bn (£6.4bn) in assets, said it will sell 40 per [...]
1,256 SAFE DAYS FOR ALL AT BP’S LONDON HQ February 1, 2011 FULL steam ahead for the BP safety train. Following The Capitalist’s story two weeks ago about how the oil giant has been beefing up ‘elf ’n’ safety procedures in stairwell use, a source has sent in this picture (see right). Yes, that’s right, a count-down (or count-up) calendar from BP’s London HQ boasting of how many “safe [...]
Currency wars and rate hikes: another year in emerging FX December 21, 2010 CHEAP money and attractive returns have seen investors plough their money into emerging market currencies. Yet hot money inflows have forced currency appreciation despite authorities’ best efforts at capital controls and other methods of weakening their exchange rates. Thanks to highly accommodative monetary policy in the West and efforts to remain competitive among the emerging [...]
Currency wars and rate hikes: another year in emerging FX December 21, 2010 CHEAP money and attractive returns have seen investors plough their money into emerging market currencies. Yet hot money inflows have forced currency appreciation despite authorities’ best efforts at capital controls and other methods of weakening their exchange rates. Thanks to highly accommodative monetary policy in the West and efforts to remain competitive among the emerging [...]
IMI promoted to FTSE 100 as Cobham falls December 8, 2010 ENGINEERING group IMI has been promoted to the blue-chip FTSE 100 index after the latest review, indexes complier FTSE Group said yesterday. IMI will replace defence contractor Cobham which has been demoted to the FTSE 250 index. Companies outside the FTSE 100 that grow to rank among the 90 largest by market capitalisation are promoted [...]
What the other papers say this morning January 23, 2011 FINANCIAL TIMES AUDITORS SEEK TO EASE FEARS The four biggest auditors have denied that their dominance of the market for large companies had created a systemic risk akin to that posed by the leading banks. Deloitte, Ernst & Young, KPMG and PwC have told the European Commission that they are willing to help draw up [...]
BP links bonus pay to safety October 18, 2010 FOURTH?quarter bonuses for staff at embattled oil major BP will be based entirely on safety, chief executive Bob Dudley has said. Dudley has sent an email to all staff members saying their performance in terms of safety and risk management would be the only factor used to work out bonuses. “We are taking this step [...]
What the other papers say this morning January 13, 2011 FINANCIAL TIMES BIG THREE JAPANESE CARMAKERS IN GREEN PUSH Japan’s three largest carmakers have joined forces to promote the adoption of hydrogen fuel cell vehicles, with a plan to build 100 filling stations in Japan for the next-generation “green” cars by 2015. Toyota, Honda and Nissan will be joined by 10 Japanese natural-gas refiners and [...]
Petroneft raises $43m for Russian drilling October 19, 2010 Petroneft Resources, the Russia-focused oil and gas explorer, raised $43m (£27m) to finance the development of two of its Russian fields. The Aim-listed firm sold 63,125,000 new ordinary shares at 43p each to raise the cash. The firm said it will use the money to accelerate exploration and business development at its licences 61 and [...]
BP’s Hayward starts energy consultancy November 14, 2010 FORMER BP chief executive Tony Hayward has set up his own business, understood to be an energy consultancy, as he rejoins the business world following his departure from the oil giant. Hayward set up 3E Capital on 28 October, papers filed at Companies House show. He lists Deloitte’s office in London as the company’s registered [...]