Cost of BP slick hits £235m May 10, 2010 OIL giant BP has revealed the cost of the devastating slick in the Gulf of Mexico had cost it a staggering £235m. The cost of the mammoth operation looks set to spiral far higher than some analysts had predicted. BP said in a statement yesterday the figure included the cost of spill response, containment, relief [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 29, 2010 FINANCIAL TIMES M&A ACTIVITY LACKLUSTRE DESPITE STRENGTH IN EMERGING MARKETS Europe’s sovereign debt crisis and turbulent financing markets rattled the confidence of corporate dealmakers across the globe in the first half of the year to damp already lacklustre mergers and acquisition activity. The volume of deals worldwide rose 2.9 per cent to $828.9bn during the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 29, 2010 FINANCIAL TIMES M&A ACTIVITY LACKLUSTRE DESPITE STRENGTH IN EMERGING MARKETS Europe’s sovereign debt crisis and turbulent financing markets rattled the confidence of corporate dealmakers across the globe in the first half of the year to damp already lacklustre mergers and acquisition activity. The volume of deals worldwide rose 2.9 per cent to $828.9bn during the [...]
Time is fast running out for ailing BP June 14, 2010 BP will be destroyed by US litigation – that, at least, was the shocking message forcibly conveyed to me by several senior US business executives at a high-powered dinner party last night. Guests were starkly divided by nationality: the Brits (correctly, in my view) highlighted the point that several US firms are deeply involved in [...]
Deutsche Bank unveils record investment banking profits April 27, 2010 DEUTSCHE Bank smashed expectations yesterday by reporting record profits at its investment banking arm, as it deflected speculation over its role in mortgage deals similar to the one over which Goldman Sachs is facing civil fraud charges. Deutsche made a pre-tax profit of €2.8bn (£2.43bn) over the first quarter, 55 per cent higher than in [...]
BP’s reputation sinks as size of spill spreads May 12, 2010 BP has witnessed a significant drop in its “impression” score on YouGov’s BrandIndex in the wake of the explosion on its leased oil rig off the coast of Louisiana, which resulted in eleven deaths and precipitated one of the worst man-made ecological disasters to hit the US in recent years. Yet it was not the [...]
BP profit up but investors fret over oil spill tragedy April 27, 2010 BP failed yesterday to calm investor fears about the oil spill in the Gulf of Mexico, despite recording mammoth profits. The oil giant’s profits hit $5.6bn (£3.6bn) in the first quarter of 2010, more than double the level of last year, thanks to higher oil and gas prices. The underlying results were well ahead of [...]
FSA investigation to open floodgates for UK claims April 20, 2010 LAWYERS yesterday warned that the Financial Services Authority’s decision to formally launch an investigation into Goldman Sachs would open the floodgates for a raft of investors here in the UK to launch lawsuits against major institutions. The FSA said yesterday it will liaise closely with the Securities and Exchange Commission (SEC) on the investigation, which [...]
FSA begins probe into Goldman April 19, 2010 GOLDMAN Sachs will be investigated by the Financial Services Authority (FSA) after the US Securities and Exchange Commission (SEC) accused it of committing a $1bn (£650m) fraud. An FSA spokesman said: “As you would expect, the FSA is investigating the circumstances of this case and whether there are any implications for the UK-regulated entities of [...]
BP shares plummet as oil leak worsens off Gulf of Mexico April 29, 2010 Shares in London-based BP fell seven per cent yesterday after the oil major said a leaking well in the Gulf of Mexico was gushing at five times the rate initially thought. Investors are growing increasingly concerned about the impact of the leak. Since the Deepwater Horizon drilling rig caught fire, BP’s shares have fallen 11 [...]