The London Stock Exchange is considering buying a stake in Istanbul's fast-growing stock market as part of a deal that could see Turkish trades settled in the City. Borsa Istanbul has been seeking an international partner to overhaul its technology and improve the market's access to foreign investors for several months. The LSE's proposal would see Borsa Istanbul start to clear its trades through LCH Clearnet, the financial plumbing system now majority-controlled by the LSE. [Yesterday 17:41]
BP, Shell and a number of other oil majors are under investigation by European regulators into whether they rigged the price of oil for over a decade, writes The Telegraph. Authorities raided offices of the companies yesterday after MPs and officials suggested that the oil price could be vulnerable to being manipulated in the same way as LIBOR was rigged by the banks. [Wed 06:44]
Energy giant Centrica is eyeing US gas assets jointly with Qatar as it gears up expansion across the Atlantic. The British Gas owner, which is likely to face questions on its growth plans at its Annual General Meeting in London on Monday, wants to build on last month's 650m pound joint deal for Canadian oil and gas assets. It hopes to take advantage of the glut in US gas caused by the shale boom to buy up assets at low prices, helping secure supplies for its growing US custom [12 May '13]
In a letter dated April 12th, and seen by The Sunday Times, law firm Dechert alleges that ENRC - the FTSE 100 listed copper miner - engaged in several inappropriate actions, including "payments to African presidents" and $35m of misappropriated cash. The company has denied those claims. Dechert was discharged from the internal investigation after what ENRC labelled "inappropriate communications" with the Serious Fraud Office (SFO) and the "unprofessional" handling of the inve [28 Apr '13]
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