The next focusIR Investor Webinar takes place tomorrow with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 506.30
Bid: 506.30
Ask: 506.50
Change: 0.10 (0.02%)
Spread: 0.20 (0.04%)
Open: 505.20
High: 507.00
Low: 503.50
Prev. Close: 506.20
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

British PM Cameron eyes jet deal ahead of India trade trip

Fri, 15th Feb 2013 20:04

* Cameron to make second Indian visit as PM, Feb. 18-20

* Hopes India may consider Eurofighter if French deal fails

* EU states clamouring to boost trade relations with India

* Bribery scandal engulfs Anglo-Italian helicopter deal

By Andrew Osborn

LONDON, Feb 15 (Reuters) - British Prime Minister DavidCameron will arrive in India on Monday to try to win new tradeand investment in the face of fierce global competition, hopingNew Delhi may change its mind and choose the Eurofighter overFrance's rival Rafale jet.

Making his second visit to India as prime minister,Cameron's trip comes days after a similar trade promotionmission by French President Francois Hollande, underlining howEurope's debt-stricken states are competing with one another totap into one of the world's fastest-growing economies.

The timing of Cameron's trip is not ideal. India said onFriday it wanted to cancel a $750 million deal for a dozenhelicopters made by AgustaWestland, the Anglo-Italian subsidiaryof Italy's Finmeccanica, over bribery claims.

That will not make Cameron's job of persuading India to buymore civil and military hardware any easier.

But at a time when Britain's government is struggling to getits own economy growing, officials see India, which is projectedto become the world's third largest economy by 2050, as astrategic partner whose success could help the British economygrow in the decades ahead.

Cameron will remind the Indian government that theEurofighter jet - which is partly built in Britain - remains anattractive option if New Delhi decides to review itsmulti-billion dollar deal to buy 126 French-made Rafalefighters.

A British government source said on Friday that London hadnoted that Hollande had not finalised the Rafale fighter jetdeal during his own trip.

"Hollande was in India this week and a deal has not beensigned so we will want to find out from the Indians how theirtalks are progressing with the French," the source said.

An official from Cameron's office suggested the Eurofighteroffer remained on the negotiating table.

"We respect the fact that the Indians have chosen theirpreferred bidder and are currently negotiating with the French.(But) of course, we will continue to promote Eurofighter as agreat fast jet not just in India but around the world."

COLONIAL PAST

Cameron's visit to India, a country that won independencefrom Britain in 1947 and whose colonial history remains asensitive subject for many Indians, will last from Feb. 18 toFeb. 20 and take in New Delhi and Mumbai.

Cameron says the two countries enjoy a "specialrelationship", a term usually reserved for Britain's ties withthe United States, but it is a relationship undergoing profoundchange. For now, Britain's economy is the sixth largest in theworld and India's the 10th. But India is forecast to overtakeits old colonial master.

TATA group, an Indian company that owns car maker JaguarLand Rover, is now Britain's biggest employer in themanufacturing sector and, in a nod to how the relationship isevolving, London will stop giving India foreign aid after 2015.

Cameron will be accompanied by a large business delegation,which one of its participants told Reuters was the biggest trademission of its kind since the 1970s. Another big trade missionin 2010 failed to yield the gains Cameron had hoped for.

He is expected to lobby India to open up its economy toforeign investment to allow retailers, such as Britain's Tesco,to open outlets there amid frustration that many of the sectorswhere British business excels remain partly or fully closed toforeign investors.

India is forecast to spend $1 trillion in the next fiveyears on infrastructure and Britain is hoping its firms may winsome of those contracts. Britain is also keen to persuade moreIndians to study in the UK.

Some of its companies have also run into problems. Mobilephone operator Vodafone has repeatedly clashed with the Indianauthorities over taxes, oil company Royal Dutch/Shell has asked the British government to raise a tax dispute it haswith India during Cameron's visit, and energygiant Cairn has faced problems too.

Cameron's aim is to double trade between the two nationsfrom 11.5 billion pounds in 2010, when he last visited, to 23billion pounds in 2015. Officials say that goal remains on trackand that bilateral trade rose by around 23 percent in 2010 and2011.

Cameron is expected to meet Manmohan Singh, his Indiancounterpart, and may also have talks with President PranabMukherjee as well as with Sonia Gandhi, chairperson of theruling Indian National Congress party.

More News
17 Apr 2024 13:55

Shell urges investors to reject shareholder group's climate demands

LONDON, April 17 (Reuters) - Shell on Wednesday urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets.

Read more
17 Apr 2024 10:38

Carbon Done Right advances Sierra Leone rewilding project

(Alliance News) - Carbon Done Right Developments Inc on Wednesday said it has received the fourth disbursement of financing for its reforestation project in West Africa.

Read more
15 Apr 2024 17:10

LONDON MARKET CLOSE: Investors show nerves after Iran launches drones

(Alliance News) - Stock prices in London closed down on Monday, as tensions in the Middle East weighed on investors, with resources sliding as commodity prices fell.

Read more
15 Apr 2024 15:39

London close: Stocks slip on renewed geopolitical tensions

(Sharecast News) - London's equity markets markets experienced a downturn on Monday, with losses particularly notable in the mining and oil sectors, as investors remained cautious amid to escalating geopolitical tensions in the Middle East.

Read more
15 Apr 2024 11:56

LONDON MARKET MIDDAY: Oil falls despite rising Iran-Israel tensions

(Alliance News) - London's FTSE 100 was down at midday on Monday, as oil majors BP and Shell were hurt by falling prices, with investors showing caution following Iran's strikes on Israel over the weekend.

Read more
15 Apr 2024 08:59

LONDON MARKET OPEN: FTSE 100 falls as oil lower despite Iran strikes

(Alliance News) - Stock prices in London opened lower on Monday, with a decline in oil prices sending Shell and BP lower, in a cautious start to the week following Iran's strikes on Israel over the weekend.

Read more
13 Apr 2024 16:52

Sector movers: Investors seek out safe havens across all asset classes

(Sharecast News) - Commodity plays were again sought out at the end of the week after The Wall Street Journal said that an Iranian attack against Israel was thought to be imminent.

Read more
12 Apr 2024 17:28

FTSE 100 sets near record close as commodity stocks shine

FTSE 100 up 0.9%, FTSE 250 off 0.3%

*

Read more
12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

(Alliance News) - London's FTSE 100 defied a tricky day for wider markets, as its miners and oil producers shone, while the dollar was supported as odds of the US Federal Reserve enacting three interest rate cuts this year dwindle.

Read more
12 Apr 2024 15:45

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 14:45

London close: Stocks mixed as data shows UK GDP growth

(Sharecast News) - London's markets closed with a mixed performance on Friday, as investors digested the latest GDP data suggesting an end to the recession in the UK.

Read more
12 Apr 2024 11:51

LONDON MARKET MIDDAY: February data spurs end of UK recession hopes

(Alliance News) - Stocks in London got a boost on Monday at midday, as investors were optimistic that the UK is heading out of its short lived recession.

Read more
12 Apr 2024 11:47

Europe's main energy stocks index hits highest since 2008

April 12 (Reuters) - The main European energy stocks index hit its highest level since 2008 as higher oil prices, geopolitical risks, and global economic uncertainty drew in investors on Friday.

Read more
12 Apr 2024 11:37

TOP NEWS: BP shares rise after reports Adnoc had pondered takeover

(Alliance News) - Shares in BP jumped on Friday after reports that the state-owned, United Arab Emirates oil company was considering, but had ruled out, a bid for the London-based oil major.

Read more
12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.