The next focusIR Investor Webinar takes places on 14th May 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: 506.20
Bid: 506.50
Ask: 506.70
Change: 2.10 (0.42%)
Spread: 0.20 (0.039%)
Open: 506.10
High: 511.70
Low: 505.30
Prev. Close: 504.10
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
29 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks slightly down pre US Fed, Bank of England

(Alliance News) - Stock prices in London closed mutedly lower on Monday, ahead of a busy week of interest rate decisions and economic data.

Read more
29 Jan 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 nudges higher ahead of rate decisions

(Alliance News) - Stock prices in London were mixed going into Monday afternoon, ahead of a busy week of interest rate decisions and economic data.

Read more
29 Jan 2024 08:41

LONDON MARKET OPEN: BP, Shell higher amid Middle East tensions

(Alliance News) - Stock prices in Europe opened mostly lower, ahead of an important week of central bank decisions and economic data.

Read more
26 Jan 2024 23:06

Equinor, Orsted bid for better contract in NY offshore wind auction

Jan 26 (Reuters) - New York State said on Friday it received bids to supply power from three offshore wind projects in its expedited fourth solicitation that allowed developers to exit old contracts and re-offer projects at higher prices.

Read more
26 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks up as Fed's preferred inflation read cools

(Alliance News) - Stock prices in London closed up on Friday, as investors predicted and responded positively to a cooling inflation read in the US.

Read more
26 Jan 2024 13:16

Equinor sticks to 2030 renewables targets after US wind project reset

OSLO, Jan 26 (Reuters) -

Read more
26 Jan 2024 12:11

LONDON MARKET MIDDAY: China growth measures and LVMH lift mood

(Alliance News) - Stock prices in London were up at midday, with investors optimistic ahead of a key US inflation reading.

Read more
26 Jan 2024 10:03

Equinor sticks to 2030 renewables targets after US wind reshuffle

OSLO, Jan 26 (Reuters) - Norway's Equinor maintains an ambition to reach 12-16 gigawatts (GW) of installed renewable energy capacity by 2030, despite dropping out of some projects in New York, its renewables head told Reuters on Friday.

Read more
26 Jan 2024 08:48

LONDON MARKET OPEN: Oil majors boost FTSE; LVMH lifts Burberry

(Alliance News) - The FTSE 100 looked set to end the week on a high note in early Friday trading, buoyed by strong US economic data and rising oil prices.

Read more
25 Jan 2024 11:00

Big turnout expected in New York offshore wind power auction

Jan 25 (Reuters) - Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP.

Read more
23 Jan 2024 17:25

BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

PORT OF SPAIN, Jan 23 (Reuters) - BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

Read more
23 Jan 2024 08:47

LONDON MARKET OPEN: Stocks see muted open; oil majors rise

(Alliance News) - Stock prices in London opened largely flat on Tuesday, failing to capitalise on broadly positive market sentiment elsewhere.

Read more
22 Jan 2024 19:33

Trinidad in talks with Europe to supply Venezuelan gas

PORT OF SPAIN, Jan 22 (Reuters) - Trinidad and Tobago has begun talks with some European countries on the supply of liquefied natural gas (LNG) produced from Venezuelan gas, Prime Minister Keith Rowley said on Monday.

Read more
22 Jan 2024 10:44

SDI promotes Chief Operating Officer Stephen Brown to chief executive

(Alliance News) - SDI Group PLC on Monday said its chief executive officer has stepped down, naming its chief operating officer as successor.

Read more
18 Jan 2024 21:47

Three New England states extend offshore wind solicitation due date

Jan 18 (Reuters) - Massachusetts, Connecticut and Rhode Island extended on Thursday the date bids are due in the states' next offshore wind solicitations from Jan. 31 to March 27.

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.