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Friday newspaper round-up: SFO, EU, BP

Thu, 23rd Oct 2014 18:49

The Serious Fraud Office (SFO) has been forced to ask the government for an additional £26.5m because of ongoing fraud investigations into Barclays, Rolls-Royce and Libor rigging, the Guardian reported on Friday.SFO chief David Green said that the agency was handling the "most demanding caseload the SFO has ever shouldered"."We have blockbuster or ringfenced funding to protect our most expensive investigations," Green said."The arrangement recognises that the SFO is demand-led and honours the pledge that on my watch the SFO will never turn down any investigation simply on grounds of cost. The mechanism is not perfect, but it does the job."The European Union (EU) has told Britain to pay an extra €2.1bn to the EU budget over the next couple of weeks, as its economy performed better than other EU nations since 1995, the Financial Times reported.To compensate for its relative prosperity over the last two decades, the UK will have to make a top-up payment by 1 December, which amounts to almost a fifth of the country's net contribution last year, while France will receive a €1bn refund."It's not acceptable to just change the fees for previous years and demand them back at a moment's notice," a Downing Street source said.Irish drinks company C&C has seen an offer for Spirit Pubs Group rejected late on Thursday, the Daily Telegraph reported.C&C, best known for producing Magners cider as well as manufacturing Bulmers in Ireland and Tennent's lager, is understood to have approached Spirit with a 115p per share offer, higher than Greene King's planned £723m takeover.On Monday, Spirit announced that it would recommend a proposed 109.5p offer from Greene King, whose brands include Loch Fyne and Hungry Horse, having previously rejected a 100p per share approach on 15 September.Spirit confirmed late on Thursday that it had rejected C&C's offer.Oil major BP announced its first North Sea oil discovery since 2011 yesterday, which may hold 50m barrels of crude. Initial tests generated a flow rate of 5,350 barrels a day, which suggests the reservoir is sufficiently large for commercial exploitation. The company's regional president described it as a perfect example of the need for collaboration and increased exploration so as to realise the remaining potential of the North Sea.In parallel the firm announced a significant discovery in the Gulf of Mexico alongside Chevron, The Times reports.Britain is right the EU has finally conceded, a year after Westminster's Business Taskforce suggested 30 ways the EU could make it easier for UK companies to operate. Well, on at least six of those points on how to cut red tape, and they have already been adopted. Many of the rest have seen some support from the EU however. In exchange, Europe has introduced 1,000 new financial regulations, according to The Daily Telegraph.
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9 Apr 2024 07:24

BP sees higher Q1 upstream production

(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.

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5 Apr 2024 12:00

LONDON MARKET MIDDAY: Stocks drop on Israel-Iran tensions and Fed talk

(Alliance News) - Stock prices in London were firmly down at midday on Friday, as rising tensions between Israel and Iran alongside doubts around the timing of US interest rate cuts hurt investor sentiment.

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5 Apr 2024 08:47

LONDON MARKET OPEN: Europe slumps on US rate worry and rising tensions

(Alliance News) - Stocks in Europe had a downbeat start to the day on Friday, with investors unnerved by rising geopolitical tensions and hawkish remarks from US central bankers.

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4 Apr 2024 16:55

LONDON MARKET CLOSE: US initial jobless claims hotter than expected

(Alliance News) - Stock prices in London closed up on Thursday, as investors first digested words from US Federal Reserve Chair Jerome Powell overnight, before reacting to hotter-than-expected US initial jobless claims.

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4 Apr 2024 11:58

LONDON MARKET MIDDAY: Stocks up as Fed chair calms some rate nerves

(Alliance News) - Stock prices in London were in the green on Thursday afternoon, with mining stocks powering the FTSE 100 higher, as investors digested words from Federal Reserve Chair Jerome Powell.

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2 Apr 2024 23:07

Sector movers: Builders and REITS slip, geopolitics boost Big Oil and gold miners

(Sharecast News) - Personal Goods was at the bottom of the pile on the FTSE 350 at the start of the second quarter, as fashion retailer Burberry Group's shares fell back towards their five-year lows.

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2 Apr 2024 16:57

LONDON MARKET CLOSE: Europe down after Easter holiday weekend

(Alliance News) - The FTSE 100 took a hit on Tuesday, after a boost from London's miners and oil firms were not enough to lift the index.

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2 Apr 2024 15:22

London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

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2 Apr 2024 11:00

Biden administration approves eighth US offshore wind project

WASHINGTON, April 2 (Reuters) - The U.S. Interior Department on Tuesday approved the country's eighth commercial-scale offshore wind project, which will be built off the coast of Massachusetts, bringing online electricity to power more than 900,000 homes.

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2 Apr 2024 09:09

LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

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2 Apr 2024 08:55

European oil stocks gain on expectations for higher demand, supply concerns

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28 Mar 2024 10:00

How the oil industry is thriving despite Joe Biden's climate policies

GRAPHIC on Biden's oil boom: https://www.reuters.com/graphics/USA-BIDEN/OIL/lgpdngrgkpo/

By Nichola Groom, Jarrett Renshaw

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27 Mar 2024 20:59

New England offshore wind auction draws multiple bidders

March 27 (Reuters) -

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27 Mar 2024 12:47

Ithaca Energy gets bid rights on Eni's UK assets, profit slips

March 27 (Reuters) - Ithaca Energy has been given a four-week exclusivity period by Italy's Eni, to make an offer for UK exploration and production assets that could expand its output massively, the London-listed company said on Wednesday.

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27 Mar 2024 09:01

Big Oil's climate planning not good enough, investor group says

Climate Action 100+ assessed 10 top oil companies

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