BP Share News (BP.)

The City will miss out on £1bn of fees if the Government goes ahead with an unusual method of bank privatisation recommended yesterday by Lord Saatchi and other influential Conservatives. The Centre for Policy Studies think-tank, chaired by the Tory peer, has urged the coalition to shun a normal sale of its shares in Royal Bank of Scotland and Lloyds Banking Group and instead give them to every taxpayer in the country, says the Times.Europe's finance ministers and the International Monetary Fund shrugged off the scandal engulfing IMF head Dominique Strauss-Kahn to clear the way for Portugal to receive a three-year, €78bn (£68bn) rescue package at a key meeting in Brussels on Monday. As the IMF managing director was remanded in custody in New York on charges of attempted rape and declared a flight risk, his colleagues were striking a deal for the eurozone's third rescue package, the Telegraph reports.BP was last night facing the prospect of having to renegotiate its $16bn (£10bn) share swap with Rosneft - a key plank in the oil giant's plans to explore for resources in an area roughly the size of the North Sea in Russia's Arctic continental shelf. The possibility emerged as BP, Rosneft and the billionaire shareholders in BP's existing Russian venture, TNK-BP, attempted to strike a compromise before the swap agreement lapsed at midnight, according to the Independent.Former Prime Minister Gordon Brown has warned the global financial collapse of 2008 may just be the 'trailer' to a series of devastating international crises. He warned that the financial system remains 'perilously unregulated' three years after the collapse sent Britain plunging into recession, the Daily Mail reports.Asda is planning to open its first overseas George shops as it seeks to turn the clothing label into a global brand. It has set up a team to look into possible franchise deals and hopes to unveil a Middle East partner within a few months before opening the first stores in 2012, the Daily Express.Britain's most profitable train franchise could be taken back into state hands following a government decision to delay the auction of the West Coast service amid an overhaul of the rail system. Virgin Trains is due to hand back the contract to run the lucrative London to Glasgow route in May 2012, reports the Financial Times.---RG