We would love to hear your thoughts about our site and services, please take our survey 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: 524.80
Bid: 525.20
Ask: 525.30
Change: -1.50 (-0.29%)
Spread: 0.10 (0.019%)
Open: 529.30
High: 530.70
Low: 522.30
Prev. Close: 526.30
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-Gas and currency deals cap Chinese premier's first UK visit

Tue, 17th Jun 2014 20:02

* Trip is Li's first to UK since taking office

* UK's Cameron announces deals worth more than 14 bln pounds

* China keen to put rights row behind it

* Trade deals focus on energy, finance sectors (Adds details, comments from Li on currency deals)

By William James and Kylie MacLellan

LONDON, June 17 (Reuters) - Britain and China signed dealsworth more than 14 billion pounds ($23.5 billion) on Tuesdayduring a visit by Chinese Premier Li Keqiang, with energy andfinance dominating the trade agenda.

In a trip aimed at deepening commercial ties between theworld's second-largest economy and Europe's financial capitaland moving past a row over Tibet, Li met Queen Elizabeth andheld talks with Prime Minister David Cameron.

Cameron said the rise of China was "one of the definingevents of our century" and that Britain wanted to strengthenties on every level, from business to cultural understanding.

"Today we have signed deals worth more than 14 billionpounds, securing jobs and long-term economic growth for theBritish and Chinese people," Cameron told a news conference.

Li, on his first official trip to Britain since takingoffice, said the two countries had extensive shared interests.

"China is ready to work with the UK to foster a partnershipfor growth and inclusive development to ensure that thisrelationship will grow faster and in a healthier way," he said.

Oil major BP signed a 20-year deal worth around $20billion to supply China National Offshore Oil Corporation(CNOOC) with liquefied natural gas (LNG) cargoes, BP ChiefExecutive Bob Dudley said at a conference in Moscow.

"It is a fair price for them and a fair price for us. It isa good bridge between the UK and China in terms of trade,"Dudley said.

Shell also announced that it had signed anagreement with CNOOC strengthening its existing strategic ties.

OFFSHORE TRADING

The London Stock Exchange said it had signedagreements with two of China's biggest banks to develop offshoretrading in the Chinese currency, the yuan (RMB).

London, which dominates the $5-trillion-a-day global foreignexchange market, is seeking to fend off challenges to itsposition as the leading yuan centre in Europe.

Li hailed a deal to make China Construction Bank (CCB), the country's second-largest lender, the firstclearing service for offshore trading of the yuan in London.

"It will further consolidate and promote London's status asan international financial hub and will help the gradual internationalisation of the RMB to promote trade and investmentliberalisation and facilitation," Li said at a speech tobusiness delegates.

China views Britain, the world's sixth largest economy andhome to the only financial capital to rival New York, asEurope's most open place to do business.

With Chinese firms keen to invest in major nuclear andhigh-speed rail projects, the two governments also agreed aframework to collaborate more closely on nuclear supply chaindevelopment and signed a memorandum of understanding paving theway for more cooperation on railway design and construction.

The state-owned China Development Bank Corporation (CDB),which finances government-led infrastructure projects and islooking to expand its overseas investments, signed a deal tobuild closer ties with TheCityUK, which represents Britain'sfinancial industry.

Lloyds Banking Group also signed a memorandum ofunderstanding with CDB to help secure inward investment fromChina, with a focus on energy and infrastructure.

PAST DIFFERENCES

China, whose $9 trillion economy is over three times thesize of Britain's, wants to use the visit to move pastdifferences with London over Tibet.

Britain's relations with China took a nosedive in 2012 afterCameron met the Dalai Lama, the Tibetan spiritual leader whoBeijing says is a separatist. Ties have recovered somewhatsince, and Cameron visited China last year.

But tensions remain.

China has ruled Tibet since 1950, and Beijing warned Londonon the eve of Li's visit not to lecture it on the subject if itwanted good economic ties. British Deputy PrimeMinister Nick Clegg said on Monday that the people of China werepolitically shackled to a Communist one-party state.

Asked about Clegg's comments, Li said that China'sconstitution required human rights to be respected, and that thecountry was choosing its own path on the issue.

"There are diverse dimensions to the issue of human rights,and countries which are at different stages of development, andwith different historical and cultural backgrounds may see thisissue of human rights from different perspectives," he said.

During the trip, which finishes on Wednesday, investors willbe looking for any signals that Li, number two in the rulingCommunist party, may send about the future of Asia's largesteconomy in two speeches he is due to give before leaving. ($1 = 0.5956 British Pounds) (Writing by Guy Faulconbridge and Andrew Osborn; Additionalreporting by Ben Blanchard and Aizhu Chen in Beijing,; SaikatChatterjee in Hong Kong, Vladimir Soldatkin in Moscow,; OlegVukmanovic in Milan and Nina Chestney in London; Editing by MarkTrevelyan and Sonya Hepinstall)

More News
2 Feb 2024 17:12

LONDON MARKET CLOSE: Stocks mixed as US jobs data dashes rate cut hope

(Alliance News) - Stock prices in London closed mixed, after hotter-than-expected US jobs data hit already precarious investor sentiment and all but ensured the Federal Reserve will not be cutting interest rates next month.

Read more
2 Feb 2024 13:14

BP appoints Kate Thomson as its permanent finance chief

(Sharecast News) - BP announced the appointment of Kate Thomson as its new, permanent chief financial officer on Friday, effective immediately.

Read more
2 Feb 2024 12:27

TOP NEWS: BP promotes Kate Thomson as permanent finance chief

(Alliance News) - BP PLC on Friday named Kate Thomson as its permanent chief financial officer, after being in the interim role since September.

Read more
2 Feb 2024 12:09

LONDON MARKET MIDDAY: Airlines up but oil falls on Middle East talks

(Alliance News) - Stock prices in London were higher at midday Friday, ahead of the afternoon's US jobs data, as earnings from tech behemoths overnight lifted investor morale.

Read more
2 Feb 2024 08:54

LONDON MARKET OPEN: European stocks lifted on Wall Street's gains

(Alliance News) - Stock prices in London opened higher on Friday, closing of a busy week of monetary policy decisions.

Read more
1 Feb 2024 17:03

LONDON MARKET CLOSE: Stocks down on hawkish BoE interest rates hold

(Alliance News) - Stock prices in London closed down on Thursday after the Bank of England left interest rates on hold in a split decision that was hawkish on expectations of rate cuts.

Read more
1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

Read more
1 Feb 2024 10:06

New UK oil and gas exploration licences approved in the North Sea

(Alliance News) - The UK's oil and gas regulator has awarded 24 new exploration licences to 17 separate companies in a move that has been welcomed by a trade body but condemned by climate campaigners.

Read more
1 Feb 2024 08:50

LONDON MARKET OPEN: Shells begins USD3.5 billion buyback; eyes on BoE

(Alliance News) - Stock prices in London opened mixed, ahead of the Bank of England's first interest rate decision of the year.

Read more
30 Jan 2024 15:28

UK earnings, trading statements calendar - next 7 days

Wednesday 31 January 
Aberforth Smaller Companies Trust PLCFull Year Results
abrdn Private Equity Opportunities Trust PLCFull Year Results
Ecora Resources PLCTrading Statement
GSK PLCFull Year Results
ITM Power PLCHalf Year Results
NWF Group PLCHalf Year Results
Thursday 1 February 
Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
JTC PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
Friday 2 February 
YouGov PLCTrading Statement
Monday 5 February 
Home REIT PLCTrading Statement
Porvair PLCFull Year Results
Trident Royalties PLCTrading Statement
Vodafone Group PLCTrading Statement
Tuesday 6 February 
Alumasc Group PLCHalf Year Results
BP PLCFull Year Results
Filtronic PLCHalf Year Results
Mattioli Woods PLCHalf Year Results
Renishaw PLCHalf Year Results
Virgin Money UK PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
29 Jan 2024 17:25

London close: Stocks turn weaker ahead of busy week for earnings

(Sharecast News) - London's stock market saw slight declines by the close on Monday, as investors turned their attention to a week filled with corporate earnings reports and central bank announcements.

Read more
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

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.