Friday newspaper round-up: BP, Daisy Group, RBS

Oil giant BP has reached an agreement with the US environmental Protection Agency (EPA) over the firm's 'blacklisting' following the 2010 Gulf of Mexico oil spill. The firm had argued that it lost out on billions of dollars' worth of contracts while at the same time being prevented from new exploration licenses, threatening its dominant position in the region. Those restrictions left the company with a net loss in federal contracts in the last full year of $654m, versus $2.51bn of awards in 2012, The Times reports. The owner of Virgin Media, Liberty Global, has held talks aimed at acquiring Daisy Group, in a transaction thought to be worth at least £500m. Nonetheless, it remains unclear whether a formal bid will finally be launched. Price seems to be the main sticking point, with Daisy holding out for 220p a share, valuing the company at nearly £600m, The Times says. RBS's long-term credit ratings continue to slide. Rating agency Moody's last night cut the lender's own, following the sixth consecutive year of losses at the majority state-owned bank, and warned that further downgrades were a possibility. Nonetheless, a senior credit officer at Moody's added: "Over a longer-term horizon, RBS's restructuring plan should be beneficial for creditors if executed according to plan," The Guardian reports. Philip Hammond, the Defence Secretary, unveiled a £300m contract to refurbish BAE Systems' submarine yard in Cumbria. That is a nod regarding the likelihood that the firm will indeed be given a contract to construct the Royal Navy's next generation of nuclear missile submarines. A decision is expected in 2016, following the elections, according to The Daily Telegraph. Shares of ISS, owned by the family behind Lego, rose by 14% in their stock market debut in Copenhagen. The Ontario Teachers' Pension Plan holds a 26% stake in the company, alongside Kirkbi, the family's investment vehicle. The shares floated at DKr160 (£17.90) and finished at DKr182.7, valuing the company at £3.8bn, The Times writes.When delivering his fifth budget next week Chancellor George Osborne will claim success on the economic front, arguing the country is on the road back to prosperity. He will also warn of the dangers inherent in any backtracking towards the bad old days (and ways) of Labour. That would mean higher taxes, more borrowing and more spending. A highly political statement is thus expected - which is hardly surprising given the General Election is just 14 months away, The Daily Mail muses. AB