London pre-open: BP gets green light from Brazil

City sources predict the FTSE 100 will open 14 points up from yesterday's close of 5,6019, as London looks set to follow in Wall Street's foot steps. Banking giant HSBC has unveiled some details of its new strategic plan in which it will direct investment to fast growing markets while cutting back elsewhere. The group plans to focus on wealth management in 18 of the "most relevant" economies while limiting retail banking to those markets where it believes it can achieve profitable scale. It has been a year in waiting, but oil titan BP has finally received approval by regulators to complete the purchase of ten Brazilian exploration and production blocks from Devon Energy. The Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) has been deliberating the $7.2bn deal since last March, following delays due to the Macondo oil spill in the Gulf of Mexico.Terrestrial broadcaster ITV said advertising revenues were up 12% in the first quarter, ahead of the industry average of 10%.---jh