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Weir: mine, oil mine: On Wednesday the market heard Weir, the U.K.-listed mining equipment and oil services company, report that business is not good and will not improve soon. The interpretation differed: Weir’s shares bounced 6%. Hearing is believing, however — or should be. The worst has not passed for mining equipment, which represents about half of Weir’s operating profits. Weir’s orders (adjusting for its purchase of Trio last year) have fallen again, by 13%. So far, the high-margin replacement parts and service business has not suffered. Revenues there were up 3%. That growth will probably not continue. As less equipment is ordered and put into use, the amount of maintenance needed will slip over time. So far, this lagged effect has yet to hit Weir. But it has enough other problems.

U.K. house prices increase at fastest rate since June: U.K. house prices will only rise in a “sustained” way once housebuilding accelerates, according to Nationwide, as its latest data showed prices rose 1% in April, the fastest monthly rate since June.

Cheng family strikes $2.4 billion HK hotel deal with Abu Dhabi: Hong Kong’s Cheng family has teamed up with Abu Dhabi in a joint venture that values three of the territory’s prime hotels at $2.4 billion

Trading helps BP weather oil price fall: BP’s oil trading arm, one of the biggest and most active of any energy major, has proved its worth again, helping the company weather a sharp drop in crude prices.

Gazprom predicts export gas prices will fall due to cheaper oil: Gazprom expects its export gas prices to fall by more than 30% this year as the impact of lower oil prices reverberates through the energy sector

BAT may have to boost its bid in Brazil: British American Tobacco may be forced to increase its offer to buy out the remaining 25% of its Brazilian business after its £2.2 billion offer for the stake was opposed by some investors.

Average U.K. house price rises above £190,000 for first time: House prices have risen at the fastest monthly pace in just under a year as growth picked up despite signs that uncertainty from the election has been dampening demand across the country.

UK house prices advanced more than expected in April On a YoY basis in the UK, the non-seasonally adjusted house prices climbed 5.20% in April, more than market expectations for an advance of 4.10%. House prices had recorded a rise of 5.10% in the previous month.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.44% or $0.29 lower at $65.55 per barrel. Yesterday, the contract climbed 1.86% or $1.20, to settle at $65.84 per barrel after the US Energy Information Administration announced that oil stockpiles at the nation’s biggest storage hub in Cushing, Oklahoma declined for the first time since November. Meanwhile, overall crude oil inventories in the US rose 1.9 million barrels for the week ended 24 April

TSB Banking Group Plc (TSB.L) Announced, in its Q1 results for the 3 months ended 31 March 2015, that its total income stood at £224.2 million, compared to £219.2 million in the preceding period. Profit after tax was £26.9 million compared to £81.7 million.

Spiro t Pub Company Plc (SPRT.L) Announced, in its interim results for the 28 weeks ended 7 March 2015, that revenues rose to £421.0 million from £406.0 million recorded on 1 March 2014. Profit after tax widened to £3.9 million from £1.1 million. Diluted earnings per share stood at 0.6p, up from 0.2p. The directors have not proposed a further interim dividend.

Countrywide Plc (CWD.L) Announced, in its trading update for the period since 1 January 2015 up to 28 April 2015 incorporating the three month period to 31 March 2015, that the overall group income was resilient in difficult market conditions. The company continued to progress in its Lettings and Commercial divisions building on 2014 momentum and delivering income growth in Q1 of 7% and 15% respectively. The surveying division outperformed market following recent contract wins with income up 9% in Q1. Financial services achieved record market share in Q1 2015. The estate agency and London & Premier volumes impacted by tougher market conditions. The company continues to invest in value creating acquisitions, investing circa £14 million in Q1.

Balfour Beatty sells Edinburgh stake for £72 million: The transformation of infrastructure group Balfour Beatty moved forward again, as the company announced the sale of its 50% interest in the Royal Infirmary of Edinburgh public-private partnership for £72 million

What price a BP takeover bid?: BP is looking increasingly open to a takeover offer after the oil major said that first quarter profits had been hit by the slump in the Brent crude price. The price has to be attractive enough to tempt BP shareholders and ward off any rival bids. The obvious starting point would be the 50% premium that Shell has offered for gas group BG. Looking at BP’s current share price of 472.5p, any offer would have to be above the psychological barrier of 500p. Applying a 50% premium to the current price would give a price of 709p, which would be too good to refuse. This would be above BP’s peak of 655p, recorded just before the Gulf of Mexico disaster in 2010. BP’s results were ahead of analyst expectations, but that masks the struggle at the company. The FTSE 100-listed oil group’s figures were ahead of market expectations largely due to tax cuts affecting the North Sea operations. The oil-producing, or upstream, part of the business reported profits had fallen 73%, and profits from its stake in Russian state-owned company Rosneft were down by 61%, when compared to the previous period. BP is looking like one of the most likely takeover targets for the rest of 2015 and we’d hold on for that premium. BP at 476.1p-0.8p. Questor Says “Hold”.

Alliance Chief has problem worthy of agony aunts Cathy and Claire: Katherine Garrett-Cox, Chief Executive of the £2.9 billion Alliance Trust, is of an age to have poured out her problems to Cathy and Claire when younger. The agony aunts specialised in healing teenage heartbreak in the pages of Jackie, a magazine published by DC Thomson. The Dundee publisher backed Ms Garrett-Cox in her battle with activist Elliott Advisors. But her other mates, the City institutions, turned against her in the knee-grazing playground of corporate life. Mr Levine has achieved the biggest victory by a U.S. activist in the U.K. since Edward Bramson unseated key members of the board of Foreign & Colonial in 2011. He has wisely given Chairman Karin Forseke the chance to retreat with some shreds of pride. Elliott has agreed not to agitate against the board for a year. This means it cannot pursue a destructive pet project for Alliance to sell 40% of its investments.

Total’s refining and chemicals unit limits decline in earnings: A tripling of net income at Total’s refining and chemicals unit helped the oil and gas major beat analysts’ expectations and offset the crippling effect of the 50% fall in oil prices in its first quarter results.

Inflows boost Henderson assets under management to £89 billion: Henderson Global Investors increased its assets under management by 10% in the first quarter as it benefited from improving investment performance and the rally in European equities.

‘Gatwick Gusher’ explorer seeks new licence: The company behind the so-called Gatwick Gusher in West Sussex is applying to the government for a renewal of its exploration licence.

BP profits sink amid rising tide of crude and lower oil prices: A strong performance from its refining and trading division has helped to insulate BP from the collapse in oil prices, but the group warned that it was in the middle of a painful adjustment to a new era of plentiful crude.

Santander restructures U.K. business amid new rules: Santander has restructured its business in Britain to make it easier to wind up if it fails. The Spanish bank’s new British holding company takes in both its U.K. retail banking business and its wholesale banking operation, known as Abbey National Treasury Services.