BP (BP: 27.02 0.00 0.00%) - Co. boosts cash and available credit by USD 5bln, says co. cash and available credit now tops USD 20bln and says co. is borrowing against Rosneft stake. (Sources) - Co. is on track to plug its leaking Gulf of Mexico oil well within a fort night. The operation to close the well is further ahead than the company has disclosed. Sources in Houston, Texas, say it could be finished in mid-July, ahead of the public target of early August. However, clean up efforts in the Gulf of Mexico faced a new threat as the first tropical storm of the season, Alex, began to form close to the Deepwater disaster. (Sunday Times/Independent)
UKBritain’s banks will have to permanently bolster their balance sheets by as much as GBP 130bln - equivalent to GBP 5,200 for every household in Britain - under new rules agreed by world leaders at the G20 summit. (Telegraph)
BP - Co. says cost of response to Gulf of Mexico’s oil spill to data amounts to USD 2.65bln. (Sources)
Vodafone (VOD: 21.66 0.00 0.00%)- Vodafone Egypt says talks with Telecom Egypt, on selling co.’s 55% stake in Vodafone Egypt, has ended due to disagreement on stake size. (Al-Mal)
Lloyds (LYG: 3.32 0.00 0.00%) /RBS (RBS: 13.55 0.00 0.00%) - New lending targets for the bailout banks are being drawn up by the government amid mounting concerns that growth of small and medium sized businesses is being stifled by the lack of credit from the banking industry. (Observer)
Barclays (BCS: 17.14 0.00 0.00%) - Co. will announce plans to accelerate its expansion in Spain, Portugal and Italy this week, cashing in on the woes of local rivals. (Sunday Times)
Standard Chartered - Co. sees H1 income to be broadly flat vs. 2009, and sees H1 cost growth to exceed income growth. Co. says loan impairment trends are very good and co. is tracking towards a strong H1 performance. Co. also sees H1 loan impairment under half H1 2009. (Sources)
AstraZenca - An experimental drug from a promising new class of medicines being developed by Bristol-Myers and co. significantly reduced blood sugar in patients with advanced Type 2 diabetes in a late-stage clinical trial. (RTRS)
Rio Tinto (RTP: 48.78 0.00 0.00%) /BHP Billiton (BHP: 67.99 0.00 0.00%) - Co.s Iron ore joint venture could be delayed beyond year-end due to European Commission investigations. (Australian Financial Review)
BAE Systems - Co. is set to cut hundreds of jobs in its UK vehicles business in the coming weeks, after co. lost out on a key armoured vehicle contract to US rival General Dynamics earlier this year and ahead of the squeeze on military spending that is part of the Government’s deficit reduction plan. (Sunday Telegraph)
British Airways (BAY: 79.44 0.00 0.00%) - Co. has made another attempt to defuse it long-running dispute with cabin crew by offering part-time contracts to about 800 Heathrow staff. (Sunday Times)
Prudential - Co. is planning a boardroom shake-up that could pave the way for the departure of Chairman Harvey McGrath. (Sunday Times)
Reed Elsevier - Private equity groups are pressing the co. to consider a sale of its exhibitions arm after the professional publisher re-buffered buyers’ interest in the division in the past few months. (Sunday Times)
USEquities endured a volatile session as investors digested an assortment of US economic data. The financial sector was the best performing in the S&P 500 after Congress reached an agreement on financial reform which had less stringent rules compared to what was previously expected. Elsewhere, Research in Motion (-10.8%) weighed on the NASDAQ 100 after they disappointed with their earnings. The volatility continued heading into the final stages of trade and the S&P 500 closed up 0.30% at 1076.86, the DJIA closed down 0.05% at 10147.81 and the NASDAQ 100 closed down 0.33% at 1838.52.
Fed’s Bullard said that US financial firms are headed into a two-year limbo period as regulators fill in the blanks left in the massive reform legislation. (RTRS)
J&J (JNJ: 58.70 0.00 0.00%) - An experimental co. diabetes drug led to improved blood sugar control and weight loss when used in combination with metformin, according to data from a mid-stage study. (RTRS)
Boeing (BA: 68.77 0.00 0.00%) - Co. has suffered another setback on its 787 aircraft programme, saying it would halt flight tests while it inspected problems with assembly of the tail plane. The co. estimates it will take eight days to inspect the tail planes of the handful of aircraft that it has assembled to date. Elsewhere, co. workers in St. Louis have accepted a contract with the plane manufacturer, avoiding a strike that would have gone into effect Monday if the deal had been rejected (Sunday Times/AP) Big Pharma stocks - Wall Street appears to be overly pessimistic about large pharmaceutical companies, and some of the stocks could rally 30% over the next year, according to a cover story in the June 28th edition of Barron’s. (Barron’s)
Bristol-Myers (BMY: 25.57 0.00 0.00%) - An experimental drug from a promising new class of medicines being developed by co. and AstraZeneca significantly reduced blood sugar in patients with advanced Type 2 diabetes in a late-stage clinical trial. (RTRS)
Exxon (XOM: 59.10 0.00 0.00%) - Co. announces completion of all-stock transaction for XTO, says nearly all of XTO’s 3,300 employees are transitioning to the new organisation. (RTRS)
EuropeGerman Banks - The German government could sell its stakes in Commerzbank, Aareal Bank, HRE and WestLB, according to the chief controller at the German Financial Markets Stabilisation. (Euro am Sonntag) In other news, German banks are not threatened by a new crisis, according to the head of country’s banking association. (Sueddeutsche Zeitung)
E.ON - Co. may sell its 3.5% stake in Gazprom in the near future, according to sources. (Vedomosti)
Siemens - Co. wants to make itself less vulnerable to credit crisis, so is founding its own bank. The group isn’t planning a retail bank, but one where it can do its own banking business. (Sueddeutsche Zeitung)
Infineon - The Russian government called on Germany to let holding company Sistema take a 29% stake in co, a German newspaper reported, citing no sources. (FT Deutschland) However, co. says it is not engaged in participation talks with Russia’s Sistema. (Sources)
Vivendi - Co. will ink a deal for a holding in the listed, India-based Reliance Communications for USD 4.3197 - USD 5.3996 a share, according to sources. (Times of India)
EADS - Dubai Aerospace Enterprise is seeking to renegotiate plane orders with co. and Boeing as it attempts to reduce its debt levels, according to sources. (Les Echos)
Accor - Co. will on Tuesday present shareholder with a plan to spin off voucher and prepaid services arm Edenred, according to co.’s boss. (Journal du Dimanche)
More banks to face stress tests. (FT) The number of European banks subjected to stress tests is likely to rise, with sources suggesting that as many as 100 institutions will be involved in a broader exercise to shore up market confidence. European Union leaders have already agreed to publish stress test results for 26 banks next month - mainly big, cross-border institutions - to address concerns about the eurozone’s exposure to sovereign debt. But one German government official said those tests, which are being conducted by the Committee of European Banking Supervisors (CEBS), would be expanded to cover “significant market share” in each market - about half of all bank balance sheets in each country.
According to the Spanish PM Zapatero, stress tests of Spain’s financial sector will prove the strength of the country’s banks. (Sources)
Telefonica - Co. is eyeing a GBP 1bln stock market listing for Atento, its little known call centre arm. (Sunday Times)
Unicredit - Co. could become a takeover target, according to sources. (Il Sole 24 Ore)
Roche - Co.’s experimental diabetes drug taspoglutide showed good results in a series of late-stage studies, the group said on Saturday, after the drug suffered a severe setback just recently. (RTRS)
ABB - Co.’s CFO says co. is looking for further acquisitions following its recent buys. He envisages takeovers in the size of USD 0.5-3.0bln. (Finanz & Wirtschaft)
Julius Baer - Co. is looking at becoming a bank in Italy by either buying a company with a license or buying a license itself. (Milano Finanza)
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