Date: Thursday 15 Jul 2010
BP is facing a ban on getting any new offshore licences to produce oil and gas in the US for a number of years. A house committee has passed a bill stopping any company from getting permission to drill for seven years if it has caused more than 10 deaths during operations, while contravening health and safety laws, says the Telegraph.Institutional investors sent a warning yesterday to every company planning to float in London when they refused to overpay for Fairfield Energy shares, forcing its owners to scrap a £720 million flotation, writes the Times.
Glaxosmithkline's diabetes drug Avandia is safe enough to stay on the market, a panel of 33 medical experts decided last night at the conclusion of a contentious two-day hearing, reports the Independent.
A leading analyst has risked the wrath of Rupert Murdoch after he suggested that News Corporation should pay £3bn more than it has offered to take full control ofBSkyB. Matthew Walker, an analyst at Japanese bank Nomura, on day substantially raised his target price for Sky shares from 700p a share to £10, according to the Telegraph.
Europe’s disappointment with Barack Obama’s presidency is laid bare today as the EU’s most senior figure calls for a dramatic effort to revive transatlantic relations. The President of the European Commission told The Times that the new era at the White House was in danger of becoming a “missed opportunity” for Europe.
Guillaume Rambourg, the star hedge fund manager at Gartmore under investigation by the Financial Services Authority for breaches of internal trading rules, has quit the company.
Mr Rambourg was suspended in March by Gartmore pending the outcome of an internal investigation by law firm Clifford Chance into possible breaches of company trading procedures, says the FT.
Candover’s talks about its takeover by a Canadian pension fund are on the brink of failure even as the UK private equity group prepares to sell two of its biggest portfolio companies for more than €3bn (£2.5bn), writes the FT.
The BBC is spending nearly £10 million a year employing highly paid executives on “hidden” contracts that are not included in its £1 billion wage bill. The Times can disclose that one of the executives is Anthony Rose, the iPlayer chief, whose job title is “controller of online media group and vision”. Mr Rose has been at the BBC for nearly three years but is still paid as a contractor, on a daily rate. Insiders suggest that his salary is in excess of £300,000 a year.
Plans by the owner of the Paris Bourse to set up a London platform to attract international company listings are “the last nail in the coffin” for the French capital as a financial centre, the chief executive of the London Stock Exchange said on Wednesday, according to the FT.
After decades during which governments of both parties spent billions on attracting foreign investment, the Business Secretary, Vince Cable, has declared that Britain can no longer afford to "splay out" grants and subsidies to attract companies to locate in the UK, reports the Independent.
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