Thursday newspaper round-up: BP, Russia, Banks

Date: Thursday 29 Jul 2010

 BP has fired the starting gun on a $30 billion fire sale, holding talks with TNK-BP, its Russian joint venture, about the sale of a $1 billion package of oil projects in Venezuela, the Times has learnt. The talks, part of a programme of disposals designed to shore up BP’s finances in the wake of the Gulf of Mexico  oil disaster, are understood to revolve around BP’s minority stakes in two exploration and production joint ventures in Venezuela with Petroleos de Venezuela, the South American nation’s state-owned oil producer.

The Telegraph adds that UK safety officials have begun a crackdown on elderly North Sea oil and gas rigs, at the same time as it emerged a clutch of US federal regulators are preparing to begin a formal investigation into whether BP and its partners drilling the ill-fated Macondo well contributed to the Gulf of Mexico  spill.

Russia is aiming to raise up to $29bn (€22.3bn) through asset sales on the open market over the next three years in the biggest privatisation programme since the chaotic asset sales of the 1990s, according to the FT.

European banks have amassed €30 trillion in liabilities and face a serious funding threat over the next two years as authorities withdraw emergency support, according to a new report by Standard & Poor's, writes the Telegraph. 

Google is spoiling for a fight with Facebook over the fast-growing market for online games, part of the search engine giant's latest attempt to build a social networking business. Google is believed to have opened talks with several of the games developers that have come to prominence on Facebook, where millions of users play simple social games such as FarmVille and Mafia Wars, reports the Independent.
Virgin Media, the UK’s only big cable company, on Wednesay announced a share buy-back scheme of up to £375m ($585m) as its expanded high-definition television service and high-speed fibre optic broadband internet service drove an unexpected increase in customer numbers, says the FT.

A promised grant of up to £5,000 towards the cost of an electric or ultra-low carbon car has survived Government cutbacks. The Transport Secretary Philip Hammond yesterday said the funding, first announced by the Labour government, will go ahead from January 2011. The grant will reduce the cost of new ultra-low carbon vehicles by 25 per cent, capped at £5,000, according to the Independent. 

Anger erupted at mining company Vedanta's annual shareholder meeting yesterday as protesters attacked its management for alleged human rights abuses and "crimes against the environment". While campaigners chanted slogans against the company outside the London gathering, senior executives faced criticism from shareholders, celebrity activists and charities inside the meeting hall, writes the Guardian.
(Source:Digitallook)