UK Retailers - The number of retailers showing signs of stress was up 3% in July compared with the same period last year. This is the first time in five months Begbies Traynor has recorded a rise in the number of struggling companies. (Sunday Times)
UKBP (BP: 38.93 0.00 0.00%) - Co. will get the go-ahead to finish a relief well to finally seal its blown-out oil well but is doing a last batch of testing and planning first, the top government official overseeing the Gulf of Mexico oil spill said on Saturday. (RTRS) - Alabama filed a lawsuit against co. and the other companies involved in the Gulf of Mexico oil spill, voicing doubt that they would “do right ” by the victims of the spill, making it the first state to take direct action against the energy giants involved. (FT)
- Co. has failed to update its oil spill emergency plan in the Gulf of Mexico more than three months after the Deepwater Horizon rig exploded in apparent violation of federal regulations. The company spokesman denied that the co. needed to file a revised plan, saying “an incident does not trigger automatic re-submittal of an oil spill response plan”. (Observer)
Shell (RDS: 0.00 N/A N/A) - Co. said that sabotage of its crude oil pipelines in Nigeria’s southern Niger Delta had increased in recent weeks, but was silent on whether there has been an impact on output. (RTRS)
Lloyds (LYG: 4.40 0.00 0.00%) - Co. may close its business banking unit in Ireland. (The Sunday Tribune) In other news, co. and unions have called in industrial mediation service ACAS in a bid to end their pay and pensions dispute. (The Independent)
Xstrata (XTA.L: 1004.00 +8.40 +0.84%) - Co. says global energy demand will continue to rise, adding that China and India are helping to underpin demand. (Sources)
RSA - Co. has secured banking form three major banks for at least GBP 5bln in equity if the British insurer can pursue its bid for Aviva’s non-life unit in the UK, Canada and Ireland. (FT)
Aviva - Co. received a conditional proposal from RSA to acquire co.’s general insurance businesses, with offer for cash consideration of GBP 5bln. Co. decided unanimously that RSA’s proposal was unacceptable, and has rejected the proposal. (RTRS)
British Airways (BAY: 79.44 0.00 0.00%) - Strikes by members of the Unite union at BAA airports could cost co. up to GBP 15mln a day in lost revenue, according to a leading industry observer. (Sunday Express)
International Power - GDF Suez will not increase its stake in co. above 70% before 2013 as part of its reverse takeover. (The Independent)
Cairn - Vedanta will acquire 51% to 60% of Cairn India Limited with a consideration of approximately USD 8.5bln - USD 9.6bln in cash. (RTRS)
Balfour Beatty - Co. will proceed for phase one of Eagle P3 commuter rail project contract in Denver, United States. Co.’s share for Phase one is valued at GBP 560mln. (RTRS)
BAA - Co. and unions will meet the conciliation service Acas today in a bid to avert crippling strike that could close airports and disrupt the travel plans of millions of passengers. (FT)
USEquities finished in negative territory following a mix bag of data which did little to boost risk appetite. Consumer services and technology were the worst performing sectors in the S&P 500 whilst utilities outperformed. There was a slow down in terms of fresh news flow in the latter half of the session and stocks lacked any real direction as volumes were light. At the closing bell DJIA closed down 0.16% at 10303, the S&P 500 closed down 0.40% at 1079 and the NASDAQ 100 closed down 0.73% at 1818.
Google (GOOG: 486.35 0.00 0.00%) /Coca-Cola (KO: 55.73 0.00 0.00%) /Walt Disney (DIS: 33.68 0.00 0.00%) - Cos are among the favourite holdings of Morris Mark, President of Mark Asset Management. (Barron’s)
AIG (AIG: 36.67 0.00 0.00%) - Co. A consortium of leading Chinese companies including Industrial and Commercial Bank of China Ltd, China Life Insurance Co. Ltd, plans to bid for 30% stake in American Insurance Group’s Asia life insurance business. (21st Century Business Herald)
Bank of America (BAC: 13.23 0.00 0.00%) - Co. is considering whether to reduce its stake in asset manager BlackRock Inc, which is viewed as a non-core asset, a source familiar with the situation said. (RTRS)
General Motors - Co. is expected to confirm plans for a USD 15bln float this week. Proceeds from the sale of shares will help pay back the USD 50bln in loans that were granted by Washington. (Sunday Times)
EuropeSAP (SAP: 44.43 0.00 0.00%) - Co. isn’t ruling out further acquisitions, though purchases would be smaller than the recent takeover of Sybase. (WirtschaftWoche)
Adidas - Co. may rise to EUR 50 in the next year as its Reebok brand boosts sales and profits in the US, without citing anyone. (Barron’s)
Sanofi-Aventis - Co. has been told by a court in Nanterre that it must restart the procedure under which it aims to cut jobs in France. (Les Echos)
GDF Suez - Co. will not increase its stake in International Power above 70% before 2013 as part of its reverse takeover. (The Independent)
EADS - Thai Airways International, is in talks with Airbus SAS to buy as many as 30 next-generation A350 jets and an additional six A380 aircraft. (Bangkok Post)
Unicredit - Co. has received a significant number of manifestations of interest for Pioneer asset management. (Il Sole 24 Ore)
Nestle - Co. is considering long-term options for its 30% stake in L’Oreal. (Salzburger Nachrichten)
source:dailymarkets
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