Author Archive: Jeremy Parkinson
BP-Rosneft £10bn deal collapses
BP’s attempt to gain a grip in Russia’s Arctic oilfields through a £10bn share swap deal with state controlled company Rosneft has collapsed after BP failed to address a dispute and reach an agreement with its partner TNK before the midnight Monday deadline. The Russian half of the Russian-British TNK-BP joint venture had threatened in April […]
Canadian counterbid for TMX beats LSE by 20 percent
In a deal valued an estimated $3.7bn or $49.50 a share, a group of Canadian pension funds and banks collectively known as Maple Group Acquisition, confirmed late on Sunday that it has submitted a tender to buy all of TMX Group’s shares. The bid by Maple Group to buy the operator of the Toronto Stock […]
Japanese government to help pay plant victims
The Japanese government endorsed a scheme on Friday to help Tepco, Asia’s largest utility company, compensate victims of the disaster at its tsunami-stricken nuclear power plant and save it from financial collapse. Naoto Kan, Japan’s prime minister, approved the plan to create a new body to facilitate funds to utilities companies expecting to pay nuclear […]
Google braced for possible $500m antitrust settlement
Google’s advertising system is under investigation by the US Justice Department and it has put aside $500m to settle any potential charges, the Internet search engine revealed on its website on Wednesday. The charge decreased the net income to $1.8bn, or $5.51 per share for Q1, Google said in a filing with the SEC late […]
Microsoft on the verge of buying Skype
US software giant Microsoft is in late stage negotiations to buy Internet phone service provider Skype in a deal that could be worth 8.5bn dollars, the Wall Street Journal reported on Tuesday. Confirmation of the deal is expected later on Tuesday but sources warned the deal may still fall apart. Microsoft and Skype declined to […]
Apple brand world’s most valuable at $153bn
International consumer electronics giant Apple has beaten search engine Google to the top spot as the most valuable global brand, according to a key study published by Millward Brown. Apple, which produced products including the iPad, iPod and iPhone, moved up from third place in 2010 to the top position after its brand value grew year-on-year […]
Vale posts record Q1 net profits
Rio de Janeiro based Vale SA, the globe’s biggest iron ore producer, announced record Q1 net profits as revenue doubled due to higher sales of metals such as copper and nickel, the company said on Friday. According to analysts Vale was expected to post per-share profit of $1.11 on an adjusted basis, the average of 12 […]
SocGen sees net profit decline of 13.8%
France’s second largest listed bank by market value, Societe Generale, announced on Thursday lower than anticipated first quarter results due to a charge tied to its own debt and provisions resulting from political turmoil in the Middle East. Group net profit for the quarter fell 13.8 percent to €916m from €1.063 the year before. The average […]
Portugal agrees 78bn euro bailout deal
Portugal’s caretaker government said late on Tuesday it has negotiated a bailout deal with the EU, ECB and the IMF worth €78bn over three years. In a televised address to his nation caretaker prime minister Jose Socrates, said: “The government has obtained a good deal. This is a deal that defends Portugal.” According to Socrates […]
Delegation commences Greece aid assessment
A team of International and European officials from the EU, ECB and the IMF, commonly referred to as troika, is meeting with Greek government officials to measure its eligibility to receive another tranche of financial aid. The meeting due to commence on Tuesday will be firstly with a technical team to be joined by the heads […]
