Economy
BP Plc shares settle around 400 mark |
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| Economy | |
| Written by Roberta Murray | |
| Thursday, 15 July 2010 | |
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Morning Business News, Thursday 15 July: BP Plc, GlaxoSmithKline, Candover, BSkyB must pay more, Gartmore manger under FSA investigation.
BP Plc (LON:BP) seem to have found steady ground at the 400p mark. Shares are at 400.60 in mid morning trade in London. Yesterday Dolmen Stockbrokers said they believe the 500p a share mark to be fair value for BP. However investors will now be looking for concrete signs that the oil spill in the Gulf of Mexico is firmly under control before buying back into the company. In the latest on the oil spill BP engineers working to choke the flow of oil into the Gulf of Mexico found a leak on a line attached to the side of the new well cap and were trying to fix it Thursday before attempting to stop the flow of crude. BP said Wednesday evening it had isolated the leak and was repairing it before moving forward. It wasn't clear how it would affect the timing of the operation, or whether oil continued to be slowly closed off into the cap. GlaxoSmithKlineGlaxosmithkline'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. BSkyB must pay moreA 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 of BSkyB. 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. Gartmore manager under FSA watchGuillaume 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. CandoverCandover’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.
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