Economy
BP Plc shares trend lower after oil plug euphoria |
|
|
| Economy | |
| Written by Roberta Murray | |
| Friday, 16 July 2010 | |
|
Morning Business News, Friday 16 July: BP Plc, George Osborne, Sage and pensions to be unlocked.
BP Plc (LON:BP) is 3.05% higher at 414.00 at 9:30 AM in London. BP shares are however trending lower despite news that the company had sealed its leaking well in the Gulf of Mexico. After nearly three months and up to 184 million gallons, the accomplishment was greeted with hope, high expectations — and, in many cases along the beleaguered coastline, disbelief. But no one was declaring victory just yet. "It's a great sight," said BP Chief Operating Officer Doug Suttles, who immediately urged caution. The flow, he said, could resume. "It's far from the finish line. ... It's not the time to celebrate." Engineers and scientists would be monitoring the cap around the clock, looking for pressure changes. High pressure is good, because it shows there's only a single leak. Low pressure, below 6,000 pounds per square inch or so, could mean more leaks farther down in the well. George OsborneGeorge Osborne tried to deflect intense criticism about the way the Office for Budget Responsibility (OBR) has operated by announcing yesterday that the Treasury select committee would have power of veto over the chairman of the new body. The Chancellor said he was advertising for a new permanent head of the OBR after it emerged recently that the interim its leader, Sir Alan Budd, is to retire this summer. Mr Osborne said the new appointment would be made by "mid-August", the Independent reports. SageSage, one of the UK’s largest software companies, is poised to appoint Guy Berruyer as chief executive to replace Paul Walker, who is stepping down after 16 years. Berruyer, a 59-year-old French national, is chief executive of Sage’s mainland European operations, having joined the accounting software company in 1997. He is also responsible for the group’s Asian operations. Berruyer is understood to be the front-runner for the post, with contracts expected to be signed within days, the FT reports. Unlocking pensionsHundreds of thousands of savers will be freed from the need to lock themselves into poor-value pension deals from April next year, under radical plans outlined by the Government. Mark Hoban, the Financial Secretary to the Treasury, said that the Government would replace deeply unpopular rules requiring people to use their pension savings to buy an annuity — a financial product that gives a set income for life — introducing greater flexibility for everyone, the Times reports.
|
|
Digg it! 
del.icio.us 
Newsvine 
Reddit 
Stumble It! 
