BP cash-raising sell-offs continue
BP plans to sell units in Vietnam and Pakistan but declined to comment on a report that it is seeking to sell its German petrol station chain Aral for around €2bn. BP last week unveiled plans to sell $30bn of assets, mainly upstream oil and gas fields, over the next 18 months to cover costs related to the Gulf oil spill.
Rein in bonuses, urges Osborne
UK chancellor George Osborne urged Britain's banks to use strong first-half profits to boost business lending rather than pay large bonuses. Barclays, Lloyds Banking Group and Royal Bank of Scotland are all due to report first-half earnings next week, and many analysts expect hefty profits as the banks begin to put the financial crisis behind them.
Blackberry bar in UAE over security PHONES
Blackberry phones are to be barred in United Arab Emirates in October due to "security concerns". The move, which will affect half a million users as well as visitors to the Gulf state, follows a warning from Bahrain in April against using the phones to distribute local news and security concerns raised by India last week.
Chinese industrial growth slows
China's manufacturing grew at the slowest pace in 17 months in July as its government clamped down on property speculation and investment in energy-intensive factories, a survey said yesterday. China's Purchasing Managers' Index fell to 51.2 from 52.1 in June, the Federation of Logistics and Purchasing published on its website.
Dana concedes to takeover talks
Dana Petroleum's board has agreed to shareholder's demands to meet with Korea National Oil Corporation to talk about a £1.7bn takeover. This follows a stand-off by Dana's management after KNOC's bid 10 days ago for a cash takeover at £18 a share.