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Thursday newspaper round-up: BP, Dana Petroleum, Five
Thu, 09 Feb, 2012
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Thursday newspaper round-up: BP, Dana Petroleum, Five
Thu, 12 Aug 2010, 05:39:00
BP
has agreed to put up its US production revenues, which account for about a quarter of its annual output, as collateral to guarantee the $20bn compensation fund for victims of the Gulf of Mexico oil spill, under a deal with the White House unveiled on Wednesday, says the FT. The Times adds that BP's controversial plans to start deepwater drilling off the coast of Libya have been delayed amid American attacks on the oil producer for its alleged role in the release in 2009 of Abdul Baset Ali al-Megrahi, the Lockerbie bomber. An arm of the South Korean Government is edging closer to clinching a £1.7 billion takeover of
Dana Petroleum
, Britain's largest independent North Sea oil producer. Dana's board is expected to give a formal response to a detailed offer from Korea National Oil Corporation this week, people close to the discussions said. Dana is expected to agree to open its books, paving the way for formal due diligence to begin and for a deal to be announced this month, writes the Times. Richard Desmond's TV adventure turned ugly yesterday as a quarter of the staff at
Five
lost their jobs and the channel's chief executive stepped down. Mr Desmond, who owns OK! magazine and the Daily Express, bought Five last month for £103.5 million, reports the Times.
Minerva
called an emergency shareholder meeting yesterday as it tried to stave off efforts by its biggest investor to oust the chief executive and chairman. It said the challenge was a smokescreen concealing an attempt to gain control of the property group, according to the Independent. The City hammered
Rok
shares yesterday after the company suspended its finance director over a £6 million accounting shortfall. The share price more than halved at one stage as the property repair and maintenance company admitted to "serious failings in financial controls", says the Times.
Oil prices
fell on Wednesday after the International Energy Agency (IEA) warned of risks to demand as it predicted a slowdown in the global recovery, writes the Telegraph.
Research in Motion
, maker of the BlackBerry, is headed for a showdown with the Indian government, which has revived a threat to shut off service in the country in a row over access to customers' emails, reports the Independent. Germany's
Deutsche Bank
and US investment bank
Morgan Stanley
, who are facing a $5m (£3.2m) lawsuit led by a group of Irish nuns. The Sisters of Charity of Jesus and Mary, the Holy Faith Sisters and the Irish Veterinary Benevolent Fund are among a group of 88 Irish individuals suing the two banks, according to the Telegraph. A New York-based publisher is suing
UBS
for alleged plagiarism in the daily news summary that the Swiss investment bank's oil research unit in London sends out to clients in more than 15 countries. Energy Intelligence Group alleges that material from a number of its oil and gas titles - including International Oil Daily, Petroleum Intelligence and World Gas Intelligence - turned up in UBS's daily oil news bulletin over an extended period, says the Independent.
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