Robert Dudley

July 27, 2010 by staff 

Robert DudleyRobert Dudley, the confederation of british industry noted that retail sales exceed expectations. ireland announced a € 40000000000 recovery plan for economic recovery.

in london, the ftse 100 index traded over 14.55 or 0.27% to 5365.67 and the pound rose slightly to close at $ 1.5537.

a committee of central bankers and global regulators have reached an agreement monday on a series of new rules to improve the resilience during future financial shocks.

the basel committee has indicated that the new measures, including a margin of capital requirement for banks, should be implemented over a period of five years from 2013 to 2018.

these measures include increasing the quality and quantity of capital into banks, strengthening liquidity standards, which discourage excessive risk taking, and reduce procyclicality.

however, the committee watered down some of the draft proposals after germany, france and japan have been pressing. the committee noted in its statement that stricter rules could have “adverse consequences for some business models and provisioning practices.”

“many banks have already made considerable progress in strengthening their capital and liquidity. the plan will phase in the banking sector to meet the new standards with the retention of earnings and reasonable to raise capital,” said nout wellink, chairman of the basel committee.

bp plc announced today that tony hayward is leaving his post as chief executive of october 1. he will be replaced by the executive director of robert dudley. however, the company said hayward will remain on the bp card until 30 november 2010 and intends to appoint him as non-executive director of tnk-bp.

the planned asset sale includes the recently announced $ 7 billion in asset sales in the u.s., canada and egypt in the oil and gas producer apache corp.

bp plc reported total revenues and other income for the second quarter increased to $ 75.87 billion from $ 56.56 billion for the same period. net loss for the period was 17.15 billion or 91.29 and cents per diluted share compared to a profit of 4.38 billion and 23.16 cents last year or injured by a heavy load on the costs of oil spill in the gulf of mexico.

the oil giant said it takes a load of 32.2 billion in the second quarter to reflect the impact of the gulf of mexico oil spill, including costs to date of 2.9 billion $ response and a charge of 29.3 billion and for future costs, including financing of the fund and 20 billion escrow.

retail sales in the united kingdom increased more than expected in july and retailers expect à”la strong growth to continue in the months ahead, according to confederation of british industry.

the cbi said that while 18% of retailers said sales were below a year ago, 51% said they have increased, giving a balance of +33%. trade statistics was conducted between july 23 june and 14 july and covered 131 companies.

sales on the street has increased in july from a year ago, and exceeded expectations, according to cbi distributive trades latest survey.

summer specials annual world cup and hot weather seemed to encourage sales of high street, the leading business group said.

looking at august, a balance of +45% expecting an increase in sales next month – the most positive figure since june 2004, when the measurement was recorded at 46%.

irish ex-factory prices slowed in june the index of producer prices rose 1.2% year on year in june, a slow increase of 2% in may, according to a report by the central statistics office released today.

on a monthly basis, manufacturing output prices fell 0.4% in june compared to a 1.1% rise the previous month.

in construction, all materials prices rose 3.2% annually in june, while prices of capital goods rose 0.9%. the index for energy products rose 5.4% and for petroleum fuels increased by 17.6%. ex-factory prices for the extractive industries has decreased by 29.5%.

the republic of ireland announced monday a € 40000000000 recovery plan over seven years to support the economic recovery of the country”s.

the infrastructure investment priorities for 2010 – 2016 will be allocated to education, business, environmental services and public transport. the plan also covers housing, agriculture, flood victims, community development, energy, broadband, and tourism.

the irish prime minister, brian cowen, said: “proportionately, it is one of the highest spending in the eu and a major boost to the economy that we return to growth. we focus on investments that help create sustainable jobs – by shifting resources to areas that will help irish companies to grow and attract more foreign investment. ”

tomkins plc, the engineering company manufacturing and agreed to be bought by a consortium of investment firms and canadian onex corp. canada pension plan investment board for about £ 4.5 billion or $ 2890000000.

the consortium provides that the proposed acquisition represents an attractive investment opportunity in the industrial, automotive and building products markets.

under the agreement, each shareholder would receive 325 pence in cash tomkins, resulting in 1,300 pence in cash for each adr tomkins. the value of the transaction represents a premium of approximately 41% to tomkins”cours closing of 230.30 pence per share on july 16.

winners & losers

croda international plc climbed 8.4% to 1272 pence after the specialty chemicals maker posted a profit before tax from continuing operations of £ 96.2 million, up from £ 46.3 million for the same period a year earlier.

intercontinental hotels group plc, the international hotel business fell 7.4% to 1110 pence after barclays brothers plan to divest 10% stake it controls.

provident financial plc fell 6.97% to 821 pence after the financial services provider reported a 1.8% increase in earnings for the six months ended june 30 on a 10% growth in revenues.

tomkins plc gained 5.5% to 20 pence after the international engineering company and be acquired by a consortium of investment firms and canadian onex corp. canada pension plan investment board to 2.89 billion pounds or about $ 4.5 billion.

tullow oil plc has increased from 2.8% to 1274 pence after the oil and gas assets acquired explorer ugandan heritage oil $ 1.35 billion.

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