The placing of Ocado shares, the Internet grocer, is this evening balanced on a knife edge with news that just 80% of the shares on offer have been taken up by investors. However, there are still 24 hours in which investors can apply for shares in the offer and the company is still confident the sale will proceed and be priced between the £2 and £2.75 a share indicative range. We should hear over the next 24 hours as to whether the deal will be completed and will go ahead.
News that International Power is in talks with French competitor GDF Suez and a bid approach to Tomkins have helped to support the UK stock market this morning. However, there is still concern regarding the economic outlook for the UK, Europe and America with news that the Irish credit rating has been downgraded by Moody's. So will bid activity support markets in the short term?
Engineers have detected seepage and a possible methane gas leak on the seabed in the region of the Gulf of Mexico oil well which is causing so many problems for the company. This is a hammer blow for BP which had initially thought that the new cap was enough to stop the leak and effectively bring to an end a disastrous period in the company's history. However, engineers are now moving back to the drawing board and the US government has already requested that the new cap is removed and replaced with a more secure tool.
Alex Salmond yesterday announced a deal between Scottish and Southern Energy and Mitsubishi Heavy Industries which will see 1,000 employment opportunities introduced to Glasgow over the next five years. The two companies are set to work together on green energy and green energy systems with specific focus upon offshore wind farms and electric powered cars.
BP has today confirmed that the new cap placed on the problem well in the Gulf of Mexico is proving successful and there is no additional pressure building up. This comes just weeks before BP hopes to complete the drilling of relief wells which will disengage the problem well and allow the company to drill in the region is normal. So what next for BP?
Goldman Sachs has this afternoon announced an agreement with the Securities Exchange Commission (SEC) which we see the financial powerhouse pay US$550 million in settlement of a civil fraud complaint although the company is not admitting or denying the charges. Many believe that the SEC was looking for "its day in court" although the agreement would appear to have put pay to any short-term plans to haul Goldman Sachs in front of a jury. So what next?
After weeks of seeing oil escape from the Deepwater Horizon rig in the Gulf of Mexico, there was good news yesterday with confirmation that the latest attempt to cap the well has worked. While the current cap is only temporary, as the company continues to drill relief wells are around the damaged area, for the first time in weeks there is no oil gushing into the sea. So is this the end of the issue?
Over the last few months it has become more and more obvious that the number of small business start-ups in the UK is set to fall dramatically in the short to medium term. Amid signs that UK banks have effectively cut adrift the small business arena there are concerns about the future because many of these small businesses will become medium-sized and large businesses in the future. The UK has a proud history of small business investment although this has taken a dramatic turn for the worse since the credit crunch and recession hit home.
BP shares have put on nearly 30% over last few days amid rumours that a number of companies may well be considering a takeover bid for the stricken UK oil group. This comes only days after it was reveal that "unofficially" the US authorities have given ExxonMobil the "go ahead" to consider an offer for BP. Whether this is correct or not remains to be seen but it has certainly caught the attention of market investors.
The ongoing three-way merger between British Airways, American Airlines and Iberia has been given the go-ahead by the European Commission although British Airways has been forced to give up a number of lucrative landing slots. This is a deal which has been ongoing for well over 12 months now but finally it looks as though the three companies can now look to the future and officially merge their operations to create one of the most powerful airlines in the world.