The Times: Business News

BP tipped to seal Brazilian offshore deal

BP has emerged as a front-runner to buy $5 billion ($£3.3 billion) of oil assets from Devon Energy, the independent US oil and gas producer.

Roy Stanley behind £70 million SEV US bid

Roy Stanley, the former chairman of Tanfield Group, is orchestrating an unusual plan to take over the company’s main electric vehicles division in a £70 million conditional proposal that sent its shares racing 46 per cent higher.

Tube Lines looting London, says the Mayor

London Underground must find an extra £460 million to finance the upgrade of the Northern and Piccadilly lines.

City excited by predator stalking Tullett Prebon

Shares in Tullett Prebon jumped almost 26 per cent as the inter-dealer broker (IDB) said that it was in the sights of a predator. At yesterday’s 390p closing price, the company, run by Terry Smith, is worth £840 million.

Costain sees nuclear future

The boom in school and hospital building is over and the future of civil engineering is nuclear, according to Costain, the engineering and construction group.

Malcolm Calvert, former Cazenove partner, guilty of insider dealing

A former partner at Cazenove was convicted of insider dealing yesterday after making more than £100,000 profit from trading ahead of three takeovers.

Financial Services Authority to tighten watch on rogue products

Banks, insurers and investment companies will have new products scrutinised as they are developed, under a tough regime being formulated by the Financial Services Authority.

Our staff have earned their bonuses, says Northern Rock chief executive

Northern Rock’s boss yesterday defended the decision to pay staff almost £15 million in bonuses despite the state-owned bank’s loss of more than £250 million last year.

EMI chief Elio Leoni-Sceti walks away — bands may be on the run

The future of EMI looked even more parlous yesterday when it parted company with its chief executive amid suggestions that several of its biggest acts were considering jumping ship.

Google looks at clouds from both sides now

Google is broadening its assault on Microsoft’s dominance of business software by launching an online marketplace for other companies’ products.