BP has relaunched the sale of its assets in Alaska after the collapse of talks for a sale to the American Apache in July, the Financial Times reported Monday.
Citing banking sources, the newspaper reported that Apache, which is based in Houston, Texas, is still face potential buyer.Occidental Petrolem Corp., another U.S. group, could also show interest.
The Financial Times says it is not known yet whether the British staff intends to sell its entire 26% stake in the Prudhoe Bay oil field, which includes a right of exploitation of the deposit payday loans.
BP is also in talks to sell assets in Vietnam and Venezuela as part of its plan to sell $ 30 billion to finance the cost of oil spill in the Gulf of Mexico.
On Friday, the oil group said that the cost of the disaster reached eight billion dollars now.
Crédit Agricole has extended by one year the return to profit of its Greek subsidiary Emporiki due to credit losses more than expected because of the recession in Greece. The woes of its Greek subsidiary Crédit Agricole will require to spend a further depreciation of 400 million euros in its accounts the second quarter, after the 500 million spent last year.
The French bank, which bought Emporiki in 2006, told analysts still expected a pretax loss of 130 million euros for its subsidiary in 2011, instead of a profit of around 10 million expected initially. For 2010, the expected loss for Emporiki will also increase, to EUR -750 000 000 -350 000 000 cons around. Return to the green accounts is the Greek subsidiary of the blow pushed to 2012 instead of 2011.Around 12:30, the Crédit abandoned agricultural 4.9% to 9.472 euros, underperforming the sector index Stoxx 600 European banks (-2.13%). BNP Paribas and Societe Generale fell by 3.3% and 4.6%.
Battered stock market because of fears surrounding its exposure to the crisis in Greek, the title Credit Agricole sells more than 22% since January 1. Pressed by the market, the bank eventually amount to 850 million euro exposure to sovereign debt Greek."We realize qu'Emporiki always weighs more heavily on agricultural credit, with a cost of risk emerges from 450 million euros more than expected in the original plan," said Tom Bartholomew, head of credit research at Louis Capital Market.
Standardization in 2013
The economic crisis in Greece was in fact forced Crédit Agricole to harden its scenario losses on credit, which is increased by 450 million euros between 2010 and 2013. According to the bank, the cost of risk will normalize in 2013. Leaded by two successive years of losses in 2008 and 2009, Emporiki has also been recapitalized in March by Credit Agricole, to the tune of 989 million euros.
Its parent company now estimates qu'Emporiki will have a "specific need" for 550 million of additional capital by the end of 2011 to confront the crisis and complete its restructuring.Taken to a drastic plan to reduce its costs, the Greek subsidiary of Crédit Agricole had already planned last year to reduce its overhead 21% and close 57 branches, resulting in the departure of 1,500 employees.
The French bank believes that the decline in enrollment of Emporiki will be "faster" in 2010 but "slower than anticipated in 2011. In this scenario, the operating rate of Emporiki will improve faster than expected in 2011 to 62.5% instead of 68.8%.
Wall Street has ended sharply higher on Tuesday, posting a sixth win in a row, in response to results and forecasts of Alcoa aluminum companies.
Alcoa reported Monday better than expected quarterly results while revising upwards its forecast for global demand for aluminum.
Alcoa shares closed up 1.2% to $ 11.
"The fact we think this trend (solid results) will contribute to re-confirm the risk in the market," said Peter Cardillo (Avalon Partners).
The Dow Jones gained 1.44% to 10,363.02 points. The S & P 500 has been 1.53% to 1095.29 points.The Nasdaq Composite Index advanced 1.99% to 2242.03 points.
The S & P has gained over 5% last week, the highest weekly gain this year and scholars eagerly awaiting the results of companies to see if this rally is justified.
But the decline in volumes worries some analysts. The volume on Monday fell to a new low of six months, observes Scott Fullman (WJB Capital Group). He also noted a decrease in the total volume of options.
Low volumes generally pass to denote a lack of conviction of investors.The summer period, however, may also explain the slowdown.
Statistic of the day was the trade deficit widened in May to its highest level since November 2008.
The Apple stock has yielded 2% to 252.11 dollars, after the site specializes Consumer Reports had indicated that he did not recommend the iPhone 4, his tests have confirmed a loss of signal when the handset is required to somehow.
Action Research In Motion, maker of the Blackberry competitor, has instead increased from 3.35% to 55.6 million.
Intel, which was to publish its quarterly after the close, gained 2.14% to 21.01 dollars.
The auction site eBay jumped from 4% to 21.02 dollars.
And even if it is pursued by XPRT Ventures company which is claiming nearly four billion dollars in damages for alleged infringement of six patents related to the development of related payment systems such as PayPal.
Santander is one step closer Monday toward its goal of becoming a bank offering a full service commercial bank in Germany with the acquisition for 555 million euros in the division for the subject of Swedish SEB.
Santander seeks to expand its presence in Europe, especially Germany and Great Britain, and the high growth markets such as Latin America.
"Germany is an important market for Santander.This acquisition is an important step towards achieving our goal of being a commercial bank offering a full service in Europe, "said its chairman Emilio Botin said in a statement.
The Spanish bank believes that its ratio of Tier One capital could fall by ten basis points due to the acquisition, the amount is close to 500 million previously reported by sources close to the situation.
According to head of operations in Latin America, Santander, Francisco Luzon, quoted by the Financial Times, Santander plans to strengthen Colombia and Peru, where its market shares are between 10 and 20%.
Around 9:15 GMT, Santander and SEB yielded respectively 0.69% and 0.76%, while the Stoxx index comprising the major European banking stocks lost 0.66%.
Iberia announced it has signed a merger agreement with British Airways, a combination that will create the world's third largest airline.
The Spanish company affixes his signature to a text that defined last April, one week after her British counterpart said it had reached an agreement to cover the deficit of 3.7 billion pounds of its pension scheme .
The transaction, which will see shareholders of British Airways to 55% of all new, must still be endorsed by shareholders, which is expected in November.
Iberia has also an exit clause for three months, always linked to its assessment of the ability of BA to the deficit of its pension system, a point already in the past failed to derail the proposed merger .
"Iberia has three months to leave the project from the time the agreement (signed between British Airways and managers of pension funds) is subject to the regulatory authority of British pensions," said Iberia.
EDF pledged Saturday to take a stake of at least 10% in the South Stream pipeline by the end of 2010 through a reduced participation of the Italian group Eni.
The public company has also signed an agreement for cooperation in the nuclear field with the Russian Rosatom public group.
These signatures are part of a series of agreements between Paris and Moscow at the World Economic Forum in St. Petersburg that France is the guest of honor.
By providing for the repurchase of at least 10% of South Stream, EDF strengthens its position in the natural gas market.
The pipeline must refuel countries of southern Europe and Central Europe via the Black Sea.
"The feasibility studies of the underwater section has begun, we can say we have never been so close to starting construction," said Gazprom CEO Alexei Miller said in a statement.
Russian Prime Minister Vladimir Putin said in April that EDF would take 20% of South Stream.
Asked if this could be the case, Alexei Miller, said: "Perhaps, perhaps.It will be at least 10%. "
This agreement allows EDF to 'take a major step in its strategy to secure its gas supplies, both to feed its own means of electricity production and marketing of natural gas deals with its customers "said CEO Henri Proglio in a statement.
The World Economic Forum in St. Petersburg was also an opportunity for EDF to enter into partnership with the Russian nuclear company Rosatom on "research and development, nuclear fuel and nuclear cooperation currently existing or under construction.
"The agreement also provides that the two groups cooperate through exchange of experience and training, including in particular visits to industrial sites in both countries," says EDF.
Rosatom is a direct competitor of the French nuclear group Areva.