Andrew Gowers News
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Andrew Gowers , BP Plc’s head of media, will leave the oil company at the end of the month, the Financial Times reported today.
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Once perceived as a fortress built on low leverage and strong cash flows, BP Plc seems to have managed its balance sheet much the way it ran exploration projects -- dangerously. Projections the company is feeding investors about how much cash it will have to pay claims are finally getting the skepticism they deserve.
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BP Plc is seeking to raise $50 billion to cover the cost of the oil spill in the Gulf of Mexico, the Sunday Times said, without saying where it got the information.
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European stocks rose for a ninth day, extending the longest rally in 11 months, after China’s signal that it will relax the yuan’s fixed rate to the dollar stoked confidence in the global economy.
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BP Plc ’s $3.5 billion bond sale generated a profit of about $54 million for fixed-income investors as the energy company returned to the debt market for the first time since a rig explosion caused the largest offshore U.S. oil spill in history.
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U.K. stocks rallied to the highest level in more than a month after China signaled an end to the yuan’s fixed rate to the dollar, sparking a surge in commodity producers as metal and oil prices climbed.
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BP Plc may reach an agreement as soon as next week to sell assets including half its stake in Alaska’s Prudhoe Bay field to Apache Corp . for $10 billion to $11 billion, according to two people familiar with the matter.
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BP Plc would face an extra $500 million a year in interest costs to raise $10 billion in the bond market as it seeks to ensure it has enough cash to cope with the biggest oil spill in U.S. history.
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The worst oil spill in U.S. history is proving a bigger risk to debt investors than Russian Prime Minister Vladimir Putin as BP Plc bonds yield more than those of its Moscow-based affiliate TNK-BP.
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