Akzo Nobel NV, Europe’s largest paintmaker, exceeded its savings target last year and Chief Executive Officer Ton Buechner pledged this year’s goals remain intact as he strives to bring profitability in line with peers such as PPG Industries Inc.
BP Plc , Europe’s second-biggest oil producer, said profit declined 4 percent in the first quarter as output dropped. The company booked an extra $400 million charge related to last year’s Gulf of Mexico spill.
BP Plc, the operator of the Macondo well in the Gulf of Mexico that caused the worst ever U.S. oil spill last year, said profit declined less than expected as it increased an asset sales target 50 percent to $45 billion.
Credit investors are pricing in a 39 percent chance BP Plc will default within five years as it tangles with the Obama administration over cleanup costs and claims for the biggest oil spill in U.S. history.
President Barack Obama scored a political victory by pressuring BP Plc to commit $20 billion for damages from an environmental disaster that’s weighing on his presidency as the company struggles to contain thousands of barrels of oil flowing into the Gulf of Mexico each day.
BP Plc Chief Executive Tony Hayward is discussing his departure from the company with its board after a leak at one of its Gulf of Mexico wells caused the largest oil spill in U.S. history, two people familiar with the matter said today.
U.K. stocks climbed, sending the FTSE 100 Index up by the most in almost three week, as companies from BP Plc to BG Group Plc and International Tobacco Group Plc reported earnings that topped analysts’ estimates.
European stocks rose for a seventh day, the longest winning streak for nine months, after a Spanish bond sale eased concern about the region’s debt and BP Plc surged, overshadowing worse-than-forecast U.S. economic reports.