BP’s attempt to gain a grip in Russia’s Arctic oilfields through a £10bn share swap deal with state controlled company Rosneft has collapsed after BP failed to address a dispute and reach an agreement with its partner TNK before the midnight Monday deadline. The Russian half of the Russian-British TNK-BP joint venture had threatened in April […]

In a deal valued an estimated $3.7bn or $49.50 a share, a group of Canadian pension funds and banks collectively known as Maple Group Acquisition, confirmed late on Sunday that it has submitted a tender to buy all of TMX Group’s shares. The bid by Maple Group to buy the operator of the Toronto Stock […]

The Japanese government endorsed a scheme on Friday to help Tepco, Asia’s largest utility company, compensate victims of the disaster at its tsunami-stricken nuclear power plant and save it from financial collapse. Naoto Kan, Japan’s prime minister, approved the plan to create a new body to facilitate funds to utilities companies expecting to pay nuclear […]

Google’s advertising system is under investigation by the US Justice Department and it has put aside $500m to settle any potential charges, the Internet search engine revealed on its website on Wednesday. The charge decreased the net income to $1.8bn, or $5.51 per share for Q1, Google said in a filing with the SEC late […]

US software giant Microsoft is in late stage negotiations to buy Internet phone service provider Skype in a deal that could be worth 8.5bn dollars, the Wall Street Journal reported on Tuesday. Confirmation of the deal is expected later on Tuesday but sources warned the deal may still fall apart. Microsoft and Skype declined to […]

International consumer electronics giant Apple has beaten search engine Google to the top spot as the most valuable global brand, according to a key study published by Millward Brown. Apple, which produced products including the iPad, iPod and iPhone, moved up from third place in 2010 to the top position after its brand value grew year-on-year […]

Rio de Janeiro based Vale SA, the globe’s biggest iron ore producer, announced record Q1 net profits as revenue doubled due to higher sales of metals such as copper and nickel, the company said on Friday. According to analysts Vale was expected to post per-share profit of $1.11 on an adjusted basis, the average of 12 […]

France’s second largest listed bank by market value, Societe Generale, announced on Thursday lower than anticipated first quarter results due to a charge tied to its own debt and provisions resulting from political turmoil in the Middle East. Group net profit for the quarter fell 13.8 percent to €916m from €1.063 the year before. The average […]

Portugal’s caretaker government said late on Tuesday it has negotiated a bailout deal with the EU, ECB and the IMF worth €78bn over three years. In a televised address to his nation caretaker prime minister Jose Socrates, said: “The government has obtained a good deal. This is a deal that defends Portugal.” According to Socrates […]

A team of International and European officials from the EU, ECB and the IMF, commonly referred to as troika, is meeting with Greek government officials to measure its eligibility to receive another tranche of financial aid. The meeting due to commence on Tuesday will be firstly with a technical team to be joined by the heads […]

Anglo-Dutch energy giant Royal Dutch Shell announced a 41 percent rise in first quarter profits due to an increase in world oil prices and improved refining margins, the company said on Thursday. Profits for Q1 were $6.9bn compared with $4.9bn in the first quarter of 2010, an increase of 30 percent. Shell’s cash flow from operating activities […]

Healthcare conglomerate Johnson & Johnson said Wednesday it has agreed to buy the Swiss medical device maker Synthes for $21.3bn in stock and cash. Buying Synthes would be the biggest acquisition for Johnson & Johnson, giving it a leading position in equipment to treat traumatic injuries and fractures. The companies entered into a definitive agreement which sees […]

US computer chip group Intel beat Wall Street’s expectations with a 29 percent year-on-year net profit increase when it published Q1 earnings late on Tuesday.  The reported net income was $3.16bn or 56 percent per share compared to $2.44bn or 43 percent the previous year. Intel saw a 25 percent rise in revenue to £12.8bn from […]

Apple has filed a lawsuit against South Korean electronics group Samsung alleging its mobile phones and tablet computer are a copy of its iPhone and iPad. The case against Samsung was filed by Apple on Friday at the US District Court for the Northern District in California but details were not released until Tuesday when the […]

Swiss medical device manufacturer Synthes said on Monday it is in preliminary takeover talks with health conglomerate Johnson & Johnson.  The deal could be worth up to $20bn and if completed would be one of the largest healthcare takeover deals in recent years, according to sources familiar with the process. The company said in a statement: […]