Thursday newspaper round-up: BP, British Airways, Cazenove

Date: Thursday 11 Mar 2010

BP is set to enter the deep waters off the coast of Brazil, one of the world’s most exciting areas for oil exploration, with a $6bn deal to buy international oil and gas assets from Devon Energy. A deal could be announced as early as Thursday, according to people familiar with negotiations, says the FT.

Talks aimed at averting strikes by British Airways cabin crew broke down last night after efforts to reach a compromise deal ended in failure. Brendan Barber, general secretary of the Trades Union Congress, said: "Despite a prolonged period of negotiations it has not been possible to reach agreement between BA and Unite," writes the FT.

A former Cazenove partner has been found guilty in the largest case of insider trading brought by the Financial Services Authority. The conviction of Malcolm Calvert, 65, a former head of market marking at Cazenove, will be a major embarrassment for the Queen's stockbroker, reports the Telegraph.

The City watchdog has sounded alarm about the prospect of a meltdown in commercial property. Announcing much tougher stress tests for banks, the Financial Services Authority raised concerns that they are not setting aside enough to cover losses on the sector, according to the Independent.

Britain's banks are to be ordered to disclose more details of their highest earners' pay. The Financial Services Secretary, Lord Myners, has tabled draft plans which would require lenders to detail the numbers of their staff earning more than £500,000, including salary, cash bonuses, share awards, pensions and other benefits and expenses, says the Independent.

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, writes the Times.

Mexican billionaire Carlos Slim has stripped Bill Gates of his crown as the world’s richest man, as Latin American and Asian entrepreneurs begin to outpace the US and Europe when it comes to wealth creation, reports the Telegraph.

Toyota, the embattled Japanese car-maker that has been embroiled in a row over the safety of its vehicles in recent weeks, yesterday said that employees at its factories in north Wales and Derbyshire were set to return to full-time working, according to the Independent.

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, says the Times.

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