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Sunday Papers: BP Gulf trial could last until 2014, says Dudley

And HSBC chief is in line for £3 million bonus payout.

 
Sunday Papers: BP Gulf trial could last until 2014, says Dudley

Top stories

  • The Sunday Telegraph: Bob Dudley, the chief executive of BP, has revealed that the oil giant is prepared for the multi-billion dollar legal case into the Deepwater Horizon rig disaster to last until 2014.
  • The Sunday Telegraph: Germany’s interior minister called for Greece to leave the eurozone on Saturday as hopes that the world’s richest countries would stump up more cash to help the International Monetary Fund fight Europe’s debt crisis faded.
  • The Independent on Sunday: The European Central Bank is set to flood banking markets with €500 billion of cheap loans this week, taking its financial support of the European Union to €1 trillion in just three months.
  • The Sunday Telegraph: HSBC is expected to outline a renewed push into its Asian heartlands on Monday when it announces profits of up to £14 billion and a £3 million bonus for its chief executive.

Business and economics

  • The Independent on Sunday: City grandee Sir Adrian Montague has emerged as the frontrunner to chair High Speed 2, the much-criticised £32 billion London to Scotland rail link.
  • The Independent on Sunday: Warren Buffett, the motorbike-riding octogenarian, billionaire investor nicknamed "The Sage of Omaha", has outlined a succession strategy for his $143.6 billion-revenue business empire.
  • The Independent on Sunday: The United States will inflame the long-running trade dispute between aircraft manufacturers Boeing and Airbus by demanding that the World Trade Organisation look to impose annual sanctions of up to $10 billion against the EU.
  • The Observer: Office of Fair Trading to investigate alternative lending industry amid concerns over high interest rates.
  • The Sunday Telegraph: Sir John Rose, the former chief executive of Rolls-Royce, has joined the board of Hakluyt & Co, the business intelligence firm started by former MI6 officers.
  • The Sunday Telegraph: Mehmet Dalman, the new chairman of ENRC, has been given a mandate to refresh and revive the company's board after last summer's boardroom row which saw two non-executive directors ejected from the board.
  • The Sunday Telegraph: Private equity firm Carlyle Group has recruited Chris Woodhouse, the former finance director of Debenhams, to run RAC, the roadside assistance business.
  • The Sunday Telegraph: Andy Haste, the former chief executive of RSA Group, is being considered as a possible chairman for the Royal Bank of Scotland's newly rebranded Direct Line Group.
  • The Sunday Telegraph: Robert Zoellick, the outgoing President of the World Bank, has warned that Greece's latest €130 billion bailout would merely buy it time, adding that a European recession would hamper crucial reforms needed to lift the area out of the crisis.
  • Mail on Sunday: Anger is growing among Lloyds pet insurance customers after it emerged that the bank, which withdrew abruptly from the market last October, is paying compensation to some complainants who kick up a fuss.

Share tips, comment and bids

  • The Independent on Sunday: Vedanta Resources, the FTSE-100 miner, has merged its Indian businesses in a move designed to save the group $200 million a year in overheads and running costs.
  • The Independent on Sunday: Bids of around £300 million for the UK arm of Groupama are due this week, but the French insurer might be forced to sell-off the business piecemeal.
  • The Independent on Sunday (Comment): In the City they're calling it "doing a Burberry". Instead of raincoats, the City is exporting its financial and regulatory expertise to places such as Moscow, Dubai and Toronto.
  • The Independent o Sunday (Comment): Americans are buying cars again – and that could drive a real recovery.
  • The Observer (Comment): Winning the £1 billion carriage contract is vital for the future of Derby's historic works – but there is little room for sentiment in the procurement process.
  • The Sunday Telegraph (Comment): Soaring oil prices will dwarf the Greek drama.
  • The Sunday Telegraph (Comment): When HSBC publishes its results for the 2011 financial year on Monday morning, not everyone will focus on the profit and loss account or the consolidated group cash flow statement.
  • Mail on Sunday (Midas share tips): Buy Amec
  • Mail on Sunday (Comment): Scottish and Southern Energy last week introduced its new simplified tariff structure. SSE, the second-biggest energy provider behind British Gas, has slashed the number it offers from 68 to just four.

8 comments so far. Why not have your say?

Keith Snell

Feb 26, 2012 at 10:36

The fact that Greece needs to leave the EU possibly together with Italy Portugal & Spain is obvious to almost everyone except EU politiceans.

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Frank Watson

Feb 26, 2012 at 10:50

It is just a matter of when, it will happen. The Greeks' won't accept the many years of financial degradation and loss of self esteem. They are a proud people whose culture and politicians have acted against their best interests.

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stormdog

Feb 26, 2012 at 13:01

Since it is obvious that the EU wants to get shot of Greece as soon as possible what then is Greece to do in order to start getting inward investment into the country for economic development and reconstruction?

The only conceivable answer is that Greece and Turkey need to build economic bridges.

Turkey is, at the moment, riding high from an economic point of view and Greece is on the floor.

Despite the terrible history between these two nations, this is possibly the one 'window' in history where economic and cultural ties can be re-forged.

I am not, repeat not, suggesting in anyway that Turkey should do an Ottoman Empire part 2, this would be totally unacceptable.

What is being suggested is that now is the moment for the building of a rapprochement between these two great nations existing in the same region.

Much mutual good can come from such arrangements, all that is required is one Greek leader and one Turkish leader to have enough vision and foresight to make a start.

Through economic and cultural ties Greece will be able to pick itself up and

as a consequence a whole generation of educated young people will have decent prospects and a future.

From Turkey's standpoint, a nation that is much reviled by some of its neighbours, it would be possible, in time, to resolve the matter of Cyprus.

If Cyprus can be resolved then even the Armenian situation can then be worked on.

Proper relations with Greece will be of enormous benefit to Turkey in various areas of the Balkans where there are still ancient hatreds.

Perhaps it would not be going too far to say that Greece is a key to the stability and economic development of the whole region.

From an humanitarian standpoint, as matters progress, there might even be a gradual re-opening of borders so that families that been split since the 1920s would be able to meet each other for the first time and so on.

However before these the important thing is that there has to be the willingness by both countries to go forward together and by so doing begin to address and go beyond the bitterness that still exists.

I am fully aware that what is proposed is very out of the box, yet the fact remains that unless something major is begun, and soon, there is a very terrible situation looming on the edge of Europe.

With such a vast common heritage, a first toe in the water could be through major state sponsored exhibitions in Turkey and Greece laying out this commonality, this would have the benefit of getting both sets of chattering classes onside from the outset, an important factor here that should not be overlooked.

I have my tin helmet and body to hand in order to be bombarded by the expected negative responses.

I am not a politician, a Greek or a Turk, I am a simple retired Englishman living in Central London who has spent time in both of these countries.

To me, at least, the solution to many of the ills of the region is blindingly obvious, that is that Greece and Turkey have to get together.

There again, if anyone can reply with a better solution please do say.

Many thanks.

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William Harrow

Feb 26, 2012 at 13:13

I think that the EU politicians are well aware that GREECE will aventually leave the EUROZONE, at this moment it would be a disaster, the upheavel would cause all sorts of problems, the situation of the world financial system is too delicate! better to bolster GREECE at this time and then arrange an orderly exit for that country and maybe some others!!! the end of this year will be better for that!!!;

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Frank Watson

Feb 26, 2012 at 15:48

You are right, think outside the ghastly "box". i used to work in Turkey & Greece a lot. The turks used to say that Greece had two industries. The EU and TURKEY!

There is a lot of baggage to get over.

Incidentally I used to love my visits to Istanbul and dislike intensely my visits to Athens.

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Nick-

Feb 26, 2012 at 17:37

Greeks in the past were always poor. The European Union lifted them out of their poverty, but because there were no Europen Central Bank administration controlling individual nations barrowing they thought they can barrow similar to Americans. In combination with the greedy banks landing them any amount knowingly, if the Greeks can't pay it back then the Germans will. However, these thoughts backfired, as the German taxpayer had enough of this when the ungrateful Greeks showed their true colours by burning German flags. This recent payment of 130 billion Euros will be swallowed up just like all other payments in the past and probably the European Union will never ever receive from the ungrateful Greeks "Thank you".

Of course the Germans with the French are also guilty by not having goal posts for Euro members allowing anarchy by falsely believing that the Latins and Greeks states will behave like North Europeans and of course they never will behave in a similar way, their cultures are vastly different.

In the final analysis the Europen Union similar to USA will never happen. USA did not have states with vastly different cultures in their union.

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Frank Watson

Feb 26, 2012 at 20:07

Well I dont know. The difference in economic activity between say Massachusets and say Georgia must be significant.

I have no answers but I dont think the slow can keep up with the fast. Unless

Germany/ Holland/ Luxembourg are prepared to tip in many billions it was a political project that sent VERY wrong.

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Prof Eman

Feb 26, 2012 at 20:42

I remember reading somewhere, that one of Greece's problems is/was the purchase of armaments from France and Germany, based on arm twisting and offers of loans to pay for them.

Has anyone any facts and figures on this?

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