Citywire Top Stocks Daily News Digest

All the news from across the web about the companies featured in Citywire's Top Stocks

BP PLC

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• Financial Times: BP has sought an injunction to stop a compensation fund paying out on “fictitious” claims from businesses that say they lost money as a result of the 2010 Gulf of Mexico oil spill, in an attempt to save billions of dollars in costs

HSBC Holdings PLC

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• Financial Times: HSBC is gearing up for thousands more job cuts, with Europe’s biggest bank by market value set to outline the next stage in its strategic overhaul at an investor day in two months’ time
• Times of Malta: HSBC Life Assurance (Malta) is set to triple in size to €1.6 billion and make up around 25% of the bank’s wider local operation when a portfolio transfer agreement with HSBC Life (Europe) is completed towards the end of the year

National Grid PLC

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• Fox Business: National Grid said Friday that at an open session meeting conducted on March 14, the New York Public Service Commission approved rate case settlements for National Grid's Niagara Mohawk electric and gas utility businesses

Rio Tinto PLC

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• The Australian: Sam Walsh, Rio Tinto's former Perth-based iron ore chief who became the new London-based chief executive on January 17, has been given a 14.9% pay rise from his base salary last year of $1.65 million to $1.9 million

Royal Dutch Shell Plc

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• AlArabia: Shell will spend more than $1 billion this year developing one of Iraq major oilfields, where it will resume operations on May 1, officials said on Saturday
• Middle East North Africa Financial Network: Shell will establish a new lubricants technical centre in China to cash in on the booming automotive industry in Asia-Pacific
• Financial Times: Shell has awarded a former executive director an unusual severance payment, compensating him £848,000 for the loss in value of his house, which he sold after leaving the European energy group last year
• Yahoo! News: China has eased strict cross-border currency rules for 13 multi-national firms including Samsung and Shell in a scheme that further cranks open its tightly controlled capital account
• Financial Times: With a market value of about $230 billion compared with Shell’s $212 billion, Chevron is on that measure the western world’s second-largest oil company, behind its US rival ExxonMobil

Smith & Nephew PLC

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• Wall Street Journal: Smith & Nephew will pursue more acquisitions that open the door to fast-growing markets like Brazil and India, or bring new products that are more resilient to pricing pressures and government austerity, said CEO Olivier Bohuon

Synthomer PLC

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• Reuters: Synthomer’s underlying profit before tax on a pro-forma basis rose to $147.7 million in the year ended 31 December

Tullow Oil PLC

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• Daily Monitor: The UK government applied intense pressure on Ugandan officials, including President Museveni, to allow Tullow Oil regain oil exploration licences whose consideration had stalled over $404 million capital gains tax dispute
• Daily Mail: British Foreign Office leaked confidential documents to Tullow Oil – led by a Tory donor – while lobbying on the company’s behalf, the High Court has heard; the allegation came to light during a legal tussle between Tullow and rival oil firm Heritage

Vedanta Resources PLC

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