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 What recession? Tycoons spend £1.8 million on champagne in St TropezMandrake hears that two rival billionaires spent a staggering €2 million (£1.77 million) on champagne at Les Caves du Roy nightclub. Zhen Low, the younger brother of the Malaysian tycoon Jho Low, became involved in a competition with Winston Fisher, a New York property developer, to see who could order more £600 bottles of Cristal for their chums. 2010-07-25 06:18:30  BP resuming oil spill work as storm fizzlesAs remnants of Tropical Depression Bonnie dissipated over the Gulf on Saturday, retired Coast Guard Admiral Thad Allen, head of the U.S. spill response, said a "static kill" operation to plug the well by pumping in heavy drilling mud and possibly cement could start in three to five days. 2010-07-25 06:05:10 FTSE edges down; banks weak ahead of stress testsBy Tricia Wright 2010-07-25 03:05:22  British Gas profits to rise by 95%But it is likely to resist calls to cut household bills, arguing that its margins will be squeezed later this year because wholesale gas prices have begun to rise again. 2010-07-25 00:54:53 Seven more US banks collapse on day of Europe's stress testsIn Europe, investors will have a first real chance tomorrow to react to the results of banking stress tests designed to ease concerns about institutions' financial strength and exposure to debt-laden countries such as Greece. 2010-07-25 00:11:28  Market Report: Cairn stands firm on Greenland prospectsCairn Energy was in focus as analysts looked ahead to some key news on the oil explorer's Greenland drilling campaign. Earlier this month, Cairn commenced a widely watched exploration drilling campaign off the coast of western Greenland, with results from the first two wells likely in mid-to-late August. 2010-07-25 00:06:12 Brady entices businessmen to invest £4m in HammersWest Ham United's vice-chairman Karren Brady has brought in two wealthy businessmen as new shareholders to invest another £4 million in the financially-strapped club. 2010-07-25 00:06:08 Anadarko looks at onshore oilAnadarko Petroleum, the Texan partner in BP's Deepwater Horizon oil well which exploded in April, is eyeing a 75 per cent stake in the onshore Jolly Ranch scheme in Colorado. 2010-07-25 00:05:59 European banks that failed EU 'stress' test plan to raise €3.5bn2010-07-25 00:05:56 Pinnacle and HSBC near to £600m deal2010-07-25 00:05:54 Oil Spill: BP's Tony Hayward will 'quit in days'After a weekend of detailed negotiations over Mr Hayward's severance package, it now appears almost certain that he will announce his departure ahead of BP's half year results on Tuesday. 2010-07-25 00:03:59 Oil spill: BP plans for life after DeepwaterHayward was the chief executive credited with disciplining an out-of-control mega-company, emphasising at every turn that BP had eradicated the US safety problems linked to a fatal explosion in Texas and a pipeline rupture in Alaska. The City purred after BP stripped out $4bn of costs in a year and delivered a stellar set of financial results. 2010-07-24 21:51:32 Markets nervous ahead of bank stress test resultsSlovenia admitted yesterday that its largest bank, Nova Ljubljanska Banka, would fail the stress tests. 2010-07-24 21:23:17 FTSE falters on bank stress tests but Arm shines after Microsoft dealWhile the announcement is short on details, we believe that this contract could be the precursor of two major developments for Arm. First, it could indicate that Microsoft will design its own apps processor for smartphones and gaming consoles. 2010-07-24 21:21:02 BT can't plug pension with price risesIn its preliminary ruling, Ofcom said it "has not received compelling evidence from stakeholders which would justify a change" in its current approach. 2010-07-24 21:20:48 Is agriculture the next big investment?It launched a campaign which saw the Financial Services Authority's switchboard jammed with calls from protestors demanding curbs on speculation. But over at Britain's oldest food market, Borough Market in London, fund managers at one of the biggest investment groups in the world, BlackRock, were telling a rather different story. 2010-07-24 21:17:44 Seven European banks fail "worst-case' testsStress tests of 91 banks across Europe to gauge their ability to weather a new financial storm have revealed seven failures, regulators said today 2010-07-24 21:16:33 Pensions blow for BT as Ofcom blocks price risesBT's attempt to raise prices to help it plug a £7.5bn black hole in its pension scheme was blocked by the communications watchdog yesterday. 2010-07-24 21:16:31 Gold falls after Bernanke commentsWall Street fell more than 1 percent after Bernanke told the U.S. Senate Banking Committee that the central bank was ready to take further steps to bolster growth if needed. 2010-07-24 21:15:56 Week ahead - Stressed euro likely to fallThe test results were widely anticipated, with some analysts saying all the risks for the euro were to the downside, whether the results showed a large number of banks condemned or the market regarded the number of failed banks as inadequate. 2010-07-24 21:15:47 Seven banks fail Europe testResults of the test of how 91 banks in 20 countries would cope with another recession was released on Friday in a bid to restore investor confidence after the Greek debt crisis spooked markets earlier this year. But it fell on deaf ears. 2010-07-24 21:15:35 BP oil rig blast: safety alarm was off, says engineerThe BP rig exploded in April, killing 11 people and triggering a leak that released tens of thousands of gallons of oil into the Gulf of Mexico. 2010-07-24 21:14:11 SEC's internal watchdog investigates timing of Goldman subprime fraud case settlementMr Kotz's investigation to date has focused on whether politics played a part in the SEC bringing the case against Goldman in the first place. 2010-07-24 21:14:08 Is a double-dip recession heading our way?It is billed by many economists as the most important issue of our times; to cut or not to cut, or as supporters of the latter course of action frame it, austerity versus jobs. As the fiscal squeeze bites in the UK and beyond, and with the recovery in Europe and the US showing signs of faltering, the academic debate is again at fever pitch. 2010-07-24 21:13:44 FTSE 100 slips slightly ahead of bank stress testsFTSE 250 2010-07-24 21:13:25 Arm up nearly 100pc as FTSE 100 rises for third weekFTSE 250 2010-07-24 21:13:21 Top Dana investor urges board to take Korean's 'seriously'Dana on Friday advised shareholders to take no action over the £18-a-share bid approach by KNOC. The offer is tabled at a 50pc premium to Dana’s share price before its interest was revealed to the market on July 2. 2010-07-24 21:13:19 Invest in the internet10 Jun 2010 2010-07-24 21:13:16 The FTSE brides starring in a corporate Pride and PrejudiceJane Austen knew a thing or two about mergers & acquisitions. For her, it was "a truth universally acknowledged that a single man in possession of a good fortune must be in want of a wife". 2010-07-24 21:13:10 BT fails in bid to make rivals plug its £9bn pension deficitOfcom, the communications regulator, on Friday rejected BT's plan to put up the prices it charges rivals to use its nationwide network in order to help drag its pension fund out of the red. 2010-07-24 21:13:07 Market cynicism greets EU bank stress test resultsAnalysts at Credit Suisse, Goldman Sachs and UBS, among others, all weighed in with their critiques of the bank tests conducted by the European Union, pointing to issues such as the low capital ratio required to pass or the lack of a sovereign default scenario. 2010-07-24 21:13:04 UK banks pass stress tests as seven fail in EuropeBarclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland all passed the test with flying colours, surviving even the most difficult scenarios set for them by European Union regulators with far more capital than required to pass. 2010-07-24 21:12:59 Oil spill: BP considers Tony Hayward exitSky News reported that the British oil giant – which has seen £46bn wiped from its market value since the Deepwater Horizon rig explosion on April 20 which triggered the spill – may announce an exit plan for its chief executive as early as Tuesday, when the company is due to publish its interim results. 2010-07-24 21:12:56 Refining to boost big oil company profits"The earnings for the integrated oil companies have been tipped already by Chevron," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "We've seen modest improvement in the economy, and the number of miles driven in the U.S. is up slightly." 2010-07-22 18:38:03 FTSE 100 jumps 1.9pc on Rolls-Royce contract win, bullish US resultsFTSE 250 2010-07-22 18:36:09 |