BP to invest $37bn in US projects
BP plans to invest about $37 billion in the United States, the world’s biggest energy consumer, to explore, produce and process more oil and natural gas. BP will spend $16 billion over the next decade on oil and natural gas exploration and production in US deep waters in the Gulf of Mexico. The oil company also plans to spend $17 billion of the total onshore.
Honeywell agrees to $2.6m payout
Honeywell International has agreed to pay America’s federal Government $2.625 million (£1.42 million) to settle charges that it failed to properly test packaging for sensitive parts used by the Defence Department and NASA. Fifteen per cent of the settlement, $393,750, will go to a Californian company and one of its executives who brought a lawsuit against Honeywell.
Advertisement
Bear Stearns profits rise by 81%
Second-quarter profits at Bear Stearns, the US investment bank, were 81 per cent higher than last year on the back of strong trading results. Net income at the bank, a fixed-income specialist, was $539 million (£292 million) for the second quarter until the end of March, compared with $298 million last time. Net revenue surged a third to $2.5 billion.
Europe approves share trading move
The European Parliament has approved measures that will pave the way for a revolution in how shares are traded across the 25-nation European Union. The assembly voted in favour of measures drawn up by the European Commission, to enact the EU markets in financial instruments directive (MiFiD) from November next year.