New BP chairman to announce 80% rise in profits
Sunday 31 January 2010
BP chairman Carl-Henric Svanberg, will on Tuesday report his first results since taking over the hot seat, and they are set to please investors.
Analysts reckon BP will release strong numbers for the three months to December showing a profit of $4.66bn, up 80 per cent on the same period last year, much better than rivals Royal Dutch Shell and Total, partly because of strength in its Gulf of Mexico operations.
BP announced a board reshuffle last week in which former BHP Billiton chief executive Paul Anderson – once touted as a possible chairman – will become a non-executive director. Mr Anderson will replace former RBS bank chairman Sir Tom McKillop who was forced out last year. Three other non-executive directors will stand down and be replaced this year or early next.
The shake-up is seen by analysts as part of Mr Svanberg's bid to reinforce his authority at the oil and gas giant. "The new chairman wants to make sure there is no scope for friction between the executives and non-executives," said one.
Elsewhere, drugmaker GlaxoSmithKline will report full year profits in line with forecasts of £7.49bn, up from £6.66bn in 2008. GSK's numbers will be scrutinised carefully following the news last week from competitor AstraZeneca that it plans to cut 8,000 of its 65,000-strong workforce. Its shares fell by 131p to 2912p on the news.
- 1 Planes go hybrid-electric in important step to greener flight
- 3 Antonio Martin shooting: Mayor says there should be 'no comparison' to Ferguson
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...