Spot News

- BP’s 62% profit drop sets tone for big oil
Company promises more cost cuts to strengthen finances (FT)

- BP chief executive Tony Hayward tries to keep it simple
Downward press on costs is ongoing, but not at cost of growth (FT)

- Ford chairman calls for petrol tax to drive change
Comments are clear break with rest of US car industry (FT)

- Vestas to eliminate more than half of UK workforce
Wind-turbine maker blames government for failing to support sector

- Sinopec expects higher profit after China eases price controls
Will step up oil exploration to diversify revenue stream from refining (Bloomberg)

- Total abandons bid for UTS Energy
Shareholders rejected revised offer on belief oil prices to recover (FT)

- EDF and RWE team lead race to build UK nuclear power stations
Britain to make £400m from auction of land for future stations (FT)

- Venezuela delays bidding for oil projects by three months
Move affects 3 projects to develop ultra-heavy oil in Orinoco belt (Reuters)

- KSK Power Ventur to step up from Aim market
Company aims to broaden shareholder base (FT)

- Lex: Crude plug and PetroChina