City news in brief: BP, BioMedica, Clear Channel
A round-up of the city news in brief from the Daily Mail, including BP, BioMedica, Clear Channel, Virgin and Viking.
The rest of the newspaper stories today.
Visa hitch means BP staff can't work on TNK
BP has withdrawn 148 of its staff working at Russian joint venture TNK-BP because of problems with their visas.
The hitch comes days after security services raided TNK-BP and BP offices in Moscow and arrested an employee for suspected spying.
The BP employees, consisting mainly of engineers and technicians, were seconded to the Russian operations.
The visa issue was described by TNK-BP as 'technical and temporary bureaucratic matter' due to changes with all Russian visas.
But some analysts believe these events may be aimed at persuading BP to sell up to Russia's Gazprom. BP rose 19p to 515p.
BioMedica boom
Shares in the gene therapy specialist Oxford BioMedica spiked 8% as it revealed 'encouraging results' from its TroVax treatment for prostate cancer.
In some cases the new drug can stabilise the disease for as long as 10 months. The product, which is being developed in collaboration with the French giant Sanofi-Aventis, is in the second phase of clinical studies.
The shares closed 1¾p higher at 22¾p, valuing the group at £113m.
Clear's £10bn sale close to collapse
The £10bn buyout of US radio operator Clear Channel Communications is close to collapse, amid reports that the banks financing the deal have got the jitters. Clear Channel struck a deal last year to be bought by private equity firms Thomas H. Lee Partners and Bain Capital Partners for $39.20 per share (£19.60).
But its stock has been hit on fears that the deal could be in jeopardy as the crisis in the credit market makes it costly and difficult for buyout firms to raise cash for bids. The banks that agreed to fund the deal include the likes of Citigroup, Credit Suisse and Royal Bank of Scotland, who are having to stomach losses on sub-prime investments. Clear Channel shares fell 19% in late trading to $26.25.
Virgin payout bid for late 787 jets
Virgin Atlantic is negotiating a compensation deal with Boeing for potential delays to the delivery of its £4bn order of new 787 Dreamliner jets. Virgin was meant to start taking delivery of the 43 extended range planes in early 2011. But the carrier confirmed it has started talks with Boeing about a financial sweetener if it misses this date. A spokesman for Virgin Atlantic said the carrier had confidence in the 787 programme.
British Airways (up 11¾p at 241¾p) also said it was discussing delivery dates for the 24 787s it has on order, due in 2010. Boeing last week said it was redesigning part of the Dreamliner where the wings are attached to the aircraft.
Viking seals share grab in Experian
A US hedge fund has taken a 4.7% stake in information services company Experian. Viking Global said it had increased its holding from 8m shares to almost 48.6m shares.
It is understood that Viking previously held a similar stake through contracts for difference (CFDs) but has converted it to shares. Viking's chief investment officer O. Andreas Halvorsen is a former Norwegian Navy SEAL.
Experian is carrying out a review of its PriceGrabber price comparison website. Shares rose 13½p to 381p.
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