China smartphone shipments slumped in June on inventory overhang: Jefferies
Investing.com -- British stocks started the week on a positive note, trading higher alongside broader gains in European markets on Monday, while the pound edged higher.
The blue-chip index FTSE 100 rose 0.7% and the British pound inched 0.07% higher against the dollar to around 1.3280.
DAX index in Germany rose 1.4%, the CAC 40 in France gained 1.1%.
BP (NYSE:BP) makes significant oil and gas discovery in Brazil
BP PLC (LON:BP) has made a significant oil and gas discovery in Brazil’s Santos basin, marking the company’s largest find in 25 years, the energy giant announced Monday.
The discovery is located in a pre-salt area in deep water offshore Brazil, which is believed to contain a large reservoir of oil and gas resources.
BP aims to grow production to between 2.3 million and 2.5 million barrels of oil equivalent per day by 2030.
BP set to outline cost-reduction measures
In separate news, BP is expected to provide new details on its $5 billion cost-reduction program on Tuesday, according to the Financial Times.
This update follows pressure from activist investor Elliott Management, which is pushing for deeper cuts to the energy company’s operating expenses.
Senior reports strong H1 profit growth
In other corporate news, Senior PLC (LON:SNR) reported a 32% year-over-year increase in pre-tax profit for the first half of fiscal 2025.
The company’s performance was supported by higher revenue and operating margins in both its Aerospace and Flexonics divisions. Senior maintained its full-year forecast and confirmed that the planned sale of its Aerostructures unit remains on schedule.
Group sales from continuing operations rose to £371.2 million, up 5% in constant currency terms and 3% on a reported basis compared to the same period last year.
Lloyds to keep reviewing motor finance provision after Supreme court ruling
Meanwhile, Lloyds Banking Group PLC (LON:LLOY) said Monday it will continue reviewing its motor finance provision following a Supreme Court ruling that overturned key parts of a previous decision involving commission payments and broker duties.
The court ruled Friday that motor dealers acting as credit brokers do not owe fiduciary duties to customers and that commissions paid in this context cannot be classified as bribes.
The judgment resolved a long-standing legal dispute by reversing the Court of Appeal’s earlier stance in the Wrench, Johnson and Hopcraft cases.