UK Today Editoweb 13 october 2008

TNK-BP doubles profit, rejects reorganisation

Oil major BP's Russian arm, TNK-BP Holding , said on Monday its first half net profit more than doubled, but its shareholders have decided to put off the planned reorganisation due to financial crisis.

Oil prices rally as world leaders act to save markets

Oil prices rallied Monday as world leaders united to tackle a financial crisis engulfing Europe and the United States, analysts said.

Germany Confirms Bail-Out Package

Germany has confirmed it will pump £63bn into its banks and put up £315bn in interbank lending guarantees as Europe pulls together to tackle the global financial crisis.

Global shares surge as governments pump billions into banks

Global stock markets staged spectacular gains Monday as governments pumped billions of dollars into banks crippled by the credit crunch, coaxing newly confident investors into buying shares.

Oil jumps $3 as bailouts spur global market rally

Oil prices rose more than $3 to $81 a barrel on Monday as global markets rallied after governments launched bailout schemes to shore up banks.

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