UNITED KINGDOM

Oil giant BP said on Tuesday that its profits had risen 48 per cent to $6,588 million in the first quarter of 2008. The company said that its net cash from operating activities in the quarter was $10.9 billion, up from $8.0 billion one year ago.

Crude futures fell more than $3 a barrel on Tuesday as the North Sea pipeline restarted operations and the dollar gained strength versus the euro.

Sterling rose against the dollar yesterday as the traders took clue from the slightly brighter stock market sentiment.

Four countries have been given the go ahead from a newly issued UN resolution to chase and thwart off- would-be Somali pirates from their coasts and in their waters.

Crude prices were steady on Monday retreating from a new record high near $120 a barrel in overnight trading, as concerns on supply disruptions appeared after a major pipeline in the U.K. was closed and an oil terminal was attacked in Nigeria.

U.S. stocks rose on Monday for the fourth day after billionaire Warren Buffett financed the $23 billion takeover of Wm. Wrigley Jr. by privately held mars, and investor Kirk Kerkorian bought a stake in Ford Motor Co.

Vodafone India, the arm of UK based world's largest wireless telecom company Vodafone, is likely to bring the much awaited, versatile and Macintosh operating system based Apple's iPhone to India this September as per market speculations ripe in the country.

Sterling rose against the dollar on Friday due to short covering after declining for continuous days.

BP Plc, the largest U.K. oil company, will shut down its Forties Pipeline System located in the U.K North Sea by 5:00 a.m. GMT Sunday due to a strike in a refinery which provides its power, BP reported on Saturday.

Anil Dhirubhai Ambani Group's (ADAG) flagship company and India's second largest mobile services provider, Reliance Communications said it has acquired eWave World, a UK-based WiMax operator for an undisclosed sum.

Sterling fell against the dollar yesterday on weaker retail sales data and also due to the strong recovery in the counterpart.

Persimmon Plc has said that the last three weeks have seen a further deterioration of the housing market in the UK thanks to the unprecedented tightening in the mortgage market.

Domino's Pizza today held its AGM and announced a rise in system sales of 21.3 per cent to £105.3 million in the 16 weeks to 20 April 2008. The company also said that its like for like sales in the period jumped 13 per cent.

Punch Taverns has released its interim results for the 28 weeks to 1 March 2008. The company which owns over 8,400 pubs in the UK said that its pre-tax profits increased 1.0 per cent to £133 million compared to the same period last year.

Sterling fell against the dollar as the expectation of rate cut remained unchanged even after the release of BOE minutes.

By Gary DorschIn the futures markets, crude oil is up 80% from a year ago, unleaded gasoline up 40% natural gas up 39%, Soybeans are up 83%, corn up 65%, wheat up 95%, sugar up 30%, Gold up 36%, and rough rice is 125% higher from a year ago

Robert Mugabe has won yet another seat in parliament following the first results from the election recount.

Sterling recovered against the broadly weak dollar yesterday after a Bank of England policymaker welcomed the bank's plan to free up market liquidity as a way to keep the BOE focused on inflation risks.

The Competition Commission (CC) has said that BAA's common ownership of seven UK airports may not be serving well the interests of either airlines or passengers. The CC made the statement as part of its interim report on an investigation into the market for the supply of airport services by BAA.

Royal Bank of Scotland Plc, the second largest U.K. bank, unveiled a plan on Tuesday to raise 12 billion pounds in capital to boost its balance sheet by selling shares to investors after a reporting a 5.9 billion pound writedown.

By Jon NadlerMetals prices remained within fairly tight ranges overnight as little demand emerged from Asia around the $910 level. The US dollar once again came very close to the critical 1.60 mark against the euro, while crude oil scaled new peaks above $118 spurred by labour problems in the UK and...