Business news in brief 26/03/2012

North Sea assets sale on cards for BP

OIL giant BP is believed to be on the verge of launching its biggest-ever sale of North Sea assets, with £2 billion worth of fields expected to be go under the hammer.

Industry sources said BP has hired Jefferies as an adviser for the sale, news of which comes just days after the company was given the go-ahead by the UK government to drill further wells to the west of Shetland.

Meanwhile, Kuwait’s national oil company is also reportedly in takeover talks with London-listed explorer Ithaca Energy.

Decision looms on Stagecoach venture

TRANSPORT group Stagecoach could hear as early as this week if the UK government will give it the go-ahead to launch a “deep alliance” between its South West Trains franchise and Network Rail.

The joint venture would manage both trains and day-to-day track maintenance on Wessex services out of London’s Waterloo station. Sources close to the Perth-based firm said the move could cut bureaucracy and some operating costs.

Venture capital firm eyes Scottish move

SCOTTISH Enterprise is in talks with an overseas venture capital firm to open an office in Scotland and launch a fund to invest in life science companies.

The economic development agency, which has committed £5 million to the project, is looking to attract further funding from the European Union’s investment bank and from Scottish universities.

Discussions are understood to be at an early stage, but news is expected within six months.

Pension changes ‘could cost billions’

CHANGES to pension schemes proposed by the European Union (EU) could cost the average FTSE 100 company up to £2.5 billion, according to a survey published today by accountancy firm Deloitte.

The EU wants pension schemes to meet strict rules governing the funding of schemes and risk management processes, which would be similar to the “solvency II” regime being introduced for insurance companies.