Oil giant BP reported today that its like-for-like profits fell by 45 per cent in 2009 as a result of lower oil prices. BP has been pursuing a rigorous cost cutting plan that has seen staffing cut by 3000 in 2008 and another 5000 people lost their jobs in 2009. The Forward Agenda of cost reduction has reportedly removed $4.981 million in costs from the company and involved the standardisation of back office IT.
Last year BP signed four major outsourcing deals with the major Indian based outfits: TCS, Infosys, Wipro and IBM. These will provide application development and support.
London newspaper the Evening Standard is reporting that National Grid has sold off its Fulcrum division, which installs has lines and meters in new property developments to a private equity group.
Several media outlets are discussing the pay and conditions that Marc Bolland, the new boss of Marks and Spencer, who had been chief executive of Morrisons will receive. Bolland, will take home £8.5 million when he joins the clothing and food retailer on May 1, 2010. He left Morrisons six months early and therefore will collect £7.5m in lieu of payments of payments he would have got at Morrisons.