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Shell unit auction

THE TIMES (UK): Business in Brief

May 18, 2005

HP profits rise

Hewlett-Packard, the world’s second largest computer maker, reported net profits of $966 million (£525 million), or 33 cents a share, for the second quarter, compared with $884 million, or 29 cents a share, a year ago. Revenues rose 7.2 per cent to $21.6 billion, up from $20.1 billion.

Shell unit auction

Shell ended months of uncertainty by announcing plans to begin the £1.5 billion auction of its liquefied petroleum gas business in July. The oil company is close to completing an information memorandum for potential buyers of the unit and will open its data room in July.

HSBC talks

HSBC confirmed that it was in negotiation to take a majority stake in Dar Es Salaam Investment Bank of Iraq. If completed the deal will be the first time a foreign bank has taken a stake in an Iraqi bank. Completion of the transaction is subject to regulatory and other approvals.

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