Morning Wrap: need to know business stories
Top business stories from around the web.
Lloyds Banking Group first quarter profits rise to £2bn (BBC)
Lloyds Banking Group has reported a big rise in profits for the first three months of the year.
The bank, which is 39% taxpayer-owned, reported a statutory pre-tax profit of £2.04bn in the first quarter, up from £280m for the same period last year.
BP profits triple to £10.7bn on Russian deal as new production helps beat expectations (Telegraph)
BP profits more than tripled to $16.6bn (£10.7bn) in the first three months of 2013 as the oil giant received $12.4bn from Kremlin-controlled Rosneft for its stake in TNK-BP.
Luxembourg set to share companies’ bank details (FT)
Luxembourg is ready to share currently confidential information about multinationals’ bank accounts as part of efforts to shed the Grand Duchy’s image as a leading tax haven.
Under pressure amid a renewed global crackdown on tax evasion and avoidance, Luc Frieden, finance minister, said Luxembourg was willing to expand the number of accounts covered by new information-sharing agreements with the US and the EU to include global companies. The accords, agreed this month, currently only cover individual taxpayers.
ASOS upbeat on outlook as profits rise (Reuters)
British online fashion retailer ASOS (ASOS.L) posted an 11 percent rise in first half profit and remained positive on its outlook for the year, saying trading momentum was strong.
While the UK's traditional high street stores have suffered as consumers worry about job security and squeezed household incomes, online retailers are faring far better, with ASOS in particular bucking the gloom.
BNP Like SocGen Braces for French Eldorado End as Economy Slumps (Bloomberg)
BNP Paribas SA (BNP), Societe Generale SA and Credit Agricole SA (ACA), which spent much of the European-crisis years fixing operations outside France, are now counting the cost of the economic slump at home.
After shrinking units, reinforcing capital and seeking more stable funding sources for their businesses in the so-called euro-area periphery, the banks -- which report first-quarter results starting this week -- are contending with slowing lending growth, rising bankruptcies and doubtful-loan losses in France, their biggest market for deposits and revenue.