InvestmentsFeb 4 2014

Morning papers: Scottish funds warn on huge break-up bill

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The figures were hit by BP’s major divestment programme, including exits from Colombia, Venezuela, Vietnam and Pakistan, and a big drop in downstream profits.

Underlying downstream profits in the fourth quarter also fell to just $70m (£43bn) compared with $1.4bn (£860m) the previous year.

US stocks suffer biggest fall in seven months

US stocks tumbled yesterday, pushing the Dow Jones industrial average down more than 320 points after reports of sluggish US growth added to investor worries about the global economy, the Daily Mail reports.

According to the Mail, it was the biggest one-day decline for the blue-chip index in more than seven months.

US stocks opened lower after declines in European and Japanese indexes, which were then further hit by discouraging economic data on everything from manufacturing to auto sales to construction spending poured in.

By late afternoon, the sell-off accelerated further, bringing the Dow down more than 7 per cent for the year. The S&P 500 index is down more than 5 per cent for 2014, the Mail adds.