OIL firm BP has posted second quarter profits of almost £2bn, despite seeing oil prices fall back from levels seen in the run-up to the Iraq war. BP made profits of £1.92bn in the second quarter of this year, up 42 per cent on the same period last year, benefiting from strong refining margins. But it is 16 per cent lower than the £2.3bn profits made by BP in the first three months of this year, when uncertainty over the situation in the Middle East and ethnic tension in Nigeria's oil-rich Niger Delta sent prices soaring. Half-year profits came in at £4.2bn - up 81 per cent on the same period last year.

BA warning: A union boss has warned British Airways that it has lost the trust of its workers. Kevin Curran, general secretary of the GMB, made the comments on the BBC Radio 4 Today programme yesterday, as further talks took place to try and resolve the dispute over BA's introduction of a swipe card system.

DIRECTORS' support: Private equity group Permira was in a strong position to take control of Debenhams yesterday, after the retailer's directors backed a £1.54bn takeover offer. Bid vehicle Laragrove, backed by Permira, said it was making a recommended cash offer for Debenhams, which values the business at 425p per share. In a joint statement with Laragrove, the independent directors of Debenhams recommended that shareholders accept the offer.

Cookson report: Cost-cutting helped electronics and ceramics group Cookson deliver underlying profits of £5.5m in the six months to June 30. Last year, the London firm, which started out 300 years ago in Newcastle, posted losses of £11.9m.

Security contract: Broadband company Telewest has signed a £90m deal employing Carillion, the support services group. The firm will provide Telewest with services ranging from cleaning to security.