At the Motley Fool, we know our readers like to be informed. Here's a quick look at today's most relevant financial news, boiled down to what you need to know.
BP's Argentina oil deal collapses
London-based BP (NYSE: BP ) said it isn't worried about the collapse of a potential $7.06 billion deal to sell its stake in Argentine crude oil producer Pan American Energy. Bridas, which along with CNOOC (NYSE: CEO ) was part of the joint venture expected to purchase the Pan American stake, said it ended sale discussions for "legal reasons" and because of "the way BP has acted during the transaction."
BP said it no longer needs to sell assets to strengthen its financial position and that the company is happy to hold on to its 60% ownership of Pan American. Read the full story at The Wall Street Journal.
Best Buy scraps plans for European megastores
The electronics superstore Best Buy (NYSE: BBY ) is dropping plans to open Best Buy-branded stores in Britain. Best Buy will buy Carphone Warehouse Group's stake in the Best Buy Mobile venture for $1.3 billion. Carphone Warehouse said it plans to return proceeds from the deal to investors. By taking full control of Best Buy Mobile and closing the British stores, Best Buy would add $0.35 to $0.40 per share to its earnings for the 2013 fiscal year. Read the full story at Reuters.
Bayer climbs on drug approval
Pharmaceutical giant Bayer's shares rose this morning on news that the company's blood thinner Xarelto has been approved for long-term use in patients with an increased risk of strokes. Bayer developed the drug with Johnson & Johnson (NYSE: JNJ ) . Read the full story at The Wall Street Journal.
Customers pull money from banks
Angry customers are pulling their money from banks nationwide and moving the funds into credit unions. The "move your money" movement comes after some of the nation's biggest banks attempted to add on new debit card fees. "At least 650,000 consumers have already joined credit unions since Sept. 29, the day Bank of America (NYSE: BAC ) announced plans to impose its controversial $5 debit card fee," according to CNN.
As a result, some banks have called off the additional debit fees including JPMorgan Chase (NYSE: JPM ) , Wells Fargo (NYSE: WFC ) , and SunTrust (NYSE: STI ) . Read the full story at CNN.
That's a wrap
So there you have it -- the top financial stories for this afternoon. If you are interested in getting all the news and commentary on these stocks, sign up to My Watchlist here --it's free!
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